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Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash

Goldman and Citigroup Turn Positive On Gold – Despite “Mysterious” Flash Crash

– Gold bounces higher after “mysterious” one minute “flash crash” mistake

– $2 billion, 50 tons or 1.8 million ounces “fat finger” trade blamed

Gold in USD – 1 Week

– Massive selling at 0400 EST when U.S. markets closed and  thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.

– Mystery is that “fat fingers” in gold market are always sell trades that push prices lower

– Traders or market ‘muppets’ frequently push gold market lower … not other markets

– Only small 0.9% loss on the day and bounce back shows deep liquidity and robust nature of gold market

– Similar massive selling of bitcoin or other crypto currencies would likely lead to massive price fall

Gold in USD, June 2017

Gold in USD, June 2017

- Click to enlarge

 

Asset Performance – 2017 YTD (Finviz)

– Citigroup say gold’s “downtrend” is “running out of steam” (see News and Commentary)

– 3 reasons why Goldman now bullish on gold including “peak gold” (see News and Commentary)

– Gold still 8.75% higher year to date 2017; S&P at 8.7% gain ytd

Gold Flash Cash

- Click to enlarge

Full story here

Mark O'Byrne
I founded GoldCore more than 10 years ago and it has been my passion and a huge part of my life ever since. I strongly believe that due to the significant macroeconomic and geopolitical risks of today, saving and investing a portion of one’s wealth in gold bullion is both wise and prudent.
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