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 - Click to enlarge |
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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 |
 - Click to enlarge |
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