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Gold Price Falls on Selling of Gold Futures Equal to 3 Million Ounces in 30 Minutes

 

◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes

◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day

◆ This pushed the most active gold contract to as low as $1,448.90 an ounce, the lowest since August 5 as reported by Bloomberg (see chart below)

◆ It is all very predictable and has been going on for many years now. It is another exaggerated and manipulated “correction” either for profit purposes or official intervention to depress gold prices

◆ Gold closes just 0.4% lower on the day which was encouraging and support is at $1,450/oz level and then at the $1,400/oz level

◆ The price weakness provides another gift to gold and silver bullion coin and bar buyers focused on long term wealth preservation and growth

Gold drops as more than 3 million ounces change hands

Gold drops as more than 3 million ounces change hands

- Click to enlarge

Prepare Now! Risk Of Contagion In Today’s Fragile Monetary World

 

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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