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Massive Gold Trade Called Manipulation
Posted April 16th, 2014
Los Angeles CA, Apr 16 (Tangible Investments) - by James O’Dell - Gold and silver dipped sharply on Tuesday, with gold retreating $24.20 or 1.82 percent to close at $1,302.15 an ounce, on a firmer dollar and rising investor concerns that physical demand from China may be easing. Silver tracked gold and slipped $0.39 or 1.95 percent to close at $19.56 an ounce.
Some are calling Tuesday’s falling gold price just one more case of manipulation in support of Fed monetary policies. What triggered the fall was reportedly the sharp decline in the US dollar which took it below the key 80 dollar index mark.
Then, according to ZeroHedge, at 8:27 am EST, the COMEX received a massive gold futures contract sell order. “This morning, shortly before 8:27 a.m. ET, someone decided that it was the perfect time to dump thousands of gold futures contracts worth over half a billion dollars notional. This smashed gold futures down over $12 instantaneously, breaking below the 200-day moving average and triggering the futures exchange to halt trading in the precious metal for 10 seconds.”
Trades like this defy normal trading patterns, and are designed to break through key trading levels. The 200 day moving average was breached with that one trade, which tripped stop loss sales automatically without the need for any further direct human intervention. The timing of the trade becomes significant when you consider that it occurred just moments prior to the U.S. market open, and it mimics many similar instances from the past.
Gold is now back above the $1,300 an ounce level as Ukrainian troops are being mobilized into the Eastern regions of the country amid claims that some of the well-equipped gunmen participating in the seizure of police stations and other government buildings were reported to be Russian special forces. Similar troops were moved into the Crimean peninsula region prior to the separatists' vote to secede from Ukraine which was then quickly annexed by Russia.
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