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
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
News and Commentary
Gold Prices (LBMA AM)
27 Jun: USD 1,250.40, GBP 980.31 & EUR 1,111.36 per ounce
26 Jun: USD 1,240.85, GBP 975.56 & EUR 1,109.32 per ounce
23 Jun: USD 1,256.30, GBP 987.70 & EUR 1,125.27 per ounce
22 Jun: USD 1,251.40, GBP 988.36 & EUR 1,120.13 per ounce
21 Jun: USD 1,247.05, GBP 989.04 & EUR 1,118.98 per ounce
20 Jun: USD 1,246.50, GBP 981.99 & EUR 1,117.24 per ounce
19 Jun: USD 1,251.10, GBP 976.86 & EUR 1,117.73 per ounce
Silver Prices (LBMA)
27 Jun: USD 16.66, GBP 13.07 & EUR 14.79 per ounce
26 Jun: USD 16.53, GBP 12.98 & EUR 14.79 per ounce
23 Jun: USD 16.71, GBP 13.12 & EUR 14.97 per ounce
22 Jun: USD 16.58, GBP 13.09 & EUR 14.85 per ounce
21 Jun: USD 16.51, GBP 13.03 & EUR 14.81 per ounce
20 Jun: USD 16.59, GBP 13.10 & EUR 14.88 per ounce
19 Jun: USD 16.67, GBP 13.02 & EUR 14.87 per ounce
