first majestic silver

Goldman And Citi Turn Positive On Gold…Despite “Mysterious” Flash Crash

Executive & Research Director @ GoldCore
June 27, 2017

– 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 Plunges After 1.8 Million Ounces Were Traded in One Minute (Bloomberg)

Huge sell order ‘mistake’ sends gold to six-week low (CNBC)

******** 

Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth. 


One ounce of gold is so ductile it can be drawn into a wire 50 miles long
Top 5 Best Gold IRA Companies

Gold Eagle twitter                Like Gold Eagle on Facebook