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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Gold Futures See Massive $1.5 Billion “Non Profit” Liquidation In “One Minute”

Commodities / Gold and Silver 2016 Aug 26, 2016 - 04:14 PM GMT

By: The_Gold_Report

Commodities

Gold futures saw a massive $1.5 billion liquidation in one minute yesterday which had all the hallmarks of a “non profit” liquidation – a large seller trying to manipulate gold futures lower rather than maximise profits.



Gold Futures – August 24, 2016 (Zero Hedge)

Subsequently, gold dropped throughout most of trade in New York and ended near its last minute low of $1323.80 with a loss of 1.1%. Silver slipped to as low as $18.535 and ended with a loss of 1.75%. Gold futures moved sideways in Asia prior to moving slightly lower in morning trade in London.

Smart money has seen this hundreds of times over the years and will use it accumulate cheaper physical gold and silver on the dip. As ever, best not to catch a falling knife and prudent to wait for at least two days of higher closes or to dollar, pound or euro cost average into bullion at these lower levels.

It was reported that Someone Puked $1.5 Billion Of Notional Gold, And The Selling Continues by ZeroHedge:

Gold continues to be pummeled… having broken through the 50-day moving-average at $1338…

As we detailed earlier, it made perfect sense – someone just decided in keeping with their fiduciary duty, 0840ET was the perfect time to unleash $1.5 billion of gold notional into the futures markets….

Over 10,000 contracts dumped in 1 minute… “normal”

New low prices are bringing in some dip-buyers…

And Silver dropped on heavy volume too…

The Gold Anti-Trust Action Committee  or GATA were even more questioning in their headline featuring the Zero Hedge article which read Nobody sells gold like this except to drive the price down in full view.

We have seen this repeatedly over the years and the timing is frequently before “important,” “all eyes on the all powerful Fed” central bank meetings. ‘Monetary High Priest’, Janet Yellen will divine the tea leaves at Jackson Hole tomorrow and the dumb money continues to lap up the silly sound bites which distract from and ignore the wider context of a U.S., UK, Japan and of course EU that is increasingly bankrupt.

It is interesting and telling that over the years, there have been very little massive futures buying in one minute which has propelled gold futures higher. Why is this concentrated futures activity always selling and always to the downside?

The questions that arise once again are who was responsible for the sudden bout of selling and was it a bank or fund acting on its own or with official sanction of a central bank such as the Fed or indeed the BIS.

Gold Prices (LBMA AM)

25Aug: USD 1,324.50, GBP 1,001.06 & EUR 1,172.98 per ounce
24Aug: USD 1,337.30, GBP 1,010.73 & EUR 1,185.38 per ounce
23Aug: USD 1,338.50, GBP 1,015.25 & EUR 1,181.09 per ounce
22Aug: USD 1,334.30, GBP 1,018.20 & EUR 1,181.26 per ounce
19Aug: USD 1,346.85, GBP 1,026.30 & EUR 1,189.67 per ounce
18Aug: USD 1,347.10, GBP 1,023.93 & EUR 1,190.84 per ounce
17Aug: USD 1,342.75, GBP 1,031.23 & EUR 1,191.96 per ounce

Silver Prices (LBMA)

25Aug: USD 18.50, GBP 14.02 & EUR 16.39 per ounce
24Aug: USD 18.84, GBP 14.23 & EUR 16.70 per ounce
23Aug: USD 18.98, GBP 14.40 & EUR 16.75 per ounce
22Aug: USD 18.91, GBP 14.45 & EUR 16.74 per ounce
19Aug: USD 19.42, GBP 14.80 & EUR 17.14 per ounce
18Aug: USD 19.78, GBP 15.04 & EUR 17.47 per ounce
17Aug: USD 19.57, GBP 15.04 & EUR 17.37 per ounce

This update can be found on the GoldCore blog here.

Mark O'Byrne

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