You may have missed it. In fact, you probably did. While you were out enjoying your holiday, we saw more proof of how Cartel algos are set to manage and control price, regardless of the day or time.
Just after 1:00 p.m. EDT on Monday, a very curious drop in the spot price of gold occurred. “Curious” in that all global futures markets were closed, with the U. S. electronic trading closed until later today, opening at 6:00 p.m. New York time .
But the futures markets being closed didn’t stop a trade from effecting the spot price of gold which, at 1:02 p.m., fell by nearly $5 in an instant. This “trade” was noticed by ZeroHedge and it immediately caught my attention. The damage, however, was minimal and the spot price almost immediately recovered. As I type, spot is down about $1 and up over $3 from the low.
This post was published at TF Metals Report on September 1, 2014.
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