One minute after 4am EDT, as the European market was warming up for trading, Gold suddenly plunged $18, or as much as 1,6%, to $1,236 an ounce before bouncing, on a massive surge in volume with over 18k contracts, or just over $2 billion notional, trading in a seconds. A total of 18,149 lots were traded on Comex in just a minute, before falling back to 2,334 lots an hour later. As so often happens, the gold plunge dragged silver down with it as well.
The total gold sold amounted to 1.8 million ounces of gold in just a minute, roughly $2.2 billion notional, a level not reached even with the surprise election of U. S. President Donald Trump or Britain’s vote to leave the European Union according to Bloomberg.
This post was published at Zero Hedge on Jun 26, 2017.