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
– 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
– 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)
Huge sell order pushes gold to six-week low (Reuters)
Gold remains under pressure after ‘mysterious’ drop (FT.com)
U.S. threatens Syria, says Assad is planning chemical weapons attack (Reuters)
Gold Flash Crashes As “Someone” Dumps $2 Billion, “Fat Finger” Blamed (Zerohedge)
Gold’s Downtrend Is “Running Out Of Steam” – Citi (Zerohedge)
3 Reasons Why Goldman Just Turned Bullish On Gold (Zerohedge)
Central Bank Intervention Slams Paper Gold (IRD)
India Said to Plan Gold Policy Revamp for $19 Billion Sector (Bloomberg)
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
Recent Market Updates
– Worst Crash In Our Lifetime Coming – Jim Rogers
– Go for Gold – Win a beautiful Gold Sovereign coin
– Only Gold Lasts Forever
– Your Future Wealth Depends on what You Decide to Keep and Invest in Now
– Inflation is no longer in stealth mode
– James Rickards: Gold Will Start Heading Higher On “Dwindling” Supply
– Billionaires Invest In Gold
– Brexit and UK election impact UK housing
– In Gold we Trust: Must See Gold Charts and Research
– Pension Funds, Sovereign Wealth Funds, Central Banks “Stock Up” on Gold “Amid Uncertainty”
– 4 Charts Show Gold May Be Heading Much Higher
– Gold in Pounds Surges 1.5% To £1,001/oz – UK Political Turmoil Likely
– Gold Prices Steady On UK Election Risk; ECB Meeting and Geopolitical Risk
Important Guides
For your perusal, below are our most popular guides in 2017:
Essential Guide To Storing Gold In Switzerland
Essential Guide To Storing Gold In Singapore
7 Real Risks To Your Gold Ownership
Important Points To Consider Before You Buy Gold
Essential Guide to Tax Free Gold Sovereigns (UK)
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