The Phaserl


Big sell order brings gold down $10 in 10 seconds as market rigging continues to hold prices down

by Peter Cooper, ArabianMoney:

A sell order for 2,000 gold futures contracts yesterday led to a 10 second halt to futures trading in London and a $10 drop in the price of the yellow metal. That’s ironic really because the FCA has just announced that it is investigating alleged rigging of heavily traded commodities or asset classes such as gold and currencies.

Who pressed the button in this electronic trade is unknown. Was it perhaps one of the two bullion banks who allegedly take secret orders from the Federal Reserve? The Fed has long seen gold as an enemy of the US dollar. Maybe somebody was reacting to the news that the Fed is closer to a QE exit than previously thought according to recent meeting minutes.

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