from Dan Norcini:
Extreme volatility/wild swings in price was the highlight of gold trading in today’s end-of-the-year session. Some fund managers on the long side of gold were heavily dumping positions early in the session to clear their books of one of the worst performing assets of the year. On the other side of that activity were some large specs who have been short the market for most of the year and were busy lifting some of those positions to capture those paper gains.
Around mid-morning, a rash of “sudden orders” to buy ( Dow Jones wire services quoted traders using those exact words) flipped the market higher after it had run down near $1180. It moved as low as $1181.4 before shorts began ringing the cash register to close out the year.
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