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Dissection of a gold price smash

from Perth Mint:

I was just settling in to write an article on the increase in Chian’s gold reserves when at 9:30am the gold price got smashed. Initial news reports seemed to put the blame on the Chinese market, with statements such as “bullion fell to as low as $1,088.05 an ounce … shortly after the Shanghai Gold Exchange opened trading” and “According to ANZ, the sudden collapse in gold prices earlier in Asia was due to 5 tonnes of bullion being dumped on the Chinese market” but it started on Comex.

Nanex tweeted this picture which shows the first 4 seconds of the drop in the Comex August futures contract (GCQ2015). Note that it starts just after 9:29am Perth time.

Read More @ PerthMint.com.au

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