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Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash

by Mark O’Byrne, Gold Core:

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

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