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

Published here: http://www.zerohedge.com/news/2017-06-27/goldman-citi-turn-positive-gold-%E2%80%93-despite-%E2%80%9Cmysterious%E2%80%9D-flash-crash

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

Gold in USD - 1 Week

- 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

Asset Performance - 2017 YTD (Finviz)

- 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

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Important Guides

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