◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes ◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day ◆ This pushed the most active gold contract to as low as ,448.90 an ounce, the lowest since August 5 as reported by Bloomberg (see chart below) ◆ It is all very predictable and has been going on for many years now. It is another exaggerated and manipulated “correction” either for profit purposes or official intervention to depress gold prices ◆ Gold closes just 0.4% lower on the day which was encouraging and support is at ,450/oz level and then
Topics:
Mark O'Byrne considers the following as important: 6a) Gold & Bitcoin, 6a.) GoldCore, Daily Market Update, Featured, newsletter
This could be interesting, too:
Mark Thornton writes The Great Chocolate Crisis of 2024
Mustafa Ekin Turan writes How EU Law Has Made the Internet Less Free for Everyone Else
Thomas J. DiLorenzo writes Attention mises.org Readers! Treat the Students in Your Life to The Best Week of Their Year
Octavio Bermudez writes Mises in Argentina: Lessons of the Past for Today
◆ Gold price falls to a three-month low as concentrated selling of COMEX gold futures contracts equal to over 3 million ounces are sold in 30 minutes
◆ 33,596 contracts were aggressively sold in the 30 minutes between 10:00 and 10:30 a.m. New York time which is more than triple the 100-day average for that time of day ◆ This pushed the most active gold contract to as low as $1,448.90 an ounce, the lowest since August 5 as reported by Bloomberg (see chart below) ◆ It is all very predictable and has been going on for many years now. It is another exaggerated and manipulated “correction” either for profit purposes or official intervention to depress gold prices ◆ Gold closes just 0.4% lower on the day which was encouraging and support is at $1,450/oz level and then at the $1,400/oz level ◆ The price weakness provides another gift to gold and silver bullion coin and bar buyers focused on long term wealth preservation and growth |
Gold drops as more than 3 million ounces change hands |
Prepare Now! Risk Of Contagion In Today’s Fragile Monetary World |
Tags: Daily Market Update,Featured,newsletter