For the fifth consecutive day a large number of gold futures have been dumped onto the market resulting in the gold price breaking down through key resistance levels. Suspiciously the contracts have been dumped onto the market at actually the same time each day, 00:30 ETF which coincides when the Japanese stockbrokers break for lunch.

One has to ask why someone would want to dump such a large amount of contracts onto the market at such an illiquid part of the day. Yesterday alone $1.5 billion worth of gold futures were dumped onto the market causing the gold price has to drop $20 almost instantly to $1,151 per ounce.