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Updated 05:44 27/02/20

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Precious metals flash crash


Duncan Richardson, News Editor
20 Jul 2015, 10:15 a.m.

The gold price fell to £690 per ounce and silver £9.35 per ounce during Asian trading as the price crashed in a matter of seconds to levels not seen since 2009. The gold price has since recovered to £714 per ounce.

Just before China opened for trading all four of the precious metals tumbled when “someone” sold 2.7bn in gold contacts. The price fall triggered a large number of automatic sale orders which would have wiped out the entire bid stack. This latest price smash could have been a well-orchestrated trade initiated by a high frequency trade or the BIS gold and FX trading desk. The only other explanation could be a Chinese commodity deal unwinding.

Ironically moments before the price fall the Peoples Bank of China announced they have increased their gold holdings by 57%.

View original source at: www.zerohedge.com

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