Another 260,000 Contracts Dumped!

[whay]

..............the last 4 hours have seen around 260,000 contracts dumped through Gold futures or around $34 billion notional!
https://goldprice.org/spot-gold.html

Gold prices are down almost 2% this morning - the biggest drop since Nov 2016, breaking below the key $1300 level, down to 6-month lows.

Silver is even worse - crashing 4%, back below $17 after a huge week of outperformance.

In fact Gold has fallen to the same level it was at right before its spiked on Trump's election...

 

[whay]

No Sir. No manipulation at all. Just some fools who have too much fiat to lose.

 

[TreasureHunter]

..............the last 4 hours have seen around 260,000 contracts dumped through Gold futures or around $34 billion notional!
https://goldprice.org/spot-gold.html

Gold prices are down almost 2% this morning - the biggest drop since Nov 2016, breaking below the key $1300 level, down to 6-month lows.

Silver is even worse - crashing 4%, back below $17 after a huge week of outperformance.

In fact Gold has fallen to the same level it was at right before its spiked on Trump's election...

 

[Ipv6Ready]

Why would multi national hedger hold gold contracts they no longer control?

Ie would QBE insurance want delivery of gold they were hedging for ABC bullion?

 

[Pirocco]

It's just dealer stocks selling and dealers decreasing their hedge with it.
You don't need a 200 tonnes hedge for a 100 tonnes stock, see?

Nothing much changed, the futures market hedge (green trend below) is now the same as 1 year ago, and the gold price too.