The minute NY opens, someone (Fed?) sells $2 billion on paper contracts… to stem a MASSIVE overnight rally that took gold up $23 and Silver up $ .70.
The danger in that play is… they have to buy back the shorts at some point! If the price recovers later today on bargain hunting, you could see an enormous squeeze! Even the Fed has to cover its shorts.
CIGA Wolfgang Rech
This is 9 days global gold production and 18 days of global silver production. “Who” has this much metal to sell and “who” in their right mind would ever sell it in this fashion? I will laugh my ass off if gold and silver make new highs for the day! The day of reckoning is very soon!
Precious Metals Puke – ‘Someone’ Dumps $2 Billion Of Gold Into Futures Markets
Submitted by Tyler Durden on 04/21/2016 09:21 -0400
What goes up… must not be allowed to…
Someone just decided this was the perfect time to dump over $2 billion worth of notional paper gold onto the markets…
Over 16,000 gold contracts (and 7,500 silver) were dumped in that 5/10 minutes segment.
It appears Draghi did not like the impression of his impotence that precious metals were suggesting.