Gold Hammered Down In Sunday Night’s 2-Minute, $2.7 Billion “Unprecedented Attack”

Tuesday, July 21, 2015
By Paul Martin

By GoldCore
GoldSeek.com
Tuesday, 21 July 2015

– Gold market comes under “unprecedented attack” – Telegraph
– “Sharp drop bore similarities to bear raids by Chinese funds” – FT
– Paper contracts for 57 tonnes of gold dumped onto market in two minutes
– Gold still holding up in euros, Canadian dollar and other currencies
– Very negative sentiment towards gold signals close to bottom
– Physical gold still vital financial insurance despite simplistic anti gold narrative

The post mortem continues and many are once again proclaiming the death of gold … as was done in 1999 and again in 2007 … prior to the start of gold’s multi-year bull market and the resumption of the bull market in 2007.

Sentiment is as bad as we have ever seen it and worse than in 2007, after the price of gold fell nearly 5% or $50 with many markets closed and in illiquid market conditions on Sunday night.

Some $2.7 billion worth of gold futures contracts were sold on the COMEX in less than two minutes.

The Financial Times had an interesting article with the wonderfully-balanced headline, Gold bugs squashed by aggressive selling, which speculated that “Chinese funds” may have been responsible for ‘bear raids’:

“Traders and analysts said, however, that the nature and timing of the selling suggested there was more at play than investors responding to a slight strengthening in the US dollar or lower central bank purchases.”

The Rest…HERE

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