Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash
By: GoldCore
GoldSeek.com
Tuesday, 27 June 2017
– Gold bounces higher after “mysterious” one minute “flash crash” mistake
– $2 billion, 50 tons or 1.8 million ounces “fat finger” trade blamed
– Massive selling at 0400 EST when U.S. markets closed and thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.
– Mystery is that “fat fingers” in gold market are always sell trades that push prices lower
– Traders or market ‘muppets’ frequently push gold market lower … not other markets
– Only small 0.9% loss on the day and bounce back shows deep liquidity and robust nature of gold market
– Similar massive selling of bitcoin or other crypto currencies would likely lead to massive price fall
– Citigroup say gold’s “downtrend” is “running out of steam” (see News and Commentary)
– 3 reasons why Goldman now bullish on gold including “peak gold” (see News and Commentary)
– Gold still 8.75% higher year to date 2017; S&P at 8.7% gain ytd
The Rest…HERE
