Someone decided that the exact opening of Gold futures trading on a Sunday night – ahead of a holiday week in the US – was the perfect time to liquidate over $161 million notional of ‘paper’ precious metals contracts… Currencies were unmoved, stocks are leaking higher and bonds lower.
Admittedly the flush was modest in size (around a 0.5% drop and pop) but we are sure whover this gold-seller’s fiduciary duty is owed to will not mind at all…
1500 or so contracts liquidated instantly… makes perfect sense.