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

Astute analyst Bron Suchecki of the Perth Mint points out that the selling began on the COMEX in the August futures contract:

“Below is a 1 second time interval chart of the August futures contract from Reuters. The area in the red circle is the 4 seconds of the Nanex chart above, which puts the move into context.

Note that the volume traded in this one minute was 7,164 contracts, which at 100 ounces a contract is about 22 tonnes.”

That a single entity or a group acting in concert would choose to sell a position in huge volumes at a time when an absence of buyers would guarantee them a poor price is a sign that forcing down the price was the likely objective of the concentrated selling.

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