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.
Posted by Peter Piper at 7/21/2015 05:33:00 PM