Mondays drop in gold may have been "Fat Finger" error.
I woke to a shock drop in Gold on Monday as gold took a rapid price plunge. I dont think this will be the last of these sudden shocks that’s characterised the market in recent months. Gold sank at 9 am in London on Monday after a huge increase in volume in New York futures that some traders said may have been the result of a “fat finger” or erroneous order. My broker reported trading jumped to 1.8m ounces of gold in a minute which an amount that's larger than the gold reserves of Finland (40 tonnes). Gold futures fell as much as 1.6% to $1,236.50, the lowest for a most-active contract since May 17. Its currently at 1251 after making a good recovery this am.
That low that was set in the overnight trading session is going to get taken out. Same with silver. I posted a long trade here in SLV last Th but I will be exiting this trade on today's rally in all likelihood. There isn't that much upside to either gold or silver anyway as new 52 week lows will be forthcoming very soon. Any rally in the sector should be considered a "tradable" deadcat bounce imo.
@joejustjoe , followed you there. I tried to click on your article on "censorship" and the page said it was hidden due to too low votes. First time I'd seen that message so I wonder is that censorship itself.
Yes it was...censorship. The "gentleman" who engaged in teh discussion with me basically did so to show me that his STEEM is bigger than my stem...so basically "this is what you get if you even think about revealing teh truth about me at my blog." :-) And that's one of my main mission here. I look for people who say soemthing but then their actions don't mirror what they are saying...as is the case with @marketreport.
keep up the battle!
I don't even consider it a battle and even if it is then I am winning as Greg continues to flag the blogs I post where I reveal "true" pricing in teh trades he announces at his web blog. I'm just trying to reveal the truth. Not that it matters to 90% of his followers. But I'm pretty sure I saved at least 1 or 2 people some heartache already. :-)
I see signs that the metals may make a run. Here is what I wrote about those signs.
https://steemit.com/gold/@motowngold/the-gold-train-may-finally-be-ready-to-leave-the-station
Anyone's guess . My trading platforms commodity's guys are bullish but there are plenty will to call it the other way..