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Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash

Summary:
Goldman and Citigroup Turn Positive On Gold - Despite "Mysterious" Flash Crash - Gold bounces higher after "mysterious" one minute "flash crash" mistake - billion, 50 tons or 1.8 million ounces "fat finger" trade blamed Gold in USD - 1 Week - Massive selling at 0400 EST when U.S. markets closed and  thin trading amid ...

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Goldman and Citigroup Turn Positive On Gold - Despite "Mysterious" Flash Crash

- Gold bounces higher after "mysterious" one minute "flash crash" mistake

- $2 billion, 50 tons or 1.8 million ounces "fat finger" trade blamed

Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash CrashGold in USD - 1 Week

- 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

Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash CrashAsset Performance - 2017 YTD (Finviz)

- 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


News and Commentary

Gold Plunges After 1.8 Million Ounces Were Traded in One Minute (Bloomberg)

Huge sell order 'mistake' sends gold to six-week low (CNBC)

Huge sell order pushes gold to six-week low (Reuters)

Gold remains under pressure after 'mysterious' drop (FT.com)

U.S. threatens Syria, says Assad is planning chemical weapons attack (Reuters)

Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash

Gold Flash Crashes As "Someone" Dumps $2 Billion, "Fat Finger" Blamed (Zerohedge)

Gold's Downtrend Is "Running Out Of Steam" - Citi (Zerohedge)

3 Reasons Why Goldman Just Turned Bullish On Gold (Zerohedge)

Central Bank Intervention Slams Paper Gold (IRD)

India Said to Plan Gold Policy Revamp for $19 Billion Sector (Bloomberg)

Gold Prices (LBMA AM)

27 Jun: USD 1,250.40, GBP 980.31 & EUR 1,111.36 per ounce
26 Jun: USD 1,240.85, GBP 975.56 & EUR 1,109.32 per ounce
23 Jun: USD 1,256.30, GBP 987.70 & EUR 1,125.27 per ounce
22 Jun: USD 1,251.40, GBP 988.36 & EUR 1,120.13 per ounce
21 Jun: USD 1,247.05, GBP 989.04 & EUR 1,118.98 per ounce
20 Jun: USD 1,246.50, GBP 981.99 & EUR 1,117.24 per ounce
19 Jun: USD 1,251.10, GBP 976.86 & EUR 1,117.73 per ounce

Silver Prices (LBMA)

27 Jun: USD 16.66, GBP 13.07 & EUR 14.79 per ounce
26 Jun: USD 16.53, GBP 12.98 & EUR 14.79 per ounce
23 Jun: USD 16.71, GBP 13.12 & EUR 14.97 per ounce
22 Jun: USD 16.58, GBP 13.09 & EUR 14.85 per ounce
21 Jun: USD 16.51, GBP 13.03 & EUR 14.81 per ounce
20 Jun: USD 16.59, GBP 13.10 & EUR 14.88 per ounce
19 Jun: USD 16.67, GBP 13.02 & EUR 14.87 per ounce


Recent Market Updates

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- 4 Charts Show Gold May Be Heading Much Higher
- Gold in Pounds Surges 1.5% To £1,001/oz – UK Political Turmoil Likely
- Gold Prices Steady On UK Election Risk; ECB Meeting and Geopolitical Risk

Important Guides

For your perusal, below are our most popular guides in 2017:

Essential Guide To Storing Gold In Switzerland

Essential Guide To Storing Gold In Singapore

7 Real Risks To Your Gold Ownership

Important Points To Consider Before You Buy Gold

Essential Guide to Tax Free Gold Sovereigns (UK)

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GoldCore
Founded in Dublin in 2003, GoldCore were Ireland’s first gold broker and are now Ireland’s most established and trusted gold broker. GoldCore are an Irish based and Irish owned company who have become one of the leading gold brokers in the world, serving clients throughout Ireland and in over 45 countries internationally.

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