Authored by Kevin Muir via The Macro Tourist blog,
It’s one of those periods when everything is conspiring against precious metals. For those of the bullish persuasion, this can be a difficult time. I have resorted to wearing my own self-imposed “cone of precious metal trading” in an attempt to stop me from buying too much, too early.
Silver Prices Bounce Higher After Futures Manipulated 7% Lower In Minute
S&P futures are little changed following yesterday's rout even as Asian and European markets continued selling; the pound slid on poor factory data, the yen tumbled after the BOJ intervened to stabilize the JGB bond market, precious metals flash crashed early in the session, while the selloff in oil accelerated despite yesterday's massive inventory draw, although at least yesterday's sharp bond tantrum has stabilized.
S&P500 futures have started the second half solidly in the green, up 0.3% to 2,429, tracking European markets broadly in the green, while Asian stocks fell slightly and crude oil is little changed. With US markets set to close at 1pm today trading volumes in many markets remain light before Tuesday’s July 4th holiday and as investors await Friday’s report on the American jobs market. Traders will be looking at key upcoming economic data for validation of the hawkish shift from central banks that roiled markets last week.
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
Gold 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.