Just when you think that they cannot do anything more foolish, there they go again.
Some joker dumped 2000 contracts on the gold market in the quiet, early morning trade and took it down so hard the market hit limits and halted. Cat burglars wearing bell suits and clown shoes. The rest of the day was about the same.
Here is James McShirley's count of the at market mayhem:
2:55 AM: 4,330 contracts dumped, gold smashed $10.70Blatant frauds will continue until confidence and support for the status quo and markets return.
8:31 AM: 2,842 contracts dumped, gold smashed $ 5.60
9:00 AM: 2,595 contracts dumped, gold smashed $ 2.00
9:01 AM: 2,768 contracts dumped, gold smashed $ 3.00
They just do not get it.
Let's see if the statistics from the COMEX tell us something interesting tonight, other than they were selling more gold that they don't have and probably can't get.
PostNote: there was no movement of bullion in or out of the COMEX warehouses yesterday.
I have to say, though, that analyzing US metals market data is starting to be like analyzing Bernie Madoff's quarterly returns to get a sense for fair market value performance. Or counting cards in a game of three card monty.
How are the mighty fallen.
Have a pleasant evening.