by Mark O’Byrne
GoldCore
Gold futures saw a massive $1.5 billion liquidation in one minute yesterday which had all the hallmarks of a “non profit” liquidation – a large seller trying to manipulate gold futures lower rather than maximise profits.
[…] Subsequently, gold dropped throughout most of trade in New York and ended near its last minute low of $1323.80 with a loss of 1.1%. Silver slipped to as low as $18.535 and ended with a loss of 1.75%. Gold futures moved sideways in Asia prior to moving slightly lower in morning trade in London.
Smart money has seen this hundreds of times over the years and will use it accumulate cheaper physical gold and silver on the dip. As ever, best not to catch a falling knife and prudent to wait for at least two days of higher closes or to dollar, pound or euro cost average into bullion at these lower levels.