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Gold’s 1987 – What is Really Bothering the Gold Market?
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
acting-man.com / By Pater Tenebrarum / April 16, 2013
A Crash Wave in Gold
On Monday, futures traders holding long positions in COMEX gold futures woke up to an additional $8,000 loss per contract when the COMEX opened for trading. Not surprisingly, a panicked liquidation ensued and a new record high in trading volume was set – handily exceeding the total open interest in the June contract. In a way this was reminiscent of the 1987 crash in the stock market, as the market at the time also opened with a huge gap down after breaking through a major support level on the preceding Friday. It then proceeded with liquidation selling on extremely high volume that would last throughout the day, with the market finally closing right at its lows. The daily chart of the June gold futures contract indeed looks like a fairly typical crash chart (and so does the weekly continuation chart, see further below).
Gold, the most active June 2013 contract. The crash wave has produced record trading volume. A small bounce has begun today, as shorts are taking profits
Thanks to BrotherJohnF
2013-04-16 13:45:09
Source: http://silveristhenew.com/2013/04/16/golds-1987-what-is-really-bothering-the-gold-market/
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