As we approach the European close, the dollar index just spiked and precious metals (and crude) were pummeled. Gold futures tumbled on massive volume as over $4 billion notional was purged instantaneously…
Over 30,000 contracts ripped through gold futures – over $4.2 billion notional – in the space of a minute. That’s around 10% of a normal days’ volume.
NOTE – $1281 is the 100-day moving average that has been an equilibrium level for the last few weeks…
Silver was hit too as the dollar spiked…
Notably Gold remains the only winner post-Saudi chaos… for now…
Finally, we thought this was interesting…
