Possibly people long on RIO using everything else as margin collateral. Particularly gold.
The long on XYZ covered by gold strategy would make sense most of the time. XYZ falls and most of the time gold would rise - 12% falls in major stocks like RIO are not usual even in this market so you would not expect a margin call.
Except today RIO drops 12% the margin calls come in and NCM, LGL etc get sold off.
In the US gold rose against the DOW last night as you would expect.
Did anyone get a margin call today?
finally some cracks in the rally, page-86
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