think from now on the second I see DB, UBS , JPM or MS on the register :
time to move on for a while
not sure where this is going but put together with an article from Business Spectator:
A wave of futures selling after midnight in New York, when European and American traders are away and Tokyo's gold hub is in an afternoon lull, pushed prices down $US10 an ounce in the space of a minute.
More than 3,000 gold-futures contracts changed hands at 12:47 am EST in the US, and the market's quick slide triggered an automatic, 20-second trading halt in February gold futures, said a spokesman for CME Group (CME), the operator of the Comex.
The sellers, said Frank McGhee, head precious-metals dealer with Integrated Brokerage Services, likely chose that period "to get the most impact" from their trades.
"If you strategically [sell at certain] points, you can move the market farther," he said.
Trading volume during the midnight EST hour was more than six times the average of the previous 30 days, according to preliminary exchange data.
Tuesday's selloff may be linked to a large set of bearish options bets placed last week, some gold traders and analysts said.
Those options, which protect the holder against a drop below $US1,700 a troy ounce and $US1,695 an ounce, saw their value increase after Tuesday's drop in the futures market.
"It's just odd," said Miguel Perez-Santalla, a vice president of business development with online precious-metals exchange BullionVault.
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(20min delay)