0219 GMT [Dow Jones] Spot gold experiences sudden bear raid on access market (Comex) just before the Tocom opening at 1200 GMT; gold shot down to $891 vs NY close at $906.20, before rebounding back to $904 within 3 minutes, says Hong Kong-based trader at Japanese house. "The move was so fast the stops were missed on the downside. It's a very unhealthy market." Adds, move was timed to cause maximum disruption and was done with very little volume. "They should stop this kind of thing by having trading limits (circuit breakers)," he says. "We bought only 60 lots when it was down and it shot back $7 straight away. It's hard to trade this," he says. Adds, market has now stabilized, trade lacks catalysts with uncertainty due to swine flu; Trader tips broad $886-$907 range later. Spot gold last at $899.50/oz, down $6.70. (JAC)
NCM Price at posting:
$30.81 Sentiment: ST Buy Disclosure: Held
