Yes an at market sale representing 31 tons on CME following the PM fix - surely not the best way to maximize your price if you are a long. Anyone looking at this rationally would have to conclude it was a co ordinated attempt to effect price. And that it most certainly did. Once the $40 sell off happened in a matter of minutes the sell algos all kicked in and before long it was mission accomplished and $1800 gold no longer in site.
The other reason I have read is that given Iran have now started trading oil for gold this was a US govt inspired move against Iran....
Who knows - gold and silver will recover and the physical offtake in Asia will naturally increase at these price levels.
As for NCM be nice to see a $33+ close today.
NCM Price at posting:
$32.55 Sentiment: Buy Disclosure: Held
