Gold Slips $30 on 1.2M oz Trade

MINING.com reported on Monday that bullion prices temporarily fell over $30 an ounce, or about 3 percent, to $1,215 after a massive trade of about 12,000 lots was executed.

As reported in the market news:

The order which represents 1.2 million ounces triggered a 10-second halt in trading. Initially it appeared to be a “fat finger” (pressing the wrong button) trade, but the CME Group which runs Comex said in an email to Reuters Hedgeworld, “all trades stand and our technology performed as designed.”

Ross Norman, ex-trader for NM Rothschild and Credit Suisse and owner of bullion brokers Sharps Pixley, told MarketWatch the move “looks to be shorts defending their substantial positions.”

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