real-time news and commentary for investors
Friday, Oct 18
Traders befuddled by short, sharp movements in gold prices
- Gold traders have been puzzling over a series of massive transactions over the past three weeks that have caused the price of bullion to move sharply within a matter of minutes.
- The latest incident came in the wee hours of yesterday morning in New York, when a wave of orders to purchase $2.3B worth of gold caused the metal to spike 3% in just 10 minutes.
- Theories about what's causing the phenomenon include the effects of 24-hour electronic trading, short covering, selling by a distressed fund and deliberate market manipulation.
- Gold is now -0.4% to 1317.20.
- ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, GDX, GDXJ, GLDX, PSAU, NUGT, DUST, GGGG, RING