Gold Hammering Leads to Another Overnight Gold Market Halt
Shortly after 1 a.m. EST this morning someone with no apparent fiduciary duty to their clients for best execution or any apparent trade allocation expertise decided it was time to dump 1,500 contracts into an entirely illiquid gold futures market.
The 150,000-ounce notional sell order ($184.5 million), captured graphically by Nanex, sent the price down $10 instantaneously, tripped the exchange's circuit breakers, and halted the market's trading for 20 seconds once again.
This is now the fourth market halt in the past three months (and this time on no news whatsoever) as the manipulative monkey-hammerings from who knows whom (the Bank for International Settlements?) are becoming increasingly obvious.
Iran sanctions deal to unleash oil supply but Saudi wild card looms
A global deal to lift sanctions against Iran could unleash a flood of oil onto world markets by next year just as crude output pick ups in Libya, Iraq, and North America, triggering a slide in prices and a major shake-up of the energy landscape.
The prospect of cheaper oil is a welcome relief for the West, but poses a major threat to Russia and string of countries that depend on oil revenues to finance their budgets.
The weekend deal in Geneva between Iran and key world powers opens the way for a gradual end to sanctions, provided the new government of Hassan Rohani delivers on pledges to curb its nuclear programme.
This Ambrose Evans-Pritchard commentary was posted on The Telegraph's website late Sunday evening GMT...