Yesterday, saw a huge drop in Gold, which made a recent high at $1755, when a massive 24 tonne sell order (7,800 contracts) hit the market at 08:20 a.m. New York time. The range for the day was from $1743.10 to $1705.50. Gold finished off 21.40.
Ross Norman, CEO at Sharps Pixley thinks it was not profit taking, for a trader would ease himself out of the market, rather than dump 24 tonnes in a five minute period. Norman thinks it was a short seller or someone short trying to panic the shorts. An obvious sell point is $1700 just under the last pullback (see chart).
None of our sell stops on Gold and Silver were triggered yesterday.