Gold Plunges After 1.8 Million Ounces Were Traded in One Minute
- Comex volume spiked to 18,149 lots in a minute at 9am London
- ‘Haven’t seen volatility when volatility was warranted’: RBC
Analyst Sees Gold Finding Path From Confusing Trade
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Gold traders shaken awake by Monday’s rapid price plunge said the move probably won’t mean an end to the sleepy pace that’s characterized the market in recent months.
Bullion sank at 9 a.m. in London on Monday after a huge spike in volume in New York futures that traders said may have been the result of a “fat finger,” or erroneous order. Trading jumped to 1.8 million ounces of gold in just a minute, an amount that’s bigger than the gold reserves of Finland.