That pretty much sums up what is happening at this hour as I watch the overnight trade. It is not only in gold, but I am seeing some very strange things occurring in the December meal contract as well.
Keep in mind what I wrote the other day about those in the gold perma bull camp who are always crying up their "Flash Crash" crap as evidence of some sort of price fixing conspiracy. Also, note that they are deathly silent on what I have sarcastically countered as "Reverse Flash Crashes".
Well, guess what? We got both in one evening, separated by 90 minutes! The first occurred on heavy volume of upwards near 6000 contract that dropped gold $10 in 15 minutes. The Reverse Flash Crash occurred on even HEAVIER VOLUME and completely erased the losses from the "Flash Crash" and then some.
There is currently staggeringly huge volume in the December meal contract taking place at the 10:00 PM Pacific Time Zone hour. There has been more volume done than what occurred during the final 15 minutes of the pit session trade in the grains and that is one of the busiest times of the day.
I have no idea what is taking place but I can say this with certainty, computers are going nuts this evening.
I have said it many times before and will do so again - welcome to the new normal in our broken markets. When the exchanges voted to move to electronic trade, they opened a Pandora's box of idiocy.
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