UPDATE: Comex Gold Futures Briefly Spike Down Over $30 At Mid-Morning, Then Quickly Rebound
Monday January 6, 2013 8:22 AM
(Kitco News) - An erroneous, or so-called "fat-fingered" trade in Comex gold futures is likely responsible for the February gold contract dropping sharply--by over $30.00 an ounce--in a very short period of time and reportedly briefly halting trading action at the Comex at mid-morning Monday. Reports said very heavy volume at the time of the price drop was recorded in gold futures. The trading volume was reportedly around 11,000 contracts in one minute's time, which could have been a keyboard error by a trader at a trading firm. The price of February Comex gold was trading at $1,245.40 an ounce at 10:13 a.m. eastern standard time Monday morning, and then within one minute fell to a low of $1,212.60. Prices at 10:15 a.m. had rebounded to $1,234.50. February Comex gold last traded up $2.20 at $1,240.90. |