Another Bullion Flash Crash Is Testing Traders
- Silver plunged 10% amid volume surge in early Asia trading
- More than 25 million ounces of white metal traded in a minute
Bars of 100-ounce silver are stacked inside The Safe House, a vault operated by Silver Bullion Pte, in Singapore, on Thursday, March 20, 2014. Silver Bullion, a Singapore supplier of coins and bars to retail investors, opens the 600 metric ton storage facility on March 25 as investor demand increases. Photographer Nicky Loh/Bloomberg
Photographer: Nicky Loh/BloombergAfter-hours surges and plunges that have whipsawed gold and silver prices over the past two weeks are unnerving traders.
Silver futures sank as much as 10 percent, as more than 25 million ounces of the precious metal traded within a minute just after 7 a.m. in Singapore Friday. Last week, gold fell below its 200-day moving average after 1.8 million ounces were transacted in a minute at 4 a.m. in New York. A day later, gold spiked after a similar trade involving more than 800,000 ounces.