Photographer: Guenter Schiffmann/Bloomberg
Gold Futures' 4 Million Ounce Trade Triggers Sell-OffBy
Gold appears to be vulnerable to the whims of traders. After 11:10 a.m. in New York almost 40,000 contracts, each representing 100 ounces of the metal, traded in a span of 10 minutes, spurring a sell-off that sent prices down almost 1 percent. “It’s going with someone who has a huge position that can trigger stops and make the market move in a direction,” Miguel Perez-Santalla, a sales and marketing manager at Heraeus Metals New York LLC, said in a telephone interview.