Whipsawing Million-Ounce Gold Trades Are Becoming the New Norm
- Spikes ‘seem to be more frequent than they ever were’: RJO
- Metal erases losses Tuesday after sudden plunge earlier
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Gold traders are having to grow more accustomed to surges in trading volume as spikes that began surfacing around mid-year become more frequent.
In the 10 minutes ended 3:10 a.m. in New York on Tuesday, when most North American traders were probably still asleep, contracts representing more than 2 million ounces of the metal changed hands on the Comex, sending prices down as much as 0.7 percent. The bulls responded hours later, with trades covering more than 3.5 million ounces at around 10 a.m., helping to push the price higher.