Dirty Spekulants

[AtW]

Bitcoin is for mugs and criminals.

Although I admit that I should have bought some when the price was around 3 bucks...

[DimPrawn]

Bitcoin Flash-Crashes on BTC-E, Other Exchanges Stable - ForexNews.com

Bitcoin flashed crashed on the BTC-E platform, falling close to 30 percent before recovering completely.

The crash started at 13:45 server time (6:45 EST) and by 13:46 prices had traded to a low of $194.92. The recovery was equally as vicious with BTC/USD back to $260 dollars per coin by 13:48.

[ASB]

Think there were 900,000 comex contracts dumped.

Conspiracy: by the Chinese raise funds for propping up the chines market which they have encouraged Chinese retail into with heavily margined accounts.

It didn't exactly help my Silver longs.

[DimPrawn]

It happens in lots of markets, manipulation.

This was a concerted effort by big players (think usual US govt backed casino banks) to dump paper gold on the market during low liquidity period to force a flash crash in the price. I suspect others with insider knowledge then had a buying frenzy and pocketed billions in minutes.

Welcome to the new Capitalism Comrade.

[FatLazyContractor]

Dollar did not double in value either.

Why are you concerned about dollar? You are a Ruble twat aren't you?

[AtW]

What's your point, matey?

Market manipulation - price dropped by half without any good reasons (ie increase in production). Dollar did not double in value either.

[Doggy Styles]

What's your point, matey?

[AtW]

Speculators smash gold as dollar squeeze tightens

"Powerful speculators have launched an unprecedented attack on the world gold market, driving prices to a five-year low as commodities wilt and the US Federal Reserve prepares to tighten monetary policy.

Spot prices slumped by more than 4pc to $1,086 an ounce in overnight trading after anonymous funds sold 57 tonnes of gold in Shanghai and New York, choosing the moment of minimum market liquidity in what appears to have been a synchronized strike intended to smash confidence.

The move came after China’s central bank dismayed "gold bugs" by revealing that the country’s bullion reserves stand at just 1,658 tonnes, far lower than widely assumed. While holdings have risen 60pc since the last update in 2009, they are still a fraction of China’s total $3.7 trillion foreign exchange reserves.

Ross Norman, a veteran gold analyst at brokers Sharps Pixley, said sellers dumped 7,600 contracts covering 24 tonnes on the Globex exchange in New York in a two-minute span after it opened late on Sunday night.

A further 33 tonnes were sold at almost exactly the same time in Shanghai. The combined hit of 57 tonnes in such a short period is an extraordinary event in the world’s relatively small gold market. "

Source: Speculators smash gold as dollar squeeze tightens - Telegraph (ToryGraph)

AtW's comment -