Gold prices plunged on Friday morning on volume so big that the CME had to halt trading.
Lately, gold has been exhibiting some violent moves and UBS’s veteran trader Art Cashin thinks there’s something weird going on.
Here’s Cashin via King World News:
Well, it (gold) is under some pressure. And while I am far from being a conspiracy theorist, I could see where some of the people involved in that asset class would be concerned because we’ve had several incidences of very large sales.
And they all seem to come at approximately the same time in the relatively early morning in New York, usually before the stock market has opened. The question there is, why would you suddenly dump a large amount of gold? Why wouldn’t you try to piecemeal it out over the (course of the) day?
So, if that happens once it could be an accident of technology, or it could be a simple error. But when it happens 5 times over a period of months, it does raise questions. Is it being done purposefully? Is somebody trying to send a message? Is somebody trying to influence the market?
We don’t have enough details, but as I say, as a guy who doesn’t ordinarily believe in conspiracy theories, I think there should be some further investigation as to who is selling, and why always at that time?
Cashin also spoke to King about the U.S. debt and debt ceiling. Read more of the interview at KingWorldNews.com.