A series of big sales this morning has shaved nearly $US40 off the price of an ounce of gold since around 8 AM ET.
The metal is down 3% from yesterday, trading right around $US1287.
“Hearing from London contact of a major US fund rebalancing in gold. Chart below shows prior 10 days with 10-minute volume bar,” says Andrew Wilkinson, chief economic strategist at Miller Tabak. “You can see this morning’s heavy volume contrasts to the aftermath of the FOMC meeting of 9/18 when gold jumped.”
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