Silver just had a flash crash

Photo: Getty Images

Spot silver markets just suffered a flash crash, bringing some excitement to what has been an otherwise dull Friday session in Asia ahead of IS non-farm payrolls tonight.

Here’s the 1-minute chart from today’s session.

Source: Thomson Reuters

Having hit a session high of $16.18 an ounce in early trade, the spot price fell from $16 an ounce to as low as $14.86 in less than a minute, a decline of over 7%.

Just as quickly it rebounded, although it still remains down 1% for the session.

A fat finger, algorithmic traders and thin market conditions ahead of the US jobs report may have all been contributing factors behind the sudden flurry of activity.

Or, of course, it could have been done on purpose.

Either way, it’s now largely recovered most of the earlier move.