This morning, gold crashed from $1740/oz to 1708 before returning to about 1717. At 8:22am this morning, NY time, it dropped $15/oz in 2 seconds. I'm baffled by the sudden move. What would make anyone panic enough to dump a bunch of gold in exchange for ... dollars? Are US dollars seriously a better asset than gold?
Silver and oil also dropped.
Update: 24 tons of paper gold were dumped at 8:20am.
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