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NEW YORK (TheStreet) —
Well, dear reader, you don't need me to explain what happened in the precious metal market yesterday, as we've seen it all before. It's just “da boyz” and their HFT buddies running the stops for fun, profit and price management purposes.
In gold, the price was under some sort of pressure starting around 9 a.m. Hong Kong time—and by 1 p.m. in London, the price was down about twelve bucks. There was a tiny rally during the next hour of trading, but at 9 a.m. in New York, the HFT spun their algorithms—and that was that, with the low coming minutes after 12 o'clock noon EST. The gold price rallied quietly higher from there into the close of electronic trading.
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