Thursday, June 19, 2014

"Who Just Bought Half A Billion Dollars Of Gold Futures?"

I'm guessing it was a short cover but either way, cover or outright long it's a pretty big chunk. Gold is decisively higher at $1294.40, up $21.70. Top tick on the most active contract: $1295.90.
From ZeroHedge:
Presented with little comment aside to note the surge in gold since Yellen gave markets the all-clear yesterday. It seems someone decided the open this morning was an opportune time to take on half a billion dollars of gold exposure...

And from Kitco:
Where are the Stops? Thursday, June 19: Gold and Silver
Below are today's likely price locations of buy and sell stop orders for the active Comex gold and silver futures markets. The asterisks (**) denote the most critical stop order placement level of the day (or likely where the heaviest concentration of stop orders are placed on this day).

See below a detailed explanation of stop orders and why knowing, beforehand, where they are likely located can be beneficial to a trader.
August Gold Buy Stops Sell Stops
$1,289.00 $1,276.20
**$1,300.00 **$1,266.50
$1,309.40 $1,258.00
$1,315.70 $1,250.10
July Silver Buy Stops Sell Stops
$20.10    $19.83    
$20.25    **$19.665  
**$20.43    $19.50    
$20.50    $19.435  
Stop Orders Defined...
...MORE