Even specialist dealers, such as GoldCore, talked of “blood in the gold and silver trading pits as leveraged longs got their heads handed to them on a plate”.
Goldcore priced bullion at $1,721 or £1,079 per ounce this morning, compared to yesterday’s fix of $1,788 or £1,121 per ounce. A spokesman said: “The massacre is attributed to a host of different reasons – from month end book squaring to Bernanke’s suggestion that ultra loose monetary policies may soon come to an end.
“None of these reasons would justify the scale of the massive sell offs seen in gold and silver yesterday. Gold and silver markets saw massive sell orders from large institutional sources – as only large institutions selling could have caused a price falls of the magnitude seen yesterday.”
Read More - http://blogs.telegraph.co.uk/finance/ianmcowie/100015378/gold-price-will-plunge-below-1000-an-ounce-bears-claim/
