Gold Flash Crash With $1.2 Billion Of Futures Contract Trading (Silver Flash Crashes Too)

This is a syndicated repost courtesy of Confounded Interest . To view original, click here. Reposted with permission.

Strange days! First, the lovable losers from the “mistake on the lake” (aka, the Cleveland Browns) beat the New York Jets for their first victory in several seasons. Then, gold flash crashes and partially recovers.

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At 08:45 ET, more than 10,000 December gold futures contracts, each representing 100 ounces, changed hands on the Comex in New York. That amounts to approximately $1.2 billion notional of the precious metal. That was about 30 times the 100-day average for that time of day.

While most eyes are on gold, silver had the same flash crash but with a stronger rebound.

Did the New York Jets flash crash against the Browns?

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