Open menu Close menu Menu
Open charts menu Close charts menu Charts

For help and advice call us on:

0121 369 3000

8am to 10pm - 7 days a week

£ $
Live Metal Prices
Metal Ounce Gram
Gold £1,242.66 £39.95
Silver £14.044 £0.452
Platinum £700.13 £22.51
Palladium £1,197.34 £38.50

Updated 03:28 19/08/19

Precious metals flash crash

By Duncan Richardson, News Editor

20 Jul 2015

The gold price fell to £690 per ounce and silver £9.35 per ounce during Asian trading as the price crashed in a matter of seconds to levels not seen since 2009. The gold price has since recovered to £714 per ounce.

Just before China opened for trading all four of the precious metals tumbled when “someone” sold 2.7bn in gold contacts. The price fall triggered a large number of automatic sale orders which would have wiped out the entire bid stack. This latest price smash could have been a well-orchestrated trade initiated by a high frequency trade or the BIS gold and FX trading desk. The only other explanation could be a Chinese commodity deal unwinding.

Ironically moments before the price fall the Peoples Bank of China announced they have increased their gold holdings by 57%.

comments powered by Disqus