“Large Seller in the Market” as COMEX Gold Hits $1,708

COMEX gold futures continued to tumble in late morning trading, with the April
contract plummeting as much as $80.00, or 4.5%, to $1,708.40 per ounce. The
decline coincided with a rally in the U.S. dollar after Fed Chairman Ben
Bernankes testimony to Congress showed that the central bank is not close to
embarking on further monetary easing. Todays drop in gold futures marked the
yellow metals worst day since September 23, 2011 when it tumbled 4.7%.
Commenting on the sell-off, CIBC World Markets wrote in a note to clients that
Gold looks like a large seller of gold in the market. a 10k contract traded,
down ticked the price by $40/oz. roughly 200k contracts trade per day, but
unusual to see such a large single trade. not likely due to contract expiry
either. That transaction represents 1mln oz of gold.