In spite of a very bullish gold backdrop with the pending Swiss gold referendum on Sunday, gold repatriation movements in Germany and the Netherlands, Russian central bank gold buying and strong Indian and Chinese demand, no one was expecting the sudden surge that occurred in many price feeds Tuesday night.
According to GoldSeek:
“Gold spiked higher in many price feeds overnight and was $270 higher or more than 22% higher to $1,467.50/oz at one stage.”
At first, the culprits were thought to be activity from a large hedge fund or bank. but after looking at the data and watching the price move higher and higher in a series of trades, analysts have concluded that this may have just been a computer glitch.
Gold prices quickly returned to their previous levels however. The details of the computer glitch have not yet been disclosed.
See full story on goldseek.com