Gold futures had their heaviest day of trading during April 2013 when a mysterious flash crash sent the precious metal collapsing with no clear fundamental/news catalyst. In June, Brexit sparked massive volume buying in the barbarous relic, but overnight, as a Trump victory became more and more of a reality, gold futures are approaching their busiest day ever.
As Bloomberg notes, that’s triple the full-day average this year and U.S. trading is just getting underway.
BullionVault, an online trading service, said client activity in the three hours to 6 a.m. London time exceeded the amount traded on Tuesday. Buying outweighed selling by three-to-one, according to an e-mail from Adrian Ash, the head of research.
“Gold is where all the action is at the moment,” Bernard Sin, head of precious metals trading at MKS (Switzerland) SA, said by phone from Geneva. “It looks like hot money coming in, people are trying to make money on the move up in gold.”
In a result that stunned political pundits, polling companies and financial markets, Trump was elected on pledges that included reneging on global trade deals that he says have cost American jobs.
A Trump presidency could send bullion to $1,395 an ounce, according to more than 20 analysts and traders surveyed by Bloomberg before the vote. Futures were up 2.2 percent to $1,303.51 on Wednesday.
The post Gold Surges Post-Trump, Nears Heaviest Volume Day Ever appeared first on crude-oil.top.