Friday, November 08, 2013

Gold Dives 20 Seconds Before BLS Payroll Figures

Reporting for CNBC, Sharon Epperson notes that gold prices took off to the downside in advance of today’s non farm payroll figures from the Bureau of Labor Statistics (BLS).  “Many traders are really talking about whether or not someone got some information perhaps a little early because a big part of that plunge happened about 20 seconds, they say, before the number(s) came out,” Epperson said. 

‘Nothing to see here, folks,’ says the CME, according to Epperson.  “The CME Group says the functioning of the markets was proper in terms of what their execution was, but we are continuing to look into this,” Epperson reported. 

 

According to previous news reports, the BLS releases the non-farm payroll data to reporters a little early, but embargoed in a controlled environment which is supposed to keep the information from leaking until the precise 08:30 release time.

Apparently for gold, someone either guessed very right 20 seconds ahead of the release time, or someone found a way to thwart the BLS’ “cone of silence.”

 


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Trading gold, silver and mining shares since 1980 with a focus on taking advantage of volatility extremes, Gene Arensberg analyses the markets through a basket of technical and fundamental indicators and shares his findings from time to time here at Got Gold Report. Mr. Arensberg has been quoted in the Wall Street Journal, Dow Jones MarketWatch, USA Today and dozens of other news organizations.

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