This is nothing sinister, nor unexpected
agree. here's what fleck said on it last night:
Away from stocks, there was a good deal of motion. Fixed income saw sizable swings before finishing up slightly. (Amazingly enough, the currencies were kind of quiet today, with the dollar finishing unchanged vs. the euro.) The metals saw a lot of action as well, with gold up at one point almost $5, before closing down 20 cents. It's worth pointing out that the Comex increased margin requirements for gold. Previously, margin requirements had been $1,000 per contract. They are now $1,500. To put that number into perspective, $1,000 equates to about a $10 move in gold. So, given gold's recent volatility, I'd view this as a normal response by the exchange, and not some attempt to "impede" gold's progress. |
