From Washington's Blog:
Gold tanked today, crashing $104 points.
That is the largest one-day crash since March 2008, erasing two weeks' worth of gains.
Margin Requirements Hiked
Zero Hedge explains why gold tanked – margin requirements were hiked sky-high by two major exchanges:
Two weeks after the CME hiked gold margins by 22%, and two days after the Shanghai Gold Exchange sent them higher by 26%, here comes the CME, as we expected, with another 26% gold margin hike.
And now we know that this particular margin hike was leaked well in advance, and explains the entire $100 plunge in gold today...
Read full article...
More on gold:
Why owning gold is not enough
Four reasons to short gold now
The correction is here: Gold plunges $104 today