NEW YORK, 16 April 2013 - The United States' third biggest national newspaper, USA Today this morning quotes market insight from BullionVault in a detailed report on Monday's remarkable drop in gold prices.
"Rumors swirled around what caused gold's Monday tumble," says the newspaper, now boasting a circulation of 1.8 million copies. "One tip-off was how the sell-off started."
Quoting Miguel Perez-Santalla, vice president of business development at BullionVault, "On Friday, there was one big seller at the [gold futures] Comex opening," USA Today goes on. A further 53,000 gold futures contracts - each priced at 100 ounces of gold - were then sold at the start of Monday's trade, Miguel adds.
"People who want to unwind big positions usually do so gradually, so as not to cause panic," says the newspaper. "That wasn't on the minds of those who sold Friday and Sunday, Perez-Santalla says."
USA Today carries the full report online here:
Gold Badly Tarnished, Sees Biggest Drop in 30 Years
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