Nanex Research

Nanex ~ 20-Nov-2013 ~ Gold Futures Halted after Sudden $10 Drop

About 1,500 Gold Futures contracts traded in one second at 06:26:40 on November 20, 2013, tiggering a $10 drop in price and a 20 second halt. See also the drops on April 12, 2013, September 12, 2013 and October 11, 2013 which also resulted in trading halts.

Zerohedge covered this event and has a good summary of what causes trading halts.

Update: At 14:00:10 another 20 second halt

9. December 2013 Gold (GC) Futures Trades.

10. December 2013 Gold (GC) Futures Quote Spread.

1. December 2013 Gold (GC) Futures Trades.

1b. December 2013 Gold (GC) Futures Trades - Zoom 1.

1c. December 2013 Gold (GC) Futures Trades - Zoom 2.
The 20 second halt shows up clearly.

2. December 2013 Gold (GC) Futures Quotes.

2b. December 2013 Gold (GC) Futures Quotes. Zoom 1

2c. December 2013 Gold (GC) Futures Quotes - Zoom 2.

3. December 2013 Gold (GC) Futures Depth of Book (how to read).

3b. December 2013 Gold (GC) Futures Depth of Book - Zoom.

3c. December 2013 Gold (GC) Futures Depth of Book - Tick Chart.

4. Gold ETF, Gold Futures and Silver Futures.
Note how silver futures and the ETF (GLD) act before, during and after the halt

5. GLD (ETF) Best bids and asks.
Quote spread balloons when the futures are halted. There is no market for GLD during this time.

6. December 2013 Silver (SI) Futures Trades.
Curiously, silver futures practically stop trading when gold futures are halted.

7. December 2013 Silver (SI) Futures Trades.
Curiously, silver futures practically stop trading when gold futures are halted.

8. December 2013 Gold (GC) Futures Trades.
This is chart 1b, shown again here for comparison to charts 6 and 7 above.

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