ALERT: Derivatives Nightmare Has Shares In Hong Kong Plunging And Gold Surging Above $1,200
- ALERT: Derivatives Nightmare Has Shares In Hong Kong Plunging And Gold Surging Above $1,200
by www.kingworldnews.com
With gold moving well above $1,200, many market participants are trying to understand: Why gold is surging and why there is so much turmoil in overseas trading in Asia?
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Below, Art Cashin issued the following warning to King World News on January 20, 2016.
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Hong Kong Derivative Nightmare May Increase Global Panic
Art Cashin: “I would keep my eye on Hong Kong. There are concerns growing that there are a variety of derivatives in Hong Kong which are priced at current levels and that a lower move would lead to some forced selling — the equivalent of margin calls. So the place I’ll be watching … is Hong Kong to see how its market acts.”
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Hong Kong hit a closing low of 18,542 at the time Art Cashin issued that warning to KWN readers around the world. Today shares in Hong Kong have already traded as low as 18,486, briefly breaching the key level that would begin to trigger the derivative nightmare in Hong Kong. The authorities immediately stepped in and moved the Hong Kong market a bit higher, currently trading at 18,529.
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