Update: European markets closed and gold found a bid, erasing earlier losses...

Bouncing perfectly off its 200DMA...

And for now, it has decoupled from the dollar strength...

* * *

Gold futures suddenly took a turn for the worse this morning as 'someone' once again decided that 0830ET was the perfect time to puke over $1.5 billion notional of the precious metal into the market...

Over 11,500 gold futures contracts suddenly dumped into the market...

...pushing it towards its 200DMA...

Silver is also getting hit...

Helped by a sudden surge in the dollar...

WTF?

And once again, it's happening as the London Fix looms...

Not Manipulated though.

We give the final word of this farce to Bloomberg's Jake Lloyd-Smith: