Precious metals traders are using the 'f' word a lot this morning - 'Fiduciary' - as they question the rationale for 'someone' deciding to puked over 11,000 gold futures contracts (around $1.5 billion notional) into the market, sending the price tumbling to its lowest since January...

Some have argued this is technically driven as Gold breaks below its 100DMA...

But others noted the recent trend of weakness ahead of the London Fix...

Silver was also hammered lower...