Easy Come, Easy Go After Gold Glitch in China

Source:

"Computer glitch gives gold traders a 23-minute bonanza that cost the Industrial and Commercial Bank of China dearly last week."

A computer glitch at the Industrial and Commercial Bank of China gave gold traders a 23-minute bonanza that cost the bank dearly last week, sparking a debate on Monday as the bank reclaimed the windfall.

ICBC, the world's biggest bank by market value, was left red-faced after its trading system went awry in the early hours of Friday, quoting a bid price for gold of 848 yuan per gram, nearly six times the going rate it had offered moment earlier.

Alert traders using the bank's online trading platform pounced on the bank's misfiring system and raked in easy profits, according to local media reports.

One lady in the western city of Xian made a tidy 126,540 yuan in a single minute, the Beijing Times said, estimating that the bank's total losses ran to 10 million yuan ($1.46 million). The golden opportunity lasted for 23 minutes, between 01:52 a.m. and 2:15 a.m. local time, Caijing Magazine reported.

Related Articles

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe