Word: trader
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...markets, there were similar cries of pain as huge price gyrations roiled trading in everything from metals and corporate bonds to livestock and even futures contracts for wheat and soybeans. In his office just off Chicago's LaSalle Street, the heart of the Windy City's financial district, Bond Trader Colin MacDonald paused long enough from juggling the phones on his Government securities desk to complain to a reporter that "the market's in a shambles. Before this is over, there'll be enough resignations from wiped-out traders to fill the Yellow Pages...
...Chicago Mercantile Exchange, a veteran trader emerged from a day of trying to cope with roller-coaster price changes in the pit where live cattle are traded to exclaim, "I've never experienced anything like this in my life!" In Florida, where the action this year in condominiums has been hotter than the summer sun, mortgage bankers felt a sudden chill. Said Charles Stuzin, head of a Miami savings and loan association: "People are asking, 'What's going to happen tomorrow?' Everything has moved so quickly, no one can make any plans...
Those who trade in gold should logically be as euphoric as Forty-Niners striking a new lode. But logic does not govern this market. "It's terrible now," says Richard Lowrance, 23, a trader who fills customers' orders at the Chicago Mercantile Exchange. "Since gold went over $350 an ounce, the volatility has increased fivefold. Our volume has dropped...
While Lowrance glooms over gold's fickle ways, he is suddenly surrounded by gold-jacketed runners and other traders clad in bright red, green and purple coats. They talk excitedly about a broker's blunder: the man has made a mistake in filling out a customer's order, and it will cost him $2,500. A runner asks: "Does that mean we won't be going out to dinner tonight?" "No," answers a trader. "It just means we'll be going to McDonald...
...days of frantic trading, the price of gold on the London exchange soared a breathtaking $50 per oz. to $447 at one point; then it plunged back down almost as steeply, closing the week at $385. Silver, platinum and copper also gyrated wildly. Said a New York bullion trader: "The market's gone bananas...