As the dollar suddenly spiked this morning, someone puked over $1.2 billion notional gold futures in the space of one minute, sending the precious metal back below $1200…

“Someone had a lot to sell and wasn’t clever about it,” said Tai Wong, head of base and precious metals trading at BMO Capital Markets in New York.

In the minute ended at 0845ET, more than 10,000 December gold futures contracts, each representing 100 ounces, changed hands on the Comex in New York. That amounts to approximately $1.2 billion notional of the precious metal. That was about 30 times the 100-day average for that time of day.

And as goes gold, so goes silver…

But both are now being bid back up, gold back above $1200.