Cause Banging The Close Is So 2009...

Tyler Durden's picture

JPM's cornering of the copper market must be proceeding successfully, as the firm has apparently developed a sense of self-confidence that it can now move from banging the silver close to banging the commodity right at the open (even when there is no OpEx on the horizon). A straight line $10 drop in which every bid is taken out is precisely the same activity that ex-Moore trader Chris Pia got in trouble for some time ago. Of course, when HSBC and JPM do it, it is perfectly acceptable. In the meantime, China, which is now practically openly buying up gold in the open market, thanks Blythe for this $10 dip in the country's cost basis. Lastly, we continue to await news of how the $1 trillion+ in incremental debt is going to monetize itself.