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.

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Bearster's picture

Wait, if the banks are naked *shorting* gold, then they also are providing the *bid* too?  And when they pull their own bid (presumably when they short, they sell to their own bid??) the price falls??

the mad hatter's picture

my friend, people like me and you provide the bid. the banksters naked sell short tranches of gold futures to wipe everyone out, start margin calls, and get everyone else to sell.

malusDiaz's picture

Failure To Deliver.


Easy to naked short if you never deliver, aka the 1 way transaction!

SpeakerFTD's picture


The SLV ETF just ran into massive resistance at $30.

tallystick's picture

Haha they wanna act like SLV is what matters.

Kyron95131's picture

yeah was watching this go down..

precious moments..

the mad hatter's picture

a temporary hickup on the road to currency debasement. the banksters are trying to milk every last troy ounce of value from their precious fiat currencies.

wait til asian buyers swoop in on the PM fix.

VFR's picture

just waited for it to happen. So predictable. It will get whacked again in about 2 hours unless we see strong dip buying............

Turd Ferguson's picture

The Monkeys pulled this same shit yesterday. Crude rolled over and they sat tight for a few minutes and then BAMM. Hit gold and see if they can get the ball started rollin to the downside. Didn't work yesterday. Won't work today.

Feb11 gold is already $4 off its lows at 1420. Too much momentum, too strong of dip-buying by the BoS and too much POMO ($8B today). All commods will grind higher from here today. Gold will be back pushing 1430 by this afternoon.

Btw, all that really matters today would be a close above the old all-time high from 4 weeks ago today. That number to watch is $1426.

Red Neck Repugnicant's picture


First of all, big bird wants her hat back.

Btw, all that really matters today would be a close above the old all-time high from 4 weeks ago today..

Secondly, that statement seems very arbitrary and indicative of someone who trades on charts, and charts only.  Since you are a chart specialist, can you tell me the difference between the oil charts of 07/08, and the gold/silver charts today?  If memory serves correct, those oil charts were useful...until they weren't.  


Turd Ferguson's picture

RNR: I'm not sure why you think I should waste my time responding to you. 

Red Neck Repugnicant's picture

because I can make you a better person (and trader). 

Turd Ferguson's picture

"Feb11 gold is already $4 off its lows at 1420. Too much momentum, too strong of dip-buying by the BoS and too much POMO ($8B today). All commods will grind higher from here today. Gold will be back pushing 1430 by this afternoon."

Well, shit, this was no good. 

Still, 1410 and 29.90 look pretty good on the tape compared to two or three weeks ago.

DonutBoy's picture

Yeah, so it'll go down unless it goes up.

Internet Tough Guy's picture

Just buy the f'ing dip, like China.

Oil got whacked too. Ponzi maintenance.

papaswamp's picture

Somebody must want to make a big buy and needed the price to come down. Either that or margins went up and no one was notified.

VFR's picture

here we go ............!

Quintus's picture

I suspect prices will start heading upwards again very shortly after the London PM fix is complete in 15-30 minutes.

Apostle of Unknown's picture

Still not clear on this... where are these concentrated shorts and takedowns taking place? In London or on US exchanges?

Quintus's picture

The same organisations operate in both markets.


Red Neck Repugnicant's picture

Here's some clarity:

It's called, betting the devil your head.

This will end in tears. Reminds me of oil in the summer of 2007.


Tell me lies's picture

Not if you bought @$650. Most gold bugs bought a long time ago. Only you late to the party might end in tears.

The oil and gold analogy is quite ignorant of you.

johnnymustardseed's picture

Hey Red neck, your analogy to oil is lame. Oil is a commodity but it is not money. Gold and silver are money and always have been. Pretty sure Blackbeard didn't bury a treasure chest of oil.

Red Neck Repugnicant's picture

No shit.

I wasn't referring to their utility.  

Slash's picture

he may have a point.......revolving credit contracted another 8 something billion.....we're still deflating. all of the "inflation" from qe isn't leaving the banking system.....the fed, PD, treas circle jerk is still in full swing.

Kaiser Sousa's picture

its such runs contray to the fundamentals of the metals and the fraudulent equity markets but nontheless continues...the only solice is the knowledge that it has nothing to do with the real value of the only forms of real glad when this fake ass show is very soon that is.........

SheepDog-One's picture

I SURE will be glad when the fakeass show is over and I hope its soon because its making me physically ill.

Kaiser Sousa's picture

honestly i dont get makes me want to go down to the financial district and wait for a banker to walk out and then hit him over the head with a sock full of rounds...

mother fuckers...

flacon's picture

Let's go to the CFTC and give them a pound of their flesh!

Kaiser Sousa's picture

man the CFTC is bought and paid for....Chilton knows damn well them folks aint gonna do a damn thang which is why he's doin what he's doin - running his fucking mouth...he could blow the whole operation if he just stepped aside and instead of blowing smoke up all our asses just blew the fucking whistle on the fraud and manipulation...he just wants his job...the citizens be damned.....

EscapeKey's picture

10-year @ 3.05, up .13 on the day.


flacon's picture

Where is the CFTC? 

TheGoat's picture

They bought physical copper to back a copper ETF. Planned release of this product (ETF) is early 2011...


unum mountaineer's picture

perhaps. it is possible to have more than one motivation / reason for making such a move however. just saying.

lsbumblebee's picture

Have no fear. I'm sure Bart Chilton is shaking his fist in the air at this very moment.

RobotTrader's picture

Gold has had a huge run already.

It is about time for a correction.

flacon's picture

RobotTrader has had a huge run already. It's about time for a correction. 

Turd Ferguson's picture

I disagree Robo.

We corrected almost 7% three weeks ago and we are just now approaching the highs of 11/9. The next sustained "correction" won't de due for another $75 or so.

SheepDog-One's picture

Imaginary equities have had a huge run already, long over due for a massive correction.

Tell me lies's picture

Robot, stocks are about time for a correction. I bet you gold will hold up better in a downdraft. But you don't have to worry, soon Cramer will be saying Dow 14k.

Crispy's picture

Dips make me happy.  Goes up we win, gets cheaper we win. 

I dont see the problem.

VeloSpade's picture

The problem is for some people having their stops taken out during this fade because they don't know where to properly place them.