CMC Provides Update On Why It Is Halting Gold And Silver Futures Products

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Mon, 06/20/2011 - 09:37 | 1384603 SheepDog-One
SheepDog-One's picture

'Gold and silver futures? Meh....we're just not interested in em'....gee I wonder why, since people will trade futures on any made-up instrument imaginable, but just not GOLD and SILVER.

Mon, 06/20/2011 - 09:39 | 1384613 bankrupt JPM bu...
bankrupt JPM buy silver's picture

I'll continue to buy the PHYZZ.  I'm 80% done with this paper game.

Mon, 06/20/2011 - 09:57 | 1384660 Libertarians fo...
Libertarians for Prosperity's picture

Buying 'em cheap, and stackin' them deep!

I'm probably about 82% done with this paper game. As soon as the Comex defaults next month (50/50 chance it will or it won't), the paper games might (again, 50/50 chance) end at some unspecified point in the future.  Next week or 200 years from now is your decision.

Personally, I think volatility will increase sometime in the future, which means that price might go up and price might go down on no news - it's just a feeling I've got in my gut.  Can't quite explain it, but anyone who's been trading silver for a long time knows what I mean.  

Let me be clear:  volatility will increase in the future, and it has, at some undefined point in the past, increased too.  And that makes me right no matter what anyone says.

This is a fantastic time to be buying physical.  So was every data point in the past.  And every data point in the future will be too.  

Stacking deep! Buying cheap! Ain't no guuubermint gonna take my metal.  


Mon, 06/20/2011 - 10:21 | 1384742 tmosley
tmosley's picture

RNR, you are such a fucking coward.

Better change names again, you worthless piece of shit.

Mon, 06/20/2011 - 10:27 | 1384746 trav7777
trav7777's picture

funny how you recognize the stink of your own shit even when not mentioned by name.

You are so pathetic and he had you pegged

Mon, 06/20/2011 - 11:05 | 1384858 Djirk
Djirk's picture

Are the ETFs next? Should I dump SLV (or just take some more profits)

Mon, 06/20/2011 - 11:53 | 1384992 Hugh G Rection
Hugh G Rection's picture

RNR and Trav, start breaking in your manginas now.  You're both going to have a foot long silver cock rammed balls deep up your Keynesian asses.


The Crimex WILL default, 6 months, a year, who knows? Now go masturbate to John Holdren pics, you eugenicist asshat.

Mon, 06/20/2011 - 12:45 | 1385125 tmosley
tmosley's picture

Not really.  He is an incredible hypocrite, in addition to being an aggressive little petite Hitler.  That is to say, even as he lambasted one and all for talking about silver, he himself fucking owns it.

Mon, 06/20/2011 - 12:47 | 1385132 tmosley
tmosley's picture

What, are you saying that you are so stupid that you can't recognize when others are using your words?

Better castrate yourself, eugenics boy.

Mon, 06/20/2011 - 09:56 | 1384663 Thomas
Thomas's picture

Dump the paper shit and let's just trade coins and ingots. Nobody should be this leveraged anyway. Blow them out and let's get on with trading the real stuff.

Mon, 06/20/2011 - 10:00 | 1384670 SWRichmond
SWRichmond's picture

This is what a deleveraging in the PM markets looks like.  The prohibition on OTC PM trading is also, of course, global capital control. 

= People are starting to realize that gold is money, and governments are starting to notice.  The game is afoot.

Time to cash out some more of my IRA.

Mon, 06/20/2011 - 10:24 | 1384735 kentfinance
kentfinance's picture

reinforces the thesis on buying the phys.

paper is irrelevant

could this be the start of the real price divergence?

Mon, 06/20/2011 - 10:21 | 1384740 kentfinance
kentfinance's picture

reinforces the thesis on buying the phys.

paper is irrelevant

could this be the start of the real price divergence?

Mon, 06/20/2011 - 09:38 | 1384607 SparkyvonBellagio
SparkyvonBellagio's picture

They should halt trading in the Dollar.

Mon, 06/20/2011 - 10:11 | 1384705 HoofHearted
HoofHearted's picture

No no no. Not yet. I've still got a couple of dollars to trade in.

Pissed me off when I had all those S&H green stamps saved up and then poof...the redemption was gone. History may not repeat, but it just might rhyme once again...

Mon, 06/20/2011 - 09:39 | 1384612 Ray1968
Ray1968's picture

If it isn't in your hand, you don't own it!

Mon, 06/20/2011 - 09:49 | 1384632 Cognitive Dissonance
Cognitive Dissonance's picture

I'm good for it. Trust me.


Mon, 06/20/2011 - 10:56 | 1384838 Mr Kurtz
Mr Kurtz's picture

I like that. "Trust me". Yup, just ask any Indian.

Mon, 06/20/2011 - 09:51 | 1384641 66Sexy
66Sexy's picture

THIS. If you cant hide it from lawyers, the government, creditors, and your wife... you dont own it!

Mon, 06/20/2011 - 09:57 | 1384652 caconhma
caconhma's picture

Bravo, this is the quote of the month.

Mon, 06/20/2011 - 10:01 | 1384667 Thomas
Thomas's picture

I can do that.

Mon, 06/20/2011 - 10:13 | 1384709 nevadan
nevadan's picture

...and your wife...  lol, a coffee up the nose moment.  Wives are the ultimate risk.

Mon, 06/20/2011 - 11:07 | 1384848 Mr Kurtz
Mr Kurtz's picture

Apologies for the vulagarities but as my dear ole departed dad once advised me, " Sonny, if it flies,floats or fucks, then goddamn it, you rent it, you don't ever buy it!"

Mon, 06/20/2011 - 10:27 | 1384757 scatterbrains
scatterbrains's picture

lol amen brother! Be a man.. have a full sack

Mon, 06/20/2011 - 11:10 | 1384871 tarsubil
tarsubil's picture

Oh crap! My wife! I never thought of that!

Mon, 06/20/2011 - 11:16 | 1384874 Mr Kurtz
Mr Kurtz's picture

Mine never lets me forget <sigh> another story for another time.

Mon, 06/20/2011 - 11:12 | 1384875 Mr Kurtz
Mr Kurtz's picture

Mine never lets me forget <sigh> another story for another time.

Mon, 06/20/2011 - 09:55 | 1384657 Harlequin001
Harlequin001's picture

Ray1968, If it is in your hands your government owns it. You can call it yours for as long as they say you can. Then you hand it over...

Move it offshore where they can't take it...

Mon, 06/20/2011 - 13:00 | 1385171 CynicLaureate
CynicLaureate's picture

Yeah, move it offshore so a different government can take it...

There's a reason so many countries want rich people to move in; they've already taken everything they can from their own citizens.

Mon, 06/20/2011 - 13:31 | 1385265 Harlequin001
Harlequin001's picture

You haven't really thought this through, have you...

Mon, 06/20/2011 - 09:42 | 1384615 PaperBear
PaperBear's picture

Let the gold futures and silver future die the death they long deserve thanks to the rampant manipulation.

Mon, 06/20/2011 - 09:44 | 1384616 Lmo Mutton
Lmo Mutton's picture

I thought getting physical was buying futures.

Mon, 06/20/2011 - 09:56 | 1384662 Harlequin001
Harlequin001's picture

Yep, physical futures. Can't go wrong...

Mon, 06/20/2011 - 10:02 | 1384669 Thomas
Thomas's picture

I like the Panda futures, but occasionally by 100 ounce futures.

Mon, 06/20/2011 - 10:04 | 1384686 Harlequin001
Harlequin001's picture

In future if it doesn't break my foot when I drop it, I don't buy it...

Mon, 06/20/2011 - 09:44 | 1384617 ViewfromUnderth...
ViewfromUndertheBridge's picture

Guys, this is a synthetic trading trade the CMC "price" not the gold or silver price on Comex or Globex...CMC are the market-maker so they are saying they could not garner enough clients to trade their "look-alike" futures product to make it worth their while.

Mon, 06/20/2011 - 09:44 | 1384618 Lmo Mutton
Lmo Mutton's picture

I thought getting physical was buying futures.

Mon, 06/20/2011 - 09:50 | 1384621 ViewfromUnderth...
ViewfromUndertheBridge's picture

"We have sent an inquiry into CMC to ask if they will halt spot gold and silver trading in light of the Frankendodd developments"

OK, so PR might become the 51st state but I haven't heard Australia has dibbs on being No. 52 yet...

Yeah...let's see how polite this flack-lady truly is by asking more dumb-ass questions after we printed a completely bullshit story....

Mon, 06/20/2011 - 10:11 | 1384704 fredquimby
fredquimby's picture

+1 for previous comment

+1 for this comment.




Mon, 06/20/2011 - 11:09 | 1384859 Broomer
Broomer's picture

You are wrong, there is already a 51st state. It is called "Israel".

Mon, 06/20/2011 - 09:45 | 1384622 A_MacLaren
A_MacLaren's picture

Why own the digital "equivalent", when it isn't?

Mon, 06/20/2011 - 09:42 | 1384626 AUD
AUD's picture

XAU and XAG are some kind of index right? These CMC 'products' would still be CFD's, just  pricing off the index rather than the COMEX.

I don't see much difference.

Mon, 06/20/2011 - 09:47 | 1384628 breezer1
breezer1's picture

physical is the future.

Mon, 06/20/2011 - 09:48 | 1384629 Aborted Baby Seal
Aborted Baby Seal's picture

JP Morgan Strategy:


Wait until Frakendodd is in effect

Fail to deliver on futures contracts


Mon, 06/20/2011 - 09:48 | 1384630 Cognitive Dissonance
Cognitive Dissonance's picture

Mr. Gold just got it's 9:30 AM EDT woody. I bet Mrs. Gold is very happy.

Mon, 06/20/2011 - 11:24 | 1384890 Mr Kurtz
Mr Kurtz's picture

A short (hah) lived is down a buck as of 11:20AM. Oh well, what goes up, goes down. Even Mrs. Gold needs to take a break every now and then.

Mon, 06/20/2011 - 11:28 | 1384912 Drachma
Drachma's picture

As usual, induced flaccidity followed quickly before insertion. Mr. Gold couldn't get the image of grandma creeping up his leg out of his mind.

Mon, 06/20/2011 - 09:47 | 1384636 apberusdisvet
apberusdisvet's picture

There is a growing epiphany that the vaults are empty at GLD and SLV and Comex and LBMA and Ft Knox, etc etc

Mon, 06/20/2011 - 09:55 | 1384659 NoRestForTheWicked
NoRestForTheWicked's picture

Are Comex and LBMA supposed to have vaults?  Certainly there's a great big dollop of counterparty risk there.  Ft Knox does have gold - James Bond made sure that Goldfinger couldn't set off the nukes to contaminate the stock.  Leave that to Fukushima.

Mon, 06/20/2011 - 11:07 | 1384863 Broomer
Broomer's picture

But this was in 1964, before Nixon closed the gold window because America no longer had any of it.

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