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Silver Margin Hikes Begin... And Nobody Notices
You didn't think they'd forget did you. We predicted last week that the exchange would imminently hike silver margins. Well, our prediction was just a little off (and far more spot on than all those speculations about a weekend Greek restructuring and/or Chinese revaluation). As expected, the Shanghai Gold Exchange just announced it had raised the level of deposit required for its
silver forward contract by 3 percent and may roll out further
measures to curb excessive speculation and manage price
volatility. According to the SGE, margins on its silver [Ag (T+D)] forward
contract would be raised to 15 percent from April
25 compared with the previous 12 percent, according to a notice
posted on its website. Silver did not even pretend to react on the news. And the upcoming silver hike by the COMEX will have absolutely the same effect.
From Reuters:
The SGE also it would raise from Tuesday the daily price limit for the contract, which has a lot size of one kilogram, to 8 percent over or under the previous session's settlement from the previous 7 percent.
"Should the market continues to show signs of overheating, the exchange will implement other measures such as raising the deferred rates to improve risk controls," it said.
The SGE's silver forward contract has soared in recent months in line with the meteoric rise in the U.S. silver futures contract. It was up 5.5 percent at 10,652 yuan ($1,637) a kilogram at 0624 GMT, bringing its gains so far this month to 33.6 percent.
h/t Steve
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Hey trolls...a trip down memory lane for you:
http://www.zerohedge.com/article/lesson-gold-trading-sideshow-bob
Whatever you think about silver, I just did two things: I placed a stop at my trade and ordered physical silver. And now I ll go grab a beer, todays work is done :-)
Look like it finally topped.
Thanks for posting yet another chart after the fact, buffoon.
that's a definite mebbe, for sure, RT. hard to tell. the asians certainly went bullish. but, the brits are on holiday today; no london fixes; so the "market" 'magically' came back to ny & chi-town.
the options expire tomorrow and the 27th is the last day of trading for the apr silver futures.
the warehouse stores seem to be ok, but there is a BIG uptick in deliveries on the crimex, today, for tomorrow: DJ Comex Silver Delivery Intentions Breakdown - Apr 25
18 contracts is as high as we've seen, lately. last day, last week, it was 2. again, jpmorgue's customers are calling for their silver. the morgue hasn't been stopping these contracts too much this month, either. 11 contracts going to bank of....nova scotia! from wiki (Paste): Scotia-Mocatta is the global bullion banking division of The Bank of Nova Scotia.
there was a string here, recently about scotia-mocatta adjusting it's silver "categories". daddy just bought 55,000 oz. for the warehouse, here.
no matter how crrraaaazy this all seems, i think we have orderly markets, now down a bit. now, why we have 17 quintillion oz trading, that's another question, eh? maybe we'll be buying at $25, in another 2 daze. who knowz?
i can't believe you didn't off-load that green box of '03 silver eagles! now, you may hafta reduce the price! LOL!
RT - SAVE THIS CHART!!!! Just replace the Y-scale with $50's $60's and $70's so you have something to post for the rest of the week. :o
Do you pace in your closet before you hit "save" on your posts? I mean, these seem gutsy for someone who can't get verb tenses correct...
RoboTrojan, you mean: Look(S) like it finally takes a breather.
Where were you the best days of the month?
Finding money to extend the license to your screenshot application ?
Now I can place another order ... :-)
This has to be the biggest ratio trade collapse in history.
It's called a GIANT fucking raid RT.
Can't have silver outperforming the 'blessed' asset classes otherwise J6P might start waking up and lookg for HIS piece of the the silver pie.
the miners continue to get waxed. RT's fascination continues.
last week, everything was up, except the dollar. this week, the chairzelbub hasta make a speech...
Pretty funny how the govt trolls got the first comment on two silver articles.
They were lying in the bushes waiting for the article....
They are running scared,I love it.
I BTF at 11am this morning, bang bitch
No more silver eagles...what does everyone have to say now?
www.forecastfortomorrow.com
I told you I placed two orders today after shorting silver :-)