Speculative Long EUR Positions Tumble By 38%, Bullish Bets In Dollar And Yen Rise

Tyler Durden's picture

It was to be expected: as of the just released CFTC Commitment of Traders data, the net exposure of non-commercial EUR longs, arguably a bubble far bigger than gold and silver combined in terms of volume and participation, tumbled from 99,516  to 61,447 long contracts, or a nearly 40% drop in net short positions in one week after everyone long the EUR experiened one of the biggest one week tumbles in the European currency in history. And this is happening even without the CFTC hiking margins. Notably, Yen shorts have now abdicated, and following its drop into steep negative speculative territory, when it hit -52,983 contracts on April 19, it has now moved into the green, adding 32k contracts to a total of 13,054. Lastly, and not at all surprisingly, the gradual contraction in bearish dollar bets continues to abate, and at a just barely negative net position of -4,563, the USD is now back to February 2011 levels. It appears that the great unwind of the USD short trade is almost over, and from this point on it will be just the retails, the momos and the robots.

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silberblick's picture

Click below to read why silver market manipulation will not end soon:


Click on the next link to watch a hilarious animation telling you why you should buy physical silver:


Finally, click on this last link to read why the CFTC is doing nothing about market manipulation:


Transformer's picture

So, you think it might be good to invest in silver?

Rynak's picture

I like gold and silver. And yet, i'm sorry to say that your post doesn't provide much useful information. I did read the first article, and it did not explain why manipulation will not end soon, at all - it's only argument is "because they will fight until the end". While that may be true, it doesn't really add any scenario one didn't already know. Link 2 is funny. Link 3 is just master of the obvious.

In principle, if any PM-troll wanted a hook to proclaim that PM-bulls are just blind pushers spreading propaganda, then your links provide just that. The info isn't that much different to any political-activist blog, just that here, the "topic" is not a political party.

I welcome useful and critical info, even if it is off-topic... but as i said, the content your post links is plain promotion, and not much else. And what i probably dislike the most, is that the post gives the impression that the links provide explanations and data. It would be half as bad if you would present it as what it is.

longorshort's picture

Do we have a moderator to ban this idiot spammer by IP.  He keeps spamming the same post on unrelated articles.  God does the junk feature even work?

slewie the pi-rat's picture

i think this means G/Sachs was right, before it was wrong...

that fuking dollar chart is a wonder of reflationary reverse engineering, isn't it? 

head fake 101, to control inflation, then, QE III=>n

race to the bottom, BiCheZ! 

winning!  yay!

trgfunds's picture

..."arguably a bubble far bigger than gold and silver" -- Ah, so gold and silver ARE a bubble now. I see what you did there...

JW n FL's picture



Max Keiser guest Eric Sprott on commodities prices [gold,silver] (12May11)

truont's picture

This steep FX volatility will continue to make "widowmakers" out of Retail FX Trading Platforms.
FX with 100:1 leverage with this volatility is impossible for ma/pa and japanese housewives to handle profitably for the long-term.
Get gold/silver with zero leverage instead.
Buy the dips with savings.
Quinn: What do we do when we see him?
Children: Dig hard, dig deep, run for shelter, and never look back!
--Reign of Fire

Silver Bug's picture

The back and forth game continues. These currencies are simply a refecltion of each other. When the mirror gets smashed for one, they all go down.



SheepDog-One's picture

Rising dollar cant be good news for the Maniacal Monetizers.

The They's picture

It is good news if they're looking for an excuse to monetize.

gkm's picture

Euro still looks really good here.  

hambone's picture

Bullshit fiat bullshit sloshes one way and on cue for no general economic benefit sloshes the other way.  Long dollar, long euro, long yen...who gives a fuck.  Seriously, these are all just a means to syphon off ever greater cash and pass on ever greater debt (and power both ways).  All make believe following the storyline concocted by a few to fleece the many.

Such bullshit that any-such-fucking thing has changed between the euro - dollar - yen in the past year.  All still on same trajectory, same fucking race to zero, but their FX cross' gyrate wildly.  What absolute bullshit...all of it.

Off to get a fucking drink...and apologies to any old fucking grandma's who don't appreciate my language, the only fucking one I can think of to truly express my utter loss of belief in this whole fucking game.

bigdumbnugly's picture

 i hear ya, ham.  

 and it just wouldn't have had the same punch without all the F bombs.

 carry on, man, carry on.   and have one on me.

TheTmfreak's picture

I generally believe that most people (not just ZH goers) would agree with such a statement. Alot of people give the "masses" no credit. While they may not "pay attention" as much as others, I think their instincts tell them more than enough that shit IS hitting the fan (or is going to.)

Although whenever I make such optimistic statements I look at Obama's "ratings" and go "whoops spoke too soon." Then I question myself why I even think those ratings touch on reality. Here in about 30 minutes I'll be joining you.

DosZap's picture

Obama's ratings?........

Nothing but RIGGED BS.

MSM Propganda.

Peak Everything's picture

Exactly. The games ends when no one wants to play. I'm out and am enjoying watching people makes idiots of themselves.

Billy Shears's picture

"Don't play, don't give the game away."

Johnny Rotten
The great rock n' roll swindle

fswalker's picture

Your absolute ignorance is a bit out of line from the general ZH crowd. How do you expect to play the game if you dont know what the game is to begin with. Crawl back in your hole and stick to commenting on PM based posts.

PolishHammer's picture

This post exemplifies the fall of once valuable community.  There's absolutely no reason to read comments on ZH anymore.

Urban Redneck's picture

The slow moving unlevered money moving away from the dollar concerns me more than they leveraged specs ping-ponging between central bank press releases and speeches.

jkruffin's picture

States are so deperate for a dollar, they are issuing $800 parking tickets.  Yea, that is how you welcome people to your city and keep your residents.  ROFL

I can't wait to see the next moves these idiots try to dream up to balance their budgets.

TheTmfreak's picture

Virginia tried that fucking bullshit not that long ago with its excessive driving fees. The worst part about the debate was what it was centered on. The issue was that people who were just driving through the state didn't have to pay the same penalties. This is in direct contrast to what I believe the REAL issue was, which was the OPEN reason for doing it. TO RAISE REVENUE. So now we have reached a system that no longer fits the punishment to the crime, but rather the punishment to the need of filling the state's treasury.

I'm pretty sure this is talked about somewhere in the constitution....

Quinvarius's picture

In hyper inflation, no one ever has enough money and prices go up.

DosZap's picture

Mass exodus from NYC of NOW the Upper/Middle class.

Taxation, is taking it to 3rd world status.

Snake Pliskin won't be going in to straghten out that mess.

A brood of Vipers.................they cannot/refuse to see their welfare state has destroyed the entire state.

People will only work for other people for so long, and get nothing in return.

Keri at Bankster Report's picture

Ghostfaceinvestah posted this link on the "FX Wipeout" post, and it is relative here:


We already know all about this manipulation, but for some reason, that link just set me off.  Perhaps its because acknowledged, continual evidence of massive international market manipulation orchestrated by the privately-owned Fed and funded by the broke American taxpayer to the turn of billions and trillion of dollars gets a full two sentences on MarketWatch, and no one else even seems to care.

So, that's it.  I'm going on an obsencity-laden (for me) rant tangent.

Who else here has seen "Bush Link to Kennedy Assassination"?  It is recommended, it you haven't seen it:


Near the end of the film, there is a part in which the narrator is explaining how the CIA was asking the FBI and Hoover to share what it knew about the assassination; of course, the FBI was discovering the CIA links to the assassination, and so the CIA was basically asking the FBI whether or not it was going to go along with the CIA’s cover story.  As the CIA is a murderous pack of assassins, when one is being asked to cooperate, the options are not “cooperate or object,” but rather, “cooperate or die.” 

I bring it up because the film makes an analogy that has stuck with me, and of which I was reminded by looking at ghostfaceinvestah's link.  The film portrays the CIA as a wife-beater and the FBI (Hoover) as his wife.  Then it goes like this, with my extensive elaboration:

The wife-beater and wife are driving around in the car one day when the wife-beater reaches under his wife’s seat and pulls out a pair of panties, thrusts them in her face and says, “Hey, baby, look what I found!  Huh, these sure don’t look like your panties!  In fact, I’ve never ever seen you wear panties like these before?  Hmmm…I wonder where these could have come from….”

“I wonder how these got in here—in my car?  C’mon, baby, help me out here.  Whose panties are these?”

The wife knows damn well that they ain’t hers, and she knows damn well how they got it there.  And she knows damn well as soon as she challenges him, she’s going to get to face smashed in. Of course, she can always leave him instead of just sitting there and taking it, but after all, she is emotionally/psychologically/finanacially dependedant/controlled by her husband, so what does she do? 

She sits there and takes it.

That’s how this bullshit makes me feel.  When I saw this bin Laden story hit two weeks ago, and watched the “narrative” change every ten minutes, becoming more ridiculous and self-contradictory each time, it was like watching Obama and Panetta at the podium saying,

“We killed bin Laden because we love you, America, baby, and you’re going to believe us because we say we did.  We’ll change the story as many times as we’d like, and we’re only doing it to protect you anyway because we love you and we love freedom. I’m your president and I do what’s right, baby cakes.  And I’m not going to give you one damn picture, bitch, because you dare not second guess me.  We dumped his body in the ocean and what are you fucking going to do about it?  Everything we do we do for you and America.  By the way, whose panties are these?

When I see Ben Bernanke telling Congress to raise the debt ceiling, I hear, “C’mon, baby, if you don’t raise the debt limit, it is going to be really, really bad for the USA.  People will be very sad in the USA.  Timmay agrees with me, baby, and Timmay and I only do what’s best for the USA.  So raise the fucking limit, bitch, or you’ll find out tonight how much we love you.  By the way, whose panties are these?

Most people here on ZH have had the experience, I’m sure, of explaining to someone what the Fed is and how it works; explaining exactly what the Fed is intentionally doing to each one of us, personally.  And you’ve heard the response, “Nah…that’s not right.  They can’t do that.  The government would never let that happen.”  So then you show them the evidence---you show them the panties!---and they still don’t care. 

So you think, “OK, okay when the Fed shows them the panties, they’ll care; maybe they just don’t believe me.”  So the Fed comes out (like that link and so many other reams of evidence and fucking admission!) and shows them the fucking panties, thrusts them in their faces and says,

Whose panties are these, bitch?

And they just sit there and take it.

Bay of Pigs's picture

Nice rant.

Gold and silver panties bitchez...

TraderTimm's picture

Have to agree. The death of Bin Retard (just running with it being the 'truth'), didn't fill me with any satisfaction. People cheering, most of whom were 10 years old at the time and had no idea what was going on, didn't make me glad. I just kept reading stories about it, seeing the pictures, but it all felt empty and useless.

"Great, Now what?" Is what I keep thinking. Never was a clearer demarcation between those that think critically and others that join crowds without caring what the underlying reason is.

Like a horror movie, where we safely view from cover while a horrible monster creeps up on the campfire of people partying, all we can do is cover our eyes - nobody will listen until it is way too late.


RobotTrader's picture


Riots in Tunesia, Egypt, etc. over spiraling food prices


Decimate the grain complex with a flurry of paper shorting


Skyrocketing gas prices


Implement margin hikes and tax big oil


Chain-selling of the USD by speculators


Multiple margin hikes on Gold and Silver


Debt ceiling approaching


Burn Bill Gross by crashing commodities and institute another "fear trade" back into U.S. Treasuries


Note how we are witnessing the "Dollar Rally That Will Shock The World".

And the 5-year yield has been crushed to 1.83% ever since Bill Gross said he was shorting.

Next up:

- Margin hikes on all EUR, CAD, and AUD crosses with USD.

Uncle Gorilla is now in the driver's seat.

And the XRT is off a mere 30 cents from its all-time highs.

While many gold and silver stocks have plunged 30% - 45%.

And "physical silver" has been decimated in the biggest 2 - week rout since 1983.

Never, never trade against the Federal Government.


tmosley's picture

Never trade against the Weimar government.

Never trade against the Zimbabwe government.

Never trade against the $PAPERTIGER government.

topcallingtroll's picture

The Word?

Bear put spreads.

Bay of Pigs's picture

Wrong. No time line shown except his 5 minute attention span.

Silver up 81% YOY. Robo loses the argument once again...


ursus.peracto's picture

Fight a war with paper v.s. tangible "real assets? That plan is pure fail.


Rynak's picture

I totally agree RT! Don't "trade" :-))))) Neither against the gov, nor in it's favour, because in this environment, "friend" and "foe" changes on a daily basis. Forget trading.... there is no market - only opportunities to suck from the nonmarket to establish your own market, and wait for them to selfdestruct.

Your uncle gorilla isn't a mastermind hacker. He's just a megalomaniac scriptkiddie, desperately pushing buttons while having no fucking clue about the internals and longterm consequences. The way he manipulates the markets, is about as skilled as Obama Debt Laden's birth cert fake. All power and no dexterity and wisdom.

StychoKiller's picture

From a website, far, far away:

Two Things, First Lord Vaders, birth certificate is a phony! (Everyone knows you used the Force to have it changed, and the cost of fuel for speeder bikes is still high, and he says nothing!

I also think that this whole story is concocted, as this terrorism is the work of the Hutts and not the Rebels.

I support the rebels! NOT THE HUTTS!


topcallingtroll's picture

Hey you get my analysis for free and don't even have to leave zero hedge!

It has been a mighty battle around the 100 dma for silver.  Silver gapped up today and then does what it always does eventually which is go back and fill the gaps.  Volume is trailing off after the biggest volume spike yet in the silver mania.  All technical pictures are mixed, but silver appears slightly oversold with recent volatility trending lower.

All in all it looks like silver will not be making a major move in the next few days.  The longer we stay in a low volume,  low volatility (compared to recent events!), condition hugging the 100 dma the more confident I am that this is a short term basing pattern.

recent option premiums and volatility suggest that this would be a low reward arena in which to play right now, except for the put spread I will mention later.  However as these patterns eventually break significantly one way or another at some point, one might consider buying a June put and call right at the money by late next week if the silver market remains range bound and low volume for the next few days.  An iron butterfly is also a great way to get your toes wet in the options market for the faint of heart.  This is likely a temporary lull in the big volatility we have seen recently so patience for the next few days to two weeks may give you a better price to set up your positions

Much as I like to call tops my early reading of the tea leaves suggest that the market "wants" to go higher in the short to intermediate term.  A bear put spread is freqently a good way to earn money on volatility fears.  Those who are braver and believe that the market will remain flat to higher might want to sell a slightly out of the money put and buy another put at a strike price 5 to ten percent lower.

Do you feel lucky punk?

tmosley's picture

No need for luck when you own physical.

They can say it's worth $0 or $1,000,000,000,000,000.  It doesn't really matter.  It will only be traded for gold and/or goods when the time comes.

topcallingtroll's picture

But that is way to boring for me!

I am too old to do hardcore drugs, so volatility is my thing.

RobotTrader's picture

The smart hedge funds are going to be cashing in their huge profits in retail stocks eventually and cash them in once gold and silver bottom out.  But in the meantime, they are letting their winners ride for now.

The coin-clutchers who didn't diversify and held on to 100% weighted PM positions were destroyed and missed out on gaining another 30% in capital by selling PM's at the top and rotating into retail, many names which are up big since gold topped.

Diversification and Rotation is the name of the game in order to survive with trading.

topcallingtroll's picture

I have never been able to hop from one up market to the next market going up.   Silver to retail or silver to whatever is way to advanced for me.  I can't do it consistently. 

I play cash against one market at a time and rotate back and forth with my super hot money.

ursus.peracto's picture

When I was a youngster there were advertisements in the last few pages of magazines for coin and paper currency vendors. There still may be today. I don't know, I don't read magazines. Anyway, I got my dad to sign up for a program where the vendor would send some paper currencies from all over the world and you could purchase nice looking paper with colorful pictures and numbers on them. They sent nice looking paper currrencies from Nigeria, China, Philipines, Brazil, Argentina, etc...


One thing they all had in common was they cost next to nothing to buy, they were no longer redeemable or exchangable for anything (because the currency had FAILED), and they all had plenty of zeros after the first number.


Perhaps one day my kids will join the currency mailer club and recieve some old U.S. dollars with cool pictures and lots of zeros for next to nothing.

firefighter302's picture

I've seen a very different enviroment.

Coins have been a magnificent buy. Many of the Coins of limited mintage sold for under $30, six months ago and are still well over $50 since they've sold out. They were offered for just a few dollars over spot.

The numismatic value has increased, in addition to the silver value. 

Coins and exceptional rounds can come with a built in arbitrage.

"Destroyed" are the coin clutchers? Many of the coins have doubled from their intitial cost from 2010, even with the fall in SLV price.

LawsofPhysics's picture

"Diversification and Rotation is the name of the game in order to survive with trading."


Yes, under normal conditions (meaning like anything we have ever seen before, which it isn't) this is true but consider 1) how many people are trading right now, and 2) you presume the extend and pretend politicians can buy some more time (as they in 2008, not completely convinced they can do it again without significantly more fallout), and 3) should it become much like Russia in the 1990's (which is not that unrealistic, the U.S. is just coming at a similar resolution from another angle, especially as the dollar continues to lose status) then one definition of "money" will change dramatically.  

You really need to stop contradicting yourself too.  Diversification means you hold some physical PMs in your portfolio.  If you were too stupid to buy them when they were cheap, it sounds like you don't know how to diversify.  That is rule #1 in long term diversification, buy PMs when no one else is.

Blorf's picture

Hedge funds are being nuked on a daily basis with the carry trade unwinds.  The smart ones aren't "letting their winners ride", they are getting the F out of dodge before QE2 ends.  The July Russell 2000 chart is going to look like the May silver chart.

RobotTrader's picture

The XAU to gold ratio has been crushed, might be near a bottom, the shares will start moving up before the bullion bottoms.  So when you see Newmont start moving up and gold still going down, then that will be the time to pick up more physical if you want it.

Getting close.



topcallingtroll's picture

yeah. I don't think we are going to see huge moves down in gold and silver from this point.  But Dammit!  I live for the topcall!

ConfusedIdiot's picture

Agreed TC but do you have more info on the panties. CI

Piranhanoia's picture

Paper money is religion. Grownups tend to get over it.

LawsofPhysics's picture

Wait what?  Yeah, those religious revivals are just full of kids handing over money.  < sarc off >