Today's Precious Metal Close Banging Moment Brought By The Fine People At The Comex

Tyler Durden's picture

It's 1:30 pm, the close of trading on the COMEX pit: do you know who is banging the close in your silver?

Silver pits close at 1:25 pm, just as the dump in silver peaked. Gold followed suit, with its 1:30 pm close. This blatant attempt to dump PMs into the pit close and have silver and gold end trading on the books near the lows of the day merely confirms that "someone" is truly desperate to avoid an avalanche of margin calls. Of course, this uber-cheap trick works at best for a day or two.