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.

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HoofHearted's picture

Haven't seen the numbers of contracts standing for delivery, though they were supposed to be reported at 1:30. Anyone know where to find the numbers?

HoofHearted's picture

4250 committed to delivery wit delivery scheduled (if I understand Harvey Organ correctly), but 10009 still yet to declare. I'm wanting the number who actually stood for delivery at 1:30. (Of course the JP Morgue may try to convince everyone that fiat with a bonus is better than silver in hand.)

truont's picture

Nah, that "10009" figure is the change (decrease) in MAR open interest since the last CME report (was published 2-25-11).

HoofHearted's picture

Well, sheee-ite. But thanks for clearing up my misconceptions. Silver still seems like a screaming good deal. Jesse's Cafe Americain has some great graphs showing this...

Lieutenant Dan's picture

So I saw open interest on friday at 14k or something like that. And I see on futurestradingcharts that there was only 4k of volume, but yet OI decreased to 4k. How does that happen? Cash settlement?

ZeroPower's picture


It was down 10k to just over 4k. Not sure about your #s

tmosley's picture

Friday basis, from Harvey: 

Of course, all eyes were focused on the front March contract.  The open interest for March declined from 28,275 to 14,259 pretty close to what I thought.  My guess is that the OI for Monday will turn out to be around 8000 or 40 million oz.  Let us wait and see.

As the above poster said, as of Friday, 4000+ contracts were standing for delivery, having place the required funds in their accounts to take delivery.  The numbers for today are not out yet to my knowledge.  Anyone feel free to correct me if this is not the case.

truont's picture

Mar Op Int down 10K to 4250 contracts.

That's lower than what was standing for delivery in December on first-delivery-notice day....

Silver comex lives to fight another day.

Math Man's picture

And the conspiracy theorists are once again proven wrong.

No shortages, no Comex default, no short squeeze!

But I thought the backwardation meant there was going to be a squeeze when everyone stood in for delivery!

What happened?  It must have been manipulation!

You guys are such jokes. 

See you back below $20 in a few months.

tmosley's picture

No short squeeze?  What lunatic asylum are you posting from?

Also, the person you are replying to was wrong.  There were 4000+ standing for delivery and 10000 who had yet to roll or fund their positions to stand.  We won't know the final numbers until tomorrow evening.

You are just another troll corpse on the side of the road.

akak's picture

Can you say "JohnnyBravo 2.0"?

tmosley's picture

He does remind me of him.  

Harmonious_Dissonance's picture

The great Meth Head wields a plethora of diverse and unique Silver bashing! With such an in depth and detailed explanation of your position, Mr. Meth, I do believe you have layed out a case. Duh nah nah nuh nuh nuh, METH MAN!

Clay Hill's picture

Hi all, first post. Love the site. Deeply honored to give Meth Man junk # 10. *yay*

Al Gorerhythm's picture

For the newbies out there, who happen to read Meth Man's postings and are caught up in his unsubstantiated calls, be aware that there have been many before him who have made the same calls, who earned undeserved respect as market callers, such as; Jon Nadler of Kitco, Jeffery Christian of CME Group, Members of the Federal Reserve and other Central Banks, JP Morgan analysts, HSBC head honchos etc, who have been left with a mouth full of crow. This guy has yet to recognize that his meal of roast carrion rests before him on a silver platter. 

To overcome the confusion instilled by such posters, I highly recommend to you this article, posted on the Silver Bear Cafe. It re-establishes reality and being based on market realities, it delivers a hammer blow to the rather devilish and unsubstantiated dart throwing calls of this obvious troll.

Read for understanding and research the unknowns that may arise from it. Be aware also that posters like this, who cut and paste their same remarks, thread after thread, obviously have an agenda to promote and nothing of substance to offer.

Math Man has yet to post a thesis, it's all hyperbole, wishful thinking and ad hominem attacks. 

There have been some who have learned from others on this site and have been worth the while trying to open their eyes to the facts of the matter. However, this guy leaves a foul taste in one's mouth and the only solution is to gargle, spit it down the drain and don't entertain the thought of reaching out again.

Clay Hill's picture

Mr.Al G.,

Thanks for the heads-up, and the link.

 I'm not a trader, and I completely cashed out of the market after a job change last year.  I've been lurking here for a while now, and buying Silver in various forms for years.

It really wouldn't matter to me if the price rockets to $100 or drops to $0.01, I will still be buying Silver... and lead.

Oops... forgot to say...  bitchez.

Math Man's picture

I have yet to post a thesis?

Silver only costs around $5/oz to dig out of the ground.

Rumors of shortages and short positions have caused a 70% run in six months. (neither of which exist)

Backwardation is now occuring because producers are hedging their forward production.


What more do I need to say?

The price of silver CAN NOT STAY HERE.

It will be substanialy lower soon.


Al Gorerhythm's picture

That's not a thesis. That's conjecture. More cut and paste.

Math Man's picture

Where is the conjecture?  It is all fact.

The conclusion - silver will go lower becuase of XXX, is the thesis.


akak's picture

You disingenuous trollish comments in this forum are much more full of feces than they are of theses.

matt5hansen's picture

If silver investors are idiots, why are you here?  

Also, have you looked at the profits for silver mining companies?  If they can dig silver out of the ground for $5, why aren't there massive profits?  It seems to me, that we would be seeing buyouts every other day if they could really book a profit of $27/oz.


c-rev with a twist's picture

I think I just threw up in your mouth.

Hephasteus's picture

Are we big enough jokes to not have to switch identies every 2 weeks.

Are you going to create an elaborate backstory about who you are and what you do. Some people call it information agents, or spys or illuminati. We just call it sociopath.

lawrence1's picture

Ignorance and stupidity like yours should be a crime. Sorry you missed the PM bull market and Im sure you're too afraid to short, so you can only bullshit.

tgarfield's picture

just go to the cme site.  Open interest has dropped hard the last two weeks.  From about 50K to 4K.  High was 84K.

Total open interest is at about the lowest level in the last few years.

Xibalba's picture

"Nobody in here but us chickens".....

disabledvet's picture

"dem Chickens' is organizin'"

StychoKiller's picture

"Put the ramp down!  You're going to be a pie!" -- Mrs. Tweedy, "Chicken Run"  :>D

Duke of Doubt's picture

The $64 question is did it work today to cause the longs not to stand for delivery?

unununium's picture

At this point they've got to be losing significant money on the banging activity itself.


Where is RoboTrader these days?  Aka old catfish mouth?  My NFLX March $210 puts are up 300% and I want to skewer him.

Hephasteus's picture

Nobody shows up for just deserts.

StychoKiller's picture

With good reason, "deserts" are full of sand!  :>D

barkingbill's picture

im so sick of these bastards, their wars and their lies and their manipulations. 

Confuchius's picture

In the Islands there is a saying:

"Time longer than rope"

NOTW777's picture

buy the dips - great support 32-31; BO intact

Sudden Debt's picture

I've got a lot of time to see this unfold, and the longer it takes the more I buy :)

This weekend I was hopeing that that it could stay at these levels for another 6 months or so.

PY-129-20's picture


They will lose the war.

Harmonious_Dissonance's picture

<insert random it costs $5 per ounce to dig it out of the backyard at my beachhouse comment here>

unwashedmass's picture

yeah, those are the costs at GPL, right? love that company.


of course, i'm not mad at JPM, they put in a nice dip like this, and its buying time again.....

EscapeKey's picture

[generic "you can't eat it" mockery response]

akak's picture

And don't forget, silver to $2.00 by June.

AR15AU's picture

<random Nadler comment about disappointing number of Indian marriage licenses leading to gold bubble collapse>

Arthor Bearing's picture

I'm not a trader but thank you thank you thank you for spelling all of this out for me, ZH has been an invaluable resource and education for me

jesse livermoore's picture

it will just be bigger and better when it blows up

Sudden Debt's picture

Can they stand for delivery even if they're not in the money?


batting500's picture

I believe the answer is "Yes".

It would rarely happen though, and ussually in error.


Good Luck...