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"This Is Your Friendly Goldman Sachs Prime Broker Margin Call"
"Please sell anything that is not nailed down. Thank you. Oh yes, your invite to this year's Christmas elves party is in the mail"
Visualized another way:
Oh remember that record low NYSE investor net worth, and near record margin debt? Oops.
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What? No elf hat?
QE3 has been ruled out.
BUT an updated QE2(s) with a better camera and higher resolution screen will be released this summer.
I like, BTMFFD, YSFI!
Bernanke the fuckin' duchebag shit head?
They are only super charging the rebound that will follow.
man up
buy the dip...
WE NEED QE3 NOW....!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*shrugs*
it's paper, and not cheap enough to buy
skittish..
This will work great...right up until it doesn't.
Banks trying to offload their worthless paper silver....good for a few LULZ.
*yawn* That's why we have options...(do wish I'd had short SI on today, though--woulda had a "happy ending"!)
Good, another opportunity to buy something valuable with something increasingly worthless.
+1
Looks like slamming physical demand in the Comex is more important than the so-called welath effect for now. I guess it's all about putting out the immediate fires that could bring down the ponzi-- CME/Comex for June OI takes precedent as everything else for now you can simply kick the can down the road for a lil while longer. QE can bring up asset prices later so for now anything to hammer delivery expectations.
One down day and it's doom and gloom. That's how fragile this market is: despite a relentless two-year rally that's publicly labeled a Bull Market, privately everyone knows the emperor has no clothes. There's a haunting feeling always in the air.
And VIX still acts like the market is strolling along smoothly...
If Ben Bernanke and Brian Sack would quit naked short selling the VIX, it would stop acting like everythiing is rolling along smoothly. I suspect an unwind of that criminally suppressive trade is at hand.
Our puzzle is starting to fill in. Long way to go. Idiots on cnbc telling us to buy. What a waste of morons.
Can't sell unless someone else is willing to buy.
Where is the CME increase in margin requirements on silver?
Don't worry people soon Blackhawk "The Bernank" will be dropping dollars at Wall Street
I still don't understand why people get mad when stocks go down but happy when there is a ONE-DAY sale at Macy's...
ONE-DAY SALE AT NYSE, BUY ONE NETFLIX, GET TWO LINKEDIN! UNLIMITED SUPPLY AVAILABLE!
as always.. my bullion dealer totally ignores these raids.
how can we possibly get cheap silver on days like these if the only silver on sale is paper silver?!?
That raises an important question, actually.
Since I happen to be one of those awful domestic terrorist types, and have been *using* silver transactionally rather than just piling up shiny bits (though I keep a gradually increasing "savings account" in metal.) It would be really useful to establish a reasonable way to price the stuff.
It's fairly obvious that the spot price is useless for now, for most involved, but that leaves a vacuum in fair pricing. Despite the rah-rahing about moon-high prices, we aren't there just yet, and it's not reasonable to just trade for $100 worth of nominal goods per oz just for the hell of it. While I like to make a profit from a deal, this is kind of a political thing for me, and not purely financial. It won't do me any favors if everyone I deal with thinks they've been intentionally screwed.
Any takers on a reasonable pricing strategy? Maybe the high in the past XX days, to discard the raids?
Crude still holding out at $100. If a CME hike doesn't occur here soon, expect an up day tomorrow.
zsl @ 17.12 for a little afternoon scrapey scrapey. wooo hoo
these are the sell in may people who are always late
The days of real margin calls are drawing near, with or without QEx nonsense.
And given the leverage being utilized, the crash will be either an epicly hideous lesson as to how and why governmental and central bank fiscal and monetary policy will always ultimately fail, or a beautiful refresher course in how market forces will always ultimately prevail.
Hedge accordingly.
Funny how this happened heading into Asian trading hours. They have kept a lid on volatility, by maintaining stable equity prices, and all the while they have been loading up on PMs. Yes, they will keep their dollar reserves at a nominal $1 trillion so the US Treasury/Fed can keep the fiat ponzi moving along, but they will buy PM along the way.
Come on physical silver buyers, drain the last 32 MN oz of registered silver held by the COMEX and bring about default.
Yeah, it won't be hard. Don't forget, that's fractional reserve, mostly paper silver. How much do they really have?
who cares? COMEX inventories are irrelevant
Yeah, supply doesn't matter at ALL!
Hurp a durp.
this has been explained to you about a million times, MORON, but I'll try once more....COMEX is NOT silver supply.
It is a FUTURES exchange. MOST silver goes directly from miners to silver consumers; it DOES NOT go through COMEX.
Now shut the fuck up before you cost someone else their life savings, Cliff.
Hurp a durp, trav doesn't realize that 5% of the world's metal moves through the COMEX, while about half of the paper trading takes place there. What happens when they don't deliver, and the paper traders flee?
Fucking idiot. Why don't you go sterilize some negroids? I'm sure they'll thank you for it, you being a superior being and all.
Saving the world economy from Gaddafi
http://www.youtube.com/watch?v=TB6MJnzhMYY&feature=youtube_gdata_player
Almost 42:1 Silver gold ratio. Make it 50:1 and I am in again!
..zzzzZZZZZ
this is getting boring.... pump to 38, flashcrash, pump to 38, flashcrash......
Keep walking folks....nothing to see here. Jamie did you hide the body?
low volume.
gave up the last 5 days gains... if I look back 7 days, I'm not concerned [YET].
The DOW, S&P, Naz however different animal... high vol reversal.
Anyone who has ever dealt with that dreaded call can attest that its about like passing a stone.
Christ. I gotta tell ya, that stone passin' routine is a bitch.
Was this 2% decline supposed to be a repeat of the May 1st 'drive by shooting' ?
HaHaHaHaHaHaHaHaHa
Who has time to look at charts..??
Damn, can't find my meds.............again....
"You can't go bankrupt if you ain't in debt."...my Daddy always says.
Smart Dad.
As I watched a CNBC commentator talk the other day about the shares of LinkedIn and the lack of shareholders willing to loan out their shares to people wanting to enter into short positions hoping to profit from a decline in price, I thought about the naked short positions on the silver futures market held by JP Morgan and HSBC. 'Naked short' is a bluff. The fraud that is a pyramid scheme is also a bluff and should the world's reserve currency, the USD, turn out to be a pyramid scheme then the world is heading for a currency crisis. I would prefer to think that the guys running the currency market are incompetent but I cannot rule out the notion that they are insane and plan to take us into a currency crisis and then try to force everyone into a new currency of their design. Either the "conspiracy theorists" are insane or the alleged conspirators are insane.
http://www.youtube.com/movie?v=Wr6RQ2QABys&feature=mv_sr
Sir, I regret to inform you but
Everyone is insane.
We are definitely in uncharted territory.
Well, I believe it, but I don't like it. I'm a 15 year old kid who just convinced his parents to buy some silver, and they aren't going to be happy when they see this.....
Remember the fundamentals, silver's not going anywhere.....
Completely expected. Haven't we been holding our breath for days here? The commodities complex needs to get smashed again and at least fall as much as stocks. Margin hikes (on silver) come after they get the ball rolling to the downside. Don't want to use that last bullet of theirs without an impact.
Once we have 10-15% drop on stocks, and the chorus from Wall Street (help us Ben!) is heard, QE3 will begin in earnest.
Let's make some wagers on the exact day. I'm guessing all the action will get started in earnest this week (today). Maybe some margin hikes on "bad" commodities. People will be licking their wounds over the weekend. The drop will continue, and articles will be written. Sometime next week (June 14th) I'm going to guess that QE3 (or something like it) is announced and the market takes off again. But let's say no later than June 21st.
Disclaimer - if you think I can see the future, you are a bigger fool than I am.
Damn, woke up early from my nap ! My employee Jose (house cleaner, gardener, mechanic, body guard....his day's pay for four hours is $100 pesos, a pack of USA cigarettes from the duty free store and a little of whatever I'm eating or drinking.....total daily benefit package less than 50 cents pre 1965 silver) goes home about 1 pm, I have lunch then take a nap ! I like to wake up at 3 pm PST when the markets open again ! The afternoon seabreeze kicked up a little and rattled my cheap, aluminum framed windows ! Oh well ? Monedas 2011 A day in the life of a hoarder/beach bum ! Yawn ! Ho hum ? There are fringe benefits ! The other day his bicycle frame broke and I gave him 50 pesos to get it welded and buy a new inner tube ! He's my little buddy (well he's 48 years old) and I'm a big hearted paleocon !
Guess that was not such a good day for godlike one trick ponies.
Guess a board of 99.9% bulls is not such a healthy thing. That is - among the blind the one eyed is king. And if all the blind are going to follow the one-eyed - and the one-eyed kicks everybody out of the way just because he isn't able to deal with somebody opposing his one-eyed views ... what to expect? Yeap - all the lemmings following their leaders down the cliff.
Really strong man let critics and so-called opposers express their opinion - and mess with it. They can easily live with being called a one-trick-pony.
Only weakhearts remove everything which questions their leadership. True leadership never silences critics and different opinion - but encourages critics.
Weak leadership though silences everything which undermines their power. Of course for the good of the blog - and culture. While they use themselfs f-words and such stuff every second paragraph.
Pride come before the fall. Also for those that think they are godlike and know everything and can predict the future.
And only douche-bags follow a blog and a blogleader where everybody has to be on the same side of the trade - or is otherwise silenced this or that way.
39.50 here we come - yes somewhen in the future it will be hit. Mahendra predicts Dollar-Euro parity since 2005. At some point he will be right. 39.5 will also come.
But newbies and lemmings and sheep lost their shirts today. No matter what he will tell you. And correctly because they followed the one-eyed and not the charts.
Because the one-eyed obviously is not able to see when the market is risk off - and when risk on. Compare 1h DOW (and zillions of other charts) - 24h chart (!!) and look once it started selling off. Then compare the silver chart - and you will see that silver started even earlier to sell.
Also it is wellknown that silver tends to follow crude. Now look at the Brent chart. Huch.
They all started to head south. You just had to look at the charts - translate it into risk of - and it would have been predictable that silver could and likely would plunge anytime.
Though the one-eyed one-trick-pony was not able to see it - and the whole blog wasn't - because all bears were kicked down the road and left that blog. The rest in line with the leaders.
Result - one-eyed will not blame himself - but start calling Blythe and JPM things. Same as we had in all cases when he didn't recognize a short term or medium term top. What is the reason I called him a one-trick-pony. Today - the same procedure. He didn't see it coming - as he is just a bull - and not balanced. It's that simple. Though of course not visible for the one-eyed. And also not for the blind, which prefer the one-eyed instead of the charts.
And of course he would again delete this comment. If he could.
Pride comes before the fall. And sometimes it has a long way to go.
Nice blend of jealousy, misinformation and anger.
Small point: there's entire countries being taken to the cleaners at the moment; every other post is a reminder how entire countries are mortgaging their futures, their nationally owned resources / companies and so forth. If you're not seeing a risk factor in market trading, then your IQ is way too low to be playing here. If you blindly follow another's advice, without admitting the risks of doing so to yourself, then you shouldn't be doing it.
There's clearly many types of poster here - and in silver, I see four options:
#1 Mad Max "insurance buyers" - who don't care, really, at market price, because they're essentially millennials. Shit-will-hit-the-fan & the whole game will burn. It has appeal, but the reality is probably a lot duller, a lot grimier and a lot more to do with having your soul ground down slowly. But you never know.
#2 Traders riding the coat tails, also buying through the opposite side on paper. Yes, they get flack - but I've not seen them banned.
#3 The real players, who are going to do these things no matter what anyone on ZH does - and who are now not only openly above the law, they're openly gaming the entire system.
#4 Bitter people who lost their savings, and dumped their holdings in a panic and feel burnt. In which case, find Buddhism. Make friends. Get a community going. Really love your neighbour. Make a vegetable garden. Be productive.
<-- Look over there. There's sites with names such as "Naked Capitalism", "Market Folly", "Boom Bust Blog" -- Capitalism, and the Intarweb, are not kindergartens.
Sharp. Pointy. Teeth. Lions. Tigers. Bears.
Oh, and many posters here have little or no interest in silver, ZH is a pulse-taker to have on in the background to hedge both sides of the information fence - thanks for the lesson in ethics however.
In my blog I mentioned already around 2 weeks earlier, that the low hanging fruits in gold and silver are gone.
Instead the low hanging fruits are in main market shorts now.
That is still true - and will become much more true.
Gann once said not to trade the bottom and peak of a trend - the most and fastest and savest money is above the bottom and below the top. Example trend 1-10 .. trade the move inbetween 3 and 8.
The top in main markets likely happend around April 29th and May 2 - another Legatus event btw.
And I will not at all be surprised if see the SnP below 1000 next month. Of course with up and downs in between.
What's all the hubbub about?
that cancer curing geniuses lost another chunk of their life savings today as silver got blowtorched
Lots of people lost money today--if they sold. Anybody in the paper PM game, especially leveraged, got yet another lesson in spontaneous, perfectly natural, after hours downside violence. Anyone playing the houses' crooked game will end up broke.
Yeah, I'm only up 100% over the last 12 months. I'm so fucked!
I understand why you are so butthurt, though. It's hard having your head so far up your ass. Basically impossible to have any perspective like that.
I'm happy for ya ! You could lose it all in a day ! For all the price movement in silver for the last 12 months you caught maybe 5% of the action....you should be up 1000% ! I'm not a troll, I like you guys, but they are coming after you speculators with every dirty trick in the book ! In my humble, peasant hoarder opinion ! Monedas 2011 And there is a sure fire remedy that hurts 'em to the quick....take delivery ! Mr. Gorbachev (sp?) ! Tear down this Comex warehouse !
What they do doesn't matter. Those who are strong, and keep the faith will weather the coming storm, and will be richly rewarded. Those who do not will be doomed to a life of mediocrity.
so in other words, they'll have your life
sure
The day my silver is worth less than your BS, I'll have lost something.
trav, i liked you better when you made sound non-consensus arguments, instead of just behaving like a run-of-the-mill (anti-)PM troll, with the usual run-of-the-mill arguments and rethorics.
You're not ignoring by accident, that one only makes a loss once one sells. You're not ignoring by accident, that manipulation has much higher impact on spotprices than fundamentals *currently*.... you're doing this on purpose.
So, why if you already have shown that you are willing and capable of sound non-consensus arguments, are you falling back to the level of a bogstandard troll? Do you just sometimes get the urge of trolling for fun, or do you use your account simultaneusly for personal posts, and "business"-related posts?
Don't forget what a great job he did in assessing the Fukushima disaster -- right up there with Ann Coulter.
He is a slave to his emotions. His hatred for me for standing up to him on various issues causes him to take the opposite view of any of my opinions. I am happy for that, and hope I can get him to divest himself of all precious metals so that he is utterly impoverished to the point that he is no longer a threat to anyone other than his fellow hobos.
That is, he wants to sterilize between half and 97% of the human population. Everything he says is an attempt to further that goal. He preaches hopelessness caused by physics rather than government, because he wants to use the government as a tool to further his goals.
I would suggest you not let him sway you in any direction, because he is a sociopath of the most destructive type.
One only makes a loss when they sell? ROTFL...that's the cry of an underwater bagholder.
I'm not a fan of silver as any kind of longterm hold. If you want to hold for "TSHTF," hold gold. Silver and its pumpers are looking for speculative gains.
This IS a nonconsensus argument around here, and it's not popular simply because several idiotic silver pumpers have created a lot of bagholders with their "silver to 60 by next week" bullshit calls.
All this crap about "manipulation," nobody EVER says that when the price goes up. Only when it goes down. It's like you silver pumpers have gotten it into your minds that it is ordained from heaven that silver MUST go up.
I have demonstrated that it is now an industrial metal. And as industrial demand may wane, one should expect its price to drop. Those who have conned gullible sheep into BTFDing should be ashamed of themselves. They may post in response to me trying to mislead people and distract from the truth that their shameless bullshitting and pumping have cost a lot of people a lot of money. They've been wrong, and shown to be complete fools.
“The following article,” writes Nate on Nathan’s Economic Edge today, “reminds us how the world really works – it is about WHO creates the money. Those who create the money use it to buy the politicians who make the laws. They use the money to buy/build exchanges where phony paper products are traded that serve no purpose to society – this is otherwise known as gambling, but it’s legal because they print the money and own the politicians. So, the markets are totally corrupt, and government is totally captured, and this is just one example of how it happens :”
Judd Gregg Joins Goldman Sachs
Says Nate: “Uh-huh. Yep, of course we all know what he’ll really bring to Goldman Sachs…”
things are getting rather pathetic.
Getting?
Weird the price is going down, seems a lot of people want silver.
http://community.nasdaq.com/News/2011-06/silver-eagles-sales-through-may-best-since-1986-turkish-silver-bullion-imports-surge.aspx?storyid=78536
Bloomberg reports this morning that Turkey imported 25.7 tons of silver in May, up from 61 kilograms in April, the Istanbul Gold Exchange said in a report on its website. This is a huge increase in demand and suggests that Middle Eastern demand for silver, which has not been noteworthy to date, may soon become an important catalyst for higher silver prices.
You know what sucks? Being a die hard Bear and getting caught in a large long position today. I feel like mauling some motherfucker!!!!!!
boys and girls, what we have here is: another buying opportunity. there's no correlation between paper + physical price any more....take this gift and LOAD UP!!
I lived through an institutional margin call in 2007. Even though the screw-up was largely the fault of said bank (not Goldman), our "best friends" became our worst enemies. They raised their margin demand daily and totally screwed our business. Emotionally, it felt like a divorce.
The tone of the banker calls changed dramatically overnight. From being fawning sycophants to treating us with utter contempt. It was like dealing with a loan shark (at least as they are portrayed in the movies). "We're here to help you. Don't worry if there are glitches. You're a good client and we are very flexible." From that to "Put up the cash by 12pm or we sell it x, y, and z. No you have no say in what we sell." And of course the names they sell are the strongest ones which just increases the risk on the remaining portfolio. All verbal agreements and assurances were promptly forgotten, and the letter of the agreement (and a very conservative view of that agreement) ruled the day with no flexibility whatsoever (and no time to arbitrate disagreement). Management stopped returning our phone calls.
Not looking for sympathy. Just pointing out that margin calls, and the bankers behind them, are ruthless.
What part of "why didn't you know this?" was a challenge?
I truly hope you learned from your lessons, cause those calls are happening now
Wasn't my call. This was an institutional issue. And the market move for our asset class was a 9-sigma event. Literally. Not something you typically plan for.
No problem now, that business doesn't exist anymore.
silver used to be sound money -now it's just another monthly pump and dump. It all horseshit now.
The guy with farmland wins methinks
Are the trolls switching from gold to farmland now?
lol
Please buy something we can tax or steal from. LOL
240 acers free and clear!
Wow.