Did COMEX Gold Futures 'Glitch' Hint At The Future Awaiting Us?

Tyler Durden's picture

Call it a fat-finger, or a deus ex 'aurum' machina, but during this morning's COMEX gold futures trading, we wonder if the obvious 'glitch' gave us a premonition of things to come?


The obvious glitch


(h/t Chris G)

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Coming to a stagflation depression near you SOON.

pupton's picture

Shit!  How does that happen to two separate commodities at the same time? 

ParkAveFlasher's picture

Why wouldn't it happen?  Commodities are tied together by the same "trading" complex.  At least, that's how it smells to me.

TruthInSunshine's picture

Spot Krugmanrand prices went batshit crazy about 10 minutes ago, too! Called my guy on the LFME (London Faux Metal Exchange) and he told me he had no clue what was up.

Long Tungsten!

Quantitative Diarrhea FTMFL.



*Krugmanrand: A gold colored powder-coated round, composed of 10% tin and 90% nano-coated bullshit particles, bearing the slogan "In Diocletian We Trust" and "To Infinity & Beyond!" on one side, alongside "CTRL+P," and having the other side enscribed with "What, Me Worry?" alongside an engraved likeness of one Ben S. Bernanke (Shakey McShakester).

idea_hamster's picture

[^^ post fail]


Probably a Y2K-like test.

CME probably only had a 4-digit price parameter (+2 decimal places) for gold.

Now they realize that it should be at least 5, perhaps 6 digits.  So they fixed it, just like we all upgraded to make sure our computers didn't roll back to 1900.

They had to roll it out sometime -- nothing like an early AM test.

(OK -- </sarc> I think it's pretty clear that someone didn't put in the decimal, but it's good to know that the system is, in fact, ready for $99,999.99/oz. gold if not more!)


nope-1004's picture

My first thought was "why x10"?  Why not /10?  If Comex were in control, wouldn't they err on the divisible side?



smlbizman's picture

i noted this same type of activity on netdania charts for silver on 10-4 at at 17:21, than again on 10-9 and again at exactly 17:21.........the charts were cleaned up the next day and only was detectible on the 5 min chart....the first event lasted 40 mins...and the price travelled from 34.60 ,34.605 and 34.61...than regained its pre event  price of a little over 35.00....the second event lasted only briefly like 2 mins, but it took silver from 33.86 down to 33.06ish....than back to were it was...

strannick's picture

I didnt expect to see that gold price til late 2013, but sometimes my timings a bit off.

malikai's picture

It's really odd that they should be messing with the multiple right now. That's the sort of thing you do once and never touch again.

asteroids's picture

Nah, I suspect a probing "ping" by someone to see how market players and their algorithms would react to a sudden spike in gold. The "fat finger" parties should be published. Hey, you got nothing to hide eh?

BaBaBouy's picture

Glitch My A$$ ...

The Resident "SELLER" Just Stepped Out For A Few Minutes...

ParkAveFlasher's picture

And, for all you systems guys, why not do such a supposed test on Saturday night at 2am when it affects no one?

malikai's picture

Some things you can't do outside of production..

This is not one of them.

The Count's picture

Sounds like the more common taking out the stops action to me.

Patriot Eke's picture

Just remember that when this does happen, it is the value of the US Dollar dropping, not the value of the gold increasing.  The gold will still buy you the same things it bought before for the most part.

redpill's picture

Except for pre-existing debt, of course.  Pay off the house with a few gold American Eagles?  Sure.


TruthInSunshine's picture

At least U.S. taxpayers will get dibs on the highly valuable portfolio of assets held by The Federal Reserve.




Ag Tex's picture

Except for pre-existing debt, of course.  Pay off the house with a few gold American Eagles?  Sure.


....or ten silver eaglesTwo rolls of silver eagles will afford you a very nice ranch. 



ParkAveFlasher's picture

That's just the nominal debt stuff.

Let's not forget that in the event of space needle in one commodity, say over the course of weeks, as has happened, not every single price in the economy suddenly adjusts itself accordingly.  The real gains are made in an environment of price controls, which btw, are never explicitly announced. 

Dr. Richard Head's picture

7 oz of silver would have sealed the deal for me and my neighbors.  The neighbors have more guns than I do, so I wouldn't mind paying off their houses. 

jekyll island's picture

Long Debt, bitchez! Oh.....

Harbanger's picture

Then you should refinance your house with the new low fixed rates and buy more pm's.  Beware you will immediately fall into a higher tax bracket when you sell your pm's.

ATM's picture

Pay off debt with gold? Hell no.

I'll pay it off with paper, thank you very much.

ATM's picture

Pay off debt with gold? Hell no.

I'll pay it off with paper, thank you very much.

Tango in the Blight's picture

They always say you always could but a nice tailor made suit for one gold ounce. Could you buy a nice tailor made suit for 270 bux in the year 2000? Never saw deals like that back then.

mjcOH1's picture

"They always say you always could but a nice tailor made suit for one gold ounce. Could you buy a nice tailor made suit for 270 bux in the year 2000? Never saw deals like that back then."

Made in China.   Look just like Books Bothers.

DoChenRollingBearing's picture

@ idea_hamster

FOFOA has a revised possible future price of $100,000 / oz.

What do the computers at the CME do with that?

DeadFred's picture

When, not if, gold gets to that level will they still be using dollars? 50:50 odds I think.

SafelyGraze's picture

that's 17,716 in the *old* dollars, duh

ONO47's picture

As long as Wells Fargo takes my "old dollars" to pay off my mortgage.

Harbanger's picture

That's a good question.  I'm sure they won't give you "old dollars" out of your savings account, they will readjust the value to the new money.

redpill's picture

Wrote that on a check this AM and realized it too

Cognitive Dissonance's picture

Mrs. Cog pointed it out to me this morning.

redpill's picture

After 12/13/14 we're gonna have a long wait before we can do it again!

saulysw's picture

It is an american habit to express the date in the format MM/DD/YY. My opinion is that this is the worst of all possible choices. DD/MM/YY is more common here, and is more logical as it is from the smallest time unit to the largest (day->month->year). Better yet as it sorts numerically and alphabetically in date order is YYYY/MM/DD. Anyway, the point is that the order of these numbers is arbitrary, and any pattern in them is insignificant. It shows small mindedness to assume that the american way of expressing the date is the only way, and that it hold any significance. There -- I said it!

Harbanger's picture

It's not the only way.  It's the same reason you're writing here in english.  An equal number of people express dates in reigns, lunar months and days.

Eternal Complainer's picture

Yes but,

Oct 11 2012

The format stays constant! IMO


Proper date syntax

saulysw's picture

Yes but,

11 Oct 2012

The format stays constant! IMO


Proper date syntax

(See what I did there?)

kekekekekekeke's picture

I was really disappointed with Justin Bieber's tweet what is that Amerikan hegemony corrupting him???