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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Thu, 10/11/2012 - 13:30 | 2878023 AL_SWEARENGEN

Coming to a stagflation depression near you SOON.

Thu, 10/11/2012 - 13:32 | 2878038 SilverTree
Thu, 10/11/2012 - 13:36 | 2878065 pupton
pupton's picture

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

Thu, 10/11/2012 - 13:40 | 2878088 ParkAveFlasher
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.

Thu, 10/11/2012 - 13:41 | 2878095 idea_hamster
idea_hamster's picture


Thu, 10/11/2012 - 13:44 | 2878100 TruthInSunshine
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).

Thu, 10/11/2012 - 13:46 | 2878114 idea_hamster
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!)


Thu, 10/11/2012 - 13:48 | 2878131 nope-1004
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?



Thu, 10/11/2012 - 14:00 | 2878186 smlbizman
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...

Thu, 10/11/2012 - 14:10 | 2878246 strannick
strannick's picture

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

Thu, 10/11/2012 - 14:29 | 2878332 malikai
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.

Thu, 10/11/2012 - 14:42 | 2878385 Kitler
Thu, 10/11/2012 - 14:43 | 2878396 12ToothAssassin
12ToothAssassin's picture

Freudian slip

Thu, 10/11/2012 - 15:07 | 2878492 asteroids
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?

Thu, 10/11/2012 - 15:15 | 2878534 BaBaBouy
BaBaBouy's picture

Glitch My A$$ ...

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

Thu, 10/11/2012 - 14:54 | 2878430 ParkAveFlasher
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?

Thu, 10/11/2012 - 16:42 | 2878840 malikai
malikai's picture

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

This is not one of them.

Thu, 10/11/2012 - 14:28 | 2878330 The Count
The Count's picture

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

Thu, 10/11/2012 - 13:52 | 2878149 Patriot Eke
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.

Thu, 10/11/2012 - 13:56 | 2878167 redpill
redpill's picture

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


Thu, 10/11/2012 - 14:00 | 2878180 TruthInSunshine
TruthInSunshine's picture

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




Thu, 10/11/2012 - 22:38 | 2878827 Ag Tex
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. 



Thu, 10/11/2012 - 14:00 | 2878182 ParkAveFlasher
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. 

Thu, 10/11/2012 - 14:02 | 2878192 Dr. Richard Head
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. 

Thu, 10/11/2012 - 14:37 | 2878373 jekyll island
jekyll island's picture

Long Debt, bitchez! Oh.....

Thu, 10/11/2012 - 14:59 | 2878456 Harbanger
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.

Thu, 10/11/2012 - 15:49 | 2878675 ATM
ATM's picture

Pay off debt with gold? Hell no.

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

Thu, 10/11/2012 - 15:56 | 2878698 ATM
ATM's picture

Pay off debt with gold? Hell no.

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

Thu, 10/11/2012 - 14:20 | 2878296 Tango in the Blight
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.

Thu, 10/11/2012 - 21:02 | 2879345 mjcOH1
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.

Thu, 10/11/2012 - 14:06 | 2878212 DoChenRollingBearing
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?

Thu, 10/11/2012 - 15:05 | 2878481 DeadFred
DeadFred's picture

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

Thu, 10/11/2012 - 13:47 | 2878126 SafelyGraze
SafelyGraze's picture

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

Thu, 10/11/2012 - 13:55 | 2878163 ONO47
ONO47's picture

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

Thu, 10/11/2012 - 14:11 | 2878234 TruthInSunshine
TruthInSunshine's picture

Get Some!



Thu, 10/11/2012 - 15:34 | 2878611 Harbanger
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.

Thu, 10/11/2012 - 14:17 | 2878279 NoTTD
NoTTD's picture

Love the Krugmanrand.

Thu, 10/11/2012 - 13:42 | 2878098 Stackers
Stackers's picture

12 / 21 / 12 biatches

Thu, 10/11/2012 - 13:46 | 2878120 Cognitive Dissonance
Cognitive Dissonance's picture

 10 / 11 / 12

Thu, 10/11/2012 - 13:57 | 2878173 redpill
redpill's picture

Wrote that on a check this AM and realized it too

Thu, 10/11/2012 - 14:06 | 2878213 Cognitive Dissonance
Cognitive Dissonance's picture

Mrs. Cog pointed it out to me this morning.

Thu, 10/11/2012 - 14:33 | 2878351 redpill
redpill's picture

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

Thu, 10/11/2012 - 15:17 | 2878542 saulysw
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!

Thu, 10/11/2012 - 15:51 | 2878683 Harbanger
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.

Thu, 10/11/2012 - 19:57 | 2879200 Eternal Complainer
Eternal Complainer's picture

Yes but,

Oct 11 2012

The format stays constant! IMO


Proper date syntax

Thu, 10/11/2012 - 21:39 | 2879433 saulysw
saulysw's picture

Yes but,

11 Oct 2012

The format stays constant! IMO


Proper date syntax

(See what I did there?)

Thu, 10/11/2012 - 20:40 | 2879289 kekekekekekeke
kekekekekekeke's picture

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

Thu, 10/11/2012 - 14:09 | 2878241 waterwitch
waterwitch's picture

10/11/12 13:14:15 (only once!)

Thu, 10/11/2012 - 18:38 | 2879061 SilverDOG
SilverDOG's picture


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