• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

It's That "Sell Precious Metals" Time Of Day

Tyler Durden's picture




 

Just like yesterday, as we head into the European close it seems someone somewhere has the dire need to reduce exposure to precious metals in a hurry... Collateral calls? Cash calls across month-end? Who knows?

 

 

Chart: Bloomberg

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Fri, 11/30/2012 - 12:06 | 3023767 dereksatkinson
dereksatkinson's picture

They are just rolling contracts.

Fri, 11/30/2012 - 12:10 | 3023779 kliguy38
kliguy38's picture

Yeh sure......and Gensler's and Chilton are rolling doobees

Fri, 11/30/2012 - 12:18 | 3023813 fonestar
fonestar's picture

I guess TPTB think I care how many Clown Bux I could get for my stacks?

(I'll give you Boyz a hint.... I don't)

Fri, 11/30/2012 - 12:30 | 3023886 Ghordius
Ghordius's picture

the sound of the fiat fractional reserve banking MegaBank hammers striking the metals

Wagner wrote music for it in Siegfried / Ring des Nibelungen - perhaps Ms Blythe listens it when she... ?

Fri, 11/30/2012 - 13:06 | 3024016 Stackers
Stackers's picture

Naked selling of something you dont even have to raise capital ? ... Bo knows

Fri, 11/30/2012 - 12:53 | 3023980 crusty curmudgeon
crusty curmudgeon's picture

I wish this would happen with the price of gasoline too.

And milk.  And eggs.  Oh, and alcohol too.  And ammunition.

Let's trade paper ammunition contracts!

Fri, 11/30/2012 - 14:14 | 3024245 FEDbuster
FEDbuster's picture

Sure would be nice, if Jamie would put some big shorts on gasoline futures.  Would like to see some sub $3 gas for most of next year.

Fri, 11/30/2012 - 15:01 | 3024436 Svendblaaskaeg
Svendblaaskaeg's picture

"Let's trade paper ammunition contracts!"

Paper patched bullets bitchez!

Sun, 12/02/2012 - 16:02 | 3028305 Catflappo
Catflappo's picture

I might go and hold up a bank with a ream of A4

Fri, 11/30/2012 - 13:22 | 3024078 azzhatter
azzhatter's picture

Man, I love the clanking of my silver coins when I count them. And the gold ones shine so purty. I love my stacks

Sat, 12/01/2012 - 00:52 | 3025936 OpenThePodBayDoorHAL
Fri, 11/30/2012 - 12:27 | 3023864 jt17
jt17's picture

Dereksatkinson is right.  Do you even know what rolling contracts is all about?

Fri, 11/30/2012 - 13:06 | 3024013 SilverDOG
SilverDOG's picture

jt17,

Attributing for and as such is foolhardy.

Of course one must discontinue supply and demand quotient, among others.

Plenty of paper for rolling bra.

Serfs up.


Fri, 11/30/2012 - 12:15 | 3023803 Diet Coke and F...
Diet Coke and Floozies's picture

It's the end of the month, I got to pay the rent...

http://www.youtube.com/watch?v=T364SgorUgc

Fri, 11/30/2012 - 12:19 | 3023815 Quintus
Quintus's picture

I'm new here, but does 'Rolling Contracts' not involve, you know, buying new contracts as well as just selling?

 

Fri, 11/30/2012 - 12:46 | 3023951 EscapeKey
EscapeKey's picture

having to roll contracts is not something which sneaks up upon you, with you having to dump a large amount thereby ensuring the worst possible price possible - not unless you want to be handed your p45, anyway.

Fri, 11/30/2012 - 12:57 | 3023998 Quintus
Quintus's picture

Precisely.  This has F*** all to do with rolling contracts.

Fri, 11/30/2012 - 13:09 | 3024015 CPL
CPL's picture

I see it more as day trading, the pattern is there.  Starts at the beginning of the session and the book gets closed at the end of session.

 

Scalping trades with leverage.

Fri, 11/30/2012 - 12:55 | 3023990 SilverDOG
SilverDOG's picture

dereksatkinson,

 

Sure "they" are.

"20 in the front, 40 in the rear" - Hustle n Flow

You lust rolling over for your financial prostate check up.

Just rolling over and paying for it.

Butt butt butt !?  exactly.


Fri, 11/30/2012 - 13:04 | 3024010 CPL
CPL's picture

They are rolling leveraged contracts in what appears to be a day trading pattern.  12 days in a row.

 

Now how to cut their nuts off for any of you stupid enough to hold paper gold or silver that wish to defend your share value.

 

  1. Log into trade account.
  2. Jack the sell price of your Gold and Silver paper shares to a million per share.
  3. Set as a Good Until Canceled Trade
  4. Profit!!!...well maybe, but it's one way that I've been foiled in a short sale before.  One bastard has a single share jacked up to some outrageous number and I have to pay attention to what I'm buying to close my book.  Think of it as a seeding the financial landscape with price point landmines.

 

If TPTB is playing a daily spread want to close their books at the end of the session they have to purchase the shares available.  Law of averages dicatates one of you will eventually rob that trader blind because they got greedy and sloppy.

 

Fri, 11/30/2012 - 12:07 | 3023769 valkir
valkir's picture

There is no manipulation.Market is free.

 

 

 

 

/sarc

Fri, 11/30/2012 - 12:35 | 3023912 GERxit
GERxit's picture

fuck those fuckin fuckers!

 

/no sarc

Fri, 11/30/2012 - 12:08 | 3023772 VonManstein
VonManstein's picture

Nothing unusual then..

Im more interested in the relentless bid under DAX. Any thoughts?

Fri, 11/30/2012 - 12:09 | 3023774 buzzsaw99
buzzsaw99's picture

I would argue that gold is being manipulated higher.

Fri, 11/30/2012 - 12:27 | 3023861 ParkAveFlasher
ParkAveFlasher's picture

Everything is manipulated.  Even the weather.  +1

Fri, 11/30/2012 - 12:46 | 3023953 edifice
edifice's picture

It's almost Christmas. HAARP, the herald angels sing...

Fri, 11/30/2012 - 12:29 | 3023873 Itch
Itch's picture

You would...but you have not.

Fri, 11/30/2012 - 12:38 | 3023907 buzzsaw99
buzzsaw99's picture

some would say that every time gold touches 1730 someone sells. i say that every time it touches exactly 1714 someone immediately buys it all the way back up. that is obviously someone putting a floor under it for nefarious reasons.

Fri, 11/30/2012 - 12:39 | 3023929 ParkAveFlasher
ParkAveFlasher's picture

I hope you're right, cuz I'm sittin' tight.

Fri, 11/30/2012 - 12:50 | 3023970 debtor of last ...
debtor of last resort's picture

Preventing phyz stackers stacking too much. Physical metals shortage is what they are afraid of. Keep it steady, capsizing to the left is not good, to the right is not good....

+

Fri, 11/30/2012 - 13:01 | 3024005 buzzsaw99
buzzsaw99's picture

plausible

Fri, 11/30/2012 - 13:31 | 3024103 Ghordius
Ghordius's picture

volatility. don't ever forget volatility. because the very moneyness of anything lies in it's price stability

and so Blythe has to shake her babies or they become (too much) money

Fri, 11/30/2012 - 14:18 | 3024265 ParkAveFlasher
ParkAveFlasher's picture

Stackers don't care if it's $1710 or $1750. 

Unless you mean BIG stackers.

Fri, 11/30/2012 - 15:09 | 3024391 debtor of last ...
debtor of last resort's picture

True. The smaller the hits down, the smaller the rumors. As goes for up movements. Paper can always be manipulated, no matter what happens. I believe in the threat of shortages. By keeping paper prices steady they attract less attention. There's too much 'physical shortage talk' lately. Like not being able to deliver one month after Sandy.

Fri, 11/30/2012 - 12:49 | 3023964 SilverDOG
SilverDOG's picture

buzzsaw99,

 

MMmmm yes! By printing and fat finger digital currency creation.

 

BRILLIANT !

not.

Sun, 12/02/2012 - 16:04 | 3028310 Catflappo
Catflappo's picture

And let me guess, you think that equities are being manipulated lower too, right?

Fri, 11/30/2012 - 12:13 | 3023783 Downtoolong
Downtoolong's picture

Collateral calls? Cash calls across month-end? Who knows?

Derivative settlements too. And last and least likely on the list...real physical supply and demand.

It's not even really a gold and silver market. It's just another pseudo money and credit market.

Fri, 11/30/2012 - 12:12 | 3023787 Tsar Pointless
Tsar Pointless's picture

Who cares?

Fri, 11/30/2012 - 12:24 | 3023848 Long-John-Silver
Long-John-Silver's picture

I do! I know when to be ready to hit the BUY button.

Fri, 11/30/2012 - 12:12 | 3023788 Cognitive Dissonance
Cognitive Dissonance's picture

Got.To.Suppress.Price.For.Week.And.Month.End.Print

<Can't let the plebs see the "tell" hanging out there.>

Fri, 11/30/2012 - 12:13 | 3023789 fonzannoon
fonzannoon's picture

I will float a complete theory that I cannot back up with anything. As part of the stupid cliff they raise the cap gains on "collectables" as a way to get the 1% to "contribute" their fair share. Say they raise the cap gains to 35%-40%. So that goes not only for art, but precious metals and securities that invest in them. The people in the know are heading for the exits now as a result. Total guess.

Fri, 11/30/2012 - 12:51 | 3023974 Pool Shark
Pool Shark's picture

 

 

Drat! I guess this means I'll have to don the scuba gear and make a trip to the bottom of the lake...

 

Fri, 11/30/2012 - 12:56 | 3023994 WestVillageIdiot
WestVillageIdiot's picture

And the Chinese and Indians will send a "Thank You" note to our worthless congressmen and women. 

Fri, 11/30/2012 - 12:12 | 3023792 edb5s
edb5s's picture

Well, this really ruined my bid to win that 10 oz silver bar by guessing month-end price.  I had $34.45.

Fri, 11/30/2012 - 12:13 | 3023793 FranSix
FranSix's picture

If you so happen to sell off gold, and the reaction is that you get higher gold prices because more people are taking delivery, then you are in matter of fact depreciating your currency.

I think gold is being sold for this purpose, but there might be an announcement coming that people are unaware of, namely that to avert a currency disaster, they will set a fixed gold price in advance of negative nominal rates regimes.  Once the gold price is fixed, then they can devalue against bullion, but also stabilize foreign exchange markets.

Think it can't happen?

Fri, 11/30/2012 - 12:15 | 3023800 Confundido
Confundido's picture

You need to GLOBALLY confiscate, for that to occur. And if the GLOBAL confiscation fails, the country that looks to fix it to its currency, is automatically screwed. It's a dangerous move.

Fri, 11/30/2012 - 12:34 | 3023911 FranSix
FranSix's picture

Actually, confiscation might not be the end game, because central banks already own most of the gold, anyway.  Central banks can just print money and then offer to buy gold after devaluation occurs.

The U.S. and Europe all together hold substantial quantities of gold in their central banks, so if they fixed gold first @$2000/oz. and then devalued to $3500/oz.  they will have solved a major problem that has been staring them in the face for over 10 years.

Either than, or gold prices are being manipulated upwards so that devaluation can occur.  I can see confiscation happening in China, and Russia, since they have already set in motion central bank purchasing programmes of all gold production in country and no exporting.

Fri, 11/30/2012 - 12:13 | 3023794 Confundido
Confundido's picture

10am to 11am ET: Time to buy

Fri, 11/30/2012 - 12:14 | 3023795 Wakanda
Wakanda's picture

Just a little gift to the Asians from the boyz in NYC.

Fri, 11/30/2012 - 12:14 | 3023796 knukles
knukles's picture

No, absolutely NO non-commercial entity sells any volume contracts (or any other asset for that matter) in such an open, enormous, unprofessional, sloppy, meat handed manner. 
Period.

Whoever is doing this or whoever's agent is acting on their behalf is openly attempting to influence the markets, send a message, muscle prices down, protect shorts or some other nefarious motivation.

Ant trader at a commercial entity acting in such a manner for other than a manipulative manner or a non-commercial intent, would be fired, dismissed, tarred and feathered, boiled in oil and sent to your worst enemy to fuck up his operation.

 

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