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It's That "Sell Precious Metals" Time Of Day
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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They are just rolling contracts.
Yeh sure......and Gensler's and Chilton are rolling doobees
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)
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... ?
Naked selling of something you dont even have to raise capital ? ... Bo knows
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!
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.
"Let's trade paper ammunition contracts!"
Paper patched bullets bitchez!
I might go and hold up a bank with a ream of A4
Man, I love the clanking of my silver coins when I count them. And the gold ones shine so purty. I love my stacks
these guys went and got their own stack:
http://news.ninemsn.com.au/world/2012/12/01/13/01/men-posing-as-police-s...
Dereksatkinson is right. Do you even know what rolling contracts is all about?
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.
It's the end of the month, I got to pay the rent...
http://www.youtube.com/watch?v=T364SgorUgc
I'm new here, but does 'Rolling Contracts' not involve, you know, buying new contracts as well as just selling?
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.
Precisely. This has F*** all to do with rolling contracts.
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.
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.
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.
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.
There is no manipulation.Market is free.
/sarc
fuck those fuckin fuckers!
/no sarc
Nothing unusual then..
Im more interested in the relentless bid under DAX. Any thoughts?
I would argue that gold is being manipulated higher.
Everything is manipulated. Even the weather. +1
It's almost Christmas. HAARP, the herald angels sing...
You would...but you have not.
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.
I hope you're right, cuz I'm sittin' tight.
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....
+
plausible
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
Stackers don't care if it's $1710 or $1750.
Unless you mean BIG stackers.
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.
buzzsaw99,
MMmmm yes! By printing and fat finger digital currency creation.
BRILLIANT !
not.
And let me guess, you think that equities are being manipulated lower too, right?
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.
Who cares?
I do! I know when to be ready to hit the BUY button.
Got.To.Suppress.Price.For.Week.And.Month.End.Print
<Can't let the plebs see the "tell" hanging out there.>
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.
Drat! I guess this means I'll have to don the scuba gear and make a trip to the bottom of the lake...
And the Chinese and Indians will send a "Thank You" note to our worthless congressmen and women.
Well, this really ruined my bid to win that 10 oz silver bar by guessing month-end price. I had $34.45.
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?
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.
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.
10am to 11am ET: Time to buy
Just a little gift to the Asians from the boyz in NYC.
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.
Yes knuckles, most of the day traders and paper humpers don't know jack shit about the gold market, historically speaking.
For instance, who makes the London Fix? Well, that would be conducted by the representatives of five bullion banks, namely HSBC, Deutsche Bank, Scotia Mocatta, Societe Generale, and Barclays (an honest and well respected group). Before that, it goes back to 1919 when the major London gold dealers decided to get together in the offices of N.M. Rothschild to "fix" the daily price.
its all simply coincidence....right.....RIGHT!!!!!!!
"American consumers have shown about as much appetite for the $1 coin as kids do their spinach. They may not know what's best for them either. Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.
Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales. But most people don't seem to like carrying them. In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most are stored by the Federal Reserve, and production was suspended about a year ago.
The latest projection from the Government Accountability Office on the potential savings from switching to dollar coins entirely comes as lawmakers begin exploring new ways for the government to save money by changing the money itself.
The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money.
The last time the government made major metallurgical changes in U.S. coins was nearly 50 years ago when Congress directed the Mint to remove silver from dimes and quarters and to reduce its content in half dollar coins. Now, Congress is looking at new changes in response to rising prices for copper and nickel." At a House subcommittee hearing Thursday, the focus was on two approaches:
—Moving to less expensive combinations of metals like steel, aluminum and zinc."
http://news.yahoo.com/congress-looks-doing-away-1-bill-083418974--politi...
Wonder if Kyle Bass still has his $1 million in nickels? Stock up while you can. My guess is the dollar bill is history, the penny, too. Dollar coins, but no $1,000. FRN They really want to eliminate cash anyway, move totally to electronic for tracking purposes.
Bummer....in a world of out of control money printing, the only thing that should be reflecting some reality, PM's, is the only thing that cant catch a freakin bid.
look at the daily work on crude.
Date of First Notice today... Window dressing ... Manipulation, full moon.. yada yada, yada.
i'll put in my two cents...
fuck you Blythe, you fucking demonic whore.
That's three cents, but it will devalue to two by the time I hit "save".
Here we go again: 11:20am...someone is adamant we have to retest $1,704/oz, break it through to $1,688/oz.
Funny how buying of Precious Metals usually takes place slowly and over time, whereas sellers generally seem to be in such a hurry that they end up dumping huge sell orders on the market thus driving the price that they receive down.
Very strange. It's almost like they don't care about basic trading concepts like maximising the sale price.
They don't!
When you're manipulating, you don't give a rat's ass about such silly things as basic trading concepts. That's for serfs to worry about.
We have the freest, most open and corruption-free markets in the world. If you disagree, we can detain you under NDAA. Or, perhaps, send you a drone for Christmas.
Who are the idiots who "invest" in crony, corrupt, captured US markets anyway?
Bitchez you don't get it.
It's the most profitable trader who knows on 12.12. QE will end and he simply frontruns the FED by shorting the gold-bubble.
(Jesus, that's frightening, this really could be written somewhere in MSM)
Do you really think the market would sell down because QE gets postponed? Here's the benefit of the doubt to you: Explain to this forum why the $100BN+ monthly fiscal deficit (yes, $100BN!!!) will not be monetized by way of Fed's purchases of US Treasuries. I believe that the long end issuance in the last year has been 90% bought by the Fed. 90%!!! Who is going to step in? Or did Ron Paul actually win the election and by Jan/13 we have a $1 trillion trim on govt spending? Please, explain. I really want to hear because if I am wrong, I want to be the 1st to know so..
Wow, you and at least another one hasnn't recognized the sarcasm, although i even have added an explanation with the MSM.
That's not a good sign...
Adrian Douglas plotted this data back in 2010. It's been going on for a very long time.
https://marketforceanalysis.com/articles/latest_article_081310.html
howdy friend we owe a lot to adrian who brought mcguires testimony across the pond i like nuckles comment as well ... its bang on
Hey vamoose. Always wondered what happened to you after the purge at TFMR.
got banned for being right all the time and embarrasing the moderator:) good to seeya we will bury these weasels
no longer feeding the turd, jesus forgives you son gobble gobble
Market IS free.... for manipulation. That is in a way, kinda the point. If you're d1ck is big enough, you can f*ck it
I just bought me some nice shiny eagles too.
The slaves down in the hold must not be told that the hatch to the deck is unguarded .... they might scramble to freedom !
Just another, just another sale.
BDFT
Since WWII, the Americans, Japanese, British and Europeans have spent way more money than they owned. But that was ok because the money they borrowed wouldn’t have to be repaid until some far away day in the future.
Unfortunately the future has now arrived and today, the next generations of Americans, Japanese, British and Europeans have all plunged into a deathly debt spiral.
Today it is no coincidence that the Americans, Japanese, British and Europeans have all set interest rates as close to 0% as possible.
Also today, it is no coincidence that the Americans, Japanese, British and Europeans are all printing money. And finally, today it is also no coincidence that the Americans, Japanese, British and Europeans ignored Friedrich Hayek and instead followed the economic principles of John Maynard Keynes.
Today the entire global economic and financial system is rooted in unwavering support for John Maynard Keynes and his beliefs in deficit spending and debt-fueled growth.
http://www.icecapassetmanagement.com/uploads/documents/IceCapAssetManagementLimitedGlobalMarkets%20November%202012.pdf
This tells me exactly what I should be buying.
Thanks JPM, I am going to get some silver to put in my kid's advent calender tomorrow.
Its a One-Hour Black Friday Special on the PMs.
Hurry! Supplies are limited...
The manipulators want gold to mirror the stock market .... not quite as good on the upside .... and a little worse on the downside .... that way gold is perceived as an underperforming alternative .... minimizing manipulation maintenance costs .... gold is never perceived as an emergency exit to salvation !
But Shithead Ferguson told me to buy, buy, buy.
http://www.tfmetalsreport.com/blog/4335/crunching-numbers
"BTFD or BTFR, it doesn't matter. Just buy."
Yes, cost averaging your purchases over time is the best way to accumulate gold and silver.
So buying weakness like today makes sense, no matter what other people tell you. Just make you own plan and go with it.
http://online.barrons.com/article/SB50001424052748703711604578147074234577776.html
So, who's right? Does the insolvency of European governments cause deflation, which sends the dollar soaring and gold plunging? Or does the insolvency of the U.S. government cause a collapse in the dollar and hyperinflation?
Probably both and neither. European governments and international institutions are likely to connive in any way possible to avoid the defaults and the resulting deflation from Europe. The most expedient way is for the European Central Bank to buy the bonds of the heavily indebted economies of Spain and Italy. That would both finance their deficits and lower the value of the euro, which would boost the competitiveness of the peripheral economies of the euro zone.
Does this violate every precept of the founding of the single currency? Of course it does and Germany will object vociferously. But ECB President Mario Draghi has pledged to do whatever it takes to save the euro. Since he made that pledge last July, that in itself has restored confidence. The ECB can only buy bonds only when a government accedes to harsh conditions, which none has had to do. So far, Draghi's mere declaration has lowered the funding costs for Italy and Spain, but actions may eventually needed to back up his words.
Meanwhile, the Fed has effectively inaugurated QE infinity, buying securities until unemployment is brought down to some satisfactory level. So, the U.S. central bank will be churning out greenbacks, which will effectively fund the federal budget deficit. In addition, the Bank of Japan is being urged to engage in quantitative easing until deflation turns into inflation by the leader of the opposition Liberal Democratic Party, which is likely to regain power in elections next month.
Bottom line: every major central bank around the globe is likely to continue printing money to stave off any deflationary undertow induced by the massive debt of their governments. Notwithstanding short-term sell-offs such as Wednesday's $25 drop, central-bank policies should keep interest rates near zero and negative in real terms, which in turn ought to keep gold in its long-term uptrend. As long as authorities try to do whatever it takes to hold the system of fiat currencies and indebted governments from flying apart, paper money will continue to lose value relative to the traditional store of value, gold.
Bull fucking shit...who knows. If you do not know about the ESF that the USA Treasury gets to manipulate the markets with you should learn about it.
It is a fund that the terrorist use to keep the precious metals prices down,amogst other corrupt activities.
This fund is massive.
The USA Exchange Stabilization fund answers to know one but the bankers.
The ESF deals gold.Period.
Gold scares the fuck out of the bankers.
It can't be printed.
This kinda game can only go on so long. Slam the price and smaller people are going to BTFD. Mr. Manipulator will be forced to cover higher. Now if it is a proxy for a soverign, then it gets tricky because they will be backed by unlimited fiat....
I am still BTFDs
the sellers are the technical sabateurs.
btfd
we should close at the lid
if these thieves are actually standing on silver with the view that if it went materially up the worlds reserve currency would collapse they need a lengthy session with nurse ratched in the ECT Room.
the chinese stevedores in macau are rolling on the dock in mirth as they unload those freighters full of bargain basemant silver which will form part of the worlds new reserve currency namely the yuan.
this is about the most suicidally stupid government policy i have ever seen and its competitive.
as if the avarage american could give a flying fuck about the price of silver , he a little more preoccupied withavoiding moving into the park.
jam silver to 300 at least make china pay for it instead of spreading your cheeks for blythes strap on.
more likely this is jpm desperately unwinding their short and going LONG witness the massive expansion in OI ... every long nullifies a short so these serial raids are part of the process of reversing field. rather than being uneconomic its quite the opposite.
It is almost holidays, so I believe it is reducing exposure. 2 weeks later, we will be seeing less volume and volatility.
I don't think it is about rollovers, the process has been smooth if looking at open interest changes, plus the spread between Decemeber 2012 and Feburary 2013 has also been reasonable. (~2.0-2.5)
P.S: BTFD worked for this month so far.
Well, as regards the paper gambling everything is possible. A substantive fact is that physical metal can fluently continue flowing to Eastern central banks, funds and other stackers on massive scale; to all who didn't get fooled by the paper shell game and rather prefer relying on the fundamentals.
Silver is just 1.30 or so away from a major breakout of 15 month highs at 35, and if it recovers 80c during the day as it did last Wed, or does it in the next few days, it will be back to being within 60c +/- of the breakout. I think the weekly chart, showing the year plus high at 35, and the already broken, or breaking, 19 month downtrend from the April 2011 high at 50, suggests the explosion that could take place at 35, as well as why we have seen two dollar plus raids, the first of which failed completely, in the last 3 days.
Jessie and others think the 2 year silver weeklies are telling a breakout story, attempted $1 raids notwithstanding:
http://jessescrossroadscafe.blogspot.com/
http://finviz.com/futures_charts.ashx?t=SI&p=w1
This time last year Gold went into a nosedive because of various things:
1) Europe collapsing (prior to Draghi's LTRO rally)
2) John Paulson liquidating huge amounts of his GLD investment
3) Lease rates plunging
4) End of year profit-taking
Now THIS year, 2 and 4 could easily happen again due to the fiscal cliff. Even though a resolution and can-kick will probably appear at the last minute, until then investors may sell to lock in profits at lower capital gains tax levels. If so, Paulson could be forced to liquidate alot of his investors' holdings even though he doesn't want to. But I should think if we do get a sell-off, there will be a sharp rally back up with everyone piling in at lower levels. Those investors who sold will simply buy back in from the new year (at least that's what happened LAST year).
Having said that, this year could be different because it's the US that's the focus of attention. If they get downgraded again by S+P/Moody's (due to another debt ceiling fiasco) it could send gold soaring (like Jul 2011). Either way, as of now the commercial shorts are still MASSIVE. So hold on to your hats!
you make good points particularly the latent change in capital gains treatment. could it make december problematic yes it could depending on the horizon of the holder. if so we tough it out and btfd.
on the other hand these two recent raids are so transparently opportunistic , so deliberately destructive that they shout cartel from the rooftops.
some idiots might sell in such a counterproductive fashion but certainly not paulson dalio gross bass et al. not a chance.
perhaps it comes down to why do you own metal. if its because the dollar is dust which it is, i think you hold irrespective of changes in capital gains rates. its a distant secondary consideration but you made a hell of a point
It may be time to get all those stories about how QE3 would send gold prices above $2,000/oz before the end of the year out.
What we really need is a bunch of articles and posters pointing out how totally worthless gold is. Then if some banks could sell 1.226907E+12 oz of paper metals at the same time that would be great.
This would be stupid. It's like saying the US$ is worthless. Although one is not getting much stronger these days.
As a gold bug I would prefer to see the price down rather than up.
BFD ---- some asshole sells a bunch of paper gold to get the price down for what? So he can buy some physical on the cheap. What else is new?
Yes and this can go on indefinitely as long as printing bucks can. It's all paper.
Like I wrote earlier:
...Here we go again: 11:20am...someone is adamant we have to retest $1,704/oz, break it through to $1,688/oz....
Awesome! More positions accumulated with target breaking $35 next week.
Just selling paper Gold to go long NY FED Tungsten.
The algo is all set to finish at $1,706/oz by 4pm...
The stench from the PM markets is in everyone's nose now. Nobody, but nobody sells off assets like this, unless they're insane or getting paid just to f--- things up. In bygone days, she was careful not to let her (short) slip show, now she's gyrating down Main street buck nekkid with a rose in her teeth.
Stop me if you think you can.. Tra-lalalala hey!
shit..
now it looks like they are painting a handle on an even smaller cup... i can wait another couple weeks
what a joke
lets for fun hypothesize that jpm reads the tealeaves and is aware that the short racket is about to blow up. that it is senseless to ship the worlds physical silver to china for 33 worthless american dollars . thats chinese roulette with all six chambers loaded. its economic suicide to fund the worlds next reserve currency unless god forbid this what you want to make repudiation easier since the dollars are all worthless anyway. ok thats a reach.
but if jpm were of a mind to pack up the scam you might very well start getting long to nullify this perilous short position . you might also focus the raid on gold since we know our kunta kinte is pretty good at sleight of hand ,
silver drops in sympathy and you cover what you can,,,, it can hardly be done overtly it would blow silver to 70.
seasonally perhaps the fiscal cliff and capital gains increases creates a pool of profit takers this month... ie exploitable seller supply it seems a foregone conclusion that the gains tax goes up no matter what these princely fools do.
does treasury really want china inhaling the worlds silver for 33 comical confetti dollars only if you are really machiavellian and are bent on tactical currency suicide. possible but unlikely.
nope this is classic jpm deception they are getting so long there will be no silver above ground on this planet and it will be printing 300 so that silver joins gold as too expensive to buy for john q. to even contemplate btfd and think new years
Gold does not pay a very good dividend and you can't eat it.
How much gold has Iran been taking in, in exchange for oil? Maybe they're dumping it (via a sloppily-trading "friendly") to raise USDs seeing as other channels are blocked.