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Gold & Silver Slammed In Mini-Flash-Crash
15 minutes after GDP data was released - showing Q1 was indeed as weak as expected and inventories suggesting Q2 will be just as weak - someone decided it was an appropriate time to dump over half a billion dollars of notional gold on the futures market...
Seems normal... dump it all at once, flush the stops, and now prices are rising once again.
* * *
And right on cue, USDJPY jumps (JPY tumbles against the USD) as the Gold-Yen trade continues to leave its manipulated skidmarks on the market...
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BTFD! FTMFW!
Correction. A half billion dollars of notional paper Gold as naked Comex shorts ahead of options expiry where the Cartel are highly exposed and need to get the price down QUICK. There, fixed it for ya....Neither the Cartel nor The Fed care about the size of or the losses on these positions because it's only papaer, which can be printed indefinitely.
yup...and always a good time to add to the old phyzz stack at the bottom of the lake.
That's right, MOAR! FTW!
That's not gold. You could buy billions of phys, but because it's not on COMEX scam it doesn't show up.
The CFTC is on a field trip today....they're shopping for new Lamborghinis. Word is John Boehner is showing them the ropes.
See you all tomorrow.
Just working out the kinks.
Kisses,
Blythe
We should just give China all our gold....it would be faster.
The price of Gold is established worldwide on the Comex, yet in a 5000 tonne Gold market, on 85 tonnes were delivered via the Comex in 2014. How does this make any sense, and why does the Gold mining industry accept such a bullshit arrangement that only serves to drive them to bankruptcy???
Kinda makes you wonder just who's interest the mining CEOs are representing.
AWESOME! I love it when they have an early summer sale! There are not many things that are cheap these days but boy, this is one of them! Thank you, thank you, THANK YOU!!!
Don´t worry. In about a year and a half from now, some brown skinned trader will be sacrificed to the SEC and 1/10 of 1% of the manipulation profits will be handed back to the Overlords.
Every time they "catch" one of the BIS' minions, another one just fills the slot!?
Indians ?
Dot or feather?
Cleveland
As in Peter Griffin's former neighbor?
Quagmire?
Stagmire? = Stagnant Quagmire.
If you guys could stay focused on the topic at hand instead of cracking jokes all the time.......
this place would not be nearly as entertaining : )
If he meant the feather variety - the correct question would have been "Injuns?" Big difference. ;-) So the question is clear - he was asking about dot heads. Geez.
Nothing New..............................Move along
This is how most commodities trade these days. Several whipsaws throughout the day.
Soar and tank have lost all meaning lately.
Crude is a perfect example of full retard. The time of position/swing trading is over. No more hold and wait atleast for me. I hold a trade maybe 2 hours to 3 max. Doesn't matter if I feel my position is good for tomorrow. I still close it and will re enter next day. I rather sleep at night.
You sound likje a much better trader than I ever was. I fucked myself because of these fucking conviction trades. Turns out I am just too emotional.
For now, I just watch the patterns and wager Jack Shit.
Can't let the doom and gloom chart porn keep you from thinking clearly. I know people want to be that guy who shorts the collapse but BTFD is still the play. Also Trading crude is nothing more than scalping.
I have plently of shitty days.
I saved a shitload of money by listening to guys like you. Some people are not cut out for trading. I am one of them.
Being able to BTFD on bad news is a serious mind fuck. Although I mostly trade crude, I peaked at TF today. Trades not held long.
Take a peak at VWAP. I hate any indicator ony my charts besides volume but the algo's love VWAP. If you are ever looking for patterns, look for them around the lines of VWAP.
BTFD
It works as long as the central controllers are in control. Much as they would like to believe otherwise, that will not be forever.
We're in severe contraction now which will be followed at some point by severe inflation. Timing it is impossible due to massive manipulation with the markets 'free hand' tied behind its back.
looks like a sale. gold is still yellow and heavy, substantial in its heft.
the electrons flying around the hfts are flimsy and always changing, yet we obey their whimsy as if they were wise oracles of profit. see how backwards it all is? only man can pervert nature like this.
Is Waddell & Reed still available for patsy duty ?
--->Beats Expectations
--->Meets Expectations
Miss Expectations
Ted Butler has always been right that silver is the most manipulated commodity in history, but he is dead wrong that JPMorgan will finally subcumb to greed and manipulate the price UP to make their current physical stash more valuable.
JPM takes it's orders from the Fed and for the time being PMs must be trapped and beaten to make PAPER FIAT look better. Until the Fed changes it's mind (right!) or is destroyed (Come Again, Lord Jesus) or the COMEX literally blows up, NOTHING will be able to get PMs to rise to their true value.
Been then again, there are the Chinese....
Sounds like JPM and the Fed as well might be taking their orders from the Chinese. China bought the JPM building and that huge vault underneath it. JPM might be acquiring all that phyzz silver for the Chinese who are hell bent on stacking as much silver as possible for solar projects.
Of course I don't think they intend to use all that valuable silver for fucking solar panels...I think that's somewhat a pile of bullshit. I think they just want it as good 'ol money for when the rest of the world has hardly any and they can break our back with it after the dollar finally gets wiped out and it's finally exposed that we have nothing even close to the amount of phyzz silver and gold that the gov-tards say we do. Most our gold and silver is probably still in the ground buried under the Rocky Mountains.
"or the COMEX literally blows up"
It's probable that's the plan... After all the paper asset vault on Water street NY flooded and then burned. It would make sense to just blow the whole damn exchange up and false flag their way out of it. That's what fascists do best. We're the New Nazis, have been since Bretton Woods 1 and 2.
http://www.abeldanger.net/2014/12/best-kept-secret-in-america-ninety-nin...
Hacker Guccifer suggests the evidence he encountered.
https://youtu.be/IYZz3LphZHI
You have to be an idiot to buy Gold/Silver. I know. I am one of those idiots.
Something blew up and they are definitely afraid of anyone even thinking about moving into gold and silver. They know that once it starts, the glory days of lying and stealing from folks are over, forever!
bonds are blowin' up like sick all over the place...and contagion is a bitch
Well I guess this means Greece is fixed...lol.....maybe they just needed some cash to buy Netflix.....I say that tongue in cheek...but its probably true..
Makes sence for a PM dump cause if I were sitting on paper PM's as a derivative bomb goes off in europe I'd want out at any cost. An incredible amount of paper PM's is out there and counterparties have no physical. Could be a long couple of months for goldbugs as paper gets down to its intrinsic value of near 0. You will know SHTF when gold drops bigtime. Gold is the canary.
I'm waiting on a price of $100 but a premium for physical of 5000.00.
exactly...the paper price may go to zero, but good luck finding anyone selling their phyzz. sky high premiums will become the true price of phyzz and so there will actually be no more "premiums" on phyzz. It'll just be what a ounce is actually "worth" in terms of some other asset.
A Monster Box of silver Eagles might buy you a nice ranch in Montana one of these days. (Fingers crossed here on that theory!) haha
Has there always been a $30-40 charge on purchasing an oz?
TPTB on red alert due to the ongoing Greek situation.
If Greece defaults Gold will be slammed hard to demonstrate that it is not a route out of the paper casino. If Greece is 'Saved' gold will be slammed hard because, well, who needs it when all is well with the world?
Count on it.
Yawn...
I am calling this one a fail. $4? Have fun buying that mistake back.
Right on options expiry as well, who would of guessed. /rolleyes
Silver is looking resistant though, come on dickheads your slipping.
Theodore Butler
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June 22, 2015 – 9:03am
I’ve embraced one central theme for the past 30 years – that the price of silver has been manipulated lower on the COMEX. For a good part of those three decades I’ve exerted an intense effort in analyzing the actual supply/demand fundamentals of silver, including production/consumption trends and the resultant annual balance between the two, inventories, investment demand, etc. Those fundamentals indicate that the price of silver must increase dramatically in the future, making the manipulation both the cause and explanation for the continued low price.
While I still follow the actual fundamentals of the metal closely; increasingly, I write less about their influence on the price. Why shouldn’t I? After all, I can’t remember an occasion over the past few years where the actual fundamentals had any effect on price; silver (and gold) prices are set on the COMEX when speculators adjust futures positions. Yes, the fundamentals will dictate the future price of silver, but they have zero influence on short to intermediate term pricing. That’s why I focus so closely on COMEX positioning.
When I step back, it is truly astounding how the acceptance that silver and gold prices are manipulated by COMEX trading has grown from the levels of five or ten years ago. Go back twenty or thirty years and you could count the number of observers who believed that silver or gold was manipulated in price on one hand. Despite the growing acceptance, not everyone believes silver is manipulated in price yet, but it occurs to me that we are moving towards total acceptance as new facts are uncovered.
The most compelling facts proving that silver is manipulated in price include the data showing the COMEX has become an exclusive speculative venue where managed money speculators vie against mostly bank speculators called commercials and the fact that COMEX silver has the largest concentrated short position of any commodity. Together, these two facts prove beyond question that silver is manipulated in price. Now a new fact has emerged that ties those two facts together and illustrates and proves the manipulation like never before.
I recently observed that JPMorgan and other members of the 4 largest short sellers on the COMEX had never taken a loss on any newly added short position in COMEX silver futures over the past seven years. Let me clarify that statement; JPMorgan and other commercial traders in the big 4 have never bought back a silver short sale at a higher price than the price they first sold short at (for a loss) and only and always have bought back silver short sales at lower prices than originally sold (for profits). In other words, the four big shorts in COMEX silver have a perfect trading record – all profits, no losses. (Of course, if a managed money trader enters into the ranks of the big 4, that trader will likely incur losses – I am only speaking of the biggest commercial traders).
In baseball terms, this is the equivalent of a Major League pitcher throwing nothing but perfect games for a full season or a batter hitting 1.000 for a whole year. Or in other words, a statistical impossibility. Think I’m overstating the case? Well, just imagine anyone entering into inherently dangerous trades (shorting the most undervalued asset of all) several times a year, year after year, and always booking profits and never a single loss. Do you think you or anyone else could do that? Yet JPMorgan and the other three largest commercial traders have done nothing but that in COMEX silver.
The proof of this resides in the data from the CFTC in the concentration section of the COT report. Every time the big 4 have increased their concentrated short position in COMEX silver, which only occurs on rising prices, they have never bought back those short sales on higher prices than originally sold, only at lower prices.
The most amazing aspect to this is that I have been studying this data all along and didn’t really see it. I have commented in the past on many occasions how the big 4 never buy back silver short positions to the upside, only to the downside. In fact, that’s a key core premise of my COT analysis in that whenever the concentrated short position has increased in size, that’s negative for prospective prices and when the position has contracted, that’s usually a good signal for higher silver prices to come. I guess that means even in understanding how the silver market functions, I overlooked putting a glaring feature into proper perspective – JPMorgan and the big 4 as a whole achieved the statistically impossible; never taking a loss.
My assertion is easy enough to verify by comparing changes in the concentrated short position and price movement and it is downright shameful that I have to be the one pointing this out to the CFTC and for the agency to not properly analyze its own data. But, what’s new about that? The important point is that JPMorgan and the other big 4 never taking a loss is the ultimate proof of the COMEX silver manipulation. That’s because no one could achieve a perfect short term trading record in a free market; that would only be possible if the market was rigged.
In fact, JPMorgan’s perfect short term trading records in COMEX silver was achieved because it had no choice in never buying back short silver positions at a loss. Had it ever bought back short positions to the upside, the price of silver would have exploded and confirmed to the world that silver was manipulated in price. The only reason silver has yet to truly explode in price is because JPMorgan never covered short positions to the upside. I confess to being repetitive in declaring nothing matters more to the price of silver than whether JPMorgan adds to its short position on any and every silver price rally.
Another lie that has been exposed with the revelation that JPMorgan or the other big 4 shorts have never taken a loss in COMEX silver dealings is that any of these big traders were ever legitimately hedging. Hedging involves an offsetting position opposite of and equal to the COMEX short position. In every hedge there must be a long and short leg in place and what the hedger loses on one leg, he makes up on the other, regardless of whether prices rise or fall. Sometimes the long leg shows profits and the short leg shows losses, other times not. In other words, were the big 4’s COMEX short position ever part of a legitimate hedge transaction, it would be impossible, at least on some number of occasions, for there not to be losses on the COMEX short position and gains on the hedged portion of the trade.
Because every COMEX short position resulted in gains, it’s clear there were never any offsetting legitimate hedges as it would be doubly impossible for there to never be losses on the COMEX side of the hedge. So much for all the balderdash that the commercials are only hedging; JPMorgan and the others live to speculate and manipulate. Never taking a loss automatically means a market is manipulated and no legitimate hedging takes place; there are no other possible conclusions.
This business of JPMorgan and the other big 4 commercial traders fully explains how and why silver has been manipulated for all these years – the big shorts sell as many new shorts as possible to eventually cause prices to cease rising and whenever the technical funds are finished buying as many COMEX silver contracts and then begin to sell, the big shorts, led by JPMorgan then grease the skids for lower prices and buy back the short contracts they sold short to the upside. It’s the perfect market scam.
What makes JPMorgan the biggest market crook of all (and what enables me to get away with stating that openly) is not just the raking in of the hundreds of millions of dollars and more that JPMorgan achieved by never taking a loss; but because this crooked bank used the continuously depressed price of silver to acquire the world’s largest position of actual silver, more than 350 million oz at last count.
But due to the growing recognition that JPMorgan has almost single-handedly manipulated the price of silver over the past seven years and has picked up a massive amount of underpriced actual silver in the process, the equation going forward has changed. While it’s true that JPMorgan has picked up another $30 million in illicit profits on the COMEX on the short side over the past month, more will come to be aware of just what dirty tricks the bank employed in achieving those profits. For JPMorgan to earn profits with no controversy or criticism is one thing; to be openly accused of manipulation is an entirely different matter.
More importantly, the financial equation has changed for JPMorgan. Making $30 million on a one dollar profit on 6000 closed out COMEX short contracts within weeks is one thing; but making $350 million for each and every dollar that silver advances will eventually prove too attractive for JPMorgan to put off indefinitely. Let me empathize that – $350 million is what JPMorgan will make when silver starts to advance on every dollar advance. A ten dollar move will equal $3.5 billion for the bank; a one hundred dollar move comes to $35 billion. The math is pretty simple and strongly suggestive of sharply higher silver prices, given how much JPMorgan stands to make.
While many feel that JPMorgan will continue to manipulate and cap the price of silver forever, the actual amount of money that the bank stands to make on sharply higher silver prices dictates otherwise. Of course, the bank is likely to depress the price of silver for as long as it can accumulate more actual silver and do so without too much outside notice of what these crooked market operators are really up to. The moment one or both of those conditions change, there is no reason for silver not to take off to the upside.
Ted Butler
June 22, 2015
Do you find it at all odd that this horde JPM claims to have ammassed is identical in size to the horde that is supposed to be in the SLV vaults, which they now are caretaker of in their own COMEX reportable vaults? Even if they had sold everything in SLV, they would still report all that silver as existing. I contend that JPM actually has a debt of 350 million ounces. And that what they report is what they borrowed, but must say still exists.
Ahh Ted, Where's your hero Bart Chilton? JPM is not suppressing silver to make a profit. Their overlords at the FED could print 2 trillion dollars and hand it to them. They are suppressing silver at the behest of their masters at the FED, BOE, BIS, Vatican, China; take your pick. When they are done picking the bones of the anglo-american empire clean, they will let the price rise and collapse the entire western system. Until then keep stacking.
Silver For The People
By posting his whole article, do you think that'll make it more true?
See my post above. The Fed has turned the wise men of gold and silver (Butler and Sinclair) into the PM Jesters. Not their fault, but they are no wiser for all the errors they have made in the last five years.
When the pitchforks finally come out, they might want to hide as well for all the people they have "helped" with their advice since 2011.
cpnscarlet - You have hit the nail directly on the middle of the head. The chief hucksters have been exposed. Now, if you want to make your fortune, corner the pitchfork market. Save one for me.
I have a notion for some notional gold. But then again I'll stick with the real thing.
-$10, meh
Have the Comex Gold Manipulators Been Revealed?
http://winteractionables.com/?p=21952
OK it worked for a few milliseconds for gold but silver just doesn't weem to want to go down. Funny about that huh? You can't build solar panels with paper contracts.
Junk silver premiums are way up this week and there are lots of 'out of stock' labels on many products. You have to shop around to find decent prices.
Algos are harvesting. Couple of years back this volume would have lead to a 10% loss. Now they have to throw in more and more paper to keep prices in check.
If The Plan B is in play then it is only water and diamond that you will run towards. Gold will lose the little lusture unless there is a hope that Plan A is around the corner.
But, what happens to the tenth and why? Have you forgotten, O' Humanity, that without the obligation of solving this problem we are just animals.
http://just-a-thought-from-thinair.blogspot.com/2015/05/hypothesis-40-di...
http://just-a-thought-from-thinair.blogspot.com/
GET INTO THE PHYICIAL BULLION BULLION BEFORE THE ALGOS STEAL ALL YOUR PAPER!!!
www.teamramgold.com
They might as well just put up a gigantic billboard that says "BUY BULLION"...
I'd rather a piece of A4 with a picture of a gold bar on it, than an actual gold bar. And I also like to lend the gold I do have out to people who want it in exchange for paper with pictures of presidents on it.
At the exchange I run, when I want to lower the price of gold, I print out A4 paper with pictures of gold on it. It has the same effect as if I dropped real gold on the market. It makes it a lot easier for me, since real gold would be a lot more difficult to acquire. As long as my printer has toner left, I'm good to go. Most people seem happy to pay for the pieces of A4 with gold on it. I assure them they can convert it into physical anytime they want. I think to myself, if my clients ever wanted physical, I could simply rent some gold with fiat. If nobody wants to lend me gold for fiat, and I can't exchange the paper gold for physical, the music will simply stop. No big deal.
Did you see the GARGANTUAN ammound of silver mined in 2014 ?
Considering that most silver stays around forever I would say that the price is still VERY VERY high.
1 BILLION OUNCES !
That's like what ? 10 times more than all the silver mined by the roman empire in just 1 year ?
seriously ! I was a "silver bug" but I have already dumped all my silver except for some colectable coins
We need to think with our heads, not our heart
You're as wrong as Ted Butler. To let go of Phyz at this time IS the emotional response your Fed masters want. Patience is the only rational approach to this madness.
A billion ounces of silver is 16 billion dollars at current prices. A rounding error. Every ounce of Roman gold is still here with us. Most Roman silver inhabits landfills. Don't be a dolt.
Silver For The People
877 million ounces mined dip shit - silver is consumed as industrial metal - gold sticks around - do your fucking homework u CME tool
Keep dry powder. There is the $15 line on the SLV chart that the market can and will take out with gusto. It could happen soon with the Greek relief rally. Western physical markets, coin dealers and Cash4Gold shops will have to follow suit to maintain adequate cash flow. Many dealers, miners and financial advisors will throw in the towel. Contrary to one popular theory, there is no support at all-in costs. Mines will continue to produce at a loss because they need the cash flow. Many are already vastly leveraged and ready to go T.U.
Not saying it's right; just what I see as what is having traded this market as an interested amateur for 15 years.
Eventually a bottom will be found and the patient will be able to move on it. I don't particularly like Buffet but he did say, "Money flows from the impatient to the patient." Jim Sinclair (remember him?) said a year or two ago, "do nothing."
Precious metals are in a Sargasso Sea until the time comes; and that time is not yet. The spot price violation to below-mining-costs has to occur, followed by further decimation as mines produce at a loss.
All imvho.
Sounds and looks like Someone is getting desperate.
https://en.wikipedia.org/wiki/John_Exter