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The Hunt For The "Mystery" Gold "Bear Raid" Leader Begins
In the immediate aftermath of Sunday night's massive gold slam, which was oddly reminiscent of the great silver crash of 2011 when on May 1 just around 6:25pm, silver plunged by 15%, from $48 to $42 with no news or catalyst...
... marking the all time high price of silver in the current precious metals cycle (that particular 'malicious seller' has never been identified) the promptly arranged narrative was that because the gold crash took place in the span of 30 seconds just before Chinese stocks opened and broke the gold futures market not once but twice, that it has to be a China-based seller with Reuters taking the lead and quickly pointing the finger with an article titled "Gold hits five-year low, under $1,100 on Chinese selling."
Ironically, the very same Reuters last night admitted that it had been wrong and that it was in fact: "New York sell orders in thin trade" that triggered the "Shanghai gold rout":
In early Asian trading hours on Monday, when typically only tens of contracts of gold are traded, investors dumped more than $500 million worth of bullion in New York in four seconds, triggering the market's biggest rout in years.
The sell-off began when one or more massive sell orders hit the price of gold on the CME Group's Comex futures in New York a tenth of a second after 9:29 a.m. in Shanghai, triggering turnover of almost 5,000 lots of gold in a blink of an eye. That equates to 13 tonnes of gold, more than typically trades in hours during this time of day, and the selling knocked the price almost $20 to $1,100 per ounce during those four seconds. It marked the first leg of a dramatic 60-second sell-off that saw prices sink more than 4 percent to five-year lows.
And just like that the narrative shifts again: instead of a Chinese seller, the real culprit appears to have been a US-based entity masking as a Chinese trader, around which the media then conveniently built a further goal-seeked "story" in which the Sunday night selling (by a US entity now) was the result of a PBOC announcement that its gold holdings had risen to "only" 1600 tons... however the problem is that all this had been known since Friday morning.
So, fast forward to this morning when in yet another Reuters piece, we "find" that the narrative has shifted once more and that now, "traders from Hong Kong to New York are pointing the finger at others for being behind the move while struggling to unmask the mystery sellers."
In other words: the "hunt" for the great gold "bear raid leader" has begun.
Singapore-based futures brokerage Phillip Futures declared "indiscriminate selling by Asian hedge funds at the stroke of the market's open in Shanghai" as the chief cause of the price fall in a letter to clients.
But the most well known Chinese funds denied involvement, and as futures trading is anonymous, dealers may never know who was buying and selling during those crucial seconds.
Such details often only become available if regulators take action, and amid the regulatory scrutiny following China's recent equity market tumbles, it's unlikely any trader or fund will be eager to take credit for setting off another avalanche.
The fact that the selloff occurred while Japan's markets were closed for a holiday and U.S. and European traders remained on weekend leave served to implicate China-based dealers in the eyes of some market participants.
At this point a Reuters source even dared to use the "M" word:
"That move was aggressive manipulation. Somebody clearly wanted the market lower and timed it very well," said a gold trader at a bank in Hong Kong, who saw parallels with the way funds have been linked to swings in copper.
Of course it was, but instead of focusing on what truly matters let's go chasing for red, literally, herrings...
Chinese funds such as Shanghai Chaos Investment Co and Zhejiang Dunhe Investment Co were, according to traders, behind falls in copper, one in March last year when the metal fell more than 8 percent in three days, and again in January this year when copper slid almost 8 percent in two days.
... herrings which however had nothing to do with the actual selling:
Sources familiar with both Zhejiang Dunhe and Chaos, and at similar outfits, say that while China's status as the dominant copper consumer left that market vulnerable to potential influence, China's traders have no such sway over bullion.
"Honestly, Chinese hedge funds are not as experienced as the overseas veterans and gold is more connected to U.S. dollar movement and well-dominated by Wall Street," said a trader with a Shanghai hedge fund.
Then, inexplicably, more truth:
A London-based trader with an investment bank agreed the lead seller might not be from Asia. "The selling was on Comex and could also be a non-Chinese fund just executing in what they thought was an illiquid timezone to get the biggest move," the trader said.
Others got close to admitting what happened, but were stopped just short, instead falling back to what had already been set up as the false narrative:
Vishnu Varathan, senior economist at Mizuho Bank, added "there's a good real money presence in centres like Hong Kong and Singapore. But of course, the inside people who knew where the trades were executed probably have their reason for citing Chinese hedge funds, but I don't think they were alone in this trade."
"I think one of the triggers was some disappointment with the amount of the buildup in China's gold reserves so in terms of the proximity of that particular trigger and the markets that were open there was some involvement, I'm sure, but it may not be the full story," Varathan said.
For the record, here is what we said moments after the "bear raid" took place:
Once again, as in February 2014 and on various prior cases, the fact that someone meant to take out the entire bid stack reveals that this was not a normal order and price discovery was the last thing on the seller's mind, but an intentional HFT-induced slam with one purpose: force the sell stops.
So what caused it?
The answer is probably irrelevant: it could be another HFT-orchestrated smash a la February 2014, or it could be the BIS' gold and FX trading desk under Benoit Gilson, or it could be just a massive Chinese commodity financing deal unwind as we schematically showed last March it could be simply Citigroup, which as we showed earlier this month has now captured the precious metals market via derivatives.
We then added: "we won't know for sure until the CME once again explains who violated exchange rules with last night's massive orders."
This is the same CME which took 18 months to admit that the almost identical market halting gold flash crash from January 6, 2014 was the result of potentially premeditated "flawed" algo trading which "resulted in a disruptive and rapid price movement in the February 2014 Gold Futures market and prompted a Velocity Logic event."
And, anticipating precisely today's latest development in the great gold crash story, namely the pursuit of the perpetrators we also added: "there are many who do want to know the reason for the gold crash, which just like in January 2014 had a clear algorithmic liquidation component to it. Which means that until the CME opines on precisely who and what caused the latest gold market break, we won't know with any certainty. That doesn't mean that some won't try to "explain" it.'"
Such as Reuters, on several occasions.
But the real answer, which almost certainly once again points to the trading desk of one Benoit Gilson in Basel, will surely never be revealed. Even in the January 2014 case, the CME stopped short of actually identifying precisely who had oredered the gold collapse instead leaving it broad as follows: "this failure resulted in unusually large and atypical trading activity by several of the Firm’s customers."
Which ones? Or perhaps the $64,000 answer to that question is what the central banks and the BIS, and hence the CME, will guard at all costs.
Finally, as we also noted previously, "while the actual selling reason was irrelevant, the target was clear: to breach the $1080 gold price which also happens to be the multi-decade channel support level."
So far this has almost succeeded, with gold repeatedly sliding just shy of $1080 but never actually breaching it. We expect this too support level to be taken out as what is now clear and accepted manipulation continues, which in retrospect, will merely afford those who buy gold for its true practical value, as insurance against a systemic collapse which is pretty close to where the Chinese central planners find themselves right now not to mention the imploding European monetary union, to buy more for the same paper price.
As for the "great", and greatly misdirecting, hunt for the "bear raid" leader, one which will never reveal the true culprit, bring it on - we can always do with some entertainment meant to distract the masses. In fact, we would not be at all surprised if some Indian trader out of his parent's basement in a London suburb ends up going to prison for this while those guilty of chronic, constant manipulation continue to walk free...
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What fucking mystery? It was the Fed.
The last honest Fed chairman explains:
Paul Volcker: Gold Was the Enemy“Gold was the enemy to me because that was a speculative vehicle while I was trying to hold the system together. [The speculators] were on the other side.”
Then and now, the gold price is viewed as the inverse price of the confidence in the system. If gold is high, it usually means something is amiss. In Volcker’s time, the high inflation and budget deficits of the 70s propelled gold from a low of $35 before 1970 to a high of $668 in 1980.
http://www.theepochtimes.com/n3/1299447-paul-volcker-gold-was-the-enemy/
Damn you, Put... er, anonymous Chinese guy!
"... investors dumped more than $500 million worth of bullion in New York in four seconds..."
WRONG.
No gold was involved. $500 million of digits were dumped in NY.
See the following. Shanghai Gold Exchange delivers more gold in 2 weeks than the COMEX does in a year.
https://smaulgld.com/shanghai-gold-exchange-withdrawals-week-ended-july-10-2015/
The sellers will never be found out because they are the system, our central banksters fucking us as usual.
Right. We'll find them right after we those guys who shorted the airlines right before 9/11.
A lifetime of mouth milking bulls to the culprit. Start with Corzine, Bernanke, Yeller, Bart Chilton, .....fuck this is going to be a long list to add to.
RIPS
there's a fucking paper trail
hey everyone let's not look at the paper trail because that would uncover the culprit
but lets all pretend no such thing exists, and that orders have simply vaporized!
oh my god who could it possibly be? i bet it's you!
Look someone HAS to be putting up hundreds of millions to do these naked shorts. Only the largest players on the planet can do that and afford to lose. It's a central bank somewhere. It would be suicide for someone smaller like a hedge fund.
only a sovrign can burn cash like that. some money printer.
"Look someone HAS to be putting up hundreds of millions to do these naked shorts. Only the largest players on the planet can do that and afford to lose. It's a central bank somewhere. It would be suicide for someone smaller like a hedge fund."
The power of CTRL-P remains awesome....until it isn´t. Your only defence against the insanity is to keep stacking. The miners are being sacrificed...because the Central Banksters have no choice. The jig will soon be up though. Make sure you are ready.
http://cdn1.bigcommerce.com/server800/a1191/products/328/images/568/FAKE...
The CME, COMEX, SEC and CFTC are the instruments of the central banks.
No one will be prosecuted.
No one will go to jail.
18 months from now you´ll see another obscure entity get slapped with a wet noodle and have to cough up a $200,000 fine.
I think that we should stop the hypocrisy and just have the funeral services for "Mr. Market"
Prakash Prakash...no picture...no informtion. Looks like the one episode long crewmember from a Star Trek episode who always ends up getting phasered when the shit hits the fan. Phasers set for kill.
https://www.youtube.com/watch?v=Mb7z1p6Dz80
..and Sigourney Weaver has never looked hotter.
Super +++++
I had almost forgotten about that, dear Frederic... Thanks for the reminder --
Who benefits?
And it's probably somebody with the word "Gold" in their last name.
I think some yid stole those tungsten bars.
Had to log in just to state what should be obvious, if you follow the Basic Principles of CSI Principles: Motive + Means + Opportunity.
Create a short list of Usual Suspects, apply all down-selection filters, and out pops... The FED and PBOC. The former keeps the Ponzi Casino going, and the latter gets PM at rock-bottom prices (if they don't go crazy with UST dumping).
Additional Beneficiaries include: India, the Saudis, Tel Aviv and hundreds of global cash-rich Oligarchs -- all of whom are buying with huge USD/UST reserves and all looking to "Whack & Stack".
If you got cash to Stack, good for you, have fun. If not, then it looks like you'll "Stay thirsty, my friend". And if you were a schmuck who overbought PM at the peak (2010-2015), then accept my condolences. You did not "buy wisely". Hope you learned something, and can stay solvent so as to not cash in your PM out of desperation.
p.s. The paper price of PM will be whatever the f*ck TPTB decide it will be, and for however long they decide it will last. No matter what ZH says. If prices keep dropping, the industry consolidation will continue in the PM mines, and "Big fish will eat little fish" (The cash-rich and solvent will buy the cash-starved or bankrupt for pennies on the dollar). IOW, the Self-Chosen Oligarchs will be buying the mines at Blue Light Specials that they created. Put another way still... these people will use/burn OPM (their CB, Bank or Mutual Fund fiat-money), so that they can personally buy PM mines for pennies on the Dollar. Welcome to Neo-Feudalism, Serfs, where out-of-thin-air Tertiary/Paper Assets are used to buy Primary/Real Assets from people and Governments!
Kirk out.
On one thing I agree, sell paper gold, buy physical gold.
Ironic that there's apparrently no paper trail for a $2.7 billion paper gold sale.
Washington, June 23, 1971.
SUBJECT
International Monetary Reform
If we are to change the current system or respond to crises in new fashions, there are several paths we could follow:
1. An economic solution could lie in “benign neglect” of our balance of payments problems, as George Shultz maintained.7 This, however, would thoroughly anger the Europeans and might be the cause of a general run on our gold stock, forcing us to close the gold window and initiate a U.S. float in the midst of serious international ill-will. It would clearly spill over into our political relations.
2. We could institute even tighter capital controls and perhaps institute trade controls, which I suspect might be Secretary Connally' s preference—it was the preference of the last Administration. Tough capital controls might be welcomed in at least some quarters abroad, but not in most, and trade controls would cause serious international repercussions—in the current political climate, they could decisively tip the scales in favor of protectionist pressures and trigger major trade war.
3. A doubling or tripling of the dollar price of gold, toward which Arthur Burns has in the past inclined, is one response to a crisis, though it would be ineffective over any length of time and would be very damaging to those countries (such as Germany) which at our urging have held large quantities of dollars. Their governments would suffer sharp criticism from a U.S. policy that doubled or tripled the dollar value of the reserves of the gold countries, while the value of their own reserves remained stable."
look no further.
Ironic that there's apparrently no paper trail for a $2.7 billion paper gold sale.
****
...and yet any time an average white man moves 8K around, it generates a SAR. Go figure.
The 8k figure is old school now. Algorithms are used in the analysis of Big Data which can find correlations with far smaller transactions. Innocent people withdrawing or depositing cash regularly have been caught in that new trap. We have adjusted our timing and amounts of cash withdrawls to compensate.
Obviously bigger is better, especially when you're in the club.
Miffed
Not just wrong, but wrong on two counts.
As you say, no gold was involved. The bigger wrong, though is -- no investors were involved either. Investors don't sell giant blocks at the most illiquid time of day, maximizing their losses.
If we are going to point fingers at culprits, the William Dudley is the first person on that list. He works for both the FED and BIS.
Look bud, GS computers have civil rights too.
I've been waiting for the COMEX to implode on failure to delivery for 10 years.... what's it going to take to get this gig speeding along?
Somebody that actually demands delivery, actually several somebodies since they restrict contract size, in theory, to prevent manipulation......
You mean like Germany? It wasn't necessarily on the Comex but you get the point.
Or how many will accept "delivery" of cash with a premium attached instead of the real thing. It boils down to faith in the "cash".
But once that starts, it will explode, regardless of any non-disclosure language in the settlement agreement. Blood in the water, sharks and all that.
Hate to break it to you cupcake, but it already happens every month. What an idiot.
Since you know this, can you share the size and history of these cash settlements?
Like you wanted me to produce 15 gaap rules:? get it yourself
Your comments on accounting were incoherent. It's bad enough in fact without throwing out a bunch on conflated word salad.
No, they were incoherent to you. I have a degree in acct and self admittedly never been one. Only Gordius was smart enough to get what I was saying.
OK.. calm down guys.. it’s not like you are naked and sweaty from the waist up and in an arena or anything....
well, I would go for a cage... :-)
Contract law is the tightest law in existence and "failure to deliver" is a major breach of contract with a very expensive outcome in court and the destruction of reputation if they drag it into court. Just publicly filing a breach of contract would likely kill the COMEX. I figure there are already secret settlement floating around....
are you suggesting that the rule of law applies evenly for every man, woman, and child in the united states?
lol
Evenly? Never, but this won't be minor league ball.....
The mention of contract law always fires off the last GM neuron I have left.
Who doesn't mind losing enormous amounts of (fiat) money by dumping huge quantities of (paper) gold all at once instead of spreading it out a little? Not anyone looking to use gold as a hedge. Also someone who thinks that enormous losses are great.
Someone who can print whatever cash is needed for the losses.
Washington, August 9, 1962.
SUBJECT
Why we need an interim international monetary agreement
1. To prevent and to counter speculation against the dollar.
Against our $16 billion of gold are outstanding $20 billion in short-term foreign dollar claims (half official, half private). This potential liability can be vastly increased if and when our own citizens sell dollars abroad for foreign currencies or for gold. Consequently we are constantly in danger of a speculative “run” against the dollar and the U.S. gold stock. There have been three runs in the last two years—one in the fall of 1960, one in the spring of 1961 after the revaluation of the Deutschmark, and one this summer ended only by your Telstar statement.[i] An international agreement, and only an international agreement, will make it perfectly clear that there is no profit in speculating against the dollar—not just the U.S. but all the major monetary powers together will be publicly committed to concrete measures to defend it.
2. To eliminate the whims and prejudices of currency speculators and bankers from the making of U.S. policy. The vulnerability of the dollar to failures of confidence means that the U.S. Government is not master in its own house. For unless the international financial community, taking its cues from Wall Street, has “confidence,” there can always be a speculative run. Thus Chairman Martin reported to you that the dollar's “bad press” is the reason the Fed moved to higher interest rates this summer in spite of the economic slowdown at home—in effect, New York bankers have learned that one way to get higher interest rates on their loans is to talk down the dollar abroad.
3. To allow the U.S. time for an orderly and constructive adjustment of its balance of payments. We cannot and do not seek to avoid the adjustments needed to eliminate the basic deficit in our balance of payments. Our basic deficit is not large, and it is declining, cost and price increases in Europe are slowly but surely working for us. The basic deficit is a danger only because its continuation may contribute to a speculative run. By itself it is clearly within our ability to finance for several more years with gold or credit—or to eliminate by drastic action. But hasty drastic action is what we want to avoid—we don't want to impair the defense or development of the Free World, or to restrict trade with new tariffs and quotas, or to slow down economic growth in the U.S. and the Free World. With the time which an agreement would give us, we can balance our international accounts in an expanding and liberal world economy.
5. To provide time to negotiate a permanent improvement in the world monetary system. Quite apart from the temporary difficulties of the dollar, the world payments system needs to be systematically improved: (a) to defend all currencies against speculative attacks, (b) to internationalize the burden of providing international money, which now falls almost wholly on the dollar, and (c) to provide for an orderly increase in world liquid reserves to finance growth in trade and production. A permanent agreement can be negotiated, and the necessary legislation (like repeal of the gold cover) obtained from Congress, only if the monetary system is in the interim defended against rumor and speculation.
6. Why a visible formal agreement is preferable to continued improvisation. The techniques which would implement an interim international monetary agreement are essentially the techniques the Treasury has been so skillfully developing this last year and a half. But the Treasury has been using these techniques on a secret, day-to-day, piecemeal, ad hoc basis. There are great advantages to a systematic, public, formal, multilateral agreement governing their further use:
(a) Without such an agreement, improvised expedients to avoid, postpone, or conceal small gold losses run the risk of impairing the very confidence they are intended to sustain. Even foreign governments may not have full confidence in unilateral or bilateral operations to which they are not parties.
(b) Without an agreement, the U.S. does not obtain—in return for gold sales and guarantees given to foreign official and private dollar-holders—any assurance that present unguaranteed dollars will not be converted into gold. With an agreement, we will receive a quid pro quo of the greatest importance—a “standstill” on conversion of present official dollar holdings.
(c) Only an international agreement, convincing to the public in its announced size, duration, and concrete provisions, can effectively defend the dollar against speculation. Confidence in the dollar cannot be maintained by our protestations alone, or by U.S. currency operations alone, no matter how skillful. The only way to send speculators permanently to cover is to have a clear public commitment to defend the dollar from all the major monetary powers. In the absence of such commitments from other governments, our best efforts to reduce balance of payments deficits and gold losses have not succeeded in sustaining confidence.
Walter W. Heller3
[i] Exert:
[ 6.] Q. “Mr. President, several times recently you expressed concern about the gold drain. Why does the United States, of all of the major nations in the world, permit foreign holders of its currency to exchange it for gold, and while this practice continues, even if we achieved a balance of international payments, would we be able to stop the drain of gold?
THE PRESIDENT. If the United States refused to cash in dollars for gold, then everyone would go to the gold standard and the United States, which is the reserve currency of the whole free world - we would all be dependent upon the available supply of gold, which is quite limited. Obviously, it isn't enough to finance the great movements of trade today and it would be the most backward step that the United States has taken since the end of the Second World War.
We have substantially improved our position this quarter, the second quarter over the first quarter. Our loss is down to almost a third of what it was in the first quarter. Our loss, based on the first and second quarter of this year, is about half of what it was last year, and about a third of what it was the year before. We hope that we can bring our balance of payments into balance by the end of next year.
We are not going to devalue. There is no possible use in the United States devaluing. Every other currency in a sense is tied to the dollar; if we devalued, all other currencies would devalue and so that those who speculate against the dollar are going to lose.
The United States will not devalue its dollar. And the fact of the matter is the United States can balance its balance of payments any day it wants if it wishes to withdraw its support of our defense expenditures overseas and our foreign aid.”
John F. Kennedy, July 23, 1962
It's so important to eliminate the whims and prejudices of currency speculators, isn't it?
yeah - the speculators of course being creditor nations dumb enough to lend the US something for nothing (FED notes) who suddenly realize they've been fucked and aint never gonna be re-imbursed in 1 of the only 2 forms of real money.......
whoa... now THAT was interesting.... :-I
.... whims and prejudices
at least there is none of that in our SCOTUS, the really really really really old lady looks to EU Law for her non-Constitutional whims.
but she has a couple of relatively youthful but unused estrogen cases behind her.
and a bought and paid for wimp running the circus
.. and it's a good thing we are not building bases like crazy in the Eastern EU.
..in my administration..SCOTUS service will be only a 10 year gig.
and for you that might not understand the SCOTUS acronym.. it means
Supreme Circus Of The United States of America
Or someone who can profit on the bounce.
You can bet that the fat finger is gonna be compensated one way or another.
you guys have gone from ridiculous to insane. The FED. Oh my, is that the best you can come up with? Not the fact that some company, who clearly can see the stops, and can make a boat load of money on shorts? But no, you go with the FED who can print all the money they want. Let me guess, now you are backing up the truck? LMAO. what a bunch of morons this place is filled with these days.
Wow, I read your bio. That is certainly an impressive resume' for a guy who writes stupid comments.
Yes, and this fuckan troll said he leaving ZH for good awhile back too.
Taking advantage of stops to the upside and/or downside is done to get better prices before reversal (by algos). This is pretty blatant price slamming which is no where near what you are talking about. Fairly obvious you know nothing about trading or how markets work (should work).
The Hunt?
Just look from where the next round of dead bankers is emanating from in the next 6-8 weeks!!
Both the Fed and the Chinease have good reason to tank gold, though for different reasons. Whoever it is, I thank you. I'm not buying to make a quick buck.
I find it very difficult to improve upon the first comment on this thread. The fucking mystery are the cocksuckers that hit the down arrow.
Who would want to 'demarket' real money???
Everyone who believes that you and i can benefit from holding real money.
Why bother searching? It's not like anyone in government cares, or will do anything about it, or will assess any meaningful penalty.
Kid of reminds me of a former boss: "We don't drug test you to see if you're on drugs. We drug test you to see what you're taking, so we can try some ourselves."
Flaming piles of bullshit everywhere. With a computerized system you know exactly who did what and when, that's why you have the system. You can bet it's a very big player, so they have to find a scapegoat and with a fucking this size it's gonna take awhile......
Oh its not a mystery to the right folks. It, however, is a mystery to the common citizen not part of the Elite NWO. The mystery will be solved when they want it to be. Common citizen being played like a fiddle.
The NSA can listen to any call on the planet or photograph a zit on your ass from three miles up. But selling a billion dollar's worth of futures at once is a total fucking mystery.
The only mystery are the idiots who believe it is a mystery. Who benefits? Occam's razor.
Another mystery - the funding trail for ISIS. The trail for all that oil they are selling seems to be totally hidden. Perhaps it is being shipped by off-the-books tankers like the one interecpted recently by the Russians in the Black Sea?
I doubt it was bullion that was dumped.
It was paper.
If you are a very large trader that wants to buy - first you dump heavily into a thin, illiquid market to force others to sell come the liquid trading hours - and at that point you buy in higher volume at the lower price.
The CB's have been doing the exact inverse in equity futures for years (buying in illiquid overnight hours to force shorts to cover).
Benwaaaaahhhhhhhhhhhh!!!
They seek him here, they seek him there,
Those Frenchies seek him everywhere.
Is he in heaven? Or is he in hell?
That damned elusive Pimpernel!
"which was oddly reminiscent of the great silver crash of 2011 when on May 1 just around 6:25pm, silver plunged by 15%, from $48 to $42 with no news or catalyst..."
Actually the historic illegal Silver plunge back in 2011 (that I watched in real time) was followed almost immediately by this news https://en.wikipedia.org/wiki/Death_of_Osama_bin_Laden
What does it all mean? I have no idea.
Yup.
Distract the sheep with 'big' news so nobody notices. Today they are even more brazen.
The massive sell off in April 2013 was the day of the Boston Bombing too. Both false flags to keep the PM story off the MSM airwaves, which is did.
was that in Abbotobad or Costelobad?
Where have you been hiding as Zero Hedge gets denuded of its best posters?
President fail's photshopped birff certificate also came out shortly before Osama was "killed" in 2011...
how many layers did the .pdf have before the black house idiots scrubbed it and put a .jpg up????????
I think it means Osama was wearing silver shoes which helped his fake dead body(again) sink to the bottom of the Indian Ocean. The CME reacted(of course) by raising paper silver margins 5x in a week and a half. Case closed? Don't want paper silver breaking to new highs(nominal).
< I like buying at reduced prices. I would be especially happy at $300/oz.
< I'm in a panic and need to sell right away before it drops to $300/oz
Please vote above
I thought silver was going to $200?
What happened?
it's still going there
chillax, dude
life's a journey, not a destination...
exactly, lets hear about the rampant manipulation and then scream that all of your money is gone (but at least its only paper money)......
This place is filled with true gold bugs and nothing else. Gold is an investment, not money, and it has been a very bad investment for 4 years now. It may turn and even break 1900 at some point if/when inflation kicks in but 90% of the people on this board will be too dumb to sell (For FIAT dollars) because its going to be the financial apocolypse.....
And gold to $2,000
Gold and silver dont go anywhere. Fiat will go down the crapper, capice ?
patience, grasshopper.. it will go to $1K
there is something about the topic of GOLD that seems to evoke the greatest theories of consiracy.
YES, it's possible that this was a BEAR RAID. it is entirely possible that someone deliberately tried to throw gold "under the bus" by pushing prices below a well known trading level in prices.
BUT it is also possible that someone was tracking Commodities, and decided that an important price level had been triggered. And so they dumped their commodities holdings, and also their precious metals. Possibly because of lessons learned from the 2008 experience with gold prices.
HOWEVER, markets rarely repeat themseves in a direct way. People who DUMP gold now, may be astonished to discover that gold does not plunge this time - during the onslaught of a new RECESSION/DEPRESSION.
And why not?
Well, how about WAR. Yes, good old fashioned war.
War is one of those things that's unsettling. It causes people to PANIC, and they have a tendency to rush into GOLD when wars happen. We haven't seen any sudden wars for quite a while. The wars in Iraq and Afghanistan were not "sudden crises" - they were pre-planned events by the USA. And the market priced them in. But sudden unexplained WARS, those are not priced in.
History does not repeat itself so easily.
"BUT it is also possible that someone was tracking Commodities, and decided that an important price level had been triggered. And so they dumped their commodities holdings, and also their precious metals. Possibly because of lessons learned from the 2008 experience with gold prices."
So they decided to dump $500 million at the worst possible time (low liquidity) all at once? This makes no sense, even if you want to get out quick you can spread your dumping a little so you won't lose millions of dollars for nothing.
I like the rest of your analysis, but to consider this dump anything but price manipulation is ridiculous.
Seriously. A market order for half a billion?
Oh, sure..
Every time I want out of a position, I just dump everything at once.
No redistribution.. just crap on the market with a few builion or so.
...must keep pm's low, paper high...
It's Elite based selling for one simple reason, COMEX says nothing.
In fact COMEX never says anything regarding the countless smashes we've seen over the last few years.
Selling like this brings any market into disrepute, it makes it look like a fucking mickey mouse casino. So if it was anyone who wasn't connected you can bet they'd be investigated by COMEX and slapped with some charge or another.
COMEX will therefore have been told to shut up and take one for the team even if it makes your Exchange look like a joke. The sad fact is that COMEX is and will continue to lose clients, I for one haven't traded Gold futures for the last few years and won't be back in a hurry. Physical is a different matter, there I'm a stacker, high or low prices, I stack.
COMEX is a joke and doesn't even abide it's own rules.
Pray the sheeple need another 10 years until they see through the smoke.
I said it before: B(i)S trading...
In addition this Crime Syndicate used Street.com and others to run the "China" seller narrative:
http://winteractionables.com/?p=23153
This criminal syndicate captured and co-opted some managed money spec funds run by little 25 yo kids set up with computers. These are dupes or foils, set up to deliberately lose Aunt Millie's money. They look and scour for open bids in thin, quiet markets which they hit, triggering the stops. You notice they rarely do this in normal trading hours. If the market is disrupted enough they may be able to cover most of their shorts without losing a lot.
The winner is the crime syndicate which then comes in and picks off the take from the volatility. It is all over in less than a minute., Then the presstitutes come out and create all kinds of lies and fictions around what happened, Chinese and BS like that. Gold investors at this stage are so traumatized they accept the fabrications.
Like a dog chasing its tail, somehow I imagine the culprit will never be caught.
How many aborted Black baby lungs does it take to by 1 oz of Gold now?
We really need a new way to track this on the exchange. Sure gold spot may be $1095, but that's only 21.9 sets of non-crunched Black aborted baby lungs
even though this hurts my portfoliod value...it does show me that what I am doing is right.....this manipulation is right out in front and center of everyone....and someday it will just fall apart......then we will all know we were right...right now it hurts...
Well since you're a youngman it may hurt. I'm an old fart and don't give a shit. I'm gonna make my kids filthy rich as long as they're willing to spoon feed me and wipe the slobber off my chin.
"even though it hurts my portfolio....it shows me what I am doing is right" - Look up COGNITIVE DISSONANCE. READ IT and LIVE IT>
Pretty sad they are so desperate they now have their contractors trolling for them. Must have all their murderous weapons fully inventoried or droned enough kids to earn some time off.
So now he can lecture us on Cognitive Dissonance.....where do they come up with these tools
They just hire some shady marketing corp which comes with it's own department of internet opinion manipulators.
Now it's really time to buy.
Also, 5y lows in gold yet not a single paper writes about the possible upside? What's the last time we hit a 5y low in the stock markets? But it's still a mighty fine time to buy stocks right? BTFATH and stop looking at the shiny stuff already
http://harveyorganblog.com/2015/07/22/july-22another-withdrawal-of-2-38-...
The zio media and our bankster overlords all work together to keep the donkeys bamboozled with bullshit.
America and Americans are being used until they're used up.
I heard it was the Chinese e-Trade baby...
https://www.youtube.com/watch?v=EbnWbdR9wSY
Why is it is only blamed on manipulation when gold drops?
However, it's now been 4 days, and the price of gold hasn't really recovered. Reality is that gold doesn't really have the widespread support or appeal it once had. We can see much less enthrallment with gold over the next few years (decade)
gold doesn't have widespread support or appeal?
clearly you've never been to india, china, vietnam. even europeans are starting to buy.
sounds like an american view. wake up and smell the coffee - america is a small portion of the world. get out of your backyard once in a while.
there is no free market for price discovery in gold and silver right now, and that's fine. it's a great time to buy, i'm buying at these prices, 475 oz silver bought this month so far.
Gold has appeal as jewelry, not as an "investment".
That's why the price will continue to drop over the next few years. If gold truly had as much "support" as you claim, then the price wouldn't be dropping.
You might want to actually read the article and other links before posting a bunch of fuckan nonsense pal.
member for six weeks
What's the going rate for this hasbara gig?
What is this Yellen's full employment plan. Hire "special" kids to post anti gold posts?
Joe Dumbassicus Americanus would rather trade a Hershey bar for a bar of Ag.
Americans have been made stupid by the Govt Education Sysytem.
The " Buy " signs are coming as we can see from the postings.
Well, for one thing, gold doesn't need to be "manipulated up." It's a scarce commodity. Second, nobody claims gold is manipulated down. They claim that paper gold is manipulated down. Ever see somebody dump $500 million in bullion or coin before? And, after 4 days, the price of gold *paper* has not recovered. Which allows the cash market price for gold to stay reasonably stable as demand for the metal has intensified over that same time frame.
Finally, and most importantly, these all-too-frequent thin market uber-dumps clearly show that it's stops that are the target. And if the sole purpose of the trade is to force others to sell at your benefit, is there a better definition of manipulation? In a better market, the spot and futures prices are symbiotic and arbed. Gold has lost that relationship and paper gold traders know it.
Am I wasting my time educating you? OK here goes.
From GATA
-- Was the Banque de France's director of market operations, Alexandre Gautier, telling the truth when he told the London Bullion Market Association meeting in Rome in September 2013 that the bank is secretly trading gold for its own account and the accounts of other central banks "nearly on a daily basis"? (See: http://www.gata.org/node/13373.)
-- Is the Bank for International Settlements telling the truth when it maintains in its annual report that it does the same sort of secret trading on behalf of its member central banks, trading not only gold itself but also gold futures, options, and other derivatives? (See:http://www.gata.org/node/12717.)
-- Is the BIS sincere when it advertises that it undertakes secret interventions in the gold market for its members? (Seehttp://www.gata.org/node/11012.)
-- Was CME Group, which operates the major futures exchanges in the United States, telling the truth last year when it told the U.S. Commodity Futures Trading Commission that it is offering volume trading discounts to central banks for secretly trading all contracts on its exchanges? (See http://www.gata.org/node/14385.)
-- Was CME Group telling the truth last year when it told the U.S. Securities and Exchange commission that its customers include governments and central banks? (See http://www.gata.org/node/14411.)
-- If central banks are indeed doing so much secret trading in the gold market and other markets, what are their objectives and might this secret trading be intended to manipulate markets, support government currencies and bonds, and deceive and cheat investors who think that markets are free trading?
There is a lot more documentation suggesting as much here:
http://www.gata.org/node/14839
And from right here on good old ZH the outrageous open interest positions of CITI and JPM.
http://www.zerohedge.com/news/2015-07-04/why-did-citigroups-precious-met...
Conclusion: There are no markets, only interventions.
http://m.youtube.com/watch?v=132lK9W28Ok&t=162
And O.J. is still looking for the real killer too.
It is all good as long as they can deliver it. One way or the other, someone will. And that was not a single incident. It was over a month of obvious slamming any rally leading into it. It was deep pockets trying to inflict pain for politics or paper profit.
Someone is selling gold-who cares.
I know. It has taken 2 years to move $200. Why you would waste time shorting gold rather than blasting copper is a mystery to me. They mine 20 million tons of copper a year and they have it stacked to rafters in storage. Every ounce copper ever mined is still above ground too. Copper should lose 90% of its value. And it would if it were priced the same was as silver. Long silver vs short copper keeps on working. The fed can't prop that copper crap up. The have no where to put it all.
the au price @ $1140 triggered the selling. what is the motive? then it might tell the who done it. like a murder case, it is a thriller.
It was the FED, all this speculation about the "bear raid leader" is just obfuscication to distract the sheep. You might as well blame ManBearPig for the gold raid, sounds plausible, right?
"The Dark Side clouds everything!" ~ Yoda
Nobody is dumping the phyzz
fuckin a right I want to see a cunt dumping 22 tons of phyzz, they know it would be a bad move
How about we water board a couple of those sons of bitches until we get the whole ugly truth?
Let's see anonymous hack them and place huge buy orders... or, make them sell 10,000,000 tonnes, that would be a laugh...
I'm guessing it was Navinder Singh Sarao.
Everyone knows it is Belgium
It will bite them as Russia and China place more orders for physical at these low prices....MOAR!!!
When the jig is up only Rothschilds, Russia, China, and India will have gold.
I am sure Rothschilds left LBMA when they got their fiill of all the BoE gold... at $290...
.. why bother with LBMA when you are full?
Oh, no. A lot of ZHers will have fizz.
No catalyst?? There's always a catalyst and the smart money doesn't sit around bloomberg reacting to jobless claims like crack heads.
Who? The answer to which “central banks and the BIS, and hence the CME, will guard at all costs.”
Of course they will; they are mere agents for criminal and useless classes. And so “guarding” constitutes giving “aid and comfort” to whatever damage done by such classes.
As long as we depend on existing forums of redress (prosecutorial, judicial, investigative, legislative and executive offices), there will be no redress.
All have been captured by such classes.
They will not punish themselves for genocide, general plunder, committing terrorist acts, or a thousand other grievances.
Oh, they might investigate a very innocuous misdeed; and prosecute a lowly bureaucrat, send him/her to a federal country club for 2-3 years; then release him/her to enjoy the booty he/she stole. See how they treated me, and then John Gotti, a MAFIA assassin – two actions, I believe, that could not be more opposite.
As I have noted many, many times, redress in only available thru First-Amendment assemblies – the only historically-proven method by which privileged cutthroats and thieves have ever been brought to account.
Our problem is that, while Americans have this power, almost none know it.
Are you related to Uncle Paul?
https://twitter.com/thepaulhargis
The mystery buyer could be anybody ... but the money for that shorts comes from the FED. What is the absolute obsession with the who? It's always about the who and never about the what ... just like the flash crash, find the brokerage who sold or the guy who spoofed, we found the who so we don't need to delve into the why or what ... just so much more smoke and mirrors.
Well what a surprise. Asians buy more when the price drops unlike westerners who buy high and sell low.
http://www.business-standard.com/article/pti-stories/falling-gold-prices...
Usually when gold drops it indicates a deflationary condition is developing but with all the manipulation who knows? And really.... who cares. I sure don't.
Those who price gold in fiat are the suckers. Never buy physical for the sole intention of making more trash paper. It's simply an insurance policy to preserve some of your wealth.
I'll bet every anti gold poster here has several insurance policies.
Did you get them to 'make money' or did you get them for emergencies?
This is all so f**king contrived. Nanex has the data; CME has the names associated with that data. Only when CME gives up the names to the data will the answer appear quite quickly. That CME data is more closely guarded than the formulas to Pepsi and CocaCola. The people who control CME are your closest agents to The Great Red Dragon (Serpents, Snakes in Suits, squid, whatever).
This is bullshit. You tell me that no one has any way of identifying the person(s) who did this? So - then it could have been a Sasquatch hacking the system from his tree house in the Adirondacks for all they know. I can't believe that someone who operates the system doesn't know.
Of course "they" know. But to reveal the source is to reveal the Cartel behind the Scam.
The shit is on sale. Buy up!
So, if the orders were from western sources, and occurred at the open of asian trading - perhaps it was a strategy to smash the price, in order to extract the most gold possible from those who had used it as collateral for asian margin accounts.
http://economictimes.indiatimes.com/markets/stocks/news/Chinese-househol...
may I add "rehypothecated" collateral ?? I might also add this looks like a witch hunt by PBOC for the disappearing capital.
Gold is gold. Paper is paper. In this game, their oblong of green paper does not cover my rock of solid gold. I don't care what "they" say my solid gold rock is worth in their dollahs. Their paper and my gold are 2 different things and their paper is worth less with each passing hour. My gold rock is still solid gold. They know it too.
I just ordered moar Kilos of Ag.
Which way does the snake wind its way though...? There are at least (4) entities that could possibly play a role here; The BIS, the Exchange Stabilization Fund, Treasury and the Fed. More...?
Ahhh Pthuu!!!... *****sound of me spitting on bankers' rotting corpses*****
When do options expire?
A gift to the common and middling it be.
There is one important question: Is your stack still lost at the bottom of the loch???
The FedRes has put gold on sale.
Get it while you can.
Liberty is a demand. Tyranny is submission..
Guillotine the Fed. Audit the heads.
Sorry, only nuts care about gold. The "pet rock" analogy is correct.
Yep. When the price is going up, Nuts say "it's a great investment", when the price is falling (and they are losing money), they say "it's a great time to buy".
Yep. And both of you are hopeless fuckan buffoons.
Say what you will. But we're still right.