And There's Your Perfectly Leaked Explanation: CME Hikes Gold Margins, Again, This Time By 27%
Two weeks after the CME hiked gold margins by 22%, and two days after the Shanghai Gold Exchange sent them higher by 26%, here comes the CME, as we expected, with another 26% gold margin hike (previously: "Should we expect 3 more SGE margin hikes in the next 2 weeks? Or will the CME rightfully accept the baton and do everything in its power to dent the parabolic rise in the alternative reserve currency? We are cautiously looking at what the CME will do today and will advise readers."). And now we know that this particular margin hike was leaked well in advance, and explains the entire $100 plunge in gold today. And as a reminder, the August 1 CME margin hike worked... for about 30 minutes.
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So I guess they will hike it few more times, just like they did with Silver back in May?
maybe
+ for Turd. Who's junking this guy? He's a godsend.
Thanks.
CME = Criminal Metals Enterprise.
Fuckers exist as a proxy for the US Gov't to play monetary games such as, devalue a currency, steal from the common individual, and "show" subdued inflation. All part of the master manipulation game that goes on daily.
Keiser Report: Bankers & Aliens (E175)
From: RussiaToday | Aug 23, 2011 | 23,008 views
http://www.youtube.com/user/RussiaToday#p/u/13/pudykXGTDtg
This week Max Keiser and co-host, Stacy Herbert, notice that looking back is not an option when all the evidence is destroyed by the SEC and Max tries to explain the gold / Treasury conundrum. In the second half of the show Max talks to Catherine Austin Fitts about exponential fraud and the financial coup d'etat.
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Don't Trade Anything NYC ...
Fucking you know what's ...
SEC should investigate Allegded Margin Hike Leak at the CFTC ???
Hahahahahahahaha, Like that will ever fucking happen ...
Jackson HOLE = Bung HOLE ???
Blythe is going home in a bodee bag!!!!
Buggo Chavez called, he wants his gold back. BEEEEEEEYOTCH!!!!!
Bastards. Let's just go cash and carry on everything. No more of this bullshit where you can short three years' supply worth of gold or silver production if you happen to have a J and a P in your company's name. Yesterday I work my "Kiss my ass, JP Morgan shirt. I want to drag that thing out of the dirty clothes pile and wear it again." Fuckers. At least we get PMs on sale for a few more days.
Seems like perfect cover for the Bernank to be able to monetize more shit. He'll have to make the markets drop tomorrow and Friday to get it done, though. And Krugman might need another earthquake to explain why his buddy Obama needs more stimulating from the economy or stimulus of the economy or whatever.
A-Holes at the J-Hole.
https://twitter.com/
- @Nouriel Ah yes, the 600,000-1.5 million jobs that Christina Romer "saved or created" http://t.co/PHsKCHa
zerohedge 7 minutes ago- Academic studies of stimulus show it prevented the Great Recession from turning into Great Depression 2.0 @zerohedge: @Nouriel like ARRA?
Nouriel 12 minutes ago- Because here is how ARRA worked out... http://t.co/o2MC03m
zerohedge 16 minutes ago- Yes Crisis Economics book on Kindle and also in tree-chopping version "@zerohedge: @Nouriel Is it available on the Kindle?"
Nouriel 20 minutes ago- @Nouriel like ARRA?
zerohedge 21 minutes ago- Ec101:Stimulus preventing DD double dip reduces debt surge caused by DD @zerohedge: you should inform Krugman about the benefits of leverage
Nouriel 22 minutes ago- @Nouriel Is it available on the Kindle?
zerohedge 25 minutes ago- Read my Crisis Economics on leverage & financial instab in Keynes/Minsky @zerohedge:47x leverage which voodoo keynesian have no problem with
Nouriel 26 minutes ago- @Nouriel Perhaps you should inform your colleague Krugman about the benefits of leverage
zerohedge 27 minutes ago- Have plenty of prob with that & ANY excessive leverage @zerohedge: leverage on ES/E-mini is 47x which voodoo keynesian have no problem with?
Nouriel 33 minutes ago- Margin requirement for ES is 5000 initial and 4000 maint with daytrading rate at 25% of initial
zerohedge 35 minutes ago- Margin requirement for GC is now 9450 initial and 7000 maintenance. no daytrading rebates
zerohedge 35 minutes ago- Margin requirement was 5500 for Comex100 gold futures » 32x @zerohedge:Also initial+maintenance leverage 4 gold is 16450/175900 which is 11x
Nouriel 38 minutes agoTruthi-u guyz b an internet MACHINE!
Howz that for real-time commentary?
A Greenie for all y'all.
- Ned
Lol!
Roubini is melting down on Twitter, claiming that anyone without a Phd in economics is a know nothing, and taking personal offense at any questioning of the Church of Keynes!
@NourielNouriel Roubini
Patethic democracy of Twitter/Blogs: any ignoramus/wacko/hack without even Econ 101 feels entitled to spew pompous nonsense on Keynes & Econ 19 minutes agovia Twitter for BlackBerry® Favorite Retweet replies ?he (@Nouriel Nouriel Roubini )only wants to engage someone who is to polite to take him to task, like Tyler.. God Love Tyler.. but he really is to, too fucking polite.
Now to piss Roubini off, people should basically talk about how he apparently despises things 'democratic.'
Roubini would make a great despot.
It won't be pretty when this thing burns, and everyone will feel the heat, but I for one, will enjoy the hell out of it.
Roubini is just positioning himself for a position on Obama's now defunct economic team. Paulie K is going to be on the right side of BO but NR is trying to make a run at it as time goes on and he keeps talking/texting/posting.
But really no one, I mean no one, can beat Paulie K with his alien savior movie coming to a theater near you.
Ya, and we all know all about them "Economic PhDz".
Piled higher and deeper.
- Ned
(dang, I'd kinda liked ol' roob, but probably his ... oh nvm)
I've been looking at the Silver Chart, the daily bar chart; and I'd like to change what I said earlier. It looks like Silver has already corrected; the silver and gold markets diverged dramatically a few weeks ago, as you know. Silver touched $39 today which is a perfect bottom of the up-trend channel, (the way I do it, anyway). If you can buy it tomorrow for $39/ or $39 and small change go ahead and do it. This is contrary to what I said previously about waiting for further downside move. Of course, this is only an opinion; I may be wrong. But it looks like Silver is already done correcting. Gold could trade at $1700 without damaging the up-trend; whether this will occur or not, I don't know. I waiting until tomorrow morning; I may buy silver then; if so I'll post that. The price is supported very well right now in Hong Kong.
This comment is a perfect example of the consipratorial nature of the "precious metals" community. Whenever they lose money investing in crazy doomer gold stocks or looney compression trades, they invent a conspiracy theory to cover for their complete lack of real economic education. Read some Krugman and Stigletz, and you might actually learn something useful for a change.
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OK Genious ...
When was the last time the CME raised Margins when the GOLD Price was in constant Decline ???????????????
The CME raises margins all the time when the metals are falling. In fact, they raised margins 5 consecutive times while the price of silver was falling. That is pretty obvious evidence to me that there is NO manipulation in your precious "precious metals" market. You are just upset because you are an ammature trader who refuses to get a real economic education from the masters in the field. You have chosen to take shortcuts by listening to the lunatic rants of doomers like ron paul, and you are now paying the price for your ignorance.
...ridiculous
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Aren't you confused, they RAISED SILVER MARGINS 5 times recently when Silver was SOARING ===> AT $50/ozs...
.
Plant ???
.
N'uff time wasted...
Ah...no...you got that entirely wrong.
He did get his leg pulled a bit there... but you and over a hundred others knew what he meant.
interesting, can you post the dates and amounts, but technically, it should be reducing margins in a down, if raising them in an up, to maintain stability.
anyway, i'd like to see the comparison, post some stats to go with that,
Performance bonds rise and fall in direct response to risk, they work this out using the "dollar value of risk". So when the dollar value of risk falls or rises the margin is adjusted in line. The margin is only adjusted in response to increased vol regardless of the direction of price. You asked about silver; the dollar value of a one standard deviation move in silver is calculated as
price * $5,000/contract * 21-day standard deviation
Below, look at the chart plotted along the life of the silver hikes, you will see as the dollar value of risk rises, the margins increase, irrespective of the direction.
http://i51.tinypic.com/294ifbb.png
This is the underlying principal, the version they use is more complicated, i.e they use a bank of “what if” arrays with worst and best case scenarios(i.e adjusted implied volatilities, size of possible moves, and size of standard deviations) then minimize or maximize to get the margin.
Admittedly this leaves room for subjective interpretation, but with respect to the moves in gold, if anything, they were holding back from margin increases(the standard deviation has never been higher on gold) - the worst case scenario played out so the hike was inevitable…when the moves start to approach 5% per day, it’s a sure thing. The article above states that the hike was telegraphed, this is just absurd as anyone using CME’s SPAN software(anyone can own it) would have worked out that a margin hike was overdue. The price crashed because it was a vertical bubble, it bubbled all the way up to $1900, I mentioned this the other day and one guy here said “the gold market laughs at my parabolas”, indeed, it laughed so hard it that it fell over. They dont call them goldtards for nothing.
you are missing the point, regardless of the mechanism or calculation, they are raising rates supposedly to reduce the upside speculation. Increasing an investors costs to prevent to quick a rise by shaking out weaker hands.
On the downside they should be reducing costs, to bring more money in, and prevent collapsing values.
So, you didnt post what i asked. Post the days and amounts during the rise, AND SINCE. I absolutely think both silver and gold got ahead of themselves, and needed corrections, everyone saw that coming. The issue in silver is what was being talked about, and are they controlling the market. Whole bunch of quick rises to keep the price in line, and how much reduction in the nearly 6 months since, of no volatility.
Lets see a chart of March to September, and nothing else....
NO You are missing the point of margin hikes, the hikes are to cover the exchange and clearing houses from risk; if they have 2000 accounts that will blow up if another 5% move happens, they will act to cover themselves, they would not want to be chasing people for margin calls, it puts the exchange at risk(the CME has not defaulted in 100 years), a lot of guys just dont pay margin calls. They decide if there are likely to be continuing large moves in an asset, and then work out how much accounts need to be capitalized using the methods i have mentioned. This works two ways, up and down, the direction does not matter. The day silver tanked everything fell, from oil & equities to currencies and yields, everything got the chop, there was a sharp turn in risk across the board in all assets and it had fuck all to do with silver. Silver got hit hard because it was a purely speculative bubble that had over run its fundamentals by a stretch.
As for all that data you requested, i think you will find that Google is a handy tool, i think i have been generous enough with my time. You are asking me to post figures just to quell your paranoia(it wont work), i have better things to do, and if you thought about what i have already said you wouldn’t need it. If you want to go through life thinking the CME are evil that’s up to you. Remember, they can only kill the price if the(SPECULATIVE) contracts belong to them, if you want to trade metals buy physical.
Here, you can find all advisory notices with this link, you can chase up all the margin hikes and decreases yourself, im done. You can also have a look at the software used to determine the hikes on the second link. If you think you can prove something tell the authorities.
http://www.cmegroup.com/tools-information/20110217_advisorySearch.html#
http://www.cmegroup.com/clearing/risk-management/span-overview.html
Krugman is the doomer, and international man of ridicule. Says we're all going to die if we don't spend another $1-2 Trillion. Brilliant. The last one worked worse than if we'd done nothing at all -- by their own prescribed numbers.
The same sort of strategy has also done wonders for the economy of Spain the last 8 years, unemployment 22%. Stigletz at least admitted privately we'd have 10% unemployment for years to come -- and that was in Spring-summer of 2009, before it went over 8%.
Are you an "ammature" speller?
Are you an "ammature" speller?
Hey master of the universe it would have been real good for us Amateurs (correct spelling) if you had called the drop for us three days ago.
I'm good with my positions what about you?
For the record, what happend to the devils metal was this:
it fell $6 in minutes overnight when half the world were on holiday and america was celebrating the pretend killing of osama bin dead for 9 years
CME then had to raise margin requirments as per the rules on volitilty - so all the spec longs had to liquidate their positions
so the mystery is not so much the margin requirements; its what happened when silver mysteriously fell $6 in minutes...lots of people all going down to the coin shop and cashing in profits? well not exactly.
it's so easy to find the trolls now, just look for -50
Isn't it amazing how the CME raised margins when the drops were HUGE. What kind of a coincidence is that in a market that has ALREADY been exposed as being manipulated AND where nothing was done about it.
It's open season for the thieves.
Yeah. Leave the metals alone and go back to trading ammatures.
(long or short)?
I love your pic.
When you take a shit, do you have to hold your balls to keep them out of the water?
Let us break down this comment just a bit. The first and second sentence doesn’t bother to reference a date, just makes a blanket claim with no evidence. It's so vague that I fear you could be talking about the same thing as the person you are trying to ridicule. If margins are hiked drastically on Silver after a 10 day bull run and the PM’s value falls, and then they hike it again 2 days later while it’s still declining, do you consider that margin hikes in a declining market? If so you are a short sighted fool. Then you claim that is obvious evidence that there is NO manipulation in the PM market. Really? PM’s manipulation has been documented to come from several different angles. There is an entire website www.gata.org dedicated to gold manipulation for over a decade now. Finally, you attempt to then call PM investors amateurs that are paying the price for listening to people like Ron Paul? Really, you say that in the middle of a decade long PM bull run? Do you even know how well Ron Paul’s portfolio has done over the last 15 years? I guarantee he has outperformed the so called masters you are referencing. I think his worst return on a PM stock over the decade has been 300%, his best being over 2000%. Thanks for the laugh. When I see comments like yours it only reaffirms my belief that the smart money is in gold
I suspect that 'million dollar bonus' was paid in Zimbabwe dollars.... we've got an aspiring Wall Streeter defending the system he so much wants to serve - while being paid as part of an astroturf effort defending the status quo...... newsflash - Wall Street is laying carbon baseed life forms off and using silicon to do all the work now. You'll still be living in your parents' basement - Pace MBA or not - ten years from now (IF their house isn't foreclosed on).
I've worked on Wall Street - and for various 'quasi-governmental' agencies. Things have been BLATANTLY rigged since the 'Plunge Protection Team' came to life under Saint Ronnie (though markets have been manipulated to varying degree since stocks were traded on the Street outside taverns.
i gave you a Plus just to piss everyone off. too much consent is intolerable, bitchez!
Are you human or machine?
Are things that so slow over at OFA? Or are you rooting for Krugman's Space Alien Invasion?
Gold is the ultimate bubble as we soon shall see.
Well, my biggest bonus ever was less than 200K, but I know how to spell amateur, even without studying the masters.
"ammature" Really? Your total butchering of the word "amateur" just discredited anything you had of value to say, if you had anything at all.
John
Million dollar dumb ass
LOL, like I said. Their hands were tied people. They had no choice. The stock market...uh... I mean, gold was like all over the place. So was silver. I mean, seriously, it was like all over the place. I have a PhD! Don't question me, ignoramouses!
Who cares?
You need to take into account that not everyone buying gold right now is doing it because they have lost faith in the US dollar- I'm sure there is a sizable percentage that are just speculating on it because it's in a bull market. They might buy on margin, and be either unwilling or unable to add cash to their position, or just be taking profits out. For all I know, they're doing it to buy shares of AAPL- there is just no telling.
All it means to anyone saving in PMs, is that the price goes down, which is a bonus. Apocalypse money shouldn't be leveraged, unless you have a crystal ball that says it's coming before the first payment is due.
Let 'em do whatever they want, all that is really happening is that people are shuffling paper and electronic bits around- it doesn't take ounces out of your safe, and actually allows you to buy more.
All of the bitching about margin hikes is a logical fail. If you are claiming that paper currency is becoming worthless, and are using PMs as a hedge against that, there is no reason to be concerned or care about margin trades- they have no power over you. Anyone intending to take physical delivery should already have the cash needed to pay off the contract, so meeting the increased margin is a non-issue, right?
you sir, are hilarious
Gave you a point for humor. You were joking, right?
That is an AWESOME avatar!
+2 on the Avatar - Damn.
Please allow me to introduce myself,
I'm a man of wealth and taste.
I've been around for a long, long year,
Stole many a man's soul and faith :)
Awesome avatar
Thank you, thank you, thank you, thank you.
You win with the peep-show avatar!
Pah....typical seductive Jewess. Destroys all capacity for rational thought.
Dear Mr. MillionDollarBonus,
I have read Krugman and many other pinnacles of modern financial and economic thought.
I'm just thankful that I followed their advice when I sold my home and put my money in the broad indexes. That's right, I didn't. I'm not down 33%.
Following my conspiratorial nature I put all my money into silver at $6 and gold at $340. It's been really rough so far. If you really think I should, I guess I'll sell it all and put it back into equities and good old USDs.
High five, Luxy!
I read Paul "E.T." Krugman today. He wrote individual businesses don't know anything about creating jobs, they just know how to expand their business. And all this time I thought jobs might be created by someone expanding their business. Silly me. And to quote him in regards to businessman, "never having to confront the feedback effects that are at the heart of the kind of problems an economy as a whole faces." Does he mean the feedback effect of the policies corporations implement with the backing of economists like him and other globalists?
I know more than a few small businesses that would LOVE to create jobs but they CAN'T GET CAPITAL.
Someone wanting to start his own Heating and Air Conditioning business - has commercial customers that WANT him to break away from his ineptly run employer has suppliers willing to front him credit BUT NO BANK will loan him a cent - even though as a vet he's supposed to qualify for govt backed loans. He went through a long application process with one bank only to be told 'We don't make small business loans' - SO WHY DID YOU TELL HIM TO APPLY?!?!
A local gun shop has been trying to expand for years - and refurbish their indoor range. They've been in business for DECADES - not much in the way of local competition. BOOMING business (I wonder why?) and a loyal law enforcement clientele. Can't get a loan from anyone.
A friend has been trying to sell an autobody repair shop for 3 years - wants to retire. Good established business, modern shop and spray booth, great reputation and steady business from insurance repairs and a specialty niche in restorations. He's had a half dozen interested (and qualified) buyers - NONE of whom can get financing.
The TRILLIONS of dollars being thrown out of helicopters are going ONLY to WALL STREET.
Main Street is getting screwed.
And those low mortgage rates are a joke. Banks will take your application fees but somehow find an excuse NOT to make the loan. A friend putting 40% down - with a six figure income - was told he'd have to pay 2% more than the initially quoted rate. I looked at refinancing - with the same big bank that holds the current mortgage. Owe less than HALF the original amount on a house still worth 4 times what I paid (bought with 20% down on a fixed 30 year and refied - and have paid ahead on a 15 year. They collected fees and then found 'problems' - things that existed when they wrote the mortgage and which are being dealth with (am spending six figures on major renovations - and was doigng so OUT OF POCKET). I was NOT looking to take any money out of the house - I was looking for a lower rate to pay down FASTER. But they won't write a new mortgage at the currently quoted rate. Fine. Told them to drop dead and took the money out of the existing home equity line. Was going to pay off everything early but screw it.... I may max out the home equity line and invest in silver. Would have doubled my money if I'd done that a year ago.
BOTH Political parties are slaves to Wall Streeet and the Banks - and they're being paid off with OUR tax money which has been funneled to them at 0%. Not a bad deal - the banks get trillions in TARP funds and 0% 'loans' in exchange for a .05% kickback in campaign contributions.
Hell of a post. I hope you are wrong. I am trying to get a loan right now and I am afraid all that is happening is that they are collecting application fees. My down payment will probably be over 60%.
monetary policy is just fiscal policy for the people who work on wall street. that is all. move on folks.
But when all the businesses can't afford to operate and have to sale for pennies on the dollar and the banks swing in and buy, maybe the previous owner who put time, sweat, personal capital, and pride into making the business a success in the first place can work there. See, banksters care about the little people.
How impossible is it to talk to a group of people that are not bank, but still have some dough? Seriously? I am not an economist, I am not an investor, I just don't understand: why go to the bank, if banks are cheating, enslaving hacks anyway?
Talk to humans directly. Raise CASH from your potential or actual customers in your immediate area. If you are so sure of success, if they want you to succeed, how hard is it to finally dump the banks altogether and deal with the people you are allegedly going to improve lives of? They don't trust you? Well, maybe you are not as good as you like to think. You can't convince them? Well, go learn the skill. Sell your property. Ask. Barter. Take risk. Learn to live without banks, or you will be screwed till the end of times by those who you are delegating your risks to.
It's not about bad, greedy banks that won't loan money - it's about human spirit. Take responsibility, stop making excuses, find a way, use your head, or others will keep your balls.
The gun shop/range should start a club, make NRA membership a requisite, and get the range refurb loan from the NRA.
How high will these negative counters go...??
I say we find out on MDB's posts here...
I for one don't gain or loss anything, till I sell. Oh; I'm not selling here, but will buy a little more if gold falls to $1655. Would buy here, but I'm running short on cash, and don't have the stomach for margin.
Gold and silver have gone up 20% y.o.y for over 10 years versus the dollar. Enough said. Now curl up in that ball again and keep trying to blow yourself.
MillionZimbabwe Dollar Bonus,, you must be kidding. Krugman recently suggested that if the east coast earthquake was a bit stronger, the increase in damages would result in a higher GDP due to rebuilding. So why don´t we nuke the entire country and rebuild from scratch, yeah that will boost GDP
That was a "fake but accurate" hoax.
Krugman vs Krugman
Hack editorialist Paul Krugman attacked Jim Bunning last week for blocking the extension of unemployment benefits. Krugman said “What Democrats believe is what textbook economics says”, namely that the government should keep paying unemployment benefits.
There’s just one problem. As James Taranto pointed out, a Nobel Prize winning economist has written a very popular textbook that points out exactly what Republicans are saying — “Public policy designed to help workers who lose their jobs can lead to structural unemployment as an unintended side effect . . . . Generous unemployment benefits in some European countries are widely believed to be one of the main causes of “Eurosclerosis,” the persistent high unemployment that affects a number of European countries.”
The author? Nobel Prize winning economist Paul Krugman and his wife Robin Wells.
Dude, you're a fucking idiot. Pull your head out of the books, stop believing in Santa, and observe the way things work.
You sad, stupid Krugman sucking sheep.
Looking to Krugman or Stigletz for economic direction would be like asking Barney Fife to load his bullet and to give us a marksmanship class.
You're obviously a flaming retard.
Its not the SEC that governs COMEX, its the CFTC. Their are 5 commisioners and their names are Jill Sommers, Michael Dunn, Scott O'Malia, Bart Chilton, and Chairman Gary Gensler.
Send them an email and let them know how you appreciate their regulatory efforts..jsommers@cftc.gov ; MDunn@cftc.gov ; Somalia@cftc.gov; ggensler@cftc.gov Chilton, Bart
Remember, if you can't talk about "them", "they" own you.
Can somebody possibly explain the recent slide in silver?
That is my question precisely. Not just silver, but all PM tracked Gold today. How does a margin hike in Gold translate to selling in all other PMs in every market? There is more to this story.
That's not a "slide" that's an airstrike! Has nothing to do with the gold "price" and everything to do with JPM's short and CME OPEX tomorrow.
I can't believe folks are actually flipping out about this shit. Ooooh, PMs fell 5% in a day! Yeah - after going up 15%. JFC, if you bought two weeks ago you're still way in the money.
Damn - I bought a shit-ton (not really, but it felt like it) at $800 and took a long f'n time to break 1k. Some of the newbies around here need to learn some patience.
At the rate these asshats are raising margins, they're going to be holding reigns on a cash-only market within 6 months. And that nag is going to be one bucking beeyeotch.
If you wanna get in while the gettin's good, there aren't too many more shopping days until x-mas pals.
Please keep saying this in caps. That's me all over...but a day like this still hurts and its hard to remember where you've been sometimes. My bad. I'm alnost 50. I should be better than this.
I'm not sweating it. Those margins hikes simply clean out the short-term speculators and leave the PM market to investors. That's bad in a bear market, but good in a bull market with strong fundamentals.
It's especially good when they do this right before the Asian buying season. India and China is going to come in and buy up a HUGE amount of physical at a discount. That will put a floor under the gold market and we can start moving up again.
This is no big deal except to people that want to get mad.
Slide in gold = political cover for TPTB's need of fiat to control the sheeple, also a cover for...
Slide in silver = protecting JPM from melting down (rumor is they spontaneously combust at any sustained $47 price, but I have no specific knowledge of the same)
Slide in platinum, et al = just along for the ride driven by 1 and 2
BTW, like the avatar - big fan as a kid!