Silver Flash-Crashes As Japan Opens

First it was gold last week, then it was half of Nasdaq on July 4th, and now it's silver that is taking it's turn in the 'glitch' camp. As Japanese markets opened tonight, spot silver prices crashed around 6% in a few seconds only to instantly rip back higher...

 

 

It appears someone was in a hurry to dump over $450 million worth of silver futures...

Comments

aurum4040 AllThatGlitters Fri, 07/07/2017 - 02:35 Permalink

I can't believe there are still plenty ZH who follow daily gold and silver price movements at this point. Gold and silver are dead and have been for a good while. They won't go anywhere until the next serious crisis. And even then they will be absolutely crushed because of margin calls. Interest rates are still ridiculously low and hasn't gone anywhere but down for 6 years. Of course the market rigged and it will stay rigged. As long as it's rigged, price will never be higher then $2k. Hold very small amounts of physical,, slowly and very slowly accumulate, hold small position in NUGT for the next run, and that's about it. Terrible, terrible money making investment considering all the other trades out there. 

In reply to by AllThatGlitters

crazybob369 Deathrips Thu, 07/06/2017 - 20:27 Permalink

I was thinking that to. How quickly would JPM be able to dump paper contracts and buy phys. Guessing a minute or two would give them enough time. So, some quick math: a silver contract is 5,000 oz. I’m guessing to make silver drop $1.80 in a minute you have to dump maybe 1,000 contracts (5 million ozs). So you drop 1,000 paper contracts, immediately pick up 5,000,000 oz of physical watch price climb back up  by about $1.60, make a cool $8mil in a matter of minutes.  What a racket!!

In reply to by Deathrips

tmosley Thu, 07/06/2017 - 20:14 Permalink

6%? I have a low of $14.27 on kitco.Won't bother to do the math, but it seems like more than 6%.Reminds me of the Sunday Night Massacre.