Well two critical points just broken Shortly after finding support above US$35 the Silver price got smashed down 62,500,000 ounces of Silver dumped by the Cartel in 15 minutes to crash the price below US$35 2x the USA's annual Silver production http://www.youtube.com/watch?v=775-z2Zogyo&list=UUx40BzxnECFN6TpwR84zyfg&index=5&feature=plcp - Original source from ZeroHedge Now just minutes ago we got to the support line at US$34.10 and looked like bouncing up and now BAM second smack down I wonder how much got dumped on this one and how many more are in the works?
Yeah but to me there are 'pullbacks' and there are 'smack downs' What would any legitimate trader have to gain by aggressively dumping in such a small time period they wipe out all the buyers? If it was a legitimate attempt to take profits wouldn't they at least wait for the market depth to recover before trying to sell more?
From our FX desk: SILVER - very choppy... margin stop loss run to from 34.10 to 33.60 low .. and next back to 33.95... liquidity very poor on this monday start...aud low 1.0414 Basically, margined futures longs were stopped out due to a margin call...
Stopped out starting at 34.10, someone must have still started dumping around the 34.25 mark then to trigger the calls, I'm still very interested to find out who started dumping or at least at what levels, would have thought the Fund Managers may have taken the opportunity to go long based on the TA. Hey BTW do you know how people are getting the figures for amounts shorted before the monthly COT release?
The momentum we've had in the last month was a clear indicator that we were heading over US$35-37.50/oz as established support before any subsequent leg higher. The JP Morgan short positions are all currently in a tight range around US$36, after which point they seriously begin to go into the red. Aside from the obvious disconnect between real physical silver and the paper silver contracts which have no tangible relation to actual underlying silver - someone on Silver Doctors this week pointed out yet again that there are no movements reflecting the quantities of silver for example on this weekend's smackdown. Yes there are a few deliveries in & out of HSBC, JPM, Comex & LBMA - but it can only be a fraction of what's represented on the paperwork... so... where is all that phys? Has anyone seen it? An amount equal to 50% of US annual silver production is there on the contracts for Sunday isn't it? That's in addition to the 62,500,000oz on the 21st... Er... HELLO!!! It's a scam. It's illegal... and it's absolutely necessary to delay the decline of the US$. It's government- and central bank- endorsed, it's approved by all the major political administrations complicit in the fraud. It's concerted, it's orchestrated and it's effective. I said the week before last to watch out for a smackdown, to buy the dip and that it'd probably happen on a weekend or public holiday - OK, I was a week or so out - but it's easy to figure out the predictable pattern we're now used to. Use it to your advantage. x ps - It was 3,297 contracts = 16.5M oz - that's 50%-ish of annual US production on Sunday night
Where do they get this amount? Do they drop it then trickle purchase it back again so it doesn't rise too fast?
VRS your post makes a lot of sense. But, what will have to occur to get us to a point where the smackdowns no longer have effect?
fed prints money and give it too the banks... I am sure part of that deal is they MUST short PMs, so PM manipulation will end when the dollar does
Let me let you in on a secret... It doesn't actually exist... At least not in the physical realm... For every one oz of silver in the real World in each paper contract they write between 24 to 70x that amount... It's the same principle as fractional banking. I wish I could sell my car 20 or 50 times over... as long as, y'know, I didn't actually have to give it to anyone, ie: deliver! Don't forget that Jamie Dimon, Chairman and CEO of JP Morgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007. The US Fed provided JP Morgan Chase with at least $391 billion in 'financial assistance' since 2008. JP Morgan Chase was also used by the Fed as a clearinghouse for the US's 'emergency lending programs'. Keep it in the family then eh? In March 2008, the Fed also provided JP Morgan Chase with $29 billion to acquire Bear Stearns - and an 18-month exemption from 'risk-based leverage and capital requirements' (ie: rigging the markets) - which obviously continues to this day. At the time of their collapse Bear Sterns held the highest number of silver short positions in history... which JP Morgan Chase conveniently 'inherited' and which is one of the reasons they continue to manipulate the precious metal markets so actively, in cahoots with The Fed, the ECB and BoE... and Rothschild... But don't get me started on that one - we'd be here months lol! If you want to see how predictable this process of manipulation is wait until Weds/Thursday for options expiries - next month's silver futures were well below $35 two/three weeks ago, so I'd stick a tenner or five on some more silver & gold slapping starting Weds this week...
VRS, that's all well and good but I think the most important issue is 1) when is the next burning man, and 2) what's the most effective adhesive to attach my iphone to a giant hula hoop?
Silver and Gold (& Copper) Options expire on Tuesday and Silver Futures expire on Wednesday. I anticipate further smackdowns in silver, but if gold is to have one it will be next month IMO, when Gold Futures and Options expire at the same time. http://www.ccstrade.com/futures/SI/exp/ For a source of comex related market information. +1.
We're only observing the scripts that are already playing before us Roman... which is what those who direct the World financial system rely on... and likely why the US Dept of Homeland Security's just bought 1.4 billion hollow point rounds... as you do. x
Ok, but there are two sides to every story... Can anyone identify the criminal paper traders that forced up the silver price by 24% in 22 trading sessions by taking out an obvious resistance level at the beginning of this month? :| Or is talking about that taboo?
