The "combination" of events and actions are extraordinary.... Amazing world we are living..... These 12 Banks Got the Fed Minutes a Day Early http://www.cnbc.com/id/100632206 CME Hikes Gold, Silver Margins By 18.5% http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv13-182.pdf Shanghai Gold Exchange To Hike Gold, Silver Margins trading margins for the gold forward contract will be raised to 12 percent, while margins for the silver forward contract will be hiked to 15 percent. http://www.sge.sh/publish/sge/ggydt/jysgg/9830.htm Billionaires Dumping Stocks, Economist Knows Why http://www.moneynews.com/Outbrain/b...-stock/2012/08/29/id/450265?PROMO_CODE=FE8A-1 It wasn't just Capitol Hill staffers and trade groups that received the Federal Reserve minutes a day early. Many banks and other financial institutions also got an early look at the minutes. A list of recipients obtained by CNBC reveals that at least 12 banks, a Wall Street law firm, a hedge fund and a private equity fund were on the distribution list that got the minutes early. The banks included Fifth Third, Citigroup, UBS, Barclays, U.S. Bancorp, Goldman Sachs, Wells Fargo, HSBC, BNP Paribas, BB&T, JPMorgan Chase and PNC. Sullivan & Cromwell, one of the most powerful Wall Street law firms, also got the email. The email was also sent to King Street Capital Management, a hedge fund with $20 billion under management, and private equity firms The Carlyle Group and The Cypress Group. Trade groups on the list included The American Bankers Association, the Independent Community Bankers of America and the National Association of Realtors. The lobbying firms Rich Feuer Anderson and Roberts Raheb Gradler also received the email, as did The Inter Continental Exchange and the European Central Bank. Cheers Trader10
Another thing with EFTs/Paper. They can continue to trade that without ever taking physical collection of their 'PM' however physical will really only increase once people realise that their paper pm isnt real or they dont have the physical to back the paper. So why would they ever need to cash in their paper PM to go physical? I mean if they trade it like stocks buy low, sell high etc and if the price of silver continues to fall why would they cash out to physical when it is low?
And you missed a few big ones, such as the GLD puke, not to be mistaken with the mini-GPeli sympathy chuck. You know, the opposite affect to a fund buying. The really big one(s) will be written in a wash up in due course - puke clean-up pun intended.
gelxi, interesting interpretation. I'm at sea since $26 went. What is the meaning of that top blue rising line to the pinnacle?
This is a good question IMHO, and one that permabulls tend to gloss over in favour of their own perceptions of why people trade metals. It all comes down to matching the investment vehicle to the intended purpose of the investment. Not everyone wants to take delivery all the time. Physical metal is no doubt hands down the best form of metal in situations such as currency crisis, hyperinflation or financial meltdown. However, while permabulls are adamently accumulating nothing less than physical, others use the paper market for other purposes such as hedging or speculating (like me ). In this case physical and it's associated premiums, relative illiquidity, and changeover costs are not applicable to this type of trading.
coppers copping it, this does not portend well for silver IMHO. Was going to short earlier but chickened out
finicky, that is a line drawn between the lowest point and the highest point on this 12-year run-up of silver price to derive the 3 Fibonacci retracement levels of 38.2%, 50% and 61.8%. Notice that 38.2% provided the first bounce, then 50% provided that $26.x support. So now we have reached the final frontier of 61.8%. That level coincides with the last significant high of early-2008, that is why I think $21.00~$21.50 will be a strong support level.
CHART ========== You know what it will mean to Industrial metals right ? Chinese local government debt is looking more and more like a bubble about to pop http://shanghaiist.com/2013/04/18/c...t_of_control_according_to_chinese_auditor.php China Local Authority Debt 'Out of Control' http://www.cnbc.com/id/100646465 Trader10
I'm sorry, I've been advised to take down this post. Moderators please delete this entry. Thanks Trader10
