http://www.zerohedge.com/news/2015-...ous-metals-derivative-exposure-just-soar-1260
Heavy on the silver too! So why no real bump in phyz spot?
Heavy on the silver too! So why no real bump in phyz spot?
Citigroup Just Cornered The "Precious Metals" Derivatives Market
- Thread starter theFNG
- Start date
An interesting comment that was left from the article:
Having traded in that cesspool (CitiGroup) for a few years, I have an opinion that may help.
The banks have their own trading desks as do the Spec Funds. The banks have been setting up the specs to be the fall guys in the poker game. They have been setting them up for years and have been fleecing them for countless billions over that time. Now, it occurs to me, being one who was fleeced as well (considering the fundamentals as my foundation for a trading strategy), that to remain in the game after realizing consistent and considerable losses, one must be completely clueless, unfathomably rich or betting with other people's money so no skin off your nose. That they (specs) remain is a puzzling question than leaves me with only one conclusion; It is the GAME. They are stripping money from spec managed funds collusively.
The way I see the pits is one of wealth transfer in the paper markets. The Comex and regulators are enablers. They provide the platform and the cover for a scheme where large pools of investor's funds (under management) can be accessed and stripped without the ever-trusting investor being aware of it, until the End of Year Oops-Sorry Performance Statement. "Oops! Sorry! Your returns for the year have been less than anticipated. We assure you that next year will be a banner year, so stick with us.
So, in collusion, the banks set up a huge short position in the precious metals markets, transfer it to the specs who coat-tail the banks as the price falls, adding to the price fall through their selling. The banks unload all their previous short positions onto the specs, going long, thereby setting themselves up for a scalping of the spec funds on the reverse price manipulation; rinse and repeat.
I've never seen anything proportionally quite like this and it looks as though a whole lot of money is going to be transfered to the banks out of people's savings accounts or margin accounts.
It's not as obvious as the MF Global theft of saver's money by JP Morgan, but it has the same MO and as you can see above, the same players are involved. Who needs the exposure of open theft, when it can be done legally or without having to buy judges and regulators?
Having traded in that cesspool (CitiGroup) for a few years, I have an opinion that may help.
The banks have their own trading desks as do the Spec Funds. The banks have been setting up the specs to be the fall guys in the poker game. They have been setting them up for years and have been fleecing them for countless billions over that time. Now, it occurs to me, being one who was fleeced as well (considering the fundamentals as my foundation for a trading strategy), that to remain in the game after realizing consistent and considerable losses, one must be completely clueless, unfathomably rich or betting with other people's money so no skin off your nose. That they (specs) remain is a puzzling question than leaves me with only one conclusion; It is the GAME. They are stripping money from spec managed funds collusively.
The way I see the pits is one of wealth transfer in the paper markets. The Comex and regulators are enablers. They provide the platform and the cover for a scheme where large pools of investor's funds (under management) can be accessed and stripped without the ever-trusting investor being aware of it, until the End of Year Oops-Sorry Performance Statement. "Oops! Sorry! Your returns for the year have been less than anticipated. We assure you that next year will be a banner year, so stick with us.
So, in collusion, the banks set up a huge short position in the precious metals markets, transfer it to the specs who coat-tail the banks as the price falls, adding to the price fall through their selling. The banks unload all their previous short positions onto the specs, going long, thereby setting themselves up for a scalping of the spec funds on the reverse price manipulation; rinse and repeat.
I've never seen anything proportionally quite like this and it looks as though a whole lot of money is going to be transfered to the banks out of people's savings accounts or margin accounts.
It's not as obvious as the MF Global theft of saver's money by JP Morgan, but it has the same MO and as you can see above, the same players are involved. Who needs the exposure of open theft, when it can be done legally or without having to buy judges and regulators?
theFNG said:
100% accurate IMO, I've heard the same thing from those people in "those" position. They even have names for stuff and codes... "tearing someone's face off" etc. It's actually celebrated.
In Australia other deals are put together and sold off to managed funds... they love preying on ignorance! I mean love like going out for drinks in bars, expensive meals and holidays with huge bonuses, it is rewarded. Small bonus is like $50k, big bonus about $1 mil depends if they get a slice of the action in their contract. I've been on their boats too.... they pay like $5-8k a month just to park them!
Market is rigged, everyone knows it now, it's an open joke. Regulators playing all on the same team. Just look at what's happening in Greece and markets are so rigged, the price looks like a anesthetized geriatric patient being fed sleeping tablets.
I was hoping to get more discussion on this...
Why are they corning silver derivatives rather than say nickel? With trillions in paper silver that is far greater than the amount mined per year (in the billions) what is your stacking plan now that silver price is obviously under control of Citigroup?
Why are they corning silver derivatives rather than say nickel? With trillions in paper silver that is far greater than the amount mined per year (in the billions) what is your stacking plan now that silver price is obviously under control of Citigroup?
theFNG said:
All markets are cornered, I mean all. What you are seeing is much like a relay race where the baton get passed between participants. Rather than working against one another, those in the club are helping one another.
What one typically sees is that one participant become more or less dominate in certain areas... but at the end of the day they all serve the same system and owners who hide behind various veils of shareholder ownership.