Intraday gold price manipulation (10 am ET)

[swissaustrian]

Just like yesterday, the CRIMEX is in lala land. Totally out of nowhere, gold fell right at the opening bell (8 am ET)

[PMBug]

Looks like someone really wants gold back under 1650 and silver back under 30.50

[swissaustrian]

YESTERDAY:

Today:

[swissaustrian]

Non Farm Payroll (8:30 am) manipulation bump.

Thanks to Andrew Maguire for exposing this!
http://en.wikipedia.org/wiki/Andrew_...t_Manipulation

[ancona]

Look at the silver one hour Kitco chart. Same same.

It looks like someone is defending 34 against someone unloading paper. Just like yesterday only more volatile today.

[swissaustrian]

It's all so unbelievably obvious. The CFTC knows what's going on... and nothing will ever happen.

[ancona]

It's all so unbelievably obvious. The CFTC knows what's going on... and nothing will ever happen.

At some point, and I believe that point to be well and truly overdue, we will see the result of decades of manipulation explode. When the true nature of the silver shortage is finally exposed through the failure to deliver metal and the accompanying forced payout in fiat [per the published covenants on the Crimex/LBMA] we will see fireworks travel around the world, and PM prices will find their true equilibrium.

When one looks at inflation over the years, and places silver on a graph with the historical prices and where it should be based upon simple mathematics, using demand stats and the rate of inflation, silver should be multiples of her current "price" higher.

Suffice it to say, when the shit hits the fan, us silver/gold bugs will be richly rewarded. As we all know, when prices move rapidly, there is nearly always overshoot. Just like the Hunt Brothers, I think silver will overshoot by around 50% of equilibrium, and I will be that guy, the one who sells three quarters of his holdings, sits on the bling, then buys back in after the mania subsides. That my friends, is when Ancona retires to the place in the Keys!

[swissaustrian]

Several credible sources have claimed that wednesday's takedown was triggered by a single seller who sold 31 tonnes of gold (futures) at once. Subsequently several stop losses got triggered and the massive $100 waterfall decline took place.
I've tried to research that and it seems to be true: The first seller dumped such a huge package on the market.
If you wanted to get rid of such a gigantic position, you wouldn't do it in one trade, because you fully know that you won't get an attractive price. So this definitely smells like intervention.
However, this was just the first seller. PMs were overbought anyway and speculative positions with tight stops had to wiped out irregardless. Right now, it seems like the market has been cleared somewhat and is positioned to continue the rally which started at the beginning of 2012. Two big hurdles are:
1. the DXY might go up for a while on EUR weakness, because the Greek default is rapidly approaching.
2. Oil and other commodities might drag down gold as well once the Iran fear trade is unwound.

[swissaustrian]

Today is the very prototype of classical intraday gold COMEX manipulation which statistically starts at 8 am ET and lasts to 10 am ET. Witness how gold starts plummetting belwo $ 1700 immediately after the COMEX opening.

First today's chart

[dereksatkinson]

Well.. the dollar is up about 1% so I can see the justification for algos selling gold into that. However, the fact bids came in and cleaned it up shows there was some strong hands down there. I still think the correction wont end till the start of april though, probably with making a nominal new low for the move.

[swissaustrian]

As observed above, the rapid rise in the gold price started right after 10 am ET on friday (3-9). As we all know, this is when the London pm (post meridiem) gold fixing takes place.

Here's an interesting explanation for that:

Today 25 year veteran Gabelli Gold Fund manager, Caesar Bryan, told King World News the Southern periphery countries of Europe will experience a turbulent period that will be worse than the Great Depression. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar also said physical buying in London helped turn the gold market around. Here is what Bryan had to say about the situation: “Well, I think the gold market was looking fine from yesterday. Then we had reasonable payroll numbers here in the US and that took the gold price down. But then we had a sudden reversal which is quite interesting. My understanding is the PM fix in London saw some physical buying and was fixed a few dollars higher than gold was trading on a spot basis.”
Caesar Bryan continues:
“Then there was some good follow through (to the upside). On a longer-run basis, we are sitting on the moving averages and gold is fine. We are in a bull market. We’ve suffered a number of nasty corrections since 2001. I believe we have had about seven corrections of over 20%. One of 30%, at the time of the Lehman crisis.
I think there is a tussle between physical buyers and players in the paper market and so far the physical buyers are having a little win today...

http://kingworldnews.com/kingworldne...ld_Market.html

Full audio of the interview:
http://www.kingworldnews.com/kingwor...A10%3A2012.mp3

[swissaustrian]

2:15 pm ET is the FOMC announcement.
Fasten your seatbelts.

[swissaustrian]

Nothing to see here:

[DoChenRollingBearing]

Now down $33... Quite a dump gold is taking!

I looked at the usual sites (Turd, ZH, kitco, 24hgold) and have seen NOTHING about why gold is down so much!

[dereksatkinson]

Now down $33... Quite a dump gold is taking!

I looked at the usual sites (Turd, ZH, kitco, 24hgold) and have seen NOTHING about why gold is down so much!

It's the news of the "stress tests" passing for all the US banks. Last 30 minutes of a thin market...

[KMS]

It is paper getting dumped on the market. Silver Doc reported that 100+ million ounces of silver paper was sold in sync with the FOMC and silver only lost fractions of a dollar in stead of dollars.

[DoChenRollingBearing]

Thanks guys! For a moment there I was wondering if they had solved Greece...

[swissaustrian]

It started right at 2:15pm when the FOMC announcement was made...
I called it by the way

[PMBug]

Looks like I picked a good day to ride rollercoasters with my boys (spring break mini vacation).

[swissaustrian]

I bet you something that the COMEX closing bell in 3 minutes will be the intraday low