Someone just dumped a pile of silver paper

[ancona]

Well, the shenanigans are happening in force today. I just watched a three minute freefall of over 25 cents in silver. That is one big pile of paper someone is dumping today.:judge::flail:

 

[benjamen]

Well, the shenanigans are happening in force today. I just watched a three minute freefall of over 25 cents in silver. That is one big pile of paper someone is dumping today.:judge::flail:

There has been several times recently when silver was tanking, while all the other metals were heading up. Someone seems to have it out for silver right now. Is there some short seller trying to cover thier shorts?

 

[swissaustrian]

It could just be an algo trading correlations to gold. Gold's plunge was clearly pointed at the 10am gold fixing. Silver probably just followed the lead.

 

[mmerlinn]

I wonder if this is somehow related to the unwinding of JPMs derivatives overload.

 

[ancona]

And so it begins early, pre-NFP, with silver getting her usual wood-shed treatment. This is becoming so boring, as they smash it down, I buy, smash, buy, lather-rinse-repeat.

Keep it up bitchez, you're digging your own graves.:wave:

 

[silvercoinrn]

I agree. people are covering their shorts

 

[ancona]

I think maybe today was some smash and grab for the pre-election window dressing.

 

[benjamen]

http://www.24hgold.com/english/news...932G10020&redirect=false&contributor=Bix+Weir

"According to the OCC, Citibank has increased their exposure to silver derivatives MASSIVELY over the first two quarters of 2012. Here's the fact - on table 9 (PREC METALS is mainly Silver):


1/1/2012 $44 million


3/31/2012 $5.7 Billion


6/30/2012 $9.5 Billion"

 

[swissaustrian]

So JPM is going to be replaced by Citi?

 

[rblong2us]

So JPM is going to be replaced by Citi?

perhaps they are being set up to take the hit when the paper market implodes ?

Who is higher in the pecking order amongst the chosen ?

 

[swissaustrian]

perhaps they are being set up to take the hit when the paper market implodes ?

Who is higher in the pecking order amongst the chosen ?

JPM is the top of the pyramid.

 

[ancona]

Someone's "sell" button is stuck on their computer. I wonder if this is a dump and pump exercise? Either way, China is 'lovin this shit.

 

[pmbug]

Second day in a row we see a massive drop like this.

 

[swissaustrian]

Smells like commercial short covering, dump and cover.