Thursday, December 9, 2010

Gold Close

A solid day in the metals given the unexpected dollar strength.
I give you this chart. It is rather self-explanatory.


2:25 EST UPDATE
Behold Blythe's new, favorite dirty trick. It worked so well on Tuesday and no one really complained too much so why not try it again? I can't emphasize enough how blatantly unfair it is to raid the PMs on the afterhours Globex. Outright dirty pool and it makes me sick to think that she gets away with it. One hour after the Comex close and gold is $10 lower.


28 comments:

  1. Turd.

    I am long physical silver and silver futures because I believe that it is a great play against fiat money. The JP Morgan situation is just an added bonus. Question. How is it that we are certain of JP Morgan's silver position. Is there a place I can go to confirm it? I asked the question on ZH, but didnt get a response.

    Thanks,

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  2. Mark: Most everyone is under the assumption that JPM and HSBC are the big evil-doers in the PM pits. It comes from a regular review of the Commitment of Traders report, which comes out every Friday. Personally, I've read enough opinions by folks such as Dan Norcini and Harvey Organ that I believe what they say regarding this issue is accurate.

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  3. Thank you again Blythe...hehehhee....now lets see if you can push silver to 26.50 for another tasty treat buy point....yum yum cheap silver.....the BOS will hit her there BIG TIME (unless its all over..;-(

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  4. Turd, with all due respect, why do you believe it is unfair or somehow "dirty" to stage a raid on PM positions on the Globex? The Globex is open and JPM has an account there. Why is this dirty pool?

    If individual investors in the US don't like it they should close out their paper positions daily at the COMEX.

    Holders of physical should be thrilled that they can buy more physical at a lower price.

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  5. LOL @ "blythe_masters"

    Only a matter fo time.

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  6. Was that the real Blythe ? My question would be, why would you continually short a metal for over 10 yrs when it has been demonstrated it is in a major bull market.....And where do these unlimited funds come from, blythe ? The rest of us don't have gov backing (our tax dollars). And when you are finally exposed and fail it again will be our tax dollars you'll request. Just like Lehman and Bear Sterns silver shorts. Or did you forget about that ?

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  7. Blythe,
    It is just a sign if increasing desperation. JPM is turning to the last possible areas where they can manipulate -- ie use their concentration to greatest effect. This means going to times of lower volume. Similiar to what we saw the day ofter Thanksgiving.
    It is "dirty pool" bc is it an examply of using the market to SET prices rather than DISCOVER prices.
    It's OK.
    Bart Chilton signalled loud and clear today that JPM has a bulls-eye on it. He stated ON THE PUBLIC RECORD as a KNOWN FACT that ONE TRADER has a 40% concentrated short position in silver. That is a remarkable admission. One wonders why they aren't being prosecuted as we speak. Perhaps they are. Time is in our side.

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  8. Blythe: IMHO, trading "size" on the Globex after the Comex closes is akin to running a football play when the defense only has 2 or 3 players on the field.

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  9. Jeff, this shorting is necessary in order to create the artificial strength for Dollars. If gold and silver go sky high then Dollar weakness would be exposed.

    These guys are absolutely reckless. If you ever look at the BIS report on JPM (or every TBTF bank for that matter) you'd be shocked to see sth like 60-80 trillions on their book when all the derivatives are counted in, that's 4+ times as much as the entire GDP. Think of how much leverage is involved. How crazy it is. All these activities are backed by Fed's endless printing, which is an attack on each one of us tax payers.

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  10. [Rui said...
    Jeff, this shorting is necessary in order to create the artificial strength for Dollars. If gold and silver go sky high then Dollar weakness would be exposed.]....My question was more of a rhetorical question. To expose the truth that there is NO rational/economic answer to them shorting. They can do it all day long and reply with an arrogant, smug reply, but like so many other things going on in our country, it isn't noble or right. Nor is it constitutional, for that matter....I'm refraining from lowering myself and saying what I really feel.

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  11. Blythe -Food stamps calling.You might be able to buck the markets short term but long term your buried.Deficits,Defaults,Bank Runs,QE,Currency Wars,Gold for Oil,Bond Busts,Pension Defaults,Zombie Bankrupt Banks, all caused by Greed at the top,keep those plates spinning ever faster to avoid those foodstamps,don,t worry you,ll soon be history like the rest of the Garbage on Wall Street that has brought mankind to the abyss.Enjoy your wealth,but remember you reap what you sow and its the whirlwind of change which will ultimately improve this world.Buy Silver take down a bank its a patriotic duty.

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  12. Just added some JPM mar puts.

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  13. @ cbottlebob

    "Buy Silver. Take down a bank. It's your patriotic duty!"

    What a great call to action line!

    Has a great ring to it...

    Sort of like Silver!

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  14. I believe I have posted this before, but its subject is highly fascinating and I highly recommend it. Print it out and read it at bedtime.

    http://armstrongeconomics.files.wordpress.com/2009/04/martin-armstrong-its-just-time-101008-updated.pdf

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  15. Yes - why did Lehman/JP Morgan take such a large short position in silver? They are not stupid, so there must be a reason. Perhaps it was because they forsaw the pressure on the dollar/fiat currencies. In which case they were quite prescient, and one must suspect that they have long had a plan in place to manage the situation that we now see developing. Blythe et al are not idiots. If we assume that they do in fact know what they are doing, can we use that knowledge to predict what will happen next? If they were smart enough to develop a strategy using silver shorts to protect the dollar, perhaps they are smart enough to make sure their strategy is successful?

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  16. RoCoach: You make a good point. Allow me to add. We can be almost certain that the bulk of these idiots couldn't make a living on their own investing/trading in the markets. They pretend that they are masters of the universe but the truth is that the only way they can earn money is either through blatant manipulation or via fees skimmed off of other peoples money - win or lose!

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  17. Blythe, the purpose of a futures exchange is to provide a market where commercial users may offload price risk to speculators. You and your bank are neither, yet your actions have caused a world-wide disruption in precious metals prices. While it is true that some users of silver, for example, are helped by your actions, it is also true that producers are harmed by them. And they are the ones who should be setting the price of silver in the market, not you. The consequences of your actions are world wide market disruptions and an impending shortage, and JPM's only objective in this whole affair has been to fleece investors.

    And when JPM ultimately requires a multi-billion dollar bailout as a result of your actions, is there any question but that we will be paying for that, too?

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  18. This comment has been removed by the author.

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  19. Hi, Everybody. GREAT site, Turd!

    Hunch: The total net short position is massive and literally uncoverable, but JPM's share is not as massive as we think. Blythe is working to close it out (sell into low volume, close shorts into high volume, allow rising spot price but avoid a stampede). Then she goes Shock-and-Awe long, corners an already-tight market, destroys JPM's partners in crime and drives prices to $100+ literally overnight.

    The end of fiat? Probably not. Blythe continues to beat down gold and the CNBS monkeys spin the price spike as a resource shortage, not a loss of confidence in the $. Coordinates it with a highly-publicized Comex default. Not a big stretch, actually.

    This is JUST a hunch at this point. Comex OI was 163K on 11/6, 137K last night. If Harvey reports it below 130K tonight, I'll upgrade this from "hunch" to "theory". :-)

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  20. Oh,forgot to say Blythe,thanks for you and your mates being so greedy,you just couldn,t keep your hands out of the till could you,more and more required,more and more spent,more and more needed,if it dosen,t exist just print it.If you hadn,t been so greedy you could have had another 50 or 100 years of taking the wealth,instead you,ve woken up the population,you have managed to awaken Gold and Silver wealth to show how poor your system is making the majority,well done we should thank you really as you and your ilk have sown the seeds of your own destruction its called cause and effect.Your system and values are worth nothing and will soon be history.You are the weakest link,goodbye.Enjoy the food stamps.Buy Silver take down a bank its your patriotic duty.

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  21. Turd, it appears you are intimidated by "size," which tells Blythe a little something about you.

    You may not like the timing of Globex trades, but it's a perfectly legal and appropriate trading strategy. Don't hate me just because I'm rich and beautiful and can play with size all over the world. Blythe is a liberated woman, after all.

    And if you're purchasing physical you should love me. I'm keeping your purchase price down.

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  22. RoCoach, when the collusive banks are able control the market they can rake in enormous profits. They know the suppressed market is trying to go up, and since they can push it back down at a time of their choosing, they can always place the winning bet. The massive short position is the tool (or byproduct) which allows them to hammer the market back down, just as JPM and company have been doing.

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  23. CO_Dan I believe Harvey stated yesterday that OI actually rose significantly.....My theory...they will play the game till they implode....You don't control shorts equal to 1/2 the yearly world production and say, I give, and quit gracefully.

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  24. So basically, when the time is right, they will profit mightily when they allow the market to rise.

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  25. Hi Blythe.Talking about size,apart from the increasing size of the Unemployed,those on food stamps,the increasing price of Gold and Silver and every other kind of fiat debt,it should be noted that if all you care about is size you are doing a good job and I hope you enjoy the best years of your life in the State Prison,like I said you reap what you sow.Buy Silver,take down a bank its your Patriotic duty !!!!!!!

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  26. [ it's a perfectly legal and appropriate trading strategy ] In that you're wrong. If I present the law to you and prove that, in effect it IS against the law and only not being inforced, would you with-hold the law. No, because you are lawless and have no defense but to make ridiculas "size" comments. Just the usual pathetic comeback...accuse and attack your accuser. Did you work in the Clinton administation ?

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  27. Dear Turd and comrades, I recently join the community fighting against EE. Back few months ago when I started trading PM, I had no clue about the market and suffered a lot. Fortunately, I spotted you at ZH (since your posting on Nov-3rd action) and been following you ever since. I can’t say enough how much I am grateful for all the education and wisdom I learned from you. Since then, I am having lots of fun trading PM and fighting against EE. Fiat money equivalent to two silver coins will be wired tonight to your account as my humble appreciation.

    I watched one minute chart most of today, and been frustrated with the EE’s brutal action to press down each rise to a even lower level. I guessed that Asian BOS weren’t that active during the last few days as they were looking for opportunity to buy at dip, but once the price start to rise then they will jump in to buy not to lose the opportunity to European competitors next day. Hence today’s action until 3:30 looked very promising as the spot price survived to stay higher than yesterday, but then it again hammered down to yesterday’s level just few minutes before 4:00 PM. I was very disappointed by this, but saw this as an opportunity and jumped in to buy PSLV at the dip just few minutes before the closing. Then to my joy, silver spot price suddenly start to rise vertically and continue rising after hours.

    I am pretty happy with my courage to jump in at last minute, and if my guess is right, PM price will rise quite a bit tonight due to the competitive buying action by Asian/European BOS. One thing I still don’t understand is how/why this happened at around 4PM, and I would be very grateful for Turd’s explanation why this kind of unusually movement happened just before stock 4PM ( it happened yesterday too)? Today, it looked like someone was expecting exactly what EE is going to do few minutes before 4PM and counter-attacked immediately. It will be very helpful to know what’s behind this so that I can be prepared according in the future. Thank you.

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  28. Free: First of all, its a great pleasure to have you here. Thank you for participating.
    I'll need to take a look at those charts before I attempt to explain anything nefarious that may be taking place. It may just be book-squaring before the close...frequent traders that don't want to stay long or short overnight.
    Regarding the rest of your points, please take a few minutes to review the new entry regarding King World News and the BoS. You'll likely find it very , very interesting.

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