Precious metals all drop at exactly noon today, can anyone explain this?

BigE

Silver, palladium, gold and platinum (didnt check any other metals) all drop within seconds of each other. Platinum and palladium down exactly 10% and spike right back up. Platinum shows down 150.00 an ounce at noon Seems like a concerted effort by whales to gobble up the little fish. Someone was waiting at exactly noon to snap up platinum at 1500.00 and made at least millions within minutes as it went right back to 1600.00. Reminiscent of the Thursday spike down in the stock market. Stop me from turning into a conspiracy theorist and explain this please--------------BigE

OPA

It's called "Market Timing," and not manipulation.
On the other hand, I don't see those wild swings being listed on Kitco's web site for today. Probably a computer glitch...it's not the first time that happened.

RedTiger

If the declines were indeed simultaneous, it could be hedge funds with positions in all three. In any case, as one goes down, it can lead to selling in the other two. What may look simultaneous to small timers, may be selling in one market cascading down to the next with a few seconds delay. Things can happen very quickly these days.

Today was also "witching Wednesday," when some of the volatility is due to equity options being rolled out to later months.

Someone else report an erroneous tick error on silver for the low for the day, maybe something similar happened in other metals.

jmski52

Just because you have a conspiracy theory doesn't make you wrong.

BigE

Opa, it shows on all of kitco's charts---------BigE

DrBuster

Count me in as well in the crowd that didn't see Kitco's swings reflected in other folks spot charts for the day.

I saw a 90ish cent silver swing, but that was the biggest I could find elsewhere when folks were saying Kitco was at $2 or so....

OPA

<< <i>Opa, it shows on all of kitco's charts---------BigE >>



I still don't see it...Here is the Plat. chart...

Kitco daily plat chart.

Low of $1580

Gold

Kitco Gold

Low $1185.

percyb

Suppose they did all go down at the same time or within seconds. So what?

BigE

They showed a deeper spike earlier, have not had a drink in over a year!------------------BigE

Justacommeman

Chit happens.....................MJ

AboutAg

<< <i>Silver, palladium, gold and platinum (didnt check any other metals) all drop within seconds of each other. Platinum and palladium down exactly 10% and spike right back up. Platinum shows down 150.00 an ounce at noon Seems like a concerted effort by whales to gobble up the little fish. Someone was waiting at exactly noon to snap up platinum at 1500.00 and made at least millions within minutes as it went right back to 1600.00. Reminiscent of the Thursday spike down in the stock market. Stop me from turning into a conspiracy theorist and explain this please--------------BigE >>



That was a glitch. Kitco also reported the U.S. Dollar as dropping by about the same amount. Only Kitco was showing the 10% drop, nobody else.

I saw it as it happened, and knew it was a glitch. You never see the metals go down 10% instantly (straight line) like that, and then go back up to the exact same price it was before the drop, all in a couple minutes. It goes up a bit, a bit more, a bit more, as stops are hit and such. And when it hits the top/bottom, the price keeps moving at that point, not where it had started. Of course, there could be an exception, but I haven't seen one yet.

jmski52

Everything seems to be "glitchy" these days. Rick Santelli was reporting about an hour ago about a 20 or 30 second glitch in European trading - I'm not entirely sure, but I think it was in the bond markets.

It must be hard to keep the software running right when they keep interjecting new parameters designed to keep the system pumped-up.

cladking

<< <i>Everything seems to be "glitchy" these days. Rick Santelli was reporting about an hour ago about a 20 or 30 second glitch in European trading - I'm not entirely sure, but I think it was in the bond markets.

It must be hard to keep the software running right when they keep interjecting new parameters designed to keep the system pumped-up. >>




I don't know.

When no individual can understand the instruments which trade there
seems every possibility that these are derivitive explosions. The com-
puters know how to handle it but they don't owe any allegiance to the
status quo.

I get the impression that smoebody is standing by to undo the causes
of these explosions. If so they will get more and more robust as the
status quo becomes less and less tenable.

jmski52

interjecting new parameters designed to keep the system pumped-up

What I was refering to was the $1,000,000,000,000 European Bailout for Greece.

there seems every possibility that these are derivitive explosions

Bingo! It does seem that way. Question is, are these "old" derivatives? Or a relatively new one? Who's balance sheet did this one come from? Everybody has them.

And worse yet, they're still creating them!!!!!! The Greece Bailout qualifies in my book as a Governmental Sovereign Debt Derivative.

This stuff is going to keep happening, and these derivative explosions (good term!) will get bigger and more frequent. We live in interesting times.

Buy precious metals, but hold some cash.