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Someone sold $2 Billion worth of silver futures contracts.
EagleEye
Posts: 7,676 ✭✭✭✭✭
"Silver investors were gaining confidence and dealers were experiencing robust demand for silver coins and bars. Suddenly at almost exactly 1630 GMT yesterday as European markets were closing, some entity decided to dump $2 billion worth of silver contracts into the futures market in minutes. A huge 23,000 silver contracts which is the equivalent of 1.15 million ounces of silver was dumped on the market"
Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
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115 Million Ounces…Not Even Close To Possible!
We have seen this movie before , it was a Sunday night in Asia
ZeroHedge is saying 1.15M ounces but jsmineset is saying 115M ounces, a big difference. I am leaning toward 115M. Which is the correct number? Looking the chart, there was a big drop right before 12 noon.
Successful BST transactions:
Buy and sold to Wondercoin,
Buy from: mbogoman, sol15g
$2 Billion equates to 115 million ounces - 1.15 million oz is normal daily acitivity
I agree with Sinclair - these were paper ounces to drive the price down.
Keep an open mind, or get financially repressed -Zoltan Pozsar
1.150 million ounces would be 50 ounces per contract and about $20 million worth. Chump change for rawteam.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
That was actually me throwing in the towel and dumping my war nickles
To those who are savvy at this ...did it have any effect on the silver prices? What does it intend to accomplish?
Coinfame,Kaelasdad,Type2,UNLVino,MICHAELDIXON
Justacommeman,tydye,78saen,123cents,blue62vette,Segoja,Nibanny
Rapid drop of 71 cents per oz. The intention is to shake the weak hands out of the tree. Many of those weak hands that were holding are now sellers and many of those looking to buy are having second thoughts.
Hammer it down and let fear do its job. I'll be taking advantage of the fire sale.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Thanks for the response derryb. Much appreciated.
Coinfame,Kaelasdad,Type2,UNLVino,MICHAELDIXON
Justacommeman,tydye,78saen,123cents,blue62vette,Segoja,Nibanny
Bro, do your best not to buy into that infantile theory/fantasy/fairy tale... hmmm a trifecta...
It only happened because I bought a monster box the week prior. No biggie.
I knew it would happen.
gold fell
silver fell
both tanked
and silver is now about 15 cents higher than after that drop
It's PAPER people, just remember that. Sure, it will have an effect, but what happens every time this happens with PAPER? The premium goes up for physical, that's all. Rest easy and buy if you can afford to.
It's paper, but it is also driving the speculation in the silver market. If the trade was meant to hurt the silver market it would have been dripped out over a few months. It looks like a institution or Government just wanted out. Taken with the mega sale in gold just after the election, these were troubling trades for what we don't know that the sellers do know.
Seems you only have one eye Eagle...
Such fun to watch these things... and always, the conflicting opinions... Cheers, RickO
In the land of the blind, the one-eyed man is King.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
It's an opague market. If a government wanted out, my observation is - why a government wanted in at all - since there's no legit reason for a government to be playing in commodities. A better explanation is that paper is only being used to jerk the physical market around. But we already knew that decades ago.
I knew it would happen.
they're not playing in commodities. They are weakening dollar competition by having their proxies play the gold paper market when it strengthens.
Keep an open mind, or get financially repressed -Zoltan Pozsar
how did it get to $1900 then?
they let it. the banks doing their dirty work get to make a profit so that it is worth their while.
Keep an open mind, or get financially repressed -Zoltan Pozsar
They!!!!
Damn them!!
Knowledge is the enemy of fear
"They" also collected $202 BILL in otc silver derivatives back in July 2009. That was JPM at that time after they added the BSCos silver positions to their own. At that time, it was the equivalent of 13-14 yrs of world annual silver production....back when silver was $19/oz. So a measly $2 BILL is only 1/100th the size JPM unloaded on the market from July-November 2008....end result was a 55% drop in silver prices. Even Warren Buffett accumulated approx 130 MILL physical oz of silver from 1994-2006....documented by Armstrong and others. They were the "super secret" silver buyer at the time. I think everyone knew but the USGovt. Who later "persuaded" to dump that position and start getting heavier into Bank Stocks and banking otc derivatives...lol. Buffet probably had as many physical ounces as the Hunts did in 1979. One of them is a hero....the other scorned and mocked. The Hunts never broke the law. Not sure about the other guy.
Buffett? That guy? I wouldn't put anything past him.
I knew it would happen.
damage. someone could have laid into it with a tough blade.
Reason for decline....I waited for silver to drop before I purchased the latest 5 oz bullion ATB. Should have waited a while longer.
It appears, that the seller(s) knew something that most of us didn't, or is it simply a temporary supply & demand situation?
seller(s) new they could buy back cheaper and do it all over again when the red phone rings.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Yup, it's a conspiracy!!! Lol
Knowledge is the enemy of fear
You guys aint got nothing on conspiracies . I ran into a guy at a coin shop yesterday that was a conspiracy fountain .
. We were both waiting while the owner dealt with someone ahead of us. I like to encourage people for my own amusement . This guy was so far down the rabbit hole , it was breathtaking. Common silver manipulation doesn't interest him , he literally believes that the earth is not a globe , that every space photo ever printed is a hoax and the earth is the center of the universe.
HE even showed me a website , I won't link to it but anyone who wants a few laughs can google nasamoonhoax
Bronco...I think that guy was a former forum member. Was his name Stan?
Or who was the nuckle head that made a YouTube video trying to explain the Grand Canyon was formed by water schlossing back and forth as the Earth traveled thru some sort of warp field? That dude truly was hilarious.
Knowledge is the enemy of fear
There's a current well known NBA player with similar beliefs. Earth flat...etc.
I don't know if it was Stan , but I told the guy my name was derry just in case he tried to get a hold of me.
Haha
Knowledge is the enemy of fear
Yeah... he was doing lunch with Obama yesterday in my town. I'm surprised there was no auction on eBay for that outing.
Who bought lunch?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
he was doing lunch with Obama yesterday in my town
He does realize that Obama is no longer president, doesn't he? Or, was this just the two of them discussing their pipeline investments?
I knew it would happen.
Nah, I think they were going over their brackets.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
The one who can write it off of his taxes as business expense.
Worry is the interest you pay on a debt you may not owe.
Maybe they plan to team up next election and run against Trump!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Someone bought $2 Billion worth of silver futures contracts.
Just sayin....
Knowledge is the enemy of fear
Most likely same outfit that sold them earlier for a profit. Run it up and profit again. Wash, rinse, repeat. If there wasn't something in it for the FOMC's bidders they wouldn't do the FOMC's bidding.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Damn they!!!
Knowledge is the enemy of fear
Analysis of how "they" do it.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Those that aren't they, are insane...
If you want someone to believe a lie just keep telling it over and over again. And if you want to look sane just surround yourself with people crazier than yourself.
Kinda like microwaves that turn into cameras. Lol
Knowledge is the enemy of fear
It takes one unhappy camper to believe that everything he is too blind to see is a lie.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Nah, they just use microwave towers to frontrun their clients. No need for cameras.
I knew it would happen.