(Why) did the Comex remove the circuit breakers on gold and silver?
jmski52
Posts: 23,918 ✭✭✭✭✭
I was watching a video on the drop in gold & silver prices on a site that seems to lean libertarian, and one of the points that the technical guy was that the Comex didn't activate their "circuit breakers" for gold & silver this past week when the crash was in progress. (Comex didn't activate the circuit breakers on the way up either, as far as I know.)
This begs the question "Why Not?" The whole idea behind circuit breakers is to maintain an orderly market, right?
So, Comex can keep raising the margin requirements on their contracts and they can change how the margin requirements are calculated in order to dampen a price rise (and to maintain an orderly market), but for some reason Comex didn't deploy the circuit breakers in the midst of the biggest moves, both up and down in the history of the silver and gold markets.
It's almost like someone knew what was going to happen and was possibly engineering an "event". Some will say it's another conspiracy theory in the making, but is there a good answer?
Your thoughts?
https://youtube.com/watch?v=3n3lhFNDU2M&pp=ygUTcmVhbCBlc3RhdGUgbWluZHNldA%3D%3D
I knew it would happen.
Comments
good question. don't know
It would be frustrating if someone had a stop at say $75's that was hit only to see it end at $85.
do they even exist?
When gold and silver move together, it signals the coming end of fiat money.
Sounds like another youtube conspiracy:
RGDS!
Other circuit breakers are set events when some objective measure is hit. Does comex have one? Hard to believe it’s discretionary.
COMEX circuit breakers only trigger fire metals if there is a 10% decline in a 60 minute period and it is a pause. They never triggered Friday because the decline was slow and orderly. The market opened at $100 and took approximately 3 hours to get to $90. From $90 (around noon), it didn't breach $81 until about 1:30. From $81, it never got to $73.
No conspiracy. No manipulation. No failure to act.
[NOTE: I used rough numbers. If anyone wants to dig deeper, go ahead. ]
All comments reflect the opinion of the author, even when irrefutably accurate.
COMEX circuit breakers only trigger fire metals if there is a 10% decline in a 60 minute period and it is a pause. They never triggered Friday because the decline was slow and orderly. The market opened at $100 and took approximately 3 hours to get to $90. From $90 (around noon), it didn't breach $81 until about 1:30. From $81, it never got to $73.
No conspiracy. No manipulation. No failure to act.
[NOTE: I used rough numbers. If anyone wants to dig deeper, go ahead. ]
All comments reflect the opinion of the author, even when irrefutably accurate.
Isn't that convenient. Sounds orderly and organized. LOL
When gold and silver move together, it signals the coming end of fiat money.
Or it was simply gradual like market moves often are. You should put the tin foil in your safe, it might run up next.
All comments reflect the opinion of the author, even when irrefutably accurate.
a drop from $121.59 to $75 in four hours and 15 minutes on Friday was far from a "gradual" market move. LOL
again, while not gradual it was just under the "circuit breaker" radar. coincidence? highly unlikely. the engineering behind it probably required a degree from MIT.
When gold and silver move together, it signals the coming end of fiat money.
Last night, silver futures dropped over 10%, no circuit breaker. However, margin requirements were raised once again.
At the same time, JPM managed to short the market at the high and bought those contracts back at the low.
What a coincidence.
Concurrently Xi has publicly expressed China's desire to hold the world's reserve currency.
Another coincidence?
Foreign entities are taking delivery and the metals are leaving the country.
Good info:
https://youtu.be/f8-7LbA_i2A
I knew it would happen.
That wasn't on COMEX. And the drop has to take place in a 60 minute period.
All comments reflect the opinion of the author, even when irrefutably accurate.
so if properly planned and executed there can be a massive drop with no circuit breakers. True dat. LOL
When gold and silver move together, it signals the coming end of fiat money.
jmski52, you are just making stuff up, speculating, or posting stuff that is market irrelevant.
Show us where JP Morgan shorted the market. You can't.
Gee, Xi wants to hold the reserve currency. Who doesn't ? Does Xi also want transparency, private property rights, free movement of capital and labor, an end to capital controls, and rule of law while giving up 1-party dictator control ?
jmski52, you are just making stuff up, speculating, or posting stuff that is market irrelevant.
I already posted the link. Go find it.
I knew it would happen.
JPM runs one of the largest (volume) bullion desks in the futures market. You can safely assume that it is involved in spot price changes.
When gold and silver move together, it signals the coming end of fiat money.
CME increased margin requirements from 11% to 15% on Saturday to take effect at the closing today. So you would need to come up with about $58K to cover each contract by the end of today.