http://harveyorgan.blogspot.com/2012/05/german-unemployment-risesall-of-europe.html
The first comes from Bloomberg where CEO Donohue is leaving ahead of his scheduled departure.
Maybe the rats are fleeing a sinking ship?
(courtesy Bloomberg)
yup. this whole market is schizophrenic. not just the mining stocks. i do think the mining stocks are being hammered and accumulated when the overall market is weak.
there are some spooky strange things going on, like the incredibly blatant paper attacks on the metals, especially silver, that occur several times in any 24 hour period. some of the sell-off in the attacks can be attributed to overall market weakness, but many of the hits are not correlated with the SPX or related to any news. and JPM doesnt even try to hide the blatantness. That "fat finger freddie" sell-off in gold the other day could not have been any more blatant.
i think either some really bad geopolitical developments are coming soon or the paper manipulators are starting to feel the "squeeze" from the physical market. maybe a little bit of both.
there have been rumors that the BRIC countries are going to announce some kind of new trading/funds clearing system that eliminates the need for the dollar. a long-time friend of mine told me last week that he spoke to someone he knows in Staad who told him that the rumor of that development is rampant in Switzerland. I did see a news link reference to the fact that India is now clearing commercial trades for Iran now.Marshall Swing from the Midwest does a good job showing the open manipulation on the precious metals at the comex. He discusses the huge 7500 contract short orchestrated by JPMorgan with a corresponding hit on silver. He agrees like all of us that there is no way it was a "fat finger" but the result of total collusion by the bankers with help from the regulators who look the other way:
(courtesy Marshall Swing)
http://www.zerohedge.com/users/tyler-durdenSubmitted by Tyler Durden on 03/22/2012 09:12 -0400
Gold may not be 'money' to the Chairman, but it sure is to Turkey. The WSJ reportsthat "The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system." The reason: "The push to tap into the individual gold reserves—the traditional form of savings here—is part of Ankara's efforts to reduce a finance gap that is currently about 10% of gross domestic product." In other words, "sequester" the population's hard assets (politely of course), and convert these to paper to fund the country's creditors, both foreign and domestic. Mostly foreign. In other words, Southeast Europe is slowing becoming the staging ground for the 21st century equivalent of Executive Order 6102, where first Greek, and now Turkish gold, is about to be pulled from point A to point B, where point B is some top secret vault deep under London.
How will Turkey spin gold confiscation in the politest of ways? The WSJ has details:
The first comes from Bloomberg where CEO Donohue is leaving ahead of his scheduled departure.
Maybe the rats are fleeing a sinking ship?
(courtesy Bloomberg)
CME’s Donohue Retires Ahead of Schedule, According to Filing
By Alan Goldstein - May 2, 2012 11:34 AM ET
CME Group Inc. (CME) Chief Executive Officer Craig Donohue retired effective yesterday, leaving the world’s largest futures market ahead of schedule, the company said today in a regulatory filing.
Donohue, 50, said last week on a conference call with analysts that the transition to promote President Phupinder Gill to the CEO role was going faster than planned, with a formal hand-off possible by the May 23 annual shareholder meeting.
Donohue, who has run the Chicago-based company for the past eight years, announced last month his plan to retire in December when his contract expires.
“The transition has gone very well and everyone is ready to move on and into their new roles so we have been able to expedite the official date,” Anita Liskey, a CME spokeswoman, said in an e-mail.
The second story also from Bloomberg on the "fat finger fiasco"
Bloomberg) -- Gold Trading in N.Y. Yesterday After Price Comex Suspended Drop
Dave from Denver: to what he calls the "fat finger Freddie" episode:(courtesy Dave from Denver/the GoldenTruth)
Bloomberg) -- Gold Trading in N.Y. Yesterday After Price Comex Suspended Drop
CME Group Inc.’s Comex halted trading in gold futures for about 10 seconds yesterday at 8:31 a.m. after prices declined, said Damon Leavell, a spokesman in New York. The so-called Stop Logic halt, engineered by the exchange, is designed prevent excessive price movements, according to the Comex website. Gold futures for June delivery, which settled 60 cents lower at $1,664.20 an ounce yesterday, dropped about $14.50 shortly before 8:30 a.m. local time, data compiled by Bloomberg show.
The market was given a short period of time to regain its equilibrium, Leavell said in a telephone interview. CME declined to comment on the size of the trade that led to the halt.
"The stop-logic functionality happens across all markets at different times and can even happen several times in a day," he said.
Comex halted trading after Comex recorded a transaction of 7,500 gold futures during one minute of trading, Dow Jones reported earlier.
-END-
there are some spooky strange things going on, like the incredibly blatant paper attacks on the metals, especially silver, that occur several times in any 24 hour period. some of the sell-off in the attacks can be attributed to overall market weakness, but many of the hits are not correlated with the SPX or related to any news. and JPM doesnt even try to hide the blatantness. That "fat finger freddie" sell-off in gold the other day could not have been any more blatant.
i think either some really bad geopolitical developments are coming soon or the paper manipulators are starting to feel the "squeeze" from the physical market. maybe a little bit of both.
there have been rumors that the BRIC countries are going to announce some kind of new trading/funds clearing system that eliminates the need for the dollar. a long-time friend of mine told me last week that he spoke to someone he knows in Staad who told him that the rumor of that development is rampant in Switzerland. I did see a news link reference to the fact that India is now clearing commercial trades for Iran now.Marshall Swing from the Midwest does a good job showing the open manipulation on the precious metals at the comex. He discusses the huge 7500 contract short orchestrated by JPMorgan with a corresponding hit on silver. He agrees like all of us that there is no way it was a "fat finger" but the result of total collusion by the bankers with help from the regulators who look the other way:
(courtesy Marshall Swing)
Producer/Merchant Banks Openly Manipulate The Precious Metals Futures Market
Marshall Swing
The precious metals marketplace and even the main stream media is all abuzz about the 7,500 contract trade, in gold, on Monday, April 30th. Gold fell $15 in the space of a minute as many news outlets reported. Speculative traders think the trade could have been a fat finger. COMEX floor traders say otherwise and think the trade was deliberate just like any other trade because no one makes a trade of that size without specific instructions.
What is particularly of note is that silver fell dramatically during this exact same time period with trades of similar magnitude relative to the two metals price and volume statistics and ratios. Silver fared markedly less well as price did not return to the same level as did gold so quickly albeit with some time lapse as we will discuss.
Here is the gold chart from yesterday
We traders in the industry see this type of manipulative price action all the time in the precious metals future’s markets. It is a common weekly, if not almost daily occurrence.
We see that 13,588 contracts traded on one 5 minute bar which included the 7,500 contract trade. Then we see a series of what I call steps in which over the price of gold goes directly back to the price level that the entire sequence started at right up to the 5:00PM COMEX close, and prior to trading opening in Asia.
On the 5 minute trade bar on the chart above, the gold high was $1659.90 and the low was $1645.10. The overall effect was $1651.80.
The steps buying action I referred to above is a regular occurrence in we in the precious metals industry see all the time. The Chicago Mercantile Exchange publishes Commitment of Traders report every Friday in the early afternoon. I document those reports in tables and publish them weekly. Here are the prior two reports for gold:
In the April 17th table, and in this article Gold and Silver Manipulation and How They Do It I documented specifically how the commercial traders, who are 17,609,100 ounces short, manipulate the price of gold to fleece the speculative longs out of their money. They do this for two reasons. 1. to profit and 2 to pick up those speculative long positions to match their huge short positions. In all futures markets there has to exist one long for every one short, and unlike equities markets this matching is the entire futures market and not a small subset as in stock short positions.
Therefore, the stop trade limits of the speculative longs are triggered whenever there is a large single or multiple very fast dumping of positions by the commercials (in particular the disaggregated producer/merchant positions which you see in the tables above). Another aspect of these trades is the use of initial high frequency trading (HFT) used in order to trip the speculative longs stops, the the producer/merchants add to this sequence their own open interest positions so the fully affect the price drop. Then they turn around and but those longs at far cheaper prices, which you see clearly in the chart from yesterday. Only the producer/merchants know exactly where and when the bottom will be so they can purchase those longs quickly. The new longs are purchased for the manipulation of the spot price and options months later on in the week or months ahead. The producer/merchants have algorithmic computers software that handles these transactions at the behest of the senior trader of the producer/merchants.
Who are these producer/merchants? We know for a fact who one of them is and that is the bank of JP Morgan Chase who picked up these outrageously huge short positions from bear Stearns in the demise and bankruptcy of Bear Stearns in March of 2008. There are many. many people in the precious metals industry that JP Morgan was instrumental in the demise of Bear Stearns and have documented as such.
Currently, the Commodities Futures Trading Commission (CFTC) has on its desk the review of gold and silver metals manipulation and have had that review for 4 years now. Their deplorable failure to act in a reasonable time frame is corruption at the very highest levels of the market’s leadership and oversight responsibilities. The Dodd/Frank bill passed by Congress and signed into law by the President which required positions limits in futures markets no later than January 1st, 2011 has been subverted by both the CFTC, the producer/merchant banks and no doubt the Securities and Exchange Commission of the United States Government.
I do not make these charges lightly. They are extremely well documented by numerous analysts who are far better equipped than myself to expose this massive fraud on the speculative long position holders. It is a crime of the highest order of magnitude that position limits were not established on January 1st, 2011. It is blatant fraud on the Congress of the United States and the American people, most of whom own gold and silver majoritively in the form of gold and silver jewelery and also on millions of Americans who own gold and silver coins and bullion purchased from the US Mint and dealers, and coin shops across America and all other countries in the world.
For readers who not aware, the COMEX futures market is the sole market used to determine the spot price for all traders in the world. Yes, all precious metals traders have to comply with the spot price of a heavily manipulated market, by law.
The primary reason the Dodd/Frank bill was passed was to corral the price of oil in 2008 which saw price at $150 a barrel.
As we all know now, the price of oil quickly reversed itself and dropped to the mid $30 a barrel in a few months.
That is the power of a free market. That is the power of the American Constitution that is supposed to guarantee a free marketplace for a free world.
Without a doubt, the producer/merchant banks have subverted the free market of the world and use it for their own profit and price suppression so their short positions are not out of the money. They have to manipulate the price or else they would cease to exist if they have to deliver physical metal upon speculative traders standing for delivery in the COMEX market.
They will do anything they have to to prevent having to deliver including commit crimes of the highest magnitude.
Is it any wonder that they own and contribute such huge sums of money to the political campaigns of the senior Congressmen and Senators in the United States Government?
Turkish Government "Goes For Gold"; Seeks To "Transfer" Private Gold Holdings Into Bank System
http://www.zerohedge.com/users/tyler-durdenSubmitted by Tyler Durden on 03/22/2012 09:12 -0400
Gold may not be 'money' to the Chairman, but it sure is to Turkey. The WSJ reportsthat "The Turkish government, facing a bloated current-account deficit that threatens to derail the country's rapid expansion, is trying to persuade Turks to transfer their vast personal holdings of gold into the country's banking system." The reason: "The push to tap into the individual gold reserves—the traditional form of savings here—is part of Ankara's efforts to reduce a finance gap that is currently about 10% of gross domestic product." In other words, "sequester" the population's hard assets (politely of course), and convert these to paper to fund the country's creditors, both foreign and domestic. Mostly foreign. In other words, Southeast Europe is slowing becoming the staging ground for the 21st century equivalent of Executive Order 6102, where first Greek, and now Turkish gold, is about to be pulled from point A to point B, where point B is some top secret vault deep under London.
How will Turkey spin gold confiscation in the politest of ways? The WSJ has details:Government officials say the banking regulator will soon publish a plan to boost incentives for consumers to park their household wealth inside the financial system. Banking executives said they are considering new interest-yielding gold-deposit accounts that would allow savers to withdraw gold bars from specially designed automated teller machines.
The moves come after the central bank in November announced that lenders could hold up to 10% of their local-currency reserves in gold, in part to tempt Turkey's gold hoarders to deposit their jewelry, coins or bullion at banks.
Economists say the policy shift is designed to change Turks' historic preference for storing a high percentage of personal wealth outside the banking system as a way to protect themselves against the economic volatility that has periodically hit Turkey in recent decades.
The effort is one front in a broader battle to encourage more savings while curbing the ballooning current-account deficit—a pressure point many investors fear could upend a fast-growing economy, estimated to have expanded more than 8% last year. Turkey's current-account gap has expanded faster than expected in recent weeks amid a surge in oil prices and data showing unexpectedly high consumer demand.
For some Turks, the government will have to unveil a lot more sweeteners before they part with the family gold.Because what may not be apparent to a Princeton Ph.D., is more than obvious to a 70 year old housewife in Istanbul:
"I'm keen to save, so keeping gold at home is easy for me; there is no complicated procedure," said Ayten Altin, a 70-year-old housewife in Istanbul. "In an emergency, I can convert it to cash and I don't have to wait for the bank to say the asset has matured."
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