The reason for the outage was pretty specific…and odd. That tends to make it believable. They did not say, “Glitch” which means some idiot did an upgrade without testing it.
My guess is the “A” team wasn’t working yesterday and today…so a simple issue likely escalated.
Or, it could have been an Ocean’s 11 type of caper/hiest.
I wasn’t selling my silver anyway.
The posted reason from the CME Group was "cooling issue". However, one of the lightest trading days of the year does not cause much in the way of heating. Plus, there is triple redundancy in cooling, and they all "failed". All futures trading was halted, including oil and stocks, in addition to PMs. Then, once it was being restored, all the non-PM futures came back first, while silver lagged.
Data centers have redundant AC generation and HVAC. Portable AC units are also a third layer of protection. The CME outage due to air conditioning is a total fraud scam ploy.
Avoiding default on physical deliveries...., which when it happens, (soon) I expect a Comex shut down for up to three days and reopen with Silver up to levels never thought of.
I hope it wipes out the U.S. banks (6) that have been shorting in unbelievable paper contracts for decades. Why the “ hope”? It will be Justice, and a good warning to the manipulators. JPMorgan’s last $$$ billion fine for PM market was number six, and yet they continue on.
AI:
“JPMorgan Chase was fined over $920 million in 2020 for manipulating the precious metals and U.S. Treasury markets through illegal trading practices known as spoofing, which involved placing orders they intended to cancel to manipulate prices. This penalty is the largest ever imposed for spoofing and reflects the severity of their misconduct over an eight-year period.”