Gold and Silver Price Manipulation, COMEX has Everything to Fear

The Market Oracle ^ | 21 July, 2011 | George_Maniere

[Errant]

... I watched this video in stunned disbelief. This man had a live streaming video from the Commercial Mercantile Exchange (COMEX) for the minute by minute trades. Silver contracts were selling higher and at about 1:40PM they started to sell off for no reason. Then at 2:03PM there was a trade for 50,000 contracts of silver sold. (This would lead anyone to conclude that the sale was known 23 minutes before it occurred.) This is not a typo. That is 50,000 contracts in one minute! If you are not aware each contract is for 5,000 ounces of silver. So if we do the math 50,000 contacts X 5,000 ounces per contract equals 250,000,000 ounces of paper silver contracts. If you’re getting dizzy reading all of those zeros I will spell it out for you. That is Two Hundred Fifty Million ounces of paper silver traded in one minute. If we do some further math and we multiply two hundred fifty million contracts by the proxy price of silver yesterday which was $40.00 per ounce. That trade was for 10 billion dollars in one minute...

[Errant]

Also from the article, "The fact is that the silver market is being incredibly manipulated. Well that is about to change. On Friday July 22nd the Hong Kong Mercantile Exchange will start trading dollar denominated silver futures contacts with the hopes of tapping into the growing demand for the metal in China and India. The new contact will enable buyers and sellers in China to trade effectively with their counterparts across the world, while at the same time allow investors to gain exposure to silver price movements and broaden their investment portfolio."

Today might be a good time to buy a few extra ounces of silver?

[Jet Jaguar]

Bump

[stockpirate]

Bump for later...........

[OhhTee5]

Guess that’s why silver is currently down 2.6% so far today.

[OhhTee5]

Guess that’s why silver is currently down 2.6% so far today.

[Terry Mross]

Hang on to what you got. I don’t have a choice since I don’t have enough to manipulate the market.

[agere_contra]

That’s right. It’s not going to be so easy to sell 250 million ounces of non-existent silver next week: once the HKMEX is competing with the COMEX.

So today and tomorrow are (I guess) the last days that the COMEX can really hope to throw its weight about.

[Errant]

No worries about hanging on to what I have. I’ll turn it into something besides paper or bullets if it comes to that.

[dennisw]

Chinese love silver it has been in their coinage for centuries upon centuries... with some interruptions of course

[JerseyHighlander]

I still don’t understand why the silverbugs believe that the HKMEX isn’t going to quickly become just another franchisee under the silver manipulators umbrella.

[phockthis]

sfl

[Stentor]

I believe that silver manipulation is taking place. Why wouldn't it? But at no point did BrotherJohnF have "live streaming video" of the trading and he didn't claim to have it.

Silver Update 7/19/11 Caught in the act