CSI: Comex. The Gold and Silver Massacre

First again today??????

third

And RIP to Andrew Breitbart-    :(

Our bankers are leaving the sinking ship en masse:

http://americankabuki.blogspot.com/2012/02/updated-22912-thanks-kauilapele-for.html

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UPDATED 3/01/12
Removed duplicate entry for Nomura, added 2 more resignations. Updated links to Sri Lanka and Ukraine to better web sites (thanks to Rockingjude for links). Changed text URLs to be active URLs.

UPDATED 2/29/12

Note: I have extensively edited this list, re-verified links, shortened URLs to make this list more readable. Its grown very rapidly over the past week and was getting unwieldy in its prior form.  In some cases certain middle eastern bankers and European private bankers have managed to have their names removed from smaller blogs and news sites so I have updated those cases to larger news organizations less likely to bow to pressure. At the time of this posting all URLs listed work, I do not guarantee they always will.  I have also added missing names (in bold) and those URLSs where more than one person was resigning I expanded the item to have one line each, since everyone who copies this to their blogs (wow did this spread far and wide!) views each instance as one banker resigning I thought I'd make this listing more reflect that viewpoint.  I do not know under what circumstances these individuals have left their positions, I make no judgement on that. I just find the timing of so many resignations extremely curious and a bit of temporal marker in history of very high significance.

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Those idiot waves for Alf have been spot on in calling retracements (down to $10-15 in gold) as far as I can tell. I also think it is hokey, but the data for Alf doesn't lie.

Yesterday’s sizeable retracement was largely publicized to be a reaction to Federal Chairman Bernanke downplaying a third round of quantitative easing; however, this was only a supporting factor.   Our brokers in the pit relayed to us in a timely fashion, that JP Morgan acting on behalf of an international fund sold, 10,000 gold contracts or 1 million ounces of gold.  I say they sold gold with disregard for the markets health.

This chart is the 1-minute perpetual gold futures chart. The red lines at the bottom is the volume (number of contracts traded).  This chart shows that the average volume prior to and after this ‘gold dump’ was around 1000 contracts per minute.   At 9:47 central time on 2/29 the volume spiked to 11,000 contracts and the market fell from $1763 to $1741.  I assert that this was the catalyst resulting in the continued downward pressure that eventually left gold testing $1684.40 before rebounding.   Had these extra 10,000 contracts hit the market in an orderly fashion over a period of 15 minutes they may have been absorbed without the impact that left gold with a $97.80 daily trading range.  Of course gold is not the only metal that felt the impact, as silver fell in tandem.  Silver, in a sympathetic fashion, fell $3.76 from the daily high of $37.88  to a low of $33.825.

At the moment, gold is trading around $1720, up $9 from yesterday’s close.  We are looking to re-enter this market after the $100 retracement but would like to see a day of stability.    Say tuned!

I was hoping to be selected for Jury Duty on this case, but got to the end of the article and noted that sentencing had already been undertaken. Swift and efficient justice. All hail - the great Turd!

I have been turned off since my friend kept giving my Pretcharts info on why gold should be going down.. I did not short gold like my friend. But I stayed out and lost about a $100 run and that was huge back then. I finally turned him off and stayed long.. made a few bucks. I wish I knew about stacking silver back then.. $4.75 an ounce

@JohnH, I'm not speaking for Turd, but I'm sure he believes the price will rise despite manipulation because it has been doing so this entire bull market. As he has said (and I think it's a brilliant analysis), central banks and the Cartel members cannot keep the price of the metals down, they can only hope to manage their ascent. 

That often means 2 steps forward, 1 step back. Look at silver. Capped at 34.40 for a long time. They a huge move through it. Then a manipulation event. Still ahead of 34.40 at this point. That's how we roll.

If they are afraid, and they had reduced shorts to 13k, why go back up to 22k contracts? In a pure fear 'GTFO of this trade' scenario, I don't see why they would. It appears (to my untrained eye) that their 'fear' is, at best, battling their greed...

I've never expected regulators to turn on their EE owners, I never expected PAGE to be untainted by the same crowd, but I have generally expected physical demand realities to blow up the paper-short game eventually...I don't see anything short of industrial buyer or $-flight type of panic really changing anything...

laws and elections are the assets of others, not solutions of mine...

Will physical reality intervene? If you say yes, do we really have much to base that on?

Once again - I am a simple stacker, but here is my thinking ..

I am constantly battling the concept that what the Cartel is doing here with Silver, makes little to no sense. Why not extricate themselves from the short positions and take the long side of the trade? - surely the writing is on the wall as to where Silver (and Gold) is going over the long term.

I then have to kick myself, as I realize - this is purely about MOPE. The Cartel is nothing more than the "hand" of the Central Bankers - they must control the Metals in order to continue validating their digital money. The Cartel, no doubt, has unlimited access to money from the Fed and the ECB - so - if they lose Billions or Trillions - who cares - The Fed will just give them more.

I know this is an unsophisticated, over-simplification, but I think it's valid at the root level.  Anyway - I don't see the manipulation ending until outside forces simply overwhelm it. And - the tiny Silver market is the best avenue to do this - so they will defend it at all costs.

My first thought was about the despicable little chicago street hustler,

but then I accepted (despite all the conditioning to 'support the troops')

that they are miserably failing to fulfill their oath. They are over there dicking around in the desert while domestic enemies hold every seat of power in the nation. When they start fragging the domestic-enemy politicians, I'll support the troops.

We currently live in a society where our leaders have decided that the best way to deploy resources is to break the markets.

Our best and brightest are educated not to produce, but to instigate transfer payments....to themselves and their friends.

This ain't gonna last.  Keeping on stacking!

when Ron Paul showed him the ounce of silver and said how it bought 4 gallons of gas, and now it bought 10.

I think he was ready to explode!

By now everyone has saw the article, I believe on ZH in reference to the MF'Global fiasco, and that you are all aware that the "crime" is collapsing as the evidence just is not there. LOL, Who would have guessed!! 1.5B + in customers money, GONE, and no one knows anything, and therefore, the fine is supposedly 140,000$$.  There, that is what they feel about all of you!!.  Lets see, how many people lost money, 10,000?? ( sorry I forgot) if this wasn't a fine, that would be about 14$$ for each of you.

How does that make you feel?

Combine with the fact that the Bank of Israel is buying US securities, and noooo, there will be no collusion....

It is so obvious this thing is soooo crooked!!  Surely the media will not report on it. At what point to I shake my head, and just put my money back into stocks?  Which is what they want anyway??  ( I am trapped in my 401K and unless I leave my job, cannot get my money out.. just plain stuck!)

Oh well, better days ahead!!

GG

A well thought of post and great humor in the end. Let me try some.

Yesterday was a gut wrenching day for all of us.

Ber-MONKEY spoke to the WOLVES in sheep clothing (Congress) taking advantage of the sleeping KOALAS (CFTC).   

Meanwhile, the laughing HYENA (J Pee Morgue) send its VAMPIRE (Blythe) to smash some PMs.  What to do then?

Well, I took advantage  of the discount in prices and bought a MONSTER box of EAGLES!

Even the ultimate FISH face has this to to say about gold:

Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
Alan Greenspan

while your playing CSI .... back on the birth certificate saga ....

PHOENIX — Maricopa County Sheriff Joe Arpaio said Thursday he suspects the birth certificate President Obama released last year is a “computer-generated forgery” — and also raised questions about the authenticity of the president’s Selective Service card.

http://market-ticker.org/akcs-www?post=202816

http://www.washingtontimes.com/news/2012/mar/1/sheriff-arpaio-obama-birth-certificate-forgery/

http://thedailypen.blogspot.com/2012/02/vital-records-indicate-obama-not-born_29.html

La Machinna,

You must be  thinking what I am thinking?

Great analysis.  But since they're probably going to let the MF Global thieves (who stole billions) get away with a $140K fine, I doubt that it will ever go to trial.

You mentioned a while that whenever silver lease rates are super low (they're at -0.489 today), that a major correction might come up.  I'm wondering what everyone's thoughts are about another raid (in silver) sometime soon.  Any ideas?

Tony

One other thing unless someone else mentioned it. i posted this on the Pailin site early today -

post 18662 on the Pailin site, sorry I don't seem to be able to transfer it over here.

the gist is that if you want to discourage Fundies and Pensions and Specs from entering the gold market, what better way to do it than jam down price at the normal EOM window dressing as if to say "don't come in here or you will be punished"

no comment necessary...

Bull flag forming on the 15 and 30 min charts.  I think we will pierce 36 by tomorrow close.  The cartel is simply getting too much press now each time they do their thing, so I'm guessing they won't try anything soon.  Have a great weekend everyone.

silver= 35.44  at time of post

Edit:  As the above depiction shows, the Cartel's hands are kind of tied right now, so silver should be good to go.   :)

Pretty cool thread from TF today.  Very creative piece of judicial interpretation and sentencing.

The Judge would be pleased.

I can hardly wait to hear him on a TFMR podcast one of these Saturdays.

Good Article on SHTF Plan today.

Society as we know it will break down and collapse in a five stage process outlined here. While it can be accelerated by certain events like war, a natural disaster, pandemic, terrorist attack, or even an impending asteroid impact, history has shown that economic collapse will essentially happen in this five stage process. To survive the collapse, it is important to read and interpret the signs and understand what assets are important to the current situation so you can be prepared for the worst thereby allowing you to survive intact and with as little damage as possible.

STAGE 1. The Decay Begins

Everything is good and the economy is thriving. A high standard of living has been achieved. This is the way things should be. Goods are cheap and readily available. Everything seems to be in abundance. Stores are filled with retail items ready to be purchased. Life in general is good. The nation’s working infrastructure is solidly intact and working well. However, the idea that everyone is entitled to have what others have earned now permeates society. Redistribution of Wealth Policies are implemented and quietly woven into the fabric of society. Unchecked and under the guise of fairness and equality, these policies slowly decrease productivity and increase dependency on government entitlement and welfare programs.

Primary Assets:

1. Career
2. Home Value
3. Savings
4. Investments – Stocks and bonds
5. Health Insurance
6. Lifestyle Image
7. Good Credit Rating for Debt Accumulation

STAGE 2. The Slippery Slope

The economy goes into a slow but steadily increasing decline. Unemployment is on the rise. Ever increasing numbers of people receive government assistance in one form or another. People are paid not to work. Government spending has increased dramatically. The price of gold, silver, and other precious metals rise to prices unheard of just a few years earlier. Inflation reaches the double digit levels.

Primary Assets:

1. Cash
2. Precious Metals, Gold and Silver coins
3. Job Stability
4. Elimination of debt
5. Health Insurance
6. Home Equity
7. Automobile with good MPG
8. Acquiring secluded land more than 40 miles from densely populated areas

STAGE 3. It is Going to Get Worse

The total collapse of the economy begins after a significant and prolonged decline. The government implements price controls. Shortages on essential goods become widespread. Foreclosed houses sit vacant and deteriorating by the tens of thousands. Middle class neighborhoods begin to look like slums. The government begins to print currency to pay its bills and support the tens of millions on public assistance. Inflation increases even more and unemployment exceeds 25%. Banks and businesses fail at ever increasing rates. Nobody seems to have any money. Many are now homeless. Labor unions instigate strikes, civil unrest, and large scale riots. Government services are interrupted and unreliable. Local and national infrastructure is in decay. Violent gangs begin to appear and assert themselves. The government begins confiscation of firearms from law abiding citizens. Violence is everywhere. Cities and urban areas become very dangerous places to live.

At this stage, the country seems pretty much beyond the point of no return. However, things can still be reversed even at this stage if the right person at the top really believes in the basic fundamental concepts of Freedom, Independence, Liberty, and Individual Rights and is not afraid to do what is necessary to reverse the current trend. He will be vilified and hated because of his attitude toward personal responsibility, cutting entitlements, and ending welfare programs. Of course, if the right person were in power and did what needed to be done, none of this would have happened in the first place.

Primary Assets:

• Gold and Silver coins
• Cash
• Job
• Automobile
• Home
• Short term food supplies
• Short term fuel stores
• Firearms and ammo
• Plans to relocate to a secluded rural hideaway
• Small livestock – chicken, rabbit, fish…
• A close network of like minded people
• Survival knowledge and skills

STAGE 4. The Grab for Power

The collapse can transition to this stage at any time after Stage 3. Most of the middle class have lost everything. What used to be well manicured middle class neighborhoods are filled with the carcasses of empty houses damaged and destroyed by vandals. The nation’s infrastructure has been seriously neglected and is in need of a major overhaul. The power grid becomes unreliable. Rolling blackouts are a daily occurrence. You can no longer buy or sell gold or own foreign currency. Inflation is out of control. Now the economy collapses. There is a rush for everything and the shelves go empty in a matter of hours. Society falls into chaos. The control of urban areas shifts when violent gangs takeover control of the streets and urban neighborhoods. The government issues restrictive measures in an attempt to control the economy. Everything is in short supply and heavily rationed. Food and gasoline is very expensive and there are very long lines to get them when they are available. Affordable quality health care is non-existent and your job is a distant memory. You will do without what you are unable to provide for yourself. You will discover what it is to live in a third world country.

Primary Assets:

1. Relocation to the rural hideaway
2. Firearms and ammo
3. Long term food supplies (1 year minimum)
4. Adequate fuel stores
5. Security plan to protect the group and assets
6. Trained dog for security
7. A working knowledge of survival gardening
8. Survival knowledge and skills

Once all of the above has come to pass, the realization of the current circumstances at this moment must be all too obvious. It is too late to prepare at this point. What you did not acquire earlier, you are not going to possess now. Anything of value necessary for your survival has already been claimed. The situation gets worse… much worse.

Stage 5 is next… and it is not pretty.

STAGE 5. Freedom, Liberty, and Independence is Lost

The government implements martial law. Fighting between civilians and government forces break out nationwide. Maintaining more than a 30 day supply of food is considered hoarding food and is illegal. Severe poverty and starvation become a common sight. The government offers marginally acceptable food, water and shelter in exchange for your Freedom, Liberty, and Independence. Democracy ends and a Socialist form of government takes over under the guise of fixing society’s problems with the false promise that peace and prosperity will return better than it was just a few years ago. A Totalitarian regime assumes power and the individual freedoms and liberties once enjoyed by the people are completely eliminated.

Primary Assets:

1. Rural Hideaway
2. Security plan to protect the group and assets
3. Living below the radar in a community of like minded people
4. Firearms and the ability to use them
5. Guard dog for security
6. Survival knowledge and skills
7. A working and producing garden capable of feeding 150% of the group
8. A stable supply of clean water
9. Vegetable seeds for long term food production and barter
10. The will to live and survive in a harsh political climate

As you can see, priorities change as the world changes. Your most prized assets of today – your good credit, luxury automobile, and career are no longer important after the economy collapses.

http://www.shtfplan.com/emergency-preparedness/societys-five-stages-of-economic-collapse_02282012