Interesting action in the precious metals had them continuing overnight a sharp fall begun after FOMC minutes suggested an earlier-than-expected end to Fed candy. This reversed with the 8:30 jobs report which showed still-sluggish employment growth. Gold has since bounced $21 to $1,651, though still off 1.4% on the session. Silver jumps $0.70, but remains -2.6%. [View news story]
“And how we burned in the camps later, thinking: What would things have been like if every Security operative, when he went out at night to make an arrest, had been uncertain whether he would return alive and had to say good-bye to his family? Or if, during periods of mass arrests, as for example in Leningrad, when they arrested a quarter of the entire city, people had not simply sat there in their lairs, paling with terror at every bang of the downstairs door and at every step on the staircase, but had understood they had nothing left to lose and had boldly set up in the downstairs hall an ambush of half a dozen people with axes, hammers, pokers, or whatever else was at hand? The Organs would very quickly have suffered a shortage of officers and transport and, notwithstanding all of Stalin's thirst, the cursed machine would have ground to a halt! If...if...(but) we didn't love freedom enough. And even more – we had no awareness of the real situation.... We purely and simply deserved everything that happened afterward.” - Alexander Solzenitzen
apberusdisvet has a point. What caused silver near $50 to collapse? Margin increases. What caused it to collapse when Bunker Hunt cornered the market? It wasn't "due to happen". The shorts were going to get crucified and the exchange used questionable by-laws to pronounce "liquidation only" as he had cornered the market.
The exchanges did that as exchanges exist for the members/owners, not the public. And short covering can send a price to almost anything if no one is willing to sell and the longs have commitments. That's what a squeeze is all about. And those who can change the rules overnight can make a wave count irrelevant just as if a cancer drug that was approved is found to kill a certain class it wasn't properly tested on.
Interesting action in the precious metals had them continuing overnight a sharp fall begun after FOMC minutes suggested an earlier-than-expected end to Fed candy. This reversed with the 8:30 jobs report which showed still-sluggish employment growth. Gold has since bounced $21 to $1,651, though still off 1.4% on the session. Silver jumps $0.70, but remains -2.6%. [View news story]
have been like if every Security operative, when he went out at night
to make an arrest, had been uncertain whether he would return alive and had to say good-bye to his family? Or if, during periods of mass arrests, as for example in Leningrad, when they arrested a quarter of the entire city, people had not simply sat there in their lairs, paling with terror at every bang of the downstairs door and at every step on the staircase, but had understood they had nothing left to lose and had boldly set up in the downstairs hall an ambush of half a dozen people with axes, hammers, pokers, or whatever else was at hand? The Organs would very quickly have suffered a shortage of officers and transport and, notwithstanding all of Stalin's thirst, the cursed machine would have ground to a halt! If...if...(but) we didn't love freedom enough. And even more – we had no awareness of the real situation.... We purely and simply deserved everything that happened afterward.”
- Alexander Solzenitzen
Is $22 Silver Possible? [View article]
The exchanges did that as exchanges exist for the members/owners, not the public. And short covering can send a price to almost anything if no one is willing to sell and the longs have commitments. That's what a squeeze is all about. And those who can change the rules overnight can make a wave count irrelevant just as if a cancer drug that was approved is found to kill a certain class it wasn't properly tested on.