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The big churn
Bill,
By 11:00 AM the Crimex had already traded 170k gold contracts, and a whopping 70k Comex silver contracts. It’s just another high volume/LOW volatility day in hell. I watched silver trade over 10,000 contracts this morning while the price moved no more than 1 1/2 cents. What the hell? This market is as broken as it gets.
If any whistleblower ever comes forward to explain not only WHO the players are doing this bizarre trading, but ultimately WHY they will crack the crime of the century. We know it’s being suppressed, it’s just odd that COT is virtually meaningless trying to decipher who any of the players are. It’s as if the same cartel members are both the longs and shorts, and are putting up one big charade. Why would any legit spec long keep playing knowing that they will hit a brick wall, and then spend the rest of the day in a coma? Seriously, is there ANYBODY who can’t figure out what’s going to happen next when all they have to do is look at a simple 3-day chart?
Day after day, week after week, the squiggly colored lines repeat, over, and over.
For all intent and purposes since June 15 any trading in precious metals has ceased to exist. It’s one big Kabuki Theater, with no real opportunities other than penny scalping.
If you inflation-adjust the current $14.40 price of silver to 1913 (when the Federal Reserve was created) it would be somewhere around 4-5 cents. In 1913 the average price of silver was 60 cents. In other words, using this metric it is currently between 12-15 times undervalued. Or, put another way, silver should be between $172.80 and $216.99 to be equal to the price in 1913. Churn on, ye cartel of blatant proportions.
James Mc