Update: CME ups margins, precious metals pull in; Gooooold! Shiny precious hits *another* high, up $16 to $1419.60
J-J-J-Jamie and the Feds tryin to knock we retail investors outta da precious metals? ~Don’t push me cuz I’m close to da edge~ We swung $35 trading range in Gold today, TBTF are playing Calvinball again, when they lose they change da roolz~
Update: Around 2:00pm ET Preccious and sister Silver began to sell off. The culprit? The CME raised margins. Some call it a pullback (‘Fed tryin’ t’knock you out’) , I call it time to buy :0> Even SLW Silver Wheaton ‘looking good‘ and I am trying not to play in Ben’s crapped in sandbox…
ZeroHedge is all over the margin increase and JPMChase’s fingerprints~
…And if that doesn’t work, there is always confiscation.
“CME confirmed silver margins raised from $5000 to $6500 (30%) effective 11/10 settl – no other metals effected”…
Keep printing Ben. Devaluing our US Dollar. Target equities, whatevs. You cannot force us back into a fixed market. Gold!
Update: up $54 to $1391.90; Gold takes off ~ up $37.00 to $1374.80 as Bernanke admits he is targeting stock prices in QE2
Update: 4:40pm ET – Shiny Precccious ~ Gold up $54.4- to $1391.90~~~Goldy knows where the USDollar is going….Down
It’s been a while, but you know what time it is~
Heh. We saw this coming
If Ben thinks he can force retail investors back into stocks by admitting he is targeting stock prices forget it.
Not now, not after we have seen Government Sachs and it’s betting against its investors with Abacus, and now JPMChase the same (and dont forget their silver market manipulation), after the flash crash caused by High Frequency Traders, after the record high hit by stocks based on absolutely nothing, in direct contradiction in fact to the health of the economy on Main St, well he is shxt out of luck.
We peasants have embraced the shiny precious.
Meanwhile back at the ranch, GS expects QE version XXXXX through 2012
Goooooooold! Another record $1261.50…
Gold going vertical again….and you know what that means….
Gold: We’re an all time high…
GOLD hit an all time high..again….1237.90 now…let’s switch Bond theme songs…
GOLD traded overnight over 1240! yowsa! probably get a pullback soon but as insurance against devaluing dollars it is still IMO a must for 20% of your holdings, hard gold not ETFs, and a safety deposit box at the bank!
Greek Parliament ratifies austerity measures, EURO tanks, USDollar rises, GOLD soars up $24 to $1199, DOW plummets +200
Duncan Niederauer, NYSE Euronext CEO discusses whether error really caused the market plunge today
Vodpod videos no longer available.8:09pm EST: NYSE cancels all trades made between 2:40pm and 3:00pm that were more than 60% off.
Word is after the first really low maybe -off- trade, the computers ran wild with it, Since NYSE has a sort of stopbreaker where they wait maybe 60 seconds to put a trade through if it looks really ‘off’, the trade just moves to the next electronic exchange for a price, the other exchanges do not have the stopbreak so the trades go through, wrong and all. Then the quant models, the buy and sell limits all start kicking in automatically and we get what happened today.
Several respected traders came out this afternoon and said the market is broken, it is too fast. We need the NYSE stopbreak model applied to all electronic exchangs or it will happen again. Duncan Niederhauer cam eon with Maria Bartiromo and explained it well, I will post the video.
SEC and CFTC say they are examing today’s events.
Duncan said tomorrow will probably be ‘ugly’.
3:58pm EST: So a bad trade on PG off by a digit is rumoured to be responsible for the drop from -400 to -998 and back to -400ish. But the Euro plunge, the USDollar rocket, the GOLD surge and the 400ish drop are all fer realsies.
DOW closing down 354 to 10514, those sell programs that ‘kicked in’ saved lots of bacon. But having humans on the floor making the trades would likely have prevented the entire bad order issue in the first place.
3:07pm EST: The 998 drop is an intraday record, now DOW is down 366. I went ahead and pulled the trigger on the LYV buy I have been eyeing. Since I cant beat Ticketmaster I may as well join ;em, the frakkers!!!
2:51PM est: I think the plunge protection team stepped in, suddenly back up to down 650-where are the trading curbs??
2:49 HOLY SHXT, DOW DOWN 956, US DOLLAR SURGING against EURO, FORGET Obamas export plan, PFFT!
2:48om EST: Holy shxt DOW now down 778 and not stopping, this is fear the US will go the way of Greece, we need to STOP SPENDING
2:44pm EST: Above the post update-DOW now down 503 to 10364, GOLD crossed 1200…hang on sloopy!
gold baby
you know what that means….
2:20pm EST: the crowd is pushing closer and closer to the police line outside Parliament in Athens
…DOW now down 270
2:24pm EST Crowd dispersed into small groups outside Parliament and are now moving into commercial center…
Moderate in the Middle 