Did COMEX futures just reveal a Freudian glitch? Futures data this morning indicated a value of $34,000/oz for silver, and $17,716/oz for gold!
The misquoted prices reflect a 1:2 price ratio with silver being 2x as valuable as gold. Was somebody trying to communicate the fact that future gold to silver value ratio will go from 50:1 to 1:2, with silver prices rising 100 times faster than gold’s?
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http://www.marketwatch.com/investing/future/SILVER
Screen shot of concurrent gold glitch from ZH:
SD reader Plebian asks:
A ‘glitch’ in futures prices this morning showed charts with gold price quoted at $17,700/oz and silver at $34,000/oz.
Questions:
1) Why did glitches occur for both gold and silver, since they’re independent commodities traded on separate symbols?
2) Why was gold off by a factor of 10, but silver by a factor of 1,000?
3) The misquoted prices reflect a 1:2 price ratio with silver being 2x as valuable as gold. Was somebody trying to communicate the fact that future gold to silver value ratio will go from 50:1 to 1:2, with silver prices rising 100 times faster than gold’s?
Thankfully for stackers, physical silver can still be acquired for ~$35/oz, and gold under $1900/oz.
One day soon such a COMEX quote might not be a ‘glitch’.
Got silver??
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Too bad I am not in a Selling Mood.
It’s like Y2K software remediation. Maybe they’re testing out new software to prepare for a few extra zeros in their computer code.
/sarc off…
Maybe that is the real price with the algos turned off? I don’t believe in coincidences or mistakes of this nature. It’s a message IMO.
I’m telling you guys this exact same thing happened before the flash crash in may 2010. The SPX (S&P500 index) showed a quote ~10% lower one day at the close about a week earlier. When the flash crash occurred the following week the low price hit was almost the exact price shown/predicted the previous week..
I think that it was a mistake because if you silver’s price from 34220$ per ounce to 34.22$ per ounce and gold’s price from 17716$ per ounce to 1771.60$ per ounce, the ratio becomes 51.77 ounces of silver for one ounce of gold which makes more sense.
@sumkid:
1) Why did glitches occur for both gold and silver, since they’re independent commodities traded on separate symbols?
2) Why was gold off by a factor of 10, but silver by a factor of 1,000?
Indicating that “by chance” it is very unlikely… but I noticed that too.
Maybe someone’s ZERO FINGER was trembling LOL!
@undeRGRound I think it’s just a coincident. :/ Commodities prices are automatically updated by computers so no one’s finger was trembling.
Maybe it just showed a cleared COMEX futures market price. Maybe Jamie was told to do so yesterday @ CFR?
Maybe someone wanted their COMEX cash premium in the unlevered, fair and cleared market value?
Did anyone else notice the volumes today in spot gold on netdania or goldprice.org? Possibly same data feed but very unusual!!!
Ive had a look around but no mention of it anywhere.
@the-doc @bullrun
This was in after-hours trading post 4pm – the volumes are always low… even more so on a Friday…. not unusual
Preview of coming attractions……..
The internet was having issues today worldwide. ZH was basically shut down for several hours.
Nobody is saying anything about this story in the press. Very strange…
Maybe the USA government was testing a way to crush the Internet so that no one is going to know the truths. Just imagine, the government crashes the Internet as an inside job and blames it on hackers. The medias are going to tell propaganda about it and people won’t be able to access to the Internet so that they can know the truth.
These are the prices adjusted for the coming inflation. “Honey pick up a loaf of bread on your way home, here’s $6000.00″.
LOL…that was pretty f’ing funny…scary but funny. Does that mean I’ll get paid like 2 billion/year?
Yes, you will get paid $2 billion / year but remember anyone that makes over $250,000 is considered rich. I wonder what that does to the effective tax rate on your income?
Then that means that silver will cost about 67000$ per ounce if a loaf of bread cost 3$. You divide 33.50$ by 3$ and then multiply that result with 6000$.
Sounds about right for the first round of hyper inflation but as the financial meltdown really gets white hot think 1,000,000$ oz Ag and 170,000 oz Au. At least until both metals are priceless in fiat currency!
…or silver will still cost about 1.38$ per ounce even after the collapse if it is purchased with pre-1964 dimes, quarters, halves or dollars.
At $34,000 I would consider selling 10 oz.!!!!!!!!!!!
Something to keep in mind.
Wow … 0.5:1 GSR … as it SHOULD be.
Aren’t the FED’s closing in on JPM and this happens? Hmmmmm.. Sounds like a shot across the bow.
I hear that they are still trying to scrape Blythe off the ceiling…..
Here is the latest photo from JPM downtown offices..
http://www.domestiphobia.net/wp-content/themes/website/data/php/timthumb.php?src=wp-content/uploads/2010/04/img_1807.jpg&q=90&w=600
Phil AZ
I love it : )
Looks more like an area where she may have defecated.
LOL!
Hahaha! It would of been perfect if the picture was photoshopped by replacing that piece of white ceiling with Blythe Masters’ face!
headlines:
“Old JPM Crunt Hits Ceiling as SILVER SKYROCKETS!”
lmfao
Welcome to the twilight zone, what you see may not be what it seems…
Other than the fact silver is selling for about $34 and gold is selling for about $1770 this sounds about right. I am on the record in your forum in stating one day silver will be worth more than gold. You can’t make colloidal silver out of gold.
FINALLY, the see what the price of silver would be without JPM, CME, COMEX, and computer trading.
Hey Guys we are talking about two different ticker symbols here in perfect multiples from one and other. There is more to this.
“Did COMEX futures just reveal a Freudian glitch? Futures data this morning indicated a value of $34,000/oz for silver, and $17,716/oz for gold!”
HOLY S**T! Yeah, I think that I can find a few million worth of silver to sell them at that rate… and plenty of land and other real goodies for which to trade in all that fiat. :-D
Yes I actually had seen this myself – I did a refresh and it was back to normal. Folks we live in a technological world these days and these things are not perfect as we expect them to be. I would in the industry and things happen – not everything that happens is a conspiracy.
I think that it was a mistake because it looks like that the market meant at that time that silver is at 34.22$ per ounce and gold at 1771.60$ per ounce. With these prices, the ratio becomes at about 51.77 ounces of silver for one ounce of gold which makes more sense.
@Sumkid
We saw that above, buddy… ;)
My grandchildren will have to worry about the prices because my pm’s are for them. If my grandparents had done the same for me I would have a nice bundle, but they couldn’t as they went through the depression of 1929.
I’m amazed at the amount of 90% silver I can find for free with my metal detector.
If I had Blythe’s office address I would send her a thank you card and a dozen roses for the amazing opportunity she has created for us.