Massive Silver Raid in Access Market Trading As Silver Flash Smashed to $31.80

Last week we reported what appeared to be a glitch as gold was flash smashed $30 under $1700 in a single tick late in electronic access market trading.

Today it is apparently silver’s turn, as numerous platforms recorded a flash crash in silver from $34.10 to $31.80, almost immediately regaining the $34 level. 

This time the $2.30 nosedive might not have been a data glitch, as the chart indicates several ticks on the move down, as well as at least 5 trades occurring on the violent move back through $34.


 

Gold was also hit, flash crashing from $1750 to $1715:

This just re-emphasises why it is absolutely imperative that you DO NOT TRADE USING MARGIN, and instead stack physical metal.  If you are trading with margin you can count on your pocket being picked by the bullion bankster criminals!

Whether a data glitch or a real algo event, the smash was so instantaneous that it has already been erased from the charts:

Kitco however still shows $31.80 as the day’s low:

MARKET IS CLOSED
(Will open in 13 hrs. 46 mins.)
Metals Date Time
(EST)
Bid Ask Change Low High
Buy gold Gold Charts  GOLD 11/26/2012 17:14 1749.40 1750.40 -2.50 -0.14% 1716.20 1753.40
Buy silver Silver Charts  SILVER 11/26/2012 17:14 34.18 34.28 +0.05 +0.15% 31.80 34.34

Comments

  1. Nothing to see here, just go about your business….

  2. Kitco Spot gold showed it too $1750 to $1715

    • Silverdoc;

      You do financial journalism a great service by making these lying cheating manipulating scumbags accountable. Events like these show that Banksters are not sophisticated wonder traders, but are cheap criminals who will do anything for a buck, since they are too dumb and ignomious to trade honestly. 

  3. I sure feel for the Paper Traders but this is WHY I stack the Physical. I wonder Who and What where five trades.

  4. Avatar of abarai72french says:

    the only trace left is on the usd index

  5. I think these were trades conducted outside of the bid-ask spread… possibly even with different timestamps than when they were reported on the feed.  They should not be graphed by kitco, but appear to have been.

  6. The brief downspike showed not just in silver, but gold, platinum, and palladium too.  I saved images for all of the charts since I was quite sure (lo and behold) the spikes would melt like so many icicles on a hot summer day…

  7. KITCO sucks. Didn’t register on Goldseeks charts at all. Low was 1745 and 33.90

    The malfunctions on KITCO are getting all too common.

  8. Did anyone else notice the corresponding temporary up-spike in the US Dollar Index?  It still shows right now as of the time of writing of this comment…  What does it mean?

  9. God – can only imagine how many people had their stops blown away by that move.  Makes me think of Southpark’s bank: “…aaaannnd it’s gone!”
     

  10. This isn’t showing on the netdania.com silver spot chart. Time to stop using kitco, to many of these the last few months on kitco charts.

  11. The price DROP was REAL. I could buy at the lower price on Goldmoney (live prices). They also have the drop shown in their charts (home page) See the Silver chart…wow.

  12. A sheer act of desperation! The end of manipulation draws very near!

    • The manipulations are ending very soon. For example with silver about one year ago, it took the cartel about one third of the US annual silver production in paper to crush its price by 5$ or even more. Now, it takes the cartel about the whole US annual silver production in paper to crush its price by only 2$ or less.

  13. Anyone else think that this kind of PM price flopping and kicking is reminiscent of a guy (US dollar) in a coma on life support?  Sure looks that way sometimes.   

  14. All evidence of a “flash crash” on the KITCO charts is gone. LOL…

  15. The bottom hit so fast I did not get an alert from my PM dealer.

  16. Profit taking by the big bank algo’s to pad their short position. Or the system was hacked by the mideast….

  17. I wonder whether derivatives would have their stop losses triggered over this. I’ve had lesser such spikes clean me out.
    There’s a need to categorize crazy spikes. By who registered and ignored it, level of retracement, etc.

  18. I’m sure that the flash smash happened and we can trust it was the usual suspects behind the smash. The question in my mind is who are the opposong forces that were ready for it and reciprocated sending the price back up emmidiatly. It’s interesting how quickly someone is responding to these attacks on the price, amazing! It’s not likely that the CFTC will launch any investigations either!

  19. This story does lack some context. Was was the volume on each commodity? Indeed, what about the dollar? Perhaps this was a near-collapse of a currency, only finding infinite support when it did?

  20. Just recently, I’ve realized that there are more glitches happening than before in the markets. Perhaps it’s just an excuse for the cartel’s failed raids. I’ve also seen this price spike recently and I’ve took a picture of it on “http://silverprice.org/”.
     
     

Speak Your Mind