The jobs report saw the bankers knock gold and silver down early in the New York session, but this time, investors were witnessing smoke emanating from European and Chinese banks. They decided it was about time to buy both gold and silver as a safe haven for global economic chaos. By closing time the access market had gold at $1174.00 and the price of silver finished at $14.97.
“Unfortunately, it is not [a mistake]… This could be the end of the fix. It took 14 minutes to find a fix – they obviously found a fix way off of the market.“
Today we had a HUGE flash crash in silver and this caused the fix to settle at 13.58 even though the spot price of silver at the time was .84 higher at $14.42.
This is totally unbelievable- will it mark the end of the fix?
WEDNESDAY morning: Shanghai down badly by 6.42% / Hang Sang down. The Nikkei and the rest of Asia closed badly in the red . Chinese yuan down a touch and yet they still desire further devaluation throughout this year. Oil gained a dollar, rising to 30.71 dollars per barrel for WTI and 30.85 for Brent. Stocks in Europe so far are all in the red. Offshore yuan trades at 6.6098 yuan to the dollar vs 6.5801 for onshore yuan. huge volatility is the Chinese markets screams of credit problems; a leaked document suggests that China will not use the lowering of the RRR reserves but instead provide direct yuan injections into the market/POBC injects another 70 billion of liquidity into the markets
BLACK FRIDAY AS ALL GLOBAL COURSES COLLAPSE!!