It’s “quad witching” day, and the cartel seems determined to keep gold under $1200. Silver hit hard too. Here’s an update…
It started at 8:44 a.m. EST.
Over three minutes, nearly 20,000 paper “gold” contracts were “bought” and “sold” in our “markets”:
Call it 20,000 contracts x $1200 X 100 ounces of gold for a total of 2,000,000 ounces of gold with a nominal price of $2,400,000,000.
Totally buyers and sellers engaging in legitimate price discovery.
This is what we call precious metals price suppression.
And it seems they really need to keep gold under $1200.
Today is “Quad witching” day, a day that happens once per quarter. Here’s a little about what makes this one extra special:
a quarterly event known as “quadruple witching” – when futures and options on indexes and individual stocks expire – generally resulting in one of the biggest trading days of the year.
The anticipated spike in turbulence will hit a market already roiled by rising trade tensions between the U.S. and China. The S&P 500 has swung 0.5 percent a day this week, almost double the average in the previous month.
However, Friday brings a potentially even greater chaos-inducing event which is the constituent re-classification in the S&P which, according to Goldman, “represents a major risk to the Tech sector.”
“It’s a huge day,” Art Hogan, chief market strategist at B Riley FBR Inc., said by phone.
“We do have the potential for a pretty volatility day with the combination of quadruple witching, which only happens four times a year, and an almost once in a lifetime change in S&P 500 GICS.”
This is the largest revision to the Global Industry Classification Standard since 1999.
It seems like the cartel wants to keep gold under $1200, but who knows what their target for silver might be, $14.25?
Here’s the customary look at the Niagara Falls of Gold & Silver:
The Niagara Falls of Gold & Silver is the lesser known of the three Niagara Falls, but rumor has it nobody has ever survived a barrel drop over them.
Those looking for a window of opportunity to get a little better price on some shiny phyzz, that opportunity may be right about now.
Still 20 minutes to go before the “markets” even officially open.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.