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Who sold 65 tons of COMEX gold in the last two days?
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Thread: Who sold 65 tons of COMEX gold in the last two days?

  1. #1
    Join Date
    Jan 2009
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    1,018

    Default Who sold 65 tons of COMEX gold in the last two days?

    Friday, May 22, 2009
    Who sold 65 tons of COMEX gold in the last two days

    by Eric deCarbonnel

    Below is the 24 hour gold chart for Wednesday, Thursday, and Friday of this week. Notice the 40 dollar rally?

    Normally, this type of rally leads to some type of short covering, as investors who made bearish bets cut their losses and close out their positions.

    Next is a one year chart of the USD index. Notice the dollar breaking down? This is very bullish for gold.

    Normally, a very bullish development, such as the dollarís current freefall, would lead to a decrease in bearish bets against gold.

    Despite what one might normally expect, open interest on the COMEX did not fall. In fact, it rose by 22,992 contracts in two days. That is 65 tons in just 2 days.

    Last March, open interest in COMEX gold increased by 1,209,600 ounces in the two days after the fed announced its plans to double its balance sheet. This is worse.

    Date
    OpInt

    5/20/2009
    367919
    Wednesday

    5/21/2009
    379924

    5/22/2009
    390911
    two days later



    390911
    367919 minus
    22992 increase in Open Interest (1,209,600 ounces)



    So then, who sold 65 tons (2.3 million ounces) of gold on the COMEX in the last two days? Where did this 65 tons come from? Why sell it now, as gold soars and the dollar crashes?

    The only logical answer is that this is a blatantly obvious attempt to keep gold prices in check. The 65 tons of gold was conjured out of thin air.


    Conclusion: There are two key points to take away from this.

    1) Despite the best efforts of gold shorts, physical demand is driving prices higher. The 65 tons of paper gold sold on the COMEX was to absorb as much investor demand as possible, keeping it out of the physical market where it would send prices upwards.

    2) Such obvious attempts to suppress gold prices are a sign of desperation. Each new piece of evidence of manipulation pushes new investors into the physical gold markets, which canít be controlled. So while shorts on the COMEX managed to absorb 2 billion dollars of gold demand, they also provided near indisputable proof that the COMEX gold market is rigged, damaging faith in the US financial system.

  2. #2
    Join Date
    Dec 2008
    Location
    Zionot, Squashkenazi
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    Default

    I wonder who bought 65 tons of paper silver?
    "I foresee little future in 'the price of silver', I see a huge future for 'the price in silver'." - heartbone
    "The truth is called hate by those who hate the truth." - K

  3. #3
    Join Date
    Mar 2008
    Posts
    1,246

    Talking

    The manipulation of the markets continues.

  4. #4
    Join Date
    Mar 2008
    Location
    Winterpeg, Manisnowba ^_-
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    515

    Default

    Quote Originally Posted by silverheartbone View Post
    I wonder who bought 65 tons of paper silver?
    Somebody that likes that color of wallpaper.

  5. #5
    Join Date
    Jan 2009
    Posts
    134

    Default Comex

    Don't know about Comex, but GLD (Gold) inventory held steady for last week. So their Investors aren't moving out of gold on a net basis. Chinese have recently set aside 80 Billion equivalent in USD to buy Gold. Could be them buying it.
    Last edited by silverbuyer; 10th June 2009 at 14:22.
    A Mind once expanded, never resumes it's original dimensions. Albert Einstein

  6. #6
    Join Date
    Feb 2009
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    415

    Default

    Oops sorry i hit the wrong button and sold 65 tons on accident. I was thinking of taking some profits off the table and hit 65 tons instead. Luckily i was able to buy it all back for nearly a buck less within an hour, heh :/

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  7. #7
    Join Date
    Feb 2009
    Posts
    208

    Default

    Just to play devils advocate:

    Perhaps some one was accumulating and instead of the painful delivery through comex, they decided to liquidate and take physical deliver from some one else.

    Or perhaps the first backer of a forth-coming Dubai exchange is preparing for his purchase?

    Then again what do I know

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