637.535 million ounces of paper silver dumped in one hour

[Silver Rocket Bitches!]

SILVER PLUMMETS A WHOLE 65 CENTS. wah waaaahhh ;D



On the now infamous Ron Paul/ Bernanke silver raid of February 29th, we documented how 225 million ounces of silver were dumped on the market over a span of only 30 minutes (http://silverdoctors.blogspot.com/2012/02/cartel-dumps-225-million-ounces-of.html), smashing silver $4 from $37.62 to $33.68.

In a sign of the diminishing returns of paper market manipulation, on the heels of today's Fed minutes disappointment, beginning at 2pm EST, over 127,000 contracts, or 637.535 MILLION OUNCES OF PAPER SILVER were dumped on the market in only 1 hour, resulting in a massive silver decline of.... $0.65.

You read that correctly.

Nearly 80% of ENTIRE ANNUAL WORLD MINING SUPPLY was dumped on the market (during the thinly traded Globex session), over a single hour, and all the cartel could muster was a lousy .65 decline in the paper price of silver!

Coincidentally, NetDania's volume function was disabled as we attempted to post a screen shot of the action. A price chart of the epic fail will have to do for now:


http://www.kitco.com/images/live/nysilver.gif (http://charts.kitco.com/KitcoCharts/index.jsp?Symbol=SILVER&Currency=USD&multiCurrency=true&langId=EN&utm_source=kitco&utm_medium=banner&utm_content=20110407_iCharts_live_silver_ny_chart&utm_campaign=iCharts)

We will have confirmation from the CME's globex numbers tomorrow. Contrast today's 127,000 contract dumping with yesterday's Globex action (http://www.cmegroup.com/market-data/volume-open-interest/metals-volume.html), which saw a total of 43,708 silver futures contracts trade hands on the Globex throughout the entire session

http://silverdoctors.blogspot.com/2012/04/6375-milion-ounces-of-paper-silver.html#more

[Twisted Titan]

It appears they have beaten the nervous nellies out of the market.....only the strong hands remain

Strong hands dont sell......they keep buying and every dip is a oppertunity to get more cheaper

[Silver Rocket Bitches!]

The end of the paper game is nigh.

[Spectrism]

I wouldn't mind a drop to $23. I do get nervous seeing silver go above $35.

[mamboni]

Silver's price resilience is incredible. For the price to drop mere pennies in the face of 2/3 of annual production being dumped on the market within an hour is incredibly bullish. The FED is truly fooked, royally.

[Serpo]

Silver's price resilience is incredible. For the price to drop mere pennies in the face of 2/3 of annual production being dumped on the market within an hour is incredibly bullish. The FED is truly fooked, royally.

Hard to imagine how it held up so well

[mick silver]

you mean to tell me people are still this fucking dumb to play a fool game that you cannot win . when will they learn it PAPER

[LuckyStrike]

To me this wreaks of QE coming down the pipeline. I can't see stocks selling off months before an election. So perhaps they are driving it down to go long again because they know the printing presses are about to be set to weimar.

I'm wondering what the stimulus will be though, my guess is definitely more bond buying keeps peoples adjustable rate mortgages low and government interest payments low, whereas just giving citizens a check in the mail would surely be seen as obama buying votes.

[Spectrism]

Lucky- I would agree with that, except for the fact that too many people now know we have an impossible debt. They can't do further QE openly or else it would have happened already. It takes time for it to inflate the economy and things are not as happy as the news media is trumpeting.

I think they are doing things under the surface to present a magical result before September. Unfortunately, I expect fires of June & July to force a different game and we will see a whole paradigm shift in July. The audacity of an arse will shock most people. The magic will be all smoke and mirrors. Smoke and mirrors.

Mirror, mirror on the wall,
Who's the winner come this Fall?
Let me snort from thee my coke,
As Rome bathes in fire and smoke.

[osoab]

I would love to see a Nanex chart.

[joboo]

Silver's price resilience is incredible. For the price to drop mere pennies in the face of 2/3 of annual production being dumped on the market within an hour is incredibly bullish. The FED is truly fooked, royally.

Pants were shat.