Founder, CHIPPEWA PARTNERS, Native American Advisors, Inc. A White Earth Chippewa he's helped Natives for decades. Raised conservative, he trained on Wall Street in 1982/83, met game changer William O'Neil in 1984. In a world on a dopamine, hypomanic binge, this is his take on financial chicanery, political crime, Native issues and life well lived. Written from the trading turret at his MT Ghost Ranch or TN farm, Pamelot.
Thursday, December 15, 2016
Rigged, another day of rigging..........Gold battered, silver tattered
"over 90,000 contracts in gold futures were puked .....over $10 billion notional..."
Yet, not even "one" ounce changed hands in the process!
Gold is suffering the worst 6-week tumble since May 2013 and the last 24 hours have seen the losses accelerate as following The Fed's second rate hike in a decade, someone dumped over $10 billion notional of the precious metal through the futures market. As the dollar surges to 14 year highs (and EUR tumbles) so silver also is plunging most since the election near a $15 handle once again.
Over 90,000 contracts were puked through futures in the brief time after yesterday's rate hike decision - over $10 billion notional, and that selling pressure has re-accelerated this morning.
When the derivative market for Gold/Silver finally gets busted by the physical side of the market it's probably going to be the biggest fireworks party the world has ever seen. Buying physical Gold is like buying a Lottery Ticket, where you know the odds of winning are 300 to 1, you just don't know the date that they announce the winner.