A few comments from Uncle Jimmy's favourite metals trader...

Regards - VHF

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Daily Commentary

J.B. Slear

October 27, 2010

Yesterday was a day of truth. Finally, after years of stalling the CFTC has finally admitted what we’ve been saying for a decade now. The metals Market is rigged!!..We’ve witnessed over the past few months, the majors were closing their high-frequency trading desks (Pump and Dump Black Box Platforms). Why?, because they are not price discovery systems, they’re stealing from investors. Who can place a descent trade when the figures one watches to enact a trade are skewed with false volumes and false position reads? I’ve watched for over 10 years, these mutual funds, Hedge Funds, and Sovereign Wealth groups, come in and change the entire system of investing. They did there best to push out the individual investor from both stocks and commodities. We witnessed the fight between these monster funds squeeze the life out of each other. Now there is no one else to take money from, so we start seeing these majors leave before the arrests happen. We only hope that the CFTC goes back several years and take from the real thieves that which they stole and more. What does this mean for us metals traders? Much bigger moves in pricing. More volatility until we find a real price for each commodity. “The Strong Dollar Policy” creator is leaving soon too. Larry Summers and Robert Rubin need to be investigated also. This was the starting point of the last decades + of theft.

US$ is higher, trading at 78.135, up 22 points, its top so far is 78.360. Gold is lower by $7.70, now at $1,331.10. Silver is down too, now at $23.645, -18.5 cents. Petro Products are lower as are the Grains. Softs are mixed and the Paper Markets are lower. With all the crap being served up, metals are the best investment, even with the manipulations being proven. Buy up what you can physically. If you have additional funds afterwords, consider coming over and buy an option or two. The next few months might be inspiring….Stay Strong!!