Agoracom: Small Cap Investment - Silver Standard Resources - They don't call the Comex, the Crimex, for no reason

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aitakahashi

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They don't call the Comex, the Crimex, for no reason

posted on Oct 29, 2008 08:55AM

ed steer spells it out:

But as bad as the price management was in gold, in silver it was the most blatant I have ever seen. They aren't even trying to hide anymore. Silver peaked at the London open...got absolutely hammered to a new low price of around $8.40...which was the Hong Kong close. From there it rose until shortly after the London silver fix. Then the price managed to hold its own until the London p.m. gold fix...but then the dealers once again pulled their bids...with the bottom being (as usual) the close of business in London. Silver wasn't allowed to close over $9.00. After that, silver was allowed to rise right into the close of trading on the Globex in New York at 5:15 p.m.

Everything in both gold and silver yesterday had to do with options expiry and allowing JPM/HSBC to cover more silver shorts while they were at it. I said on Friday that the gold bottom was in after that take-down in the wee hours of Friday morning. Well, I think we've seen the bottom for silver now as well. Here's yesterday's Kitco silver chart. There's nothing free market about any of yesterday's silver price action...or gold for that matter. They don't call the Comex, the Crimex, for no reason.