RE:$3B in paper gold dumped March is a silver "active Month" and it had a lot of open contracts - too many for the cartel members who wrote the naked shorted contracts.
Yesterday options expired and tomorrow March silver and gold contracts have to declare for delivery. (It is not a gold "active" month so there are very few contracts.)
Yesterday's futures contract churn was one for the record books. Both gold and silver turned over more contracts than there are contracts written.
The bottomline, with the price run up, the cartel members were way underwater and facing end of month deliveries...which let's face it - could not be delivered. So what is a cartel to do? Monkey hammer the sheet out of the price and shake out the long contracts to cover the shorts.
Like they did and will probably do thru Friday when the London contracts expire.
We just witnessed one of dozens if not hundreds of end of month shakes out and somehow the CFTC sees nothing. The miners should go class action and pile on the DoJ's criminal investigation of JPM.
This had to have been one of the worse end of moth slam downs in a couple of years.
DISGUSTING AND PATHETIC!!!!
| Precious Metals Futures Summary (25-Feb-2020) |
| Metal | Volume | Open Interest |
| Contracts | Troy Ounces
(Paper) | Contracts | Troy Ounces
(Paper) |
| Gold | 711,203 | 71,120,300 | 730,795
(+2,433) | 73,079,500
(+243,300) |
| Silver | 286,929 | 1,434,645,000 | 239,646
(-5,059) | 1,198,230,000
(-25,295,000) |
| Platinum | 39,337 | 1,966,850 | 97,874
(-2,349) | 4,893,700
(-117,450) |
| Palladium | 7,389 | 738,900 | 16,051
(-876) | 1,605,100
(-87,600) |
| See precious metals Futures details or analyze historical charts. |