by Bix Weir, Road to Roota & SGT Report:
If you are confused as to why the price of silver was smashed under $14/oz today you have no farther to look than the COMEX Silver contract that expires tomorrow!
Somebody…NEEDED to smash silver for that expiration and “somebody” did just that. So who is it? That’s easy!
In the 1st quarter of 2015 Citigroup added over $50 BILLION worth of silver derivatives to their derivative exposure according to the OCC data. This equates to close to 3B ounces of paper/electronic silver. The majority of these silver derivatives were set to expire within 1 year…meaning a large chunk may expire TOMORROW!
In December of 2014 it was Citigroup that put language in the Dodd-Frank Regulations excluding SWAPS….yes, Silver Swaps are included.
Putting two and two together.
Citigroup was today’s silver price rigger. Hell, Citigroup has been the silver price rigger all year!
The good thing is that Citi’s Mega-Silver Derivative positions expired in less than a year and this year is rapidly coming to an end!
May the Road you choose be the Right Road.
Road to Roota
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