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Someone Dumped 70 Tons Of Paper Gold At 8:30 a.m.

by Dave Kranzler, Investment Research Dynamics:

At 8:30 a.m. this morning, 10 minutes after the Comex gold pit opens, over 70 tons of gold was dropped into the entire Comex trading system. If this happened on the NYSE, one of the ECN’s (usually BATS) would have mysteriously “broke” and trading would have been halted – before the damaging effects of the systemic paper overload hit the market.

From 8:30 to 9:30 a.m. EST, a total of 6,289,900 ozs of paper gold, or 196.5 tons was unloaded on the Comex. To put this in perspective, the Comex is reporting 2.37 million ounces of gold in its registered account (the gold that can be delivered). That amount of paper gold that would unloaded was 2.7x the amount of gold available to be delivered. It represents 58% of the entire amount of gold reported to be in Comex vaults.

It’s hard to find any specific news trigger that would have motivated anyone to sell one ounce of gold, let alone nearly 3x the amount of physical gold available to be delivered.

Perhaps the worst economic news reported was retail sales, which dropped .3% in August vs. the expectation of no change. This is the 4th month in a row retail sales have dropped on monthly sequential basis. Retail sales have declined 6 out of 8 months this year.

There’s probably nothing to see in that chart above – just like the allegations of Hillary’s poor health…

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11 comments to Someone Dumped 70 Tons Of Paper Gold At 8:30 a.m.

  • steelerdude

    Sorry I did it….couldnt help myself…I felt evil this morning…JK

  • Brian C

    So we continue to see the fiat be propped up by the continued watering down of the gold value through these paper sales. I myself am encouraged by this because I have started investing in the Junior miners. This should perpetuate the “pullback” in stock prices right now and allow for more of us new investors to buy in at a more profitable price. Let their games continue, I see the truth, I will play along, I will profit and survive. (note: never underestimate the value of the next precious metal to have in physical possession LEAD. It protects gold and silver better than a bank vault)

    • Eric

      The value is in the possession. Not the price. Especially with lead.

      Gold is holding nicely above support of 1305. Resistance is at 1335. It’s at the bottom of the range right before the FOMC meeting next week.

      No rate hike until December. They want to blame all of this on Trump and the Republicans.

      Most of the commie libtard dum dums only believe what the tell-a-vision tell them to believe. They’re still sleeping.

      Keep Stacking!

  • Craig Escaped Detroit

    It would be funny if somebody like “Gucifer 2” dropped an equal “price” amount of naked shorts against Goldman-Sachs & JPM in a very “light volume” time of day…or perhaps against other “Wall Street darlings” such as Amazon, Google, Apple, Exxon, Citi, Boeing, GE, Monsanto, etc?

    What are the chances that the SEC would still be sitting on their hands and not doing anything?

    Hahahaha.

    Or how about if some clever (alien) hacker from outer space, launched an Algorithm that not only snatched up those 70 tons of paper gold, but also bought another 140 tons at the same time and lifted the gold price by 50% in just 3 minutes? Would the “circuit breakers” stop the RISE?

    They never stop any rise in Wall Street stocks, but I’m damn sure they’d clamp down on any big rise in Gold/Silver prices!!!

    This mess is so messy, and so fragile, we all know it’s gonna blow like a ripe burrito after it’s had enough time to ferment just right. PM’s are gonna shock all the “nay-sayers” out of their coma.
    It’s gonna be a bit difficult to walk down the street and keep from smiling from ear-to-ear when all the Darwin idiots are crying, but you can be sure I won’t let them see me smile, even if I have to put a few bits of cactus thorns in my ass just so I can appear as sad as all the other sheeple who lost all they thought they had.

    But I hope it won’t give me away when I’m walking down the street with a couple of gorgeous, prime-level ladies (like Trump always has on his arm). When you’ve got the precious SHINEY, you get the top-choice-Hiney. Say goodbye to all the “Walmart HamBeasts & Porkbutts” and badly expired milfs.

    I’m gonna have to buy a place in town (perhaps for 10 ounces of silver) just so I can keep from letting anybody know where I really live at. No sense in taking a girl home and risk the privacy of the home-location. I’d be shocked if Trump doesn’t have a few “safe houses” located around the globe.

    I’m sure Slick-Willie (Clinton) has a couple of “love nests” away from home.

  • The Truth

    Of course if there is a FED meeting coming next week, I would dump 70 tons of paper on the market too and close my positions. Ain’t no telling what predicament I may find myself in come next week. If I stand to gain a few hundred million today and not suffer 10’s of billions next week I would have dumped it too. I rather have some profit than all loss. This is the game of the thieves who run this whole paper market. It’s all a game until someone gets seriously hurt and people die. They are dumping on us for now, when SHTF we will be the ones with the protective suits aka real money, while they get a load of their own shit!

  • Daniel

    Wow. Paper gold. Just WTF is paper gold? Paper made out of gold? Gold made out of paper (literally, like some kind of fucking alchemy is going on here)? No, methinks paper gold is some kind of bullshit machination invented to fool the investment world into thinking that paper gold, like paper fiat money, and which both are printed out of thin air, has any intrinsic value.

    Ask yourself this. Are any of the Wall Street banks buying the paper? How about China? Russia? Soros or Buffet? Last time I checked, they’re dumping paper like so much toilet paper down the toilet, and they’re buying PHYSICAL. Just like me.
    And hopefully, just like you.

  • d

    ALL the banksters and traders of ‘paper gold’ should be surrounded by it and have it LIT…holding their ‘feet to the fire’ …just for ‘starters’….imhoi

  • Millicent

    BREAKING DOWN ‘Futures’
    The futures markets are characterized by the ability to use very high leverage relative to stock markets. Futures can be used to hedge or speculate on the price movement of the underlying asset. For example, a producer of corn could use futures to lock in a certain price and reduce risk, or anybody could speculate on the price movement of corn by going long or short using futures.

    The primary difference between options and futures is that options give the holder the right to buy or sell the underlying asset at expiration, while the holder of a futures contract is obligated to fulfill the terms of his contract. In real life, the actual delivery rate of the underlying goods specified in futures contracts is very low as the hedging or speculating benefits of the contracts can be had largely without actually holding the contract until expiry and delivering the good. For example, if you were long in a futures contract, you could go short in the same type of contract to offset your position. This serves to exit your position, much like selling a stock in the equity markets closes a trade.
    Futures Speculation

    Futures contracts are used to manage potential movements in the prices of the underlying assets. If market participants anticipate an increase in the price of an underlying asset in the future, they could potentially gain by purchasing the asset in a futures contract and selling it later at a higher price on the spot market or profiting from the favorable price difference through cash settlement. However, they could also lose if an asset’s price is eventually lower than the purchase price specified in the futures contract. Conversely, if the price of an underlying asset is expected to fall, some may sell the asset in a futures contract and buy it back later at a lower price on the spot.
    Futures Hedging

    The purpose of hedging is not to gain from favorable price movements but prevent losses from potentially unfavorable price changes and in the process, maintain a predetermined financial result as permitted under the current market price. To hedge, someone is in the business of actually using or producing the underlying asset in a futures contract. When there is a gain from the futures contract, there is always a loss from the spot market, or vice versa. With such a gain and loss offsetting each other, the hedging effectively locks in the acceptable, current market price.

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