COMEX is a manipulated market and China is here to end its monopoly, Eye Opener
There are two important points I would like to make in this post and I have the proof of everything I say:
Silver is being traded on paper without backing of physical silver and COMEX is highly manipulative and its doomed to end now.
I just came across this awesome video which explains everything about what is happening to silvering trading and COMEX.
This video is an eye-opener. Video tells how silver was traded on 19 July 2011 at COMEX.
As it can be seen in the video, there was a huge burst of volume at 2:04 pm. 50,000 contracts were sold in 1 minute. A simple calculation shows that 5000*50000= 250,000,000 ton of paper silver was sold a single min. Further mathematics, 250 million * 40= $ 10,000,000,000 (10 Billion) was the value of the silver contracts. US produces 50 million ton of silver in a year. So that was 5 times the total silver produces in US in 1 year. Total production of silver from all the mines of the world is 760 million yearly. This was one third of the total silver produces in the world.
So, it is for sure that no mining company in the world could have done so and it is a purely speculative exercise. There is more we can find from the graph, around 23 or 24 minutes before the spike in the volume came in, there was a gradual rise in the volume of contracts traded and it was dragging the price of silver down heavily. This proves that the message was already sent to the preferred traders/ clients that a big dumping is coming at the pre decided time.
This is an example of how manipulative are the trading practices at COMEX. Their doomsday look closer as Hong Kong started its own commodity exchange on Friday. This should send alarming signal to Anglo American traders that they will have to think before trying to manipulate the markets as there excessive shorting could be very well matched by investors in China who are backed by more than $ 1 trillion in reserve and even a small percentage of it will send silver prices sky rocketing. Opening of Hong Kong commodity exchange should make silver pricing much realistic and more stable in future. For COMEX, its end of the monopoly and start of law suits, jails, fines and much more. Doomsday is here for COMEX.