BIS caught with their fingers in the (Gold/Silver) Cookie jar

[Mega]

http://www.zerohedge.com/news/todays...instream-press
MSM getting into them!
Mike

[lektrode]

Re: BIS caught with their fingers in the (Gold/Silver) Cookie jar

here's the item mentioned by ZH:

http://blogs.wsj.com/marketbeat/2012...on-fat-finger/

• April 30, 2012, 3:59 PM

Gold Shakes Off $1.24 Billion ‘Fat Finger’


By Tatyana Shumsky
Gold futures ended nearly unchanged Monday, after a large early-morning sell order roiled traders and slashed prices by almost $15.
The CME Group Inc.’s Comex division recorded an unusually large transaction of 7,500 gold futures during one minute of trading at 8:31 a.m. EDT. The sale took out blocks of bids as large as 84 contracts in one fell swoop and cut prices down to $1,648.80 a troy ounce. The overall transaction was worth more than $1.24 billion.
Gold traders buzzed with speculation that the transaction was an input error — a so-called “fat finger” trade.
“Or a Gold Finger as it might be known in the bullion market,” traders at Citi joked in a note to clients.
One indicator that the transaction was a mistake was its size. At 750,000 troy ounces, such large trades are rarely conducted amid very thin trading volumes. Monday trading was expected to be quiet as market participants in China and Japan are out on holiday and many European traders are preparing for a holidays there.
“No one who has the account size and the money to trade thousands of gold contracts would do it in one transaction, that’s just stupid,” said one trader. The collateral required to purchase 7,500 contracts is about $75.9 million in cash that the trader would have deposited with his broker.
Moreover, the likely mistake is symptomatic of the shift to electronic trading. Computer trading systems are vulnerable to input errors, as they do not question the order before executing the transaction. By contrast, when most order flow would pass through the Comex floor where human traders processed the deals, potential errors stood higher chances of being intercepted, traders said.
“You would definitely verify [a trade this big] before you executed it,” said one Comex floor broker.
Still, not everyone agreed Monday’s slip in gold was caused by a keystroke error. Chuck Retzky, director of futures sales for Mizuho Securities USA, said that silver prices suffered a similar leg down at the same time as gold, tumbling 35 cents to $30.805 a troy ounce, but other markets like Treasurys, currencies and stocks were unperturbed.
“To do it both in gold and silver tells me that it wasn’t a trade done in error,” Retzky said. He added that the sale could have been caused by a trader looking to cut back holdings on the last trading day of April, as fund managers often time purchases and sales for particular reporting periods.
Meanwhile, gold prices spent much of Monday shaking off the early-morning losses and finished the day nearly unchanged at $1,664.20 a troy ounce.

and the turd has some interesting observations:

http://www.tfmetalsreport.com/blog/3...-impact-silver

Conclusion and Final Remarks
There is a war going between those who favor gold-silver and others who are clinging onto the last remnants of the US Dollar. The tactics utilized by the fiat monetary authorities in this campaign have been strategic dumping of massive gold and silver contracts, as well as the control of market sentiment by negative hit pieces put out by MSM analysts.
While the conspiracy to manipulate the precious metal markets is more than likely being accomplished by only a select few, the majority of the damage is taking place in computer algorithm trading programs and through clueless analysts who get paid to regurgitate the information that is spoon-fed to them.
One of the examples to persuade investors that the price of silver will be heading lower is a chart showing increased COMEX silver inventories. I proved why this theory was faulty by providing historical examples where these changes resulted in no significant changes whatsoever.
I went into detail explaining several different factors that will impact silver in the future. I believe the most important factor will be the peaking of global oil supplies and declining net oil exports. As world oil production declines along with net exports, significant stress will put on an industry that is reliant on diesel to power its operations.
Another factor relating to the energy situation is the phenomenon of falling average ore grades. As mines age, average ore grades also decline necessitating the mining company to consume more diesel just to keep silver production stable. This may seem insignificant when we consider a few operations, but becomes a great deal when realized as a global phenomenon.
Analysts spend a great deal of time putting together metal reports that forecast silver production that will occur in the next decade(s). They produce these reports from the information obtained from mining companies that have proven reserves and resources in the ground along with a timeframe to reach commercial production. There is little or no effort in analyzing on whether or not the industry will have the required energy to run their operations.
Even though global silver production is forecasted to increase in the next decade, there is growing evidence that there may not be the adequate future diesel supplies to enable the mining industry to attain this goal. This will be discussed in greater detail in my following article that focuses on energy consumption in the gold and copper mining industry.
Finally, as the lights continue to go out for the world’s reserve currency, the US Dollar; trade wars escalate and threats of nationalization and the monetization of the precious metals become increasing probabilities. All these are critical factors that will impact silver in a negative and positive way – negative for those who hold a sweaty palm of Federal Reserve Notes and positive for those who have decided to own the precious metals.
In reality the best tactic for those who put their faith in the oldest forms of money in the world is to purchase and take delivery of the physical metal.

lots more to this one (esp for AG) at:
http://www.tfmetalsreport.com/blog/3...-impact-silver

[sishya]

Re: BIS caught with their fingers in the (Gold/Silver) Cookie jar

I read the folllowing somewhere about BIS wanting to dislodge the US Dollar from World reserve currency status.
I don't know how truthful this is.


The third thing I learned was that the BIS had two ironclad objectives. Both were so bold that they would take your breath away:

1) To destroy the Soviet Union, as a threat to world peace.
2) To destroy the dollar as the worlds reserve currency.


http://www.gold-eagle.com/editorials...rch030498.html