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Ted Butler: A Bear Stearns deja vu?
By Ted Butler
SilverSeek.com
Thursday, February 27, 2020
Having traded as high as $1691 in Comex April gold and $18.92 in March silver on Monday on near-record volume and closing not far from those levels as of the 1:30 p.m. ET settlements, prices sold off sharply in the always thinly-traded afterhours.
As expected, the all-too-common occurrence drew complaints of market rigging. To be sure, the sudden selloff was deeply suspicious, but the suspected culprits were not surprising when one examines the known data. Those long had nothing to gain by driving prices sharply lower when trading liquidity was at its lowest. The only entities that stood to gain by the sudden selloff were those most short -- the seven biggest short sellers.
... Dispatch continues below ...
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At Monday's price highs, the seven big shorts in Comex gold and silver futures were in the hole by another billion dollars, pushing their total combined open loss to a record $8.2 billion. The selloff that started at 2:30 p.m. ET and continued through Tuesday morning allowed the big shorts to wipe out the additional billion-dollar impairment and left them at Friday's then-record $7.2 billion underwater mark.
If one is looking to understand what makes gold and silver prices tick, it's wise to look at those who have the most to gain or lose. That's why I monitor the financial scoreboard of the 7 biggest shorts. ...
... For the remainder of the analysis:
http://silverseek.com/commentary/bear-stearns-d%C3%A9j%C3%A0-vu-17859
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