appels de couverture sur or, argent, métaux précieux et matières premières / rumeurs de relévement
avec un timing toujours défavorable pour les longs !!
elle est pas belle la manip??
on laisse les shorts accumuler des positions perdantes sans rien faire ...par contre quand général Paulson en a décidé .. haro sur les papers longs !!
c'est en gros la stratégie qui avait été utilisé contre les frères Hunt
, en son temps...
bref, c'est pas la 1ere fois .. et une bonne occase pour rappeler à nos lecteurs l'extreme danger qu'il y a à tenir une position en dérivés papier avec levier, sur ces marchés !
What does drive markets down are rising margin requirements, which were not substantial enough to prevent account deficits in gold and silver, if margin clerks and account executives were not quick on the draw. Even for accounts not in deficit, it is pay the new margin call dough, or you go…
Commodities Slump As Traders Exchange Rumors Of New Margin RequirementsPosted by John Carney, Mar 19, 2008, 4:07pm
Commodities slumped across the board today. Most market watchers are saying that aid for the mortgage markets encouraged some investors to move money from commodities to bonds. But commodities traders had more on their minds than bonds today, as rumors of additional margin requirements made their way across trading desks via instant messaging and phone lines.
What sparked concern was a rumor that the futures exchanges or regulators­or maybe both­were considering raising margin requirements for "non commercial" commodities traders­especially non-com energy traders. Non-commercial traders speculate on the price of commodities but do not ever take delivery of the commodities. Amaranth was a non-commercial trader, while Exxon-Mobil is a commercial trader.
The Commodity Futures Trading Commission, which is charged with overseeing trading in futures contracts, does not set margin requirements. This responsibility falls on the exchanges, such as NYMEX and the CME, which are viewed as having a better, ground-level view of the market’s volatility and risks. Spokespeople for the CFTC said they had no plans to begin regulating margin requirements.
A move to increase the margin requirements for non-com traders could be aimed at diminishing price-volatility, and might reduce commodity prices. This, in turn, might be viewed as aiding a faster recovery as investment dollars would be re-directed at areas of the economy that fuel growth. What’s more, it might tamper­or at least obscure­inflation fears by reducing prices in things like oil and gold.
The exchanges rarely distinguish between commercial and non-commercial traders, however. Market watchers DealBreaker contacted were skeptical that they would put in place such a distinction now. One economist also said that the move could actually fuel volatility, at least in the short term, by obscuring efficiency-creating arbitrage in the markets.
09:36 MF MF Global requests clients to significantly increase cash to cover derivative positions reports Telegraph (pre-open) (8.50 -0.86)
The Telegraph reports that yesterday the company informed clients the margin on contract for differences was increasing to 90pc from 25pc. The clients were given until this morning to put up the extra cash or close positions. Reference Link * * * * *
When commodity markets are tanking like they are, margin increases really put pressure on the long specs and fuels indiscriminate selling as investors are FORCED out of the market. That is we have going on now in gold and silver.
Leaving The Gold Cartel aside, this sort of correction is not uncommon in the biggest bull markets of all. Once the weaker specs are flushed out, a market needs some time to compose itself, and then it is up, up and away again.
Still, all of this really smells. Secretary Paulson told the world that his group was prepared to do anything necessary to shore up the financial markets. That meant taking gold far away from $1,000, stomping on commodity market speculation (which was making Fed Funds rate reduction seem inappropriate) and keeping the DOW above 12,000. Now we know why Paulson met with the CFTC on Monday. He wanted them to know what was coming.
My guess is The Gold Cartel and Working Group on Financial Markets took the Fed’s mass money creation to raid the commodities markets, especially gold and silver. At the same time, they knew they would be propping up the DOW.
Once again the PPT engineered a higher DOW open, after yesterday’s drubbing. They did so despite weaker European markets across the board. Their mantra is to never allow too much consistent weakness around the 12,000 level … no matter how lousy the US economic news is, which it was again today.
Rob Kirby did a superlative job putting all this in perspective…
Isn’t it UNBELIEVABLE that regulators yesterday mandated a DECREASE in the amount of capital that the GSE’s must set aside re: mortgages – the root source of much of today’s financial turmoil:http://www.ofheo.gov/newsroom.aspx?ID=422&q1=1&q2=None
OFHEO announced that Fannie Mae is in full compliance with its Consent Order and that Freddie Mac has one remaining requirement relating to the separation of the Chairman and CEO positions. OFHEO expects to lift these Consent Orders in the near term. In view of this progress, the public purpose of the two companies, and ongoing market conditions, OFHEO concludes that it is appropriate to reduce immediately the existing 30 percent OFHEO-directed capital requirement to a 20 percent level, and will consider further reductions in the future.
Meanwhile, the banks have "put the screws" to hedge funds – even in the treasury arena – where it hurts them the most:http://www.bloomberg.com/apps/news?pid=20601087&sid=aqcXY9R7AbkY&refer=worldwide
Since Feb. 15, at least six hedge funds, totaling more than $5.4 billion, have been forced to liquidate or sell holdings because their lenders -- staggered by almost $190 billion of asset writedowns and credit losses caused by the collapse of the subprime-mortgage market -- raised borrowing rates by as much as 10-fold with new claims for extra collateral.
While lenders are most unsettled by credit consisting of real estate and consumer debt, bankers are now attempting to raise the rates they charge on Treasuries, considered the world's safest securities, because of the price fluctuations in the bond market.
So how is it that capital / margin requirements are being lessened for originators of "paper" for which there is NO BID while being raised as much as 10 fold for the best credit[s]- treasuries - in the land? Speaking with Rhody earlier today, he summarized it as follows:
"Essentially we had an industry wide margin call on hedge funds who were long precious metal contracts on COMEX. This is similar, although not as extreme as what was done to the Hunt Bros back in 1980 to collapse their silver position."
You shouldn’t be. This has not occurred by accident.
This sucking-and-blowing action bears the un-mistakable finger prints of the Plunge Protection Team.
Anecdotally, a very good friend tried to purchase physical silver this morning [multi thousand ounces] from one of Canada’s larges bullion dealers – He was told by the dealer that he has never seen such a disconnect between futures price and the physical market in his life. As the price of "paper" silver has been butchered over the past couple of days – customers trying to buy physical have surfaced en masse and traditional sources of supply have dried up.
What these clowns are really doing is they are destroying the integrity [the little there is left] of the futures markets as a price-discovery-mechanism and soon – metals markets will be cash-and-carry only.
This massacre will be shorter lived than most people imagine.