à l'occasion des auditions CFTC gold et silver du 25-03-2010 .. Nick Laird de www.sharelynx.com
a actualisé ses graphiques .. à dec 2009
je ne vous reexplique pas comment ça fonctionne ( voir au dessus ) et vous joint les commentaires www.lemetropolecafe.com
I stayed up & watched the full hearing last night & ended up more hopeful than I thought I would be. I loved the bombshell you dropped on the whistleblower - wow all their faces dropped & you could hear a pin drop.
As well as your defence I thought that Mark Epstein & Harvey Organ were brilliant.
Mark classically described the "Gorilla" in the room whilst Harvey described the size of the "Gorilla" through the statistics of the CFTC & BIS.
A couple of points that I think should have been raised:
If a commission is to be held on the subject then shouldn't the irregularities that stand out be studied & looked into further? I mean if you want to study & observe a market then you need to put opinions to one side & study the facts to gather your analysis.> I saw lots of opinions today but only a few stopped to mention the facts (specifically Harvey Organ).
ie if they want to stop manipulation then shouldn't they look as to where the Traders see manipulation occurring. Mark Epstein alluded to the "Gorilla" in the trading pits who dumps huge positions in milliseconds.
Harvey alludes to JPM having a huge overwhelming position.
To my mind these two contentions outline the sum of the problem.
Seeing as there was 20 odd people reporting to the commission I would like to have seen every one of them asked to talk about these two aspects.
I am sure that they are all aware of this phenomena in trading but it seemed to me that most of the speakers - representatives from big companies - only wanted to talk about keeping the system the same as it is rather than reviewing what is wrong with the current market.
One aspect I think needs to be asked of Jeffery Christian in his defence of claiming he understands the hedging requirements of banks is how does JPM explain this position in the marketplace.hardinvestor/ dérivés or métal et métaux précieux
Overall I got the impression from most of the speakers that they didn't want change or to ruffle feathers.
That they would rather let the markets continue as they are than change them.
My best guess on that is that they're all well suited to profiting from the current situation & are fearful that if changes come about then their positions & profitability will come into question.
I think most of the traders like the idea of JPM cornering the market - keeping it trading in ranges - keeping the volatility high.
That is a traders market waiting to be scalped. Hence their reluctance to let in any change. It is a market they know & understand & they would like it to stay that way.
That sounds to me a lot like the banks in the Global Financial Crisis.
Where even though it was their positions that caused the crisis that they don't want to change their "Modus Operandi" as it is so unregulated & profitable.
What they fail to recognise is that a fettered market is unfree & creates imbalances. One can see this in the chart below where JPM's position in the market has gone from controlling 30% of the market up to the current 80%
In other words they have gone from being the major trading bank to one now where their positions is "TOO BIG TOO FAIL".
And as the "Gorilla" in the market, when they dump 2000 contracts in milliseconds it has a profound & disturbing effect on the price & also players.hardinvestor / jpm dérivés or métal et métaux précieux
Here can be seen where JPM is taking control of market share in an ever rising derivatives market.hardinvestor/ dérivés or métal et metauxprecieux
Also I would like to ask how is it that since 2000 we've seen global hedging fall from 3000 tonnes to 230 tonnes yet the derivative positions in the major Hedger Bank JPM have risen ever since.
Also what should be questioned is the "Gorilla" approach to certain trading days; Option Expiry, Gov't Report Releases etc where it's common practice to move the price to suit the Gorilla.
As you know I've been plotting the gold price on my website for the last decade.
The data I have is intraday 2 minute tick data for 24 hours a day - 5.5 days per week. I have the gold price history stored for analysis & would like to showcase these special anomaly days when gold is hit.
My intentions are to break this huge dataset down into monthly sets of daily data to showcase the US effect on the Price.
It would also be good to get some historical dates & times on Gov't Report releases so I can highlight the Guerrilla attacks.
ie which reports & what time of day are they released?
Perhaps you can help me with this later when you have some spare time.
Will keep you informed of this as I go.
Keep up the good work & don't let the bastards get you down.
All the best