Did J. P. Morgan send up a flare as their short positions were taking on water and listing?
"As a heads up, Gold often gets hit with a bear raid on FOMC day. Since the
miners were hit a bit today with possible front-running that might be a good
bet. Who can say in these thin markets?"
Is the US Financial Crisis Over? 1:49 PM
And After the Bell...
"The COMEX gold margin requirement is going up overnight. New levels are $5403 initial per contract (the old one was $4500), and $4002 maintenance."Change you can believe in. Vox pecuniae and all that. LOL Why raise the margin requirments now after a ten percent correction?
The bullion banks (the bears) are edgy because the buying has been particularly robust in the physical metal at this price level, especially the further one gets from New York. Open interest in the futures has been remarkably resilient, showing very little long liquidation. A failure of the commercials is never a pretty sight.
Let's see if the Wall Street Banks can hold their ground and keep shorting into the demand from overseas.
