25 June 2014

Gold Daily and Silver Weekly Charts - Zzzzzzzzzz....

After the bell the New York Attorney General Schneiderman filed a 31 page suit against Barclays for running a securities fraud in their dark pool, favoring HFT traders with inside information and other advantages while misrepresenting their actions to other customers.
Barclays may be forced to go to bed without dessert, or perhaps even give their servants a day off.  Oh the horror.

There is not a lot of doubt that the other big trading houses are doing similar things in their own dark pools, given their penchant for selling advantages to HFT machines, as well as dissembling about the nature of their execution processes. But Barclay's apparently lacks that all important 'home court advantage.'

Today's option expiration was a half-hearted snoratorium.

It feels like the dog days of summer already. While it was good to see gold and silver holding their new levels, the lack of meaningful activity on the Comex, as attested to by the clearing and warehouse reports below, does not exactly inspire confidence in the integrity of its price discovery.

Have a pleasant evening.