Friday, February 24, 2012
Cartel Dumps 102.5 Million Ounces of Paper Silver in 7 Minutes, Yet Raid Fails!
Silver has put in a monster rally this week, and much to the cartel's dismay, was preparing to close the week above $35.50 today, preparing a break-out next week that could potentially fill the gap from the September smash to $40, and see silver off to the races back to challenge the all-time nominal highs near $50. Obviously, the cartel stepped in with a massive paper raid to prevent such a bullish weekly close.
That's where things got interesting and likely induced more than a few Myocardial Infarctions today among JPMorgan execs.
Check out the following price and volume chart screen shot SD reader Conax took on this 1-minute silver chart courtesy NetDania.
Notice the massive volume that began at approximately 14:47, with 4,000 paper contracts dumped on the market in a single minute, followed by 2,500, 1,800, 3,200, 3,000, 2,900, and 3,100 over the next 6 minutes.
Have a look for yourself:
That's 20,500 paper silver contracts or 102,500,000 ounces of paper silver suddenly dumped on the market in a span of 7 minutes!
Now here's where the collective Myocardial Infarction comes in among JPM execs:
After dumping 102.5 million ounces of paper shorts on silver in 7 minutes, silver fails to collapse into a waterfall decline, and STAGES AN OUTSIDE REVERSAL TO CLOSE THE GLOBEX SESSION BACK ABOVE $35.50!!!