weaker

In fact, a seller was so keen to sell that he (yes, likely one individual) sold about $500M worth of nominal Gold futures at 07:19 and 22s BST this morning. At the US open a seller (possibly the same one, but likely a diferent one) sold around another $1Bn: again, in less than one second of elapsed time. There is no rational reason to sell like that, all "at-market" and in under a second, unless you are trying to cause a 'puke' or bang it lower. Now, to claim that more than one person can cause a dump like that is not beyond belief; but when you see artifacts like the "338 contracts" which I showed you a few pages back, it becomes less likely that it is multiple people/entities participating; more likely a single operator with an HFT algo. Let's see if nanex cones up with anything on today's dumps. I'd be keen to see it, if they did.

Commercial and HFT are NOT mutually exclusive.

Eh? Gold Slumps Most In 2014 As "Someone" Dumps $1.37 Billion In Futures At US Open http://www.zerohedge.com/news/2014-07-14/gold-silver-plunge-most-2-months

This is how it's done... steps down in <1 second bursts.

I can assure you I am familiar with moves shown with truncated axes and I am not trying to exaggerate the move by doing it. The move happened at 07:19:22 and was over by 07:19:23. Gold down $8 in one second on no perceivable news is manipulation, and I am going to record it as such.

another one for the list ... what news at 07:19 and 22s?

It depends; the producer/financal entity can write covered calls (options) and actually be paid to be short. For most commodity options eg Gold at CME, there is an additional "SPAN" margin that has to be posted that is not covered by the premium collected. Also, for short "deep out of the money options", CME applies a Short Option Minimum (SOM) to the position. Futures would require an "initial margin" (currently USD6,600 per 100 Oz contract) and a "maintenance margin" (currently USD 6,000 per 100 Oz contract). I think that the SPAN margin is included in these numbers. Also recently, the slight negative basis seen in Spot vs. Futures can incentivise spot sales and futures purchases (as per backwardation). PRofits for this type of activity are usually low, but were for a time viable in Silver, less so in Gold.

Just because the FCA's website ruling does not contain the phrase "burst of orders" doesn't mean they didn't say it. They did. The FT also reported it. Your shilling for the banks is becoming tiresome. Once again, I'd ask you to confirm whether you work or have ever worked for Deutsche Bank or Barclays? http://www.ft.com/intl/cms/s/0/08cafa70-e24f-11e3-a829-00144feabdc0.html?siteedition=intl#axzz32Y4LSzM2 Financial Times
 Barclays hit with £26m fine over gold fix
 By Andy Sharman
 May 23, 2014

 Barclays has been hit with a £26m fine after one of its traders manipulated the setting of the price of gold in order to avoid paying out on a client order.

The UK Financial Conduct Authority on Friday said it was imposing the penalty on the British lender after the trader, Daniel James Plunkett, sent out a burst of orders aimed at moving the price of the yellow metal. This is manipulation, plain and simple... 100ms of elapsed time, $30 drop in the price, bursts of 338 orders...

Interesting that GDXJ is up by over 3% when the wider market down by 184 points DOW-30 : 16800 (-184.0)

but we all know that with hindsight it was Barclays wot did it. http://www.zerohedge.com/news/2014-05-23/barclays-fined-manipulating-price-gold-decade-sending-bursts-sell-orders Barclays Fined For Manipulating Price Of Gold For A Decade; Sending "Bursts" Of Sell Orders sorry, KB digger is a troll. trolls need to be put back under their bridges.

Nothin' whacky about it at all. This is an HFT algo running huge sale order of around 4,000 contracts in 100ms. It's one algo, doing it's thing. The 338 contracts thing is an ARTIFACT. We'll never know why it's 338 and I am certainly not going to try to explain that (e.g. algo waits to see what Securities Information Processor feed does after a burst..etc.) , but it provides evidence that there is one program doing this. As I said, manipulation. And you are trolling.

yeah and they all sell in bunches of 338 contracts. Don't tell me: your excuse will be that they all use Goldman's secret proprietary algo. And they fire it off at the same exact moment; 10:14am and 13.890seconds, then it's all over by 13.980 seconds. This is a clear attempt at price manipulation, nothing else (down $30 in 100ms from $1,245 to $1,215 / oz [of paper!]) Feb GC Futures: Feb GC Futures: more at link: http://www.zerohedge.com/news/2014-01-08/proof-golds-latest-slam-was-not-fat-goldfinger

because most rational sellers (wanting to maximise $$$ proceeds) would sell 8 or 12,000 contracts over at least a few minutes if they were desperate, and maybe a few days if not. Only manipulators trying to bang prices down would sell 12,000 contracts in a few milliseconds. It can't have escaped your notice that up-moves don't tend to happen in a nanosecond on no news (i'll admit rarely it does happen, tho). Old argument, you're trolling again Digger.

yet another apparent JP Morgan employee suicide: http://www.nj.com/morris/index.ssf/2014/07/murder-suicide_lake_hopatcong_man_shot_his_wife_then_himself_authorities_say.html

Real money should only ever be transferred at the behest of the owner, and certainly not retrospectively. What we call money is junk.

Looks like nominal (and real) negative retail bank rates are here: (original article in Spanish) http://www.libremercado.com/2014-07-04/la-banca-no-podra-repercutir-a-los-clientes-el-limite-a-las-comisiones-de-las-tarjetas-1276523068/ The banks are a cancer.

It is relevant, because lots of the rentals will be empty. When Interest Rates are nearly 0%, you don't need to rent it out. Also, many of the tenants will be on tax credits, blah, blah, this credit that benefit... and we're all paying.

I've said it before, and i'll say it again: I assert that there are enough homes in the UK, we don't need to build any more. What we do need is Interest Rates at 5% and the ousting of the Wilsons and their ilk from the market. 5% would be a start. Then again, that'll never happen cos it would cause the banks to implode.

Some important news stories today! FT: British MPs urge watchdog to probe price-rigging in gold market By Sam Fleming and Daniel Schäfer in London July 2, 2014 6:48 pm British MPs have called on the UK’s financial watchdog to investigate allegations of price-rigging in the London gold market after a senior regulatory executive said that there may have been co-ordinated attempts to manipulate a crucial benchmark. Members of the influential parliamentary Treasury select committee pressed the Financial Conduct Authority to act after hearing evidence on Wednesday from gold market analysts who believe there is scope to rig the daily price-setting process and that it has probably been exploited frequently. “If this evidence is even half true, the regulators need to find a way of acting much more quickly,” Andrew Tyrie, chairman of the committee said. “Were they to conclude that their powers are inadequate, they should tell parliament.” http://www.reuters.com/article/2014/07/02/india-cenbank-gold-idUSL4N0PD3QY20140702 UPDATE 2-India central bank seeks to swap gold to improve reserves qualityMUMBAI, July 2 (Reuters) - India's central bank said on Wednesday it has sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves. The Reserve Bank of India said the operation would "standardise the gold available with RBI in India with respect to international standards" and the gold acquired would be delivered to its overseas custodian, the Bank of England NB: According to the World Gold Council, India holds the 11th-largest gold reserves of 557 tons. At current market prices, they would be worth nearly $24 billion. It was not immediately clear how much of that would be swapped. Market participants said the central bank was likely to offload its old gold onto the local market in India. http://www.businessweek.com/news/2014-05-05/swiss-parliament-recommends-rejection-of-initiative-on-snb-gold Swiss Parliament Recommends Rejection of Initiative on SNB GoldSwiss parliamentarians urged rejection of a popular initiative that would curtail the Swiss National Bank (SNBN)’s independence by requiring it to hold a fixed portion of its assets in gold. http://www.zerohedge.com/news/2014-07-03/india%E2%80%99s-central-bank-sell-gold-market-exchange-gold-bank-england (BN) *SWISS TO VOTE NOV. 30 ON `GOLD INITIATIVE’

Yeah I see your point, but sellers do have to comply with consumer rights legislation, which heavily favours the buyer in cases of dispute or simply a change of mind. Persistent violators in the UK at least I'm sure would be rounded up quite quickly.

Goods always have a returns policy (even if its the statutory rights of the consumer).... and (at least for me) are always shipped insured and recorded/registered delivery. I can only be shat upon by dodgy buyers..

Just to weigh in a little here; as a receiver of Paypal money, I would much prefer to be paid in BTC because it's irrevokable. Truly, PayPal money is s***. They can freeze you any time (as happened yesterday to ProtonMail, for simply offering an encrypted email service), unscrupulous people can and do perform chargebacks up to 180 days after the transaction, PayPal have even been known to dip into bank accounts to collect money if it's not in the PayPal a/c when a dispute happens... I'd love to be able to convert PayPal balances into BTC. If it happens, I can really see BTC going vertical.

Another mysterious death..

Dozens of Bulgarians queue outside bank branches to withdraw savings 30 Jun 2014 - 08:24 SOFIA, June 30 (Reuters) – Dozens of depositors waited outside branches of Bulgaria's First Investment Bank <5F4.BB> on Monday to withdraw savings despite reassurances from the government that their money was safe after a run on the bank and one other lender. Bulgarian authorities are investigating attempts to destabilise the banking system and say there has been a concerted phone and Internet campaign to spread rumours, creating a crisis that has thrown a spotlight on weak economic governance in the poorest European Union state. [iD:nL6N0PA0ZC] The queues in the centre of the capital Sofia were smaller than on last Friday. At one branch about 30 people were queuing, about half the number seen at midday on Friday. Bulgaria's No. 3 bank says it has enough capital to meet customers' demand. "I am here because I remember what happened nearly 20 years ago," said a 60-year-old woman, who gave her name only as Gergana, referring to a financial crisis in 1996-7 which sparked hyperinflation and the collapse of 14 banks. "I trust the president but I think he was misled by the bankers," she said. Another customer, Ivan, said he would move his savings to a foreign-owned bank. About two thirds of Bulgaria's lenders are now owned by international banks, in sharp contrast to the mid-1990s when there was very little foreign investment in the country. President Rosen Plevneliev and other senior politicians have been trying to reassure Bulgarians that their savings are safe. snip... The run on First Investment Bank started days after the central bank took over Corporate Commercial Bank (Corpbank) <6C9.BB> and shut down its operations following a similar run. (Reporting by Angel Krasimirov; Writing by Gareth Jones; Editing by Louise Ireland) ((gareth.jones@thomsonreuters.com)(+49 30 2888 5214)(Reuters Messaging: gareth.jones.thomsonreuters.com@reuters.net) Keywords: BULGARIA CRISIS/DEPOSITORS

tryin' to decide whether "MSE Refugee" is a sock puppet, or whether "DiggerUK" does not understand a rhetorical question when he/she sees one. Someone help.