Wednesday, April 4, 2012
*UPDATE: This morning we advised that the CME is estimating total volume in silver yesterday of 53,978. Marshall Swing has contacted the CME for clarification, and volume estimates ONLY include the pit session which closes between 1:29 and 1:30pm EST, and DOES NOT include access market electronic trading in the afternoon.
You read that correctly.
Nearly 80% of ENTIRE ANNUAL WORLD MINING SUPPLY was dumped on the market (during the thinly traded Globex session), over a single hour, and all the cartel could muster was a lousy .65 decline in the paper price of silver!
Coincidentally, NetDania’s volume function was disabled as we attempted to post a screen shot of the action. A price chart of the epic fail will have to do for now:
We will have confirmation from the CME’s globex numbers tomorrow. Contrast today’s 127,000 contract dumping with yesterday’s Globex action, which saw a total of 43,708 silver futures contracts trade hands on the Globex throughout the entire session.
Volume from the 24 hour chart indicates that ~45,000 contracts traded in the hour between 2p and 3p yesterday, or roughly only 225 million ounces. We also saw massive volume throughout this afternoon’s sell-off: