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 Replies: 20 / Views: 3,919 |
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Pillar of the Community
United States
1200 Posts |
I was online and thinking about doing an online order just over 2 hours ago, when the spots did something very peculiar --
Gold-------5pm=$1748.70---5:10pm=$1717.00---5:20pm=$1749.40
Silver-------5pm=$34.16-----5:10pm=$31.80-----5:20pm=$34.18
Platinum----5pm=$1610------5:10pm=$1540-----5:20pm=$1607
Palladium---5pm=$661-------5:10pm=$612-------5:20pm=$663
After 5:20pm, they just floated on at their reacquired level as if nothing had happened. Unfortunately for me, I only noticed this at about 5:15pm. By the time I confirmed what I was looking at, swallowed my disbelief and logged onto the website where I was going to place the order, the spots were back up again, the prices were back up again and the moment was lost.
After my next door neighbor the retired Marine Corps Drill Instructor heard what I was (apparently loudly) saying to my computer, he admitted he'd never heard those words put together in those combinations before or used with such spirit.
Anyhow -- the questions:
1- Does this kind of major but only minutes-long spot nosedive/recovery stunt occur with any frequency?
2. If so, is there any time of day or day of the week when it's more likely to happen? Edited by Fat Freddy
11/27/2012 09:10 am
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Bedrock of the Community
Australia
21788 Posts |
With all going out in sympathy, it looks like some sort of electronic trading glitch to me, or perhaps something much more sinister:
some sort of deliberately contrived dishonesty.
It is healthy to remain cynical and suspicious, when this type of happenstance happens.
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Pillar of the Community
Canada
677 Posts |
I think according to your prices, it may have been a low-high price for the month of November.
Yes, to your second question.
Every day is just one mouse click away for another collected dividend. Where and when is only anyone's guess.
Just my thoughts. Keep stacking.
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Valued Member
Canada
453 Posts |
I noticed that dip after the fact. Weird!  |
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Pillar of the Community
United States
3670 Posts |
Can you confirm that silver actually dropped as low as in your quote here below.... "Silver-------5pm=$34.16-----5:10pm=$31.80-----5:20pm=$34.18" Down to $31.80 in just ten minutes wow, that is some crazy 5 o'clock action.... Not that its not good movement for gold, platinum, and palladium, but one may defnitely may need to load into Provident, APMEX, Gold mart, or wherever you all feel you get the best service and product with of course updated to the second spot pricing and make a timely BULK buy.... On like a roll of eagles or greater it would start to add up pretty sig, via 34 dollar silver verses $31.80.... Edited by Silverhawk74
11/27/2012 12:50 am
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Pillar of the Community
Canada
1723 Posts |
Agreed with SEL... most people are chattering of comuter clitch. There were some saying that they were also trying to place orders at that exact time and were not allowed to proceed.
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Pillar of the Community
United States
3670 Posts |
Those lines have been movin up or down real fast and eratic like a heart monitor which is out of control....
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Pillar of the Community
United States
919 Posts |
I looked at charts on 3-4 web sites and not one shows a drop below $34. Kitco is the only site that shows $31.80 in a table for Low of day, but their chart does not show the drop. I would guess it is an error and nobody was able to purchase at that price.
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Pillar of the Community
 United States
1200 Posts |
Wow! This thing is starting to smell really foul!! Now - to explain how it hit me in better detail... At the time of the event I described yesterday, I had the Kitco "Interactive Beta Chart" for Silver (USD) open and I also had also just opened up the Goldmart, APMEX and Provident websites in separate browser tabs, though I hadn't logged into any of them. I looked @ the Kitco chart just before the event - nothing of note. I then was windowshopping through the APMEX site, seeing if I could find some stuff that I could rationalize buying so I could take advantage of their CyberMonday free shipping (on >$500 orders) offer. I went to the Goldmart and Provident sites to compare prices on CSMs. Goldmart was around $36.25, but Provident was around $34.07. That's when I gasped and did a double-take. I jumped back into the Kitco chart and found (now a bit after 5:13pm-ET) the big nosedive. I took a couple moments to swallow my disbelief and say "Well - OK - I'm IN!!." I jumped back into Provident, stumbled through logging in, went to put two tubes of CSMs into my order basket and found that the CSM price had jumped back up to around $36.04. (The price was that low because they were offering CSMs @ $1.79 over spot on CyberMonday.) The spots had by then bounced back up, the prices had also bounced back up and the moment was lost. That's when I started swearing @ the computer and caught my neighbor's attention. I went back to the Kitco chart after I'd cooled down and wrote down the exact involved prices on a piece of paper, and I later put those prices in my post. Those prices and that nosedive/bounceback stunt are the real deal. I'm not making this up. There must be others out there who caught this thing. In fact, Jerry B says above he saw it. I went into the Kitco chart @ 8:15am ET today, tightened the date-time perimeter settings into 5:00pmET through 5:30pmET yesterday, and the nosedive/bounceback event isn't there!! The Kitco people sanitized their records and wiped that event out! Wow! That REALLY makes me wonder what was going on, who made that event happen and why!! My guess is somebody made BIG money off of that play. I'd like to know who and how they did it. Silverhawk -- The prices I wrote in my original post are the exact numbers that I wrote down right after it happened and after I had stopped swearing. I've still got the scrap paper I wrote them down on. TPG -- I detailed above what I saw on the websites I was looking at - can't speak for any others. I find it amazing that Kitco "disappeared" this event and sanitized their records. I think this whole thing now smells absolutely foul and reeks to the high heavens of some bad news manipulation stuff like the conspiracy theories those novels and Hollywood movies are made of. I should change my CCF "signature" and add in the old X-Files TV show quote "Trust No One" in addition to my present "Caveat emptor!" This is really spacey and it stinks really bad. Edited by Fat Freddy
11/27/2012 11:04 am
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Pillar of the Community
United States
2335 Posts |
Let me relate a similar incident that happened to me in the stock market several years ago. I had invested in a stock that had increased from my buy price of $8 to $14 a share. I put in a stop loss order that would sell my stock if it dropped below $12 so my profit would be protected if the price dropped. One morning at the market open the price dropped from $14 to $10 & my stock was automatically sold. Within 5 minutes the price bounced back to $14.
This was a stock that was thinly traded, with less than 100,000 shares trading on an average day. I later found out that there was a transaction of over 50,000 shares at the open. I've always suspected that someone owned enough stock & had the means to simultaneously buy & sell those shares at $10. If they put in an order to buy & sell that many shares at that price with an "all or none" order they would be assured that no one else could interfere with the process & the market price would immediately drop to that level. If they also had an open order to buy shares at $10 they would immediately buy all available shares with stop loss orders making a profit of $4/share.
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Pillar of the Community
United States
919 Posts |
FF, I believe what you saw and was not questioning it. I was just saying no charts show it and no other sites show the lows that Kitco shows. Yes the info you listed is accurate to the Kitco tables for lows on Monday. Strange that no charts show the "event".
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Pillar of the Community
United States
1200 Posts |
"...Strange that no charts show the "event". ..."
Precisely my point - and that's what bothers me so much. Sanitizing and rewriting the historical charts carries some very deep-running and even more unpleasant implications about credibility and ethics.
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Pillar of the Community
United States
2661 Posts |
Quote:
Sanitizing and rewriting the historical charts carries some very deep-running and even more unpleasant implications about credibility and ethics.  Did you really use the two words " Credibility" and " Ethics" while refereeing to the world of finance? I do not doubt what you saw one bit, but I would advise that you just let it be and forget it happened. Crooked dealings happen every day on the markets and no one is going to lift a finger to stop it. A few will get thrown under the bus to save the many on occasion, but at is all. That is just my thoughts about it. |
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Valued Member
United States
151 Posts |
I also saw this huge (and very short-lived) drop in all the metals while I was on my way home from work yesterday. I am constantly looking at the prices via the Kitco Mobile app. Initially, I the 24 hour chart on the app showed the drop and quick spike back up, but when I checked first thing this morning (approximately 12 hours after the fact) I saw no evidence of the dip on the chart. I also browsed the various coin forums I frequent and didn't see anything about it posted so I wasn't sure what to make of it, but now I know I'm not the only one who saw it!
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Valued Member
Canada
453 Posts |
There has been a bit of chat across the web about it. I came across a site that showed a screen capture of the dip. General consensus seems to be a glitch at Kitco. On an unrelated topic (maybe) I also read that the Royal Canadian Mint bought three million ounces of silver on Monday. |
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Pillar of the Community
United States
1200 Posts |
auptpdag1995---Ten million thanks for verifying my sighting as well as it's mysterious subsequent disappearance from the historical charts and thereby validating my seemingly fading sanity. I needed that! TimStroud -- My use of those two fateful, hideously old-fashioned words was with specific reference to the keeping of the historical charts. I do honestly still expect those two things from the keepers of the historical records and I do stand with my previous statement that you highlighted. Probably some sort of deeply imbedded neural programming that goes (way, WAAY) back to my undergraduate days as a dewy-eyed history student... You may have hit on something, though. It might be more realistic of me to expect nothing other than treachery, deceit and dishonesty from all directions at all times... The apparently widespread ebay hi-jinks (to which I'm admittedly a wide-eyed, totally green newbie) which are apparently the order of the ebay day do seem to suggest this would be a more realistic and prudent outlook on my part. Thank you for that reality check/wake-up call. I probably needed that, too! |
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Replies: 20 / Views: 3,919 |
Posted 11/26/2012 9:30 pm
