Monday, May 20, 2013

Gold and Silver Volatility part II - What a day! Hong Kong Commodity Exchange defaults!

Gold and silver prices were slammed in Asian markets before the COMEX opened.  Prices started the day in the US down but then rallied at the end of the day to end up about 2%.  
Live 24 hours gold chart [Kitco Inc.]


Live 24 hours silver chart [ Kitco Inc. ]


Shares of my mining company investments were up 6-7% for the day.

There were also a couple incredible developments in the precious metals markets:

The CME halted trading last night in the silver market several times amid a flash crash:
http://www.zerohedge.com/news/2013-05-20/silver-halted-4-times-overnight-amid-flash-crash

The Hong Kong Mercantile Exchange defaulted on precious metals contracts and will be settling all existing contracts with cash not bullion.  The HKMEx has stopped trading in all commodity contracts and according to their press release "voluntarily surrender the authorisation to provide automated trading services (“ATS”) granted by the Securities and Futures Commission (“the SFC”)."

The HKMEx press release is here:
http://hkmerc.com/en/Media-Centre/Press-Releases/HKMEx-Voluntarily-Surrenders-Authorisati.xml

The press release is commented on here:
http://sherriequestioningall.blogspot.com/2013/05/hong-kong-mercantile-exchange.html#comment-form

And, Sherrie's comments are endorsed by Harvey Organ here:
http://harveyorgan.blogspot.com/







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