The public is out on precious metals in a historic way. This is central banks vs. retail. Public is dumping large quantities of hallmarked bars and coins, both gold and silver, at significant discounts. Buying is non existent.
Ok…it’s possible someone was making a play to test delivery but IME a junior operator on an algo either forgot to turn off/roll their trade or entered a bad settlement price and blasted the market before their (non-existent) risk controls kicked in.
I can definitely attest that exchanges will beg, plead and cajole traders to get out of delivering, often because it’s just a huge pain. 17k contracts on Comex is painful but it just seems more likely someone screwed up and wasn’t paying attention to LTD. Easter may have thrown them off (Friday holiday in US and Monday the holiday in EU) as well.
Any way it’s possible shenanigans are happening but as a guy who’s worked both trade side and exchange side, these things tend to be accidents.
How much is enough?
The public is out on precious metals in a historic way. This is central banks vs. retail. Public is dumping large quantities of hallmarked bars and coins, both gold and silver, at significant discounts. Buying is non existent.
If I’m understanding this correctly, there is no rush for silver’s ascension.
Fat finger.
Ok…it’s possible someone was making a play to test delivery but IME a junior operator on an algo either forgot to turn off/roll their trade or entered a bad settlement price and blasted the market before their (non-existent) risk controls kicked in.
I can definitely attest that exchanges will beg, plead and cajole traders to get out of delivering, often because it’s just a huge pain. 17k contracts on Comex is painful but it just seems more likely someone screwed up and wasn’t paying attention to LTD. Easter may have thrown them off (Friday holiday in US and Monday the holiday in EU) as well.
Any way it’s possible shenanigans are happening but as a guy who’s worked both trade side and exchange side, these things tend to be accidents.