Tuesday, March 13, 2012

132 Million Ounces of Paper Silver Dumped in 30 Minutes After FOMC Statement

Massive paper silver dumping continued with today's March FOMC statement.  Beginning exactly at 2:15 pm EST, 90 million ounces of paper silver were dumped on the market over the next 15 minutes, and a total of 132 million ounces over a 30 minute period from 2:15-2:45pm EST.

As can be seen on the 1 minute chart below, at precisely 2:15, silver was raided from $33.47 to $33.25 within seconds of the FOMC news  release that the Fed stands ready for further easing with volume of nearly 2,500.  Silver then spiked from $33.25 to $33.64 at 2:16 EST.  This spike was met with another immediate paper raid, crushing silver back to $33.23 within 2 minutes.

10 minute spot silver chart with volume from NetDania

1-minute spot silver chart with volume: