The all-out cartel paper attack on silver continues. We documented last week how the cartel dumped 225 million ounces of paper silver on the market in 30 minutes coinciding with the release of the FOMC Monetary Policy report to begin the raid. 225 million ounces of 30 minutes is approximately 7.5 million ounces a minute.
The paper shenanigans continued this morning, as 12,428 paper silver contracts were traded in a span of only 5 minutes at approximately 9:20-9:25 am today. That's 62.14 million ounces of paper silver in 5 minutes crushing silver from $33.02 to $32.54....or 12.42 million ounces of paper a minute! And it gets worse.
Over a span of 50 minutes from 8:40 to 9:30am EST this morning, a total of 87,250 contracts traded hands, or 436,250,000 ounces- nearly the entire open interest in silver!
With an open interest of 112,424 contracts, this means that 78% of the COMEX open interest, and MORE THAN 1/2 OF WORLD PHYSICAL ANNUAL PRODUCTION changed hands in under an hour this morning!
The tail (paper markets) have BECOME THE DOG!