More news has come out regarding the manipulation of Silver prices. Big names have been involved in the scam of Silver prices. One of the major headlines of a business news agency read as follows “HSBC Holdings Plc and JPMorgan Chase & Co. were accused in an investor’s lawsuit of placing “spoof” trading orders to manipulate silver futures and options prices in violation of U.S. antitrust law”.
The investor, Peter Laskaris, alleges that starting in March 2008, the banks colluded to suppress silver futures so that call options, or the right to buy, would decline, and put options for the right to sell would increase, according to the complaint filed yesterday in federal court in Manhattan. The collusion was also intended to maintain prices at levels at which some options would expire as worthless, Laskaris claims.
On the trade side metals had a slight depression over the strength of Dollar. Positive News have been flowing in regarding the economic condition of the US; which added some steam to the weak dollar.
There has also been talk in the market stating that the US Federal Reserve may be less aggressive than previously thought in efforts to stimulate the economy.
The dollar was also supported by data showing better-than-expected sales of new homes in the US in September.
Performance of Silver in MCX
Contract | Last | Chg |
Silver-May'11 | 35906 | 64.00 |
Silver-Mini-Apr'11 | 35860 | 59.00 |
Silver-Mini-Nov'10 | 35625 | 52.00 |
Silver-Mar'11 | 35760 | 50.00 |
Silver-Mini-Mar'11 | 35750 | 49.00 |
Silver-Dec'10 | 35627 | 48.00 |
Silver Chart of the day Courtesy KITCO
I appreciate your post, thanks for sharing the post, i would like to hear more about this in future
ReplyDelete