/biz/ - Business & Finance

What happened while you were sleeping, the banks destroyed leveraged positions both ways.
Keep in mind, no silver was actually sold or bought here. It was just made up orders (literally). This still affects all derivatives (like cfds and ctfs). Millions of retail money stolen, and banks are relieved they don't have to deliver physical
1. Pump to destroy all short derivatives bought before markets closed (2 hours before US market closes). All the way to 8% to destroy X12 leverage and above. All other leverages reset right after, nearly worthless.
All long leverages reset right after, and had their leverage reset. That leads to
2. Right after derivatives leverages reset, they dump it. All longs destroyed or made nearly worthless. Short derivatives make nearly nothing with this dump, as remember from before their leverage was reset and made worthless.
3. The big one. All short positions made worthless, now remains all longs. 1 Hour after euro derivative market opens, they let people buy in with leveraged longs again (how could you resist that? buy the dip!). Boom, even X5 long leverages made worthless, in a flash. Banks relieved, retails seething. Any position that was even barely leveraged made useless or worth less when held over night, even if silver remains positive for the day. All fully legal
Keep this in mind for silver, it's not retail or construction worker that decides the price. Silver is in 100% control by banks. They can push it down to $18 in an hour if they want to.