We recently posted regarding this morning’s water-fall raid in silver at 9:30am EST that drove silver .80 lower in minutes.
SPOT volume data indicates 9,157 contracts were dumped on the market in a span of 10 minutes- 45.8 million paper ounces of silver.
Take a moment to put this latest paper futures silver raid in perspective:
THIS IS LARGER THAN THE ENTIRE US MINT SILVER EAGLE SALES FOR 2011 AT 40 MILLION OUNCES!
Between 9:30 and 9:35 AM 4,892 contracts were dumped on the market, and between 9:35 and 9:40 another 4,265 contracts were dumped indiscriminately, for a total of 9,157 contracts in a 10 minute span ON NO MARKET MOVING NEWS!!!
Prior to the raid volume had been averaging 500-700 contracts/ 5 minute period throughout the morning.
Screen shot of the massive spike in volume: