NYSE invokes Rule 48 to curb early swings

Circuit breakers, a plunge protection team (that either doesn’t exist or is doing a very poor job)… and now Rule 48. One has to wonder how many more tricks are in the bag. Perhaps that was the last one, perhaps there’s many more. Even if there’s more, it won’t stop the ever-strengthening avalanche.

 

The New York Stock Exchange on Tuesday again invoked measures meant to promote an orderly opening as the US stock market endured heavy selling in early trading.

In contrast to the wild trading of Monday, August 24, when the exchange also invoked so called Rule 48, activity on Tuesday was mostly orderly in spite of declines, market participants said.

But some complained that it took too long for some stocks to open, which is likely to keep attention on the rule. The S&P 500 fell 3 per cent. Continue reading

Andrew Maguire – Who Smashed Gold Today And Why As HSBC Shocks Clients By Closing All London Gold Vaults!

Today London metals trader Andrew Maguire spoke with King World News about who smashed the price of gold today and why as HSBC just shocked clients by announcing the closure of all gold vaults in London!  Maguire also discussed what is happening in the physical gold market as well as what the bullion banks are up to.

Today’s Gold Smash Is Western Government Intervention

Andrew Maguire:  “Eric, here we are again after another heavily gamed Non-Farm Payrolls (NFP) report week that evidences just how ‘managed’ the paper markets are. Given the strong Indian and Chinese demand above $1,200 and the currency crosses related to gold that were net-positive all week, there was no reason to paint gold down ahead of today’s NFP. Given that the physical market is strong, the Comex-centric selling has all the hallmarks of ‘official’ selling.

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