So, danno, how's this one working out, probably no trade made on the call, but just curious, what exactly was your call on the PM/JPM with this message from a few days ago on this board:
"Two cents worth. A huge gap down is imminent. JPM will win the precious metals battle.
<<<< One of these mornings a huge gap down is likely. >>>>
The crude oil market is collapsing as I type this. tick tick tick CME.com for crude oil charts. This is a major barometer of the health of the world's economies. more tick tick tick
Deflation is occurring in precious metals too. Not inflation."
I suppose JPM could 'win' the PM battle, as you say, but realize that they have lost the 'London Whale' trade, which was recently revised to be a total exposure of over $100 billions on the one-sided bet. If JPM is going to win the PM battle, why load up on puts as you say today?
JPM is going to have a harder time keeping the legacy Bear Stears silver short in place
when bonds are screaming 'bubble' and with huge stress in the system.
Gold is responding today to the headline jobs number, they just cannot fudge the numbers any more, the 'Birth-Death' fantasy add-in of about 250K jobs 'created' this month could only bring the headline number up to 80K.
I see that the ratio of gold to silver did not play out today. Gold up almost 4% and silver up just a bit more than 2.5%, not the norm of 2:1 ratio of typical moves, silver always moving faster than gold.
The oil call appears correct, but this commodity is known to fluctuate violently, like with coordinated SPR releases to 'pump up' election prospects for incumbents, but the price at the pump is not responding, it's $4.25/gallon here in NorCal today.
