- NEW YORK - The data
indicated that during June 17-21, program trading amounted to 44.9 percent
of NYSE average daily volume of 1,422.5 million shares, or 638.6 million
shares a day. This included program trading associated with the June 21
quarterly expiration of stock-index options and futures.
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- From the top 15 list of 'Program' traders, JPMorgan and
CitiBank were conspicuously absent. Perhaps they haven't yet discovered
computer-controlled trading? Why are the two largest Federal Reserve banks
not involved with 'Program Trading'?
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- Logical questions arise
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- If 44.9 % of all NYSE 'Program Trading' is attributed
to the SMALLER banking firms, perhaps through some secret regulatory shield,
the two LARGEST banks ARE heavily involved in program trading but are exempt
from reporting requirements? Perhaps the mysterious 'Plunge Protection
Team' has erected such a regulatory shield behind which they secretly operate?
If so, another question can be asked:
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- How much of the remaining 55% of NYSE trades belong to
JPMorgan and CitiBank?...Would these total, aggregated trades constitute
MOST of the NYSE trades?...80%-95% of the NYSE trades?
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- The answer to this last question is important insofar
as the public is already fed-up with the overflowing Wall Street ethical
sewer and continuing inaction from a hypocritical Congress and its double-talking
regulators. If the U.S. stock market has deteriorated to such a degree
that a sizable majority of all NYSE trades are so-called 'Basket' or 'Program'
trades (Equivalent to Enron-style, round-trip executions (Based no-doubt
on Fed repos), one could easily predict tsunami-sized shock waves.
-
- The truth of inappropriate market interventions can never
be undiscovered. The outward spread of that truth grows exponentially from
one person to another and so on. An important catalyst aiding this information
diffusion process is Wall Street,Äôs ideology of corruption
that has sensitized a growing number of American and World citizens to
accept assertions they once would have rejected.
-
- Assertions such as a massive cartel of Western banks
led by the Federal Reserve arrayed to suppress the price of gold in order
to conceal inflation and construct a bubble-headed Medusa. The not inconsequential
result of which has been a tax windfall for bureaucrats and a devastated
Sub-Saharan economy dependent solely on gold exports.
-
- The Royal Bank of Canada has recently validated GATA's
findings and their private clients now have the manipulation truth and
are no doubt spreading it to their friends. Gold producers also have the
manipulation truth and are closing their hedges because they know that
rigged markets are historically unsustainable. The truth is an unstoppable
disease. Interventions to lower the price of gold are nothing but band-aid
treatments for a terminal illness. The illness is an inflated, un-backed
currency created by weak politicians.
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- Jim Sinclair points to the poor prognosis of a growing
$300 Billion World gold derivatives burden. These instruments must begin
with a loan of physical metal. The gold derivatives listed at the OCC [Office
of the Comptroller of the Currency, Dept. of Treasury] and BIS [Bank of
International Settlements] websites represent real gold loans. The huge
total derivative figure will surely rise dramatically in the next OCC and
BIS reports pushing the sickly patient ever closer to the inevitable flat-line
status.
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- European stock markets are plunging since the second
week of March 2002 and the US Dollar plunges right along with them even
as gold has steadily risen 14%. The government continues to spend at record
pace as it imagines no one notices and that they can somehow continue to
borrow, consume and rig their way to prosperity.
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- Note - a current check shows this article has been removed:
http://www.nyse.com/press/NT0073C5CF.html
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