12 Oct 2012

Freudian Glitch? COMEX Futures Lists Silver at $34,000/oz, Gold at $17,700/oz

By : Did COMEX futures just reveal a Freudian glitch?  Futures data this morning indicated a value of $34,000/oz for silver, and $17,716/oz for gold!
The misquoted prices reflect a 1:2 price ratio with silver being 2x as valuable as gold.  Was somebody trying to communicate the fact that future gold to silver value ratio will go from 50:1 to 1:2, with silver prices rising 100 times faster than gold’s?


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http://www.marketwatch.com/investing/future/SILVER
Screen shot of concurrent gold glitch from ZH:

SD reader Plebian asks:
A ‘glitch’ in futures prices this morning showed charts with gold price quoted at $17,700/oz and silver at $34,000/oz.
Questions:
1) Why did glitches occur for both gold and silver, since they’re independent commodities traded on separate symbols?
2) Why was gold off by a factor of 10, but silver by a factor of 1,000?
3) The misquoted prices reflect a 1:2 price ratio with silver being 2x as valuable as gold.  Was somebody trying to communicate the fact that future gold to silver value ratio will go from 50:1 to 1:2, with silver prices rising 100 times faster than gold’s?


Thankfully for stackers, physical silver can still be acquired for ~$35/oz, and gold under $1900/oz.
One day soon such a COMEX quote might not be a ‘glitch’.

Got silver??

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  3. TD Ameritrade, E-Trade to Continue to Allow Gold and Silver Futures Trading Past July 15th
  4. UK’s NatWest Suffer’s New ‘Bank Glitch’
  5. SilverDoctors’ Asian Source Confirms HKMEx to Launch Silver Futures ‘Very Soon’
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