Monday, February 28, 2011

Australian Stock Exchange - Trading grinds to a halt

ASX Trade Production
Status : Paused

Update: 4

Please be advised that although trade reports are available during the ADJUST_ON session state, trade dissemination will not occur across ALL MARKETS for trade reports executed during this period.

Update 3:

Following consultation with Participants and ASIC, ASX advises that the ASX Trade Market will not re-open today. As a result, there will be no CSPA and the Market will move into Adjust ON at 17:00.
It has been identified that the technical issue with trade dissemination of instrument series in Partition 3 was triggered at 14:18:25. ASX is working to complete the dissemination of the impacted trades made from this time until 14:48:01 when the Market was placed into ENQUIRE.
All these trades are valid.

Trading on the ASX halted this afternoon. No transactions could be completed for around the last 1.5 hours of trade.

There is still no confirmation of the direct cause, although local trading forums are rife with rumours and speculation about what might have caused the shutdown.

While my exposure to Gold/Silver is predominantly through ASX listed stocks, it's days like this that are a good reminder why having a physical position is also extremely important.

It's easy to become complacent in Australia. Thinking that the issues plaguing other countries such as market closures, flash crashes and electronic bank runs can't possibly occur here, but the reality is with our reliance on technology based wealth our physical difference in location can mean very little at all in the grand scheme of things.

Chances are that this glitch will be resolved overnight and normal trade will resume at some point tomorrow, but what would happen if we were to experience a shutdown that lasted a few days, a week, a month? Are you prepared?

Gold/Silver are easily exchanged and portable items of wealth that could become priceless if we were to see some sort of shutdown of our financial system (either here in Australia or anywhere worldwide). 

As well as metals it's probably a good idea to keep some local currency out of the system in an easy to access location.

In a world gone mad with electronic storage of wealth it's comforting to know that there is still the ability to keep wealth safe outside of the system.


Disclosure: Positions held in Gold & Silver. Not investment advice. Do your own research.


  1. Silver is the most undervalued precious métal!
    Silver is the Mother of commodities!
    Silver go UP more than 100$/oz
    If you want Banksters,Buy Silver!

  2. Good site, interesting contexts and analysis: I have sent you an email - at your invitation - and I have placed you on my Heretic list.

    Today's Heretics are tomorrows conservatives. FYI Bloggers are the today's guarantee that there will be a tomorrow. It is the least we can do for our children and their children, after all that we have and are still doing.

    Ho hum

  3. Thanks for your comments Peter, replied to your email. An interesting and long standing blog that you have there yourself!



  4. Thank you Joseph,

    Your response most appreciated (you may note just how much a heretic I really am - I have had a blessed education); we all need to do more, much more; we cannot leave our lives in the hands of the irresponsible and incompetent people who like to refer to themselves as "lawmakers" and "leadership",

    Personally, methinks that they should all go and get jobs that match their skill-sets, like cleaning toilets and such like.

    I see no reason at all now as to why Gold and Silver will not explode into new dimensions; of course, Benanke and some of his central banking true believers, such as Glen Stevens, are desperately attempting to suppress the demand with their banker friends and agents; this has not worked and I believe the market manipulation to be almost broken. It is almost time for "the chosen one's" to scuttle off to more safer shores to lick their wounds.

    Speaking of Benanke: you may remember your religious lessons from school, where there was a "judas" on-the job, well today we now know from newly interpreted ancient texts, that there were more than one "judas"; many more;-). This will guarantee that Benanke et al plans will fail as "money has no loyalty or morality".

    Bottom line: The are none in "leadership", especially in Australia, that have any idea of what is happening throughout the World, economically, socio-economically and or politically, so you can expect the Global Leadership Collapse (GLC) to dump big-time 9and soon), which seems to coming along nicely.

    This time around the World must burn so that we can easily 'change the guard' so a totally new political economic (please note: not a socio-economic system) system change can be realized, planned and installed. It's time to take out the garbage again!

    Don't expect the captains to go down with the ship as sewer rats abandon ship well before everyone else - its the nature of the beast.