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There is no way you can measure intent once an order is live. All live orders can be executed against. If regulators are so concerned with cancel rates of spoofers, then surely they should be concerned with the cancel rates of HFTs. And finally, if spoofers need to go to jail for some idiotic...

Which is complete bullcrap because the cancel rates of HFTs must be astronomical. So spoofing is illegal because spoofers do not want to trade all of the orders they enter. But I am assuming that HFT cancel rates are in the same league as spoofers so they are not trading the same percentage of...

It really is simple. Allow both front-running and allow spoofing. Then the market is fair. If you tilt the playing field to one method, then the market is rigged. Also, if you are going to jail spoofers, you need to start jailing the creators of HFT programs. It is only fair.

Yes, I agree. HFT creators should be subjected to jail time just like other spoofers, based on their cancel rates.

But surfer thinks he is a piker so he's out of the running.

Cramer's cumulative effect is much bigger than this guy's $100 money maker. I like how the SEC goes after the small stuff so vigorously but basically lets the banks have free reign or just lets them pay a small fine without "admitting guilt." It is such bullcrap. This guy is probably going to...

Spoofing is the only way to combat HFTs in a manner that can really hurt them. Spoofing should not be illegal. You cannot ever prove that someone is spoofing since there is a paper trail showing they submitted orders that could have been filled. The only reason people are getting busted is...

But it is okay when Cramer pumps his holdings on national television.

Okay, but then why are manual spoofers being jailed?

How can it be low risk? The orders are active. They can be hit. If HFTs are so stupid that they cannot identify spoofers, then they deserve to die.

If you put in an order into the book, how is that not an indication that you want to be filled? I mean you could be filled, it's not like there is no risk in spoofing. If spoofers are jailed than HFT creators need to be jailed too.

Chances of a rate hike in December are less than zero percent. The Fed has no cajones, it is Christmas time, and they are incompetent.

Look at BitGold. You can use your account to purchase things using your gold. Unfortunately, the transaction fee is 1% both ways. However, they eat the storage fees so if you are a long-term investor and you don't want to store your physical around the house, it seems pretty ideal. Plus you get...

Do the standard economic models apply when every country is trying to debase their currencies and many developed countries have high levels of debt? Doesn't the current influence of central bankers on the financial market make this period different than all periods before?

What about the rise in gold between 1977 and 1980 during a rising rate environment. Is that an anomaly? The best charts I could find were here although the associated commentary seems hyperbolic: http://www.zealllc.com/2015/goldfrhk.htm

A hidden order net implies to me that you would put 1/n shares on n different exchanges simultaneously, all hidden. So if you had 1,000 shares to buy, put 334 on ISLD, 334 on ARCA, 333 on BATS. As Daal said, maybe just putting all the shares on the most liquid ECN would produce the same result...

Yes, I would be much better off now, if I had gone long gold/short yen rather than just buying gold. Gold has actually held up fairly well compared to other commodities. Maybe gold is acting better because it is starting to be viewed more as a currency (or there is lack of faith in the central...

Thanks for the informative post. I agree with a lot of things you are saying. Interest rates will probably fall farther and longer than people think. However, my time horizon here is say 10+ years. And unlike you, I do not have faith that the US government will always be seen as a safe haven...

So maybe a $10 million mansion, some nice cars, and some women on each arm - then he'd be okay in your book?

That is your opinion and you exaggerate once again. I have enough dollars so I am defacto long the dollar. I can produce more dollars by my day-to-day trading. I need some protection from the idiotic central banks running the asylum. Gold fits that bill nicely. You may view gold as a commodity...