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View Full Version : 40% of silver market cornered...


quoin
12-11-2010, 02:31 PM
Interesting article discuss among yourselves...

http://www.zerohedge.com/article/cftc-commissioner-bart-chilton-reveals-one-trader-controls-40-silver-market-silver-holdings-


However, the PM market (especially Asian accounts) will soon make sure Blythe Masters is looking for a job within 3 months as we predicted a few weeks ago." The only problem with this story is that so far, is that unlike copper, JP Morgan's now legendary paper short in the silver market, long taken for granted by the "less than in mainstream" community, has been persistently ignored by the broader media due to the a lack of concrete evidence. Hopefully that will now change: courtesy of a speech delivered by none other than the CFTC commissioner Bart Chilton, who continues to expose the CFTC and the banker cartel's illegal market manipulation practices, we now have proof that "one trader held over 40 percent of the silver market." As this trader is either JP Morgan directly, or various Blythe Masters proxies, we can only hope that finally the broader outcry against JPM's ongoing attempt to suppress precious metal prices (insert Mike Krieger/Max Keiser "Crush JP Morgan" campaign here) will force the bank to finally unwind its shorts. And if not, perhaps the market speculators will do it for them: as of Friday, the SLV ETF held an absolute record 10,941 tonnes of silver, an increase of 163 tonnes for the week.

zaebis
12-11-2010, 02:45 PM
Well an argument can be made that that alleged manipulation (JPM naked shorts and the likes) doesn't actually hurt anyone and therefore is legit. If the short can be reconciled in cash (aka default) but is mutually agreed upon there is no problem. After all paper money is still and will continue to be legal tender. Most stackers will sooner or later redeem in cash and very few will barter G and S for other wealth directly.

sigmund
12-11-2010, 03:18 PM
I am still trying to get my arms around the delicious Irony that JP Morgan of the famous crash JP Morgan Silver Short Consortium is also the custodian of SLVs physical metal.

I'm sure theres nothing unethical about JPM making money on all sides of the market, spearing the longs and the shorts at the same time. I wish I had the time to do the research but I expect one could find a pattern that they probably specialize more in loaning money to the industrial complexes using silver than other banks as well. Profits from shorts, profits from longs, profits from sales, profits from loans, etc.

Hell, the urinals in their mens room is probably made of silver...

leftylarue
12-11-2010, 03:26 PM
I am still trying to get my arms around the delicious Irony that JP Morgan of the famous crash JP Morgan Silver Short Consortium is also the custodian of SLVs physical metal.

I'm sure theres nothing unethical about JPM making money on all sides of the market, spearing the longs and the shorts at the same time. I wish I had the time to do the research but I expect one could find a pattern that they probably specialize more in loaning money to the industrial complexes using silver than other banks as well. Profits from shorts, profits from longs, profits from sales, profits from loans, etc.

Hell, the urinals in their mens room is probably made of silver...


It's just bidness, man, just bidness. . . . .

DenariiForMe
12-11-2010, 03:27 PM
Even if they ultimately settle in cash and avoid busting the Comex, with those shorts gone, you can imagine which direction and how fast silver could move. Look at what it's done in the past few months WITH those massive naked shorts in place.

About AG
12-11-2010, 06:26 PM
I believe that 40% is referring to JPM from about a year ago, from Ted Butler's calculations.

It isn't "40% of the silver market cornered", it's that they had 40% of the COMEX short position (which is different than the total amount of physical silver).

coindog
12-11-2010, 07:45 PM
covering shorts or any contract with anything other than metal is not allowed under Comex rules, if they enforce them, what's up with that if they don't?

07Silverado
12-11-2010, 08:24 PM
covering shorts or any contract with anything other than metal is not allowed under Comex rules, if they enforce them, what's up with that if they don't?

Whaddaya, want them to facilitate an exchange for actual goods or something?

Sheesh! Silly. :rolleyes: