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Just crossing the wires now. If this passes, Blythe is most likely toast.
More as we see it.
Selling JP Morgan into it....
Selling? Why would you do that? Buy the f-in dip.
Because I'm an f'n rebel. I'll leave the dips for you, buddy.
It took a lot of volume in that last hour just to hold it together. Euro rolls over tomorrow and blows dip buyers' minds...
I just don't see how this is PM positive in the short term. The market is telling you otherwise.
I agree...it is not positive for PMs in the short term. This story is not positive anything [if your measurement is price appreciation].
It is positive in terms of regaining some measure of control over criminal syndicate Wall Street bankers that are currently running amok destroying almost everything in sight as they try to figure out the perfect algorithm for arbitraging everything on the surface of the planet...to death...in mere minutes.
I guess that is why I chose to respond to the story by selling JP Morgan.
I'm confused by your post, Turd.
Buying silver now. Not that it could possibly pass, but still a good silver buy opportunity yes?
I think so too. Monday might be better, but what is .35 - .50 over the next 2-3 years?
What is it? Nothing more than a difference between the amount of toilet paper required for ass wiping.
Hi-yo Silver away!!!!! - The Lone Ranger
There is no movement on gold or silver spot after the news.
Is that baked in?
It's baked in like constipation. It's sooo hard to shyt bullion
I don't know who junked you because that was pee in your pants funny.
Turbo Timmy suggests you try some fiber (aka Fed Notes) for your condition.
She totally set up the rim shot
I think these charts really show a bitmore about what is happening in the metals market, at least from gubermint numbers - http://www.usmint.gov/mint_programs/american_eagles/index.cfm?action=sales&year=2011
Eagles/bullion purchases represent only the un-levered buyer using a musket and not any true seller opinion. The two sided futures spec is the guy with enriched plutonium and a delivery system. (AKA The Bunkie Hunt/Bache method)
ZH tends to gets news out before the world even has a chance to notice it much less read and digest it. If it is going to move markets it will be tomorrow or maybe even next week.
Which is exactly why I am OCD on this site. In fact, my family is about to stage an intervention. You would think at 32 I would have the right to get informed as I wanted, but they say it is excessive.
Hi, my name is Dr. Richard Head, and I a Zerohedge-a-holic. One year and three weeks ago I encountered this site which spoke the truth about matters and actually substantiated their news with facts and charts. They cut through the bullshit of the boobtube and ever since then I haven't been able to function as the rest.
hello, my name is breezer1 and i am a zerohedgeolic. i also am addicted to bill banzai7 media. where's the next meeting?
Bob. Bob had bitch tits.
we're still men
yes, we're men
men is what we are
Hi Dr. Head
Hi. Mr. Breezer
Thanks for attending.. Coffee is in the back and 7 min cigarette breaks are scheduled for every 15 minutes. We hope the 8 minutes between cigarettes provide you with helpful reflection.
Me too, but Im not taking any 12 step program, though I would buy that "Im ..... and Im a ZH-a-holic' T-shirt.
well have a look at this
This news has been obvious for 7 months. It was part of the Dodd-Frank Bill from last July.
You can be rest assured that the vampires at GSCI will still win. While the proposal sets position limits on investment banks' proprietary accounts, it will allow them to hold positions on behalf of end-users like ADM, Kraft et al.
Why doesn't ADM just hold these positions themselves? It's just another regulatory reform shell game that still enables the vampires access to your blood.
Fucking bullshit, as always.
and not just metaphorically.
Better watch this all play out, key reversals in currencies and market are overdue. Silver is good, cheaper silver is better.
good luck bro. i dont know what position limits will mean for the price of any commodity, but i am SURE the position limit rule (if enacted) will have absolutely NO impact on JPM or its share price. however, i disagree with roboretard and others who think the banks are invincible on this issue. you cant defy the laws of supply/demand forever - look at the morgtage market. eventually supply/demand will dictate the price of gold and silver. when that occurs is anyone's guess. trading on CFTC "rule changes" is a suckers bet.
OT but who got the jobs # leak for tomorrow. Close a quick buy, some PDs know something.
Huh? All I see is the usual PPT ramp job before close, to make sure we don't drop more than the allowed 0.2% in a day.
On basis of Macy and Target BEATING expectations (*), why wouldn't the market be up?
(*) Q1 '95 expectations.
Good enuf. A little fade at end, so not the last 10" rocket it first seemed. A non event waiting for tomorrow. More than our unemp #, the bigger news will be out of Europe and more shenanigans, not that US Centric markets will care.
Lots of ppl suggesting a nice healthy number. BarCap suggested something like 400K, way above consensus, other banks ive heard say they expect in the 200k range. Also, perhaps more importantly, ben shalom is speaking an hour after the # comes out, hes expected to reaffirm the need to finish QE2 and potentially discuss what lies on the path ahead.
After not being in the market all of last yr, i BTFD yesterday and will probably hold for a little while as, despite joking bout BTFD, i thought, why the hell not.
Pos limits in energy have hit quite a few gas & power shops. Hard to make money when you're capped at 7k contracts across all months and basis trades around $4 bucks. Metals traders will soon feel it too...
Yet the trillions floating around in credit derivatives are A OK...
Yes, limits are a bitch but you deal with them. Also doesn't hurt the massive gains comm. shops made the past few months, some traders prob got a bit more leeway from bosses lol.
Cred der's...yes, well, if theres no bid for your particular HY POS, then its not 'really' worth 0, just N/A ;)
Not much leeway around here - no desk head wants a pending CFTC investigation on their hands. Our "hedging" business, which has normally been the cash cow, had the worst year on record...
Crude traders made some coin this year but the same can't be said about gas. Pure gas shops had a tough year...
How many CFTC commissioners would you have to pay off to.. ehm... influence the verdict?
The Bears said in part II that JPM has two on the payroll.
Are you talking about the ones not already on the payroll?
I'm not sure that "news" gotten from animated bears is always the thing to follow.
If something like this would pass and JPM would be toast, isn't it all the more reason to expect that it will not pass? I mean, what is the track record on this type of bet?
No reason to think they would actually be toast. Their short position might blow up, but any losses will just be papered over.
All it means is PM prices will rise. TBTF won't be hurt by this any more than they were hurt by their bad mortgage bets.
Any losses will be eaten by the American taxpayer. The banksters don't do losses.
If JPM has outsourced their short positions and their manipulations then nothing will change in the near term.
We all know if it is to be "voted" upon that it will ultimately fail. Same old dog and pony show.
First, it has been a while for me - I recently came across one of your comments from this summer and couldn't help but put it up...
What you are implying is that technicalities are the end all be all. Did you stop and think for a second why desks have been unwinding a lot of risk lately? Maybe the technicals are not correct on their calculus. It is too hard even with Mandelbrot's model to emulate randomness (which I hope you do not subscribe to the EMH as your professors like to tout). You can go long on your technicals for the short-term and I will sit short for the long term.
No hard feelings buddy :)
The silver top is in! Dont forget you heard it from the troll first.
If the top has been put in you are roughly 31 years late on that call.
Tyler: will these hearings be public and if so, please provide a link so that we can watch them
"IF" it passes it will be phased in over 20 years bit like basel. JPM = Sempra = Singapore Gold vault
they gave JP time for mitigation measures
Wouldnt they just get a bona fide hedgers exemption?
Wouldnt be a surprise if they finagle a way to force the longs to close to meet the 10% limit thru some wonder clause.
Blythe? For casual observer who is unfamiliar with this person/group?
Blythe Masters, head of JPM commodities group, wicked witch of the east, etc. etc.
you forgot future whore for rat meat.
developer of CDS and JPig's silver short manger
Oh the humanity Blythe
doing god's work; a shemale Gordon Gecko
Oh, she likes to ride horses. Quick, we need a blythe-on-horse-hiyo-silver mash up!
After this is passed, maybe we'll see a donkey riding Blythe down in TJ.
I'll just bet
mr hands style
JPM will just become a gold and silver miner for hedging purposes. With the full blessing of the pope(the Bernank).
very funny alfred...
Exemptions for hedgulators, I'm sure.
Absolutely. There is no way they will let the CFTC takedown JPM. It's just another day at the freak-show, with the CNBS barkers entertaining the shills.
It has been determined to make them the next black hole to fill with all of Wall Street's toxic paper. I kind of doubt it though, as it seems that is BoA's role to play.
"If this passes, Blythe is most likely toast."
With all due respect, i will believe it when i see it...
That IF is a big IF, if I do say so myself. I anticipate either the the limit is voted down or implemented over the new three generations of serfs.
JPM has had months to work out an end around. It's clear they found one otherwise Chilton would still be holding this back. My guess is they have offshored the shorts into holding companies that are outside the regulators jurisdiction. Expect it to pass with no ramifications on the shorts at all. Kabuki theater at its best.
That's my take.
Savior bill. Exactly what you want. Defeated in vote.
NO SAVIOR FOR YOU. Haha do it yourself bitch.
Toast? Get the butter!
JPM just bough 90% of the copper market, no one can
stop them,they are the law mates.
or: they own the law.
nothing to do with law; it is big f' ing pirate ship and their loot is stored at the BIS and other supranational gold depositories
pretty soon the fiction that these Pirates are subject to what we knew as laws will be a distant memory of some in-firmed baby boomer with a good weed operation in his basement
Yep...and just watch the copper spot price over the next month or so. Currency tectonic shifts a comin'....affecting commodities.
Stud man USD is about to have his way with everything alive and moving...especially little miss Euro despite her delicate condition. It's gonna be quite the show.
The only thing that saves the dollar is something else sucking worse.
And something "sucking worse" would be the little tramp Miss Euro...carrying Ben Bernanke's love child as she heads towards the ash heap of history, baby...
JPM incorporating 10 new shell companies as we speak.
Maiden Lane XXVII - XXXVI
Pre-packaged bricks of dogshit they can sell back to the Fed should the balance sheets become impaired.
JPM and HSBC will just move their massive commercial shorts operations off-shore where the CFTC has no authority. Look to the LBMA and the LME to receive them with open arms and their hands out! Already happening as JPM has accumulated 90% of the global copper market on the LME.
Lets face it - this criminal activity is just too profitable for JPM and HSBC to just give it up, because the CFTC says so! Yah right.
It's gonna be a bad day at gold rock
Your optimism amazes me Tyler. There is no fucking way the CFTC does it's job even if this does pass . If it does pass it will be to burn anybody going against JP morgan nothing else. There is very likely a large buyer in Silver who is over the 10% limit would be my bet and whoever it was or is may be selling or have had a heads up looking at the past couple of days .
So I guess we are looking at a 10% correction in price before it starts moving up again
Who knows but I know the CFTC has played the game w/ JPM for to long to burn them without burning themselves.
Thing is gold is also taking an ass kicking but the 2 go hand and hand . There is going to be a great buying opportunity in the next week or 2
watch JPM hammer down the metals in the after markets....just to keep the peasants in line and let us all know exactly who runs this market....
and surprise, it isn't the CTFC...no way in hell....
so which two of the CTFC members are the ones on the take? who do you think?
and look, it didn't take them long, gold and silver are sliding.
You can say that again !
I love it when JP knocks down the price! I hate paying retail. Keep up the good work Blythe! People keep giving me this worthless paper and without your fine work, I have nothing to use it for...
hell genssaler probably had to call JPM and get them to okay having a meeting and a vote.
JPM collects your tax money and writes your laws. If anything bad happens the taxpayer will suffer, not them.
Yes. JP Morgan Chase is the Fed. They own the Fed. At least they are the biggest share holder, of the private for profit Federal Reserve Bank.
The Fed works for Wall Street - NOT Main Street. Once you believe this fact to be true, then the kool-aid does not taste the same anymore!
Don't worry. Be happy now!
The video all America needs to watch:
"The Secret of Oz": how our money is created. Informed people are astounded to learn the realities of the subject. http://www.youtube.com/watch?v=U71-KsDArFM
Just divide up the position amongst fellow crooks, so no one entity holds more than 10%. It's not as though anything in this 'market' is audited or scrutinized anyway. It's a criminals playground.
If the JP Morgue actually had to divest any silver positions because of rule changes, they could easily swap them to other members of the bankster syndicate. I think that what the CFTC is really doing is pre-emptively protecting the large bank trading desks who are net short several years of world mine production from being trapped in a b@lls-in-a-vice short squeeze by a large player dominating the market on the long side.
I wouldn't get toooooo excited the big positions will migrate offshore!!!!
Ted Butler asked for 15% on the position limit to be "fair". I do not think this will pass. It's just a warning shot to show that the CFTC "means business", but it will be business as usual, only less so,
Care to respond to this?
The Impact on JPMorgan
Short-term prices might depend on exactly what the limits are, who is affected, and how the CFTC implements the rules changes.
Here is one key paragraph: "The plan exempts so-called bona fide hedgers who use contracts to offset commercial risk. Swaps dealers, who sell derivatives, are free from limits as long as the transaction is made on behalf of an end-user, while facing caps for trades made to mitigate bets dealt to speculators."
I fail to see how that will necessarily curb JPMorgan's massive short position. (I am assuming JPMorgan is hedged). However, let's assume JPMorgan is not hedged.
How will the CFTC phase in the rules? If they do so by limiting the buying of silver futures until position limits are reached (the method used to end the Hunt cornering attempt) , then silver will likely get hammered short-term.
Thus, I do not agree with zero-hedge who writes "And if indeed this news was the catalyst for today's precious metal and other commodities sell off, it is woefully misinterpreted, as the only major institutional parties impacted will be those who hold outsized short positions in the precious metals space."
It's not that Zero-Hedge is necessarily wrong; it's just that he is not necessarily right.
However, if I had to bet one way or another, I would bet that whatever method the CFTC comes up with will not adversely impact JPMorgan in any significant way.
Thus, if anyone is impacted in the short-term, I suspect it will be silver longs, even though long-term the price of silver will get to wherever it is headed.
My friend "HB" agrees. He just pinged me with this comment. "The GATA crowd should be livid when it realizes that position limits may - gasp - depress the silver price."
Read more: http://www.businessinsider.com/crude-commodity-bullishness-pullback-2011-1#ixzz1AIHLHTda
Agree. This will be the major dog and pony show so far, with all the trimmings of much smoke and a houseful of mirrors!
Gotta keep the unwashed masses happy now - don't we?
That's straight Mish, who has missed the silver bull for ten years now.
Ultimately, the inability to service contracts will be all that matters. Paper is already diverging from physical.
Own physical and let them play their rigged games, it will all crash someday and you will be able to feed your family and they will have nothing
Margin limits go up on both sides mustard man
Margin limits don't matter when you have an unlimted line of free credit with the Fed.
If they really wanted to make a difference they would take it up to 100% and ban speculators from commodities. Look at the impacts on food prices in the non wealthy countries.
So let me understand....western banks create money out of thin air, traders/banks borrow it, make billions and people in Africa/Asia starve? It's cool.
For you really paranoid conspiracy types; if derivs are unregulated how do you know the liabilities really existed and the goverments didn't just siphon billions in tax payer money to the banksters? I don't believe that, just fueling the imagination.
What if it is the case that it is China, and not JP Morgan that is the biggest short position around?
If so, any legislation could be both for real and aimed to protect US concerns, rather than otherwise?
This will tell you who is behind the curtain;
I will assure you that anything new proposed by the CFTC will have no adverse impact on JP Morgue or Blythe Masters whatsoever.
If anything, it will further decimate the PM spec longs.
I mean, really, use common sense.
Why or how would the most corrupt CFTC do anything to jeopardize the bluest of blue blood entities like JPM?
I sadly but totally, agree.
So you see this as bullish for gold.
With another Chicago boy as chief of staff in the white house....nothing significant will change. That is change you can believe in.
Why or how would the most corrupt CFTC do anything to jeopardize the bluest of blue blood entities like JPM?
Indeed, this is true. the CFTC is in fact a front for the banks to improve the effiency of their corrupting of markets.
The only way the corrupt members of the CFTC would ever do anything to hurt Masters or JPM et al is to protect themselves from angry mobs, guillotines, ropes and such. Rats will always turn to bite you in self preservation.
So if the SHTF at any time expect to see some CFTC bodies laying around at rubbish dumps. Dead men tell no tales.
The manipulation isn’t over. The scumbags in charge of the entire country get extremely nervous every time silver hits $30 per oz. And it’s the second year in a row where the same shit-down, fuck-heads that are destroying everything U.S.A. have woken to the New Year with a fresh outlook now that their bank bonuses have finally gotten deposited, overseas, and are ready for yet another attempt at a smack down on silver.
But, I ask, does it really fucking matter? Or the CFTC? No. Of course, none of this shit will matter—supply and demand will, at the end of the day.
The Ted Butler theory that China is behind the all-out manipulation might be spot on, as every other conspiracy theory has recently come to fruition...and this one probably will, too. With China’s massive trace silver input into all things growing solar and all things manufactured; it makes sense to want to keep your raw material costs as low as possible. Low costs, higher margins = higher profits.
On the other hand, if they were smart, they should have simply hedged the price of silver by going long, very long the precious metal: thereby eliminating any worries of a run-up costing them money at the margins, but more importantly by protecting them from silver inventory becoming extinct.
Clearly, this would triumph over any and all other worries such as raw material costs. I cannot think of a single worse problem to have if a manufacturer were to completely run out of a critical raw material that’s not replaceable. When that happens, it’s truly over…so, in a nutshell, shorting is a stupid trade if it’s China because ultimately price suppression will only make demand outstrip supply even faster, the cheaper silver is the faster she goes…
Which takes me back to Blythe Masters, the head of commodity trading at JP Morgan Chase. If Butler is right or even if he isn’t, JP Morgan is still a bunch of assholes. It’s amazing how utterly in the dark America is—on this and everything else. That’s why silver will have its day…lollapalooza parabolic ally, but it will be take longer than one thinks, less than one knows, sooner than one calculates, and surprise us all—even that whore Blythe.
In the end though, we're doomed anyway.
Physical is the what will force price discovery, you're right.
"If they were smart..." They are smart. I read to much to remember where I read stuff, but I remember reading something along the lines that the US did not repay silver loans to China.
China then decided to reclaim lost physical silver by driving the price down with naked shorts that they never intend to honor. Just keep rolling them and at the end, when there is no more silver to be had, default on the short obligation. They want the price to be low while they continue to accumulate and run the COMEX dry.
JP Morgue's Daley now Obummer's Chief of Staff. Right, the CFTC is going to come down Blythe! More like the CFTC will do everything possible to protect the blythemeister and its morgue.
Yup. They've gone Full Crook in Washington.
A Chicago Daley who ran the lobbying for the JPMorgue? Jeezus did he clerk for Satan too?
Full Crook baby. It's the only way they go.
Eddie would go.
EXACTLY!! Owning silver and gold will not be about profit it will be about survival.
Dude, when the world looks like the movie "the Road" do you think you'll get change for your $20 liberty after a purchase?
No, but my mercury dime might buy a loaf of bread, my $20 liberty might pay for three dead cows in the freezer
PM's are for after, not during.....
Exactly... Food and water supplies and solar generators for during, PM's to ensure I still have my money afterwards...
Can I shove her in the toaster?
Here's a tidbit some a-hole over at yahoo is spouting out. Says Blythe is going to be seeing a mutiny from ex-morgueites in silver after an engineered takedown in gold starting tomorrow. I'm sure its junk but maybe some will want to read.
I read all this. Seems plausible. I wonder if that means a dollar rally will help this sell off in gold and thusly silver? Interesting.
PS Or taking down miners.
who's been buying this 10% silver selloff, not me! I didnt order an insane amount of physical over the last 2 days, nope. I mean, I havent run out of room to put it, not me. LOL
As I have posted on the Watch Tower Blog: After the PH bombing of the pacific fleet by the Japs, they knew they had been duped and really hit nothing the fleet had been moved 2 weeks prior. After realizing the fate of Japan was now next to the vegetable, squash, they resorted to suicide aircraft landings, aka, kamikaze. WTF does this have to do with silver? Blyth is now going Kamikaze, the next few days should be epic and tantalizing as there is no other way for silver to go but-UP. And Bingo-was-his-name-o.
Eat my shit Blyth, call me if you need a Cleveland Steamer.
Just crossing the wires now. If this passes, Blythe is most likely toast.
Toast? Yeah, the toast of JP Morgan.
JP: Hey, Blythe, can you deal with these new CFTC rules?
BM: Sure, JP. After all, I DID write them, didn't I.
JP: Do you think the 10% thingy will be a problem.
BM: Not really. I've already gotten the new mailbox for JP Morgan Bermuda. There's a 2-year agreement for the attorney in Belize to become JP Morgan Belize. Believe me, we wouldn't have pulled the trigger on the new law if we weren't ready to deal.
JP: Sounds good. Now come here and give daddy a pony ride.
LOL! Great stuff!
No she isn't. They can pass all the rules they want. In the end, nothing gets enforced. Position Limits don't mean shit to JPM. In fact, I'll bet you you they double-down......
Asian bash down on gold and silver,it's started early,tomorrow will be a real waterfall on gold and silver.Bring it on bitches.
They're fighting for their lives and need to paint a picture that the FRN is strong enough to allow the debt limit to be raised. But physical buying will make it a real fight. There's more demand out there then there is gold to fill it as the fiat regime daily loses credibility.
What happens if you refuse the cash settlement and keep demanding the physical? I've head they give you the runaround....
What happens if you refuse the cash settlement and keep demanding the physical? I've heard they give you the runaround....
'reach around', not 'run around' is what you want to get with that nice premium attached. Then, run out and buy PM at the coin shop.
Gee, isn't it nice that Bama has a new JP Morgan Chief of Staff to explain policy to him?
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