A Deep Walkthru For Silver Manipulation - Redux

Now that silver continues hitting nominal high after high (except of course for the record price hit during the Hunt Bros period), and there is a very distinct possibility we may see an unprecedented melt up in the price of silver to over triple digits for a variety of previously discussed factors, here is a post we produced a year earlier, courtesy of a "deep insider" which dissects with exquisite detail the nuances of silver market manipulation, which in retrospect may have been just a little early. Considering that every single trope mentioned is now in play (even the unmasking of Buffett's unbelievable PM bashing hypocrisy when he himself was one of the people who utilized blatant silver market manipulation for his own purposes when it suited him back in 1997 to send silver soaring), we believe readers should re-read this post in its entirety as it presents a walk-thru for the mechanics, and strategy, of the ongoing unprecedented move higher in the shiny metal.

From A Deep Insider's Walkthru To Silver Market Manipulation, posted originally in April 2010, when silver was lower.... way lower.

As the topic of physical delivery has gained prominent attention
recently, it is crucial to complete  the circle and show how this
weakest link in the PM market is (ab)used by the big boys: Phibro and
Warren Buffet. Pay particular attention to the analogues between the
methods employed in the 90's commodity market and how the PM (and
equity) market is being gamed currently. And to think that each new
generation of traders believes it has discovered something new... (All emphasis below is ours)

---

Background

• As
  a market maker in silver options from 1989 to 2000 I was present during
  both the 1994 and 1997 silver events. They were seminal in my education
  of gamesmanship in trading and how probabilities can come up short.
• Prior
  to going out on my own, I traded at a small market making firm. When a
  trader finished training there, he had top-tier options knowledge but
  was not educated in whom the players were, the fundamentals of the
  markets, and how probabilities were useless when information was
  asymmetric. That wasn’t their business, they taught option’s theory.
  Since I had drunk the kool-aid, I thought fundamentals and gamesmanship
  were useless in the face of the almighty Standard Deviation model. That
  was a mistake. 

Phibro Early Exercise

• In
  April 1994, the Thursday before Easter, the trading day ended with a
  rather unusual run up of 15 cents near the close to finish at 435ish
  around noon. Options expired that day at 4pm but we weren’t anywhere
  near the closest strikes (425 and 450) so most of us left. It was a 4
  day weekend in the U.S. but silver traded globally, albeit il-liquidly
  in Asia. Comex wouldn’t open until next Tuesday. My education in
  gamesmanship started that afternoon at JFK airport as I was waiting for a
  flight, my first vacation in 5 years.
• My backer paged me at the
  airport to inform me that someone was exercising the K 450 calls. I
  scoffed thinking it was a retail sap that was talked into exercising
  some 5 lot piece by an overzealous broker. “Great I said, let them, the
  options are out of the money.”  And I hung up
• 10 minutes later
  he had me paged again. “You don’t understand, it’s Phibro exercising.”
  Again I naively said, “So what, they are energy guys.” But I was
  curious, “How many? “ I asked. “All of them, five thousand, he replied.
  Now I was really curious, but still woefully ignorant that it was I who
  was the sap at the table. “Why would they do that?” and he explained it
  to me. I nearly shit myself and bent over in the cab vomiting on the
  ride back.
• Cancelling my trip, I headed back to the office to
  assess the reality of what would happen, probabilities were no longer
  important.  Survival was important.  I had no money and was trading on a
  $25k note lent to me by my backer.
• We covered by buying futures
  on my entire short open Interest equivalent of EXPIRED OUT OF THE MONEY
  OPTIONS in Singapore with a dealing firm.  We did this prior to even
  actually knowing if I was exercised, probabilities be damned. How did I
  know they exercised? The price covered at was $462; that is how. The
  450s were already in the money by 12 cents.
• Phibro exercised all
  5k lots. I had a fraction of that but big enough to be carried out on a
  stretcher had the rest of my position not bailed me out/ performed on
  Tuesday next week.
• The weird part was, the market stabilized
  that Tuesday and did not run to “infinity” as it could easily have. We
  found out later it was because Phibro’s exercise was a no-no and Warren
  Buffet ordered them to shut the trade down as it was too big of a
  potential scandal. Especially in light of his coming to Solly’s rescue
  and lending his good name to fix their most recent Treasury scandal. A
  couple head’s rolled there if I remember correctly.
• My guess was
  that the client was a Buffet or Soros type. Someone that would only go
  to Phibro, as these guys were the best at preventing information
  leakage, and always aligned themselves with client interests, where as
  if IB had an order  and acted in dual capacity as a dealer, he would
  potentially front-run the order or stop it out poorly on an exit. Phibro
  didn’t take other side of their client’s orders. They ran with them,
  and took care of the clients first.
• Phibro got a big order for a
  client to buy silver, one that had to be handled expertly, and filled
  over time, no information leakage would be tolerated.  These guys were a
  prop desk that took orders as brokers once in a while.
• They accumulated options for their own account (K 450C) to piggyback but not front-run the client.
• They must have bought futures for themselves as well as the client with his permission.
• They beat the VWAP by gunning the market on light volumes 1 hour before a 4 day US holiday. [TD: compare and contrast with the daily patterns seen every single day in the endless move up in the S&P]
• They
  exercised the 450 Calls that day and then lifted the offers of the 1 or
  2 OTC metals dealers left open during Singapore hours, running them
  over during illiquid markets.

Never Again!

• I became infatuated with Phibro gamesmanship and made it a point to understand that particular type of player.
• Libertarian
  Darwinist that I was I did not blame them. At the time It was a
  buyer-beware market for big businesses and they did nothing wrong. They
  took risk and they aren’t bigger than the market. I wanted to play with
  the big boys, and that was the price.
• For me it was about
  learning how to read the signs and not be on the wrong side of one of
  those events again, even if I was not privy to their meetings.

Here is some of what I learned:

• In
  metals (and energy and anything else with an OTC market) the IB firms
  have dealing desks along GS, MS, Republic, JPMorgan, Scotia Mocatta, all
  were essentially broker dealers in precious metals. All had clients:
  miners who hedged production and hedge funds who speculated OTC. They
  provided liquidity by taking the other side of their client’s trade and
  “back-to-backing” them in the futures markets or held onto them in their
  prop books as counterparty because of something else they saw.
• Their
  client left resting orders with them in the IB’s Central Limit Order
  Book (CLOB) which served as good information to trade around for the IB.
  Sometimes they front-ran the client, other times they go for stops to force the client to puke. Sometimes they’d just make markets, depending on many things. It was poker to them.
  
• Phibro
  was different. These were smart guys but they weren’t a dealing bank.
  They exploited imbalances in markets and took positions.  They had
  ideas. They also took orders for heavyweights who needed absolute
  discretion. They did not make it their business to fleece their own
  clients and instead aligned their interests. And they made the banks
  look like pikers when a client came to them with an order.
• For
  the next 4 Years I paid attention to how those dealing banks and phibro
  played the markets. It was all about gamesmanship, Bayesian probability,
  and knowing your counterparty’s motivation with these guys. Information
  and misinformation.

Some methods:

• How
  I.B firms would use a thinly traded floor to print the price that would
  trigger a massive stop loss in the OTC markets and bury their own
  clients.  Or how they would buy for their own accounts in front of
  resting limit orders for clients and simply use their clients to stop
  themselves out if the market printed thru their buy levels.  Or how they
  would use dual representation to show loudly they were buyers on one
  side of the ring, while they were selling quietly upstairs to other OTC
  dealers.  Trading with themselves in multiple entities, etc.
• An
  IB with a Commodity Index was in heaven. Prop trading, captive client
  flow from IB deals and OTC dealing and Brokerage. The good ones knew how
  to integrate and hedge macro risks, whether to front run their own
  index clients or get out off their way.  “Chinese walls” did not exist
  in Commods.
• Commods were mostly self regulated and that lead to predatory yet mostly legal behaviour. 
• Some
  of these were necessary to protect their interests with such a small
  number of players. Some were possibly unethical, but most were legal.
  Their clients were all big boys who left resting orders with the IBs at
  their own risk. Clients themselves had to resort to some of the same
  tricks to keep the IB desks honest, like Coming in backwards,
  “spoofing”, leaving buy stops to get sell orders filled. The alternative
  for these clients was to put massive orders in the floor where
  liquidity was subjective, non continuous and information leakage was
  massive.

1997- Warren Buffet.

• I got my chance to not get run over in 1997, when Warren Buffet gave an order to Phibro to buy silver.
• Short version. Here is what went down.
• Buffet gives Phibro the order- fact
• Phibro
  begins filling it as a broker using various OTC dealers as
  counterparties, and letting the I.B dealers sweat getting out of the
  risk. - fact
• Phibro buys options for their own account (no exercise game this time tho)- fact
• Phibro buys futures for their own account. – not confirmed.
• One
  by one the IB dealers start to catch on that this is no ordinary order
  Phibro is handling. They back away and liquidity gets harder to find.-
  fact
• Other bigger hedge funds in the small circle of professionals, and other smart firms start getting long.- fact
• Silver
  starts getting delivered from the Comex vaults. Some of it actually
  removed. Some of it just “covered with a sheet” for removal. But ounces
  begin to be removed from the warehouse. Phibro was rumored to be taking
  delivery and beginning to telegraph fear in the markets to start
  spoofing the VWAP. Rumor was they had a warehouse in Red Hook where they
  stored it.  Never confirmed.
• Point here is, the saps for the
  last part of this play were the producers and refiners who were
  complacently net short and dependent on above ground silver to satisfy
  delivery requests.
• Producers had been over-hedging for years in
  this market, as silver was cheap and they had business cash flow issues.
  It was their habit to sell forward production not yet available to
  them. And if forced to, they would lease already above ground silver and
  make delivery, collateralizing it with silver yet to be mined. Their
  positions were habitually synthetically long the contango as they rolled
  their deliverable production further and further out the curve in an
  attempt to squeeze much needed cash (cost of carry)for their businesses.
  The net effect was that sometimes they had to borrow silver for prompt
  delivery while they rolled their production hedge back further. – my
  interpretation of what I learned. May not be accurate to the “T”, am not
  a physical guy.
• Example: in 1995 a miner has silver due above
  ground in 1997. He hedges it in Z-1997 contract.  Z 1997 comes and if he
  doesn’t have that silver available for some other reason; he covers the
  short and rolls it back. How much he needs to do this is a function of
  his obligations, cash flows, and his greed for carry. If leases are
  cheap, he will seek to capture all the contango and lease it until he
  gets the silver available.
• If lease rates go up, it is not
  unlike a miner strike. Silver is needed for delivery now, and term risk
  becomes the issue. Contango collapses and market goes backwardated. He
  will be forced to sell the contango to get that prompt silver short back
  if he cannot make delivery. He has to defer delivery.
• These guys were dependent on the specs NOT taking delivery for years. Specs didn’t have balance sheets to take and store physical metal. Specs usually were the weak hands at futures expiry.
• But then…..Entities
  that stored silver in bank vaults (like the Republic vault) begin to
  remove silver from the available pool for leasing. This made the “easy
  money” portion of production financing no longer easy.  Think: smart
  money getting the word that a squeeze was on and playing along with it.
• Phibro
  (and others) start selling the contango in the futures market to
  prepare to take delivery of even more contracts. Or at least put
  pressure on the producers who had front month shorts they would have to
  make a decision on delivering. Phibro KNEW that the producers had to
  sell the spreads to get their shorts back. But they couldn’t lift their
  shorts altogether as part of their financing deals with their bankers.
  Their own positions were now breaking down in every way except flat
  price. The market really didn’t move much. This let them stay in denial.
• Buffet announces he is long and intends to take delivery of silver. Contango collapses. Market spikes to 7.40.
• Rumor
  is gov’t intercedes and asks Buffet to not do this, it would break the
  industry. (Kind of like how the exchange begged the gov’t to help it
  shut down the Hunt Bros.)  He says ok, and agrees to lend then their
  silver back to them. Essentially charging them 40% interest to delay
  delivery for a year. 

What to look for:

• Find the overleveraged/ extended party- and you will find the weak hand at the table. (Producers in 1997)
• Tail
  wags dog: if the pricing venue trades smaller volume than the OTC, then
  manipulate price with small volumes to execute trades with big volumes
  favorably.  (OTC vs Comex floor)
• Divide and conquer- if
  counterparties are undercapitalized and/ or fragmented, then it will be
  easier to get them to move like a herd.  (happens in options ALL THE
  TIME at expiration)
• Manipulate data- take delivery of metal, take risk off books, manipulate MTM data.
• Create
  an exit strategy- a good catalyst like Easter weekend, an announcement
  by an investor etc.  or develop a market and grow your own bigger fool.
  ie – retail.

Comments - So many points to make here:

• How
  derivative markets can create a problem thru too much liquidity that
  cannot easily be reconciled by bringing physical production on line fast
  enough.
• How this works both ways, and that dealing banks have
  been playing the gold/silver carry game for easy funding of other trades
  for years.
• How, even though I personally think that what the
  OTC does is their own business, but the increasing securitization of
  commodities leaves regulatory arbitrage and OTC games to affect a new
  generation of ETF buyers, either thru incremental banking or thru
  contango cancer. That Wall Street salesmen and players with
  access to both markets retail and professional can exploit the captive
  audience created with ETFs and other fund type instruments to shear and
  in some cases skin the sheep.
• That much of this happens
  because the gov’t is too stupid to see the inherent conflict of
  interest in what a broker-dealer does. Regulation will not stop gaming
  the law.  Ethics do, and not everybody has ethics. So best you
  can do is prevent situations of conflict of interest, like the existence
  of Broker-dealer type entities. Either you trade for yourself, or you
  trade for others. Period.
• Fact is, if there were retail
  public in this game back then, the IB firms would have somehow sold
  them on the idea to BUY contango, or short silver. But the
  financialization of commodities wasn’t there yet. And the “bigger fool”
  game stopped at the producers. If it happened again, with ETFs, cross
  regulatory semi fungible products, asymmetric access to venues and other
  factors in a global market, the public would be killed, short squeeze
  or long puke (like in UNG now) take your pick.
• You can never
  know intentions, and no one is bigger than the market, but the
  consequences of a lack of transparency and the free reign in which banks
  can tell half-truths to investors is a big factor in enabling strong
  hands to fleece weak hands with little market risk. It’s all a con game.
  And when the IBs figured out how to change the rules, then they
  were free to use their killer techniques to exploit a million little
  fish instead of the 10 big fish they usually competed with.
• Phibro
  was a ballsy cowboy trading firm. The banks at the employee level are
  as well, but corporately, they first seek to make money and secondly
  provide a service. When they should be providing a service that makes
  money.
• Everything that was done I’ve seen done the other
  way, keeping prices low, shaking out weaker players. Rarely does it
  happen in such a dramatic way. It is usually a series of “short cons” as
  opposed to Phibro’s home run. It’s all Darwinism. But when civilians
  are involved as they are now, then it is no longer caveat emptor.
• Instead of taking a million dollars from a hedge fund, these guys take a dollar from a million people now.

Comments

[belogical]

Please keep in mind that those who buy and trade silver are fighting very powerful adversaries. Some believe that major pay offs on the Comex occurred for March and that large derivaitives may be holding back the price of silver.

Coin production is being haulted in the states and Canada and sites like Kitco are raising the amount that must be purchased to 1K. All this limits the price of silver.

Additional info maybe gotten from this post.

http://screwtapefiles.blogspot.com/2011/03/wynterbenton-update-on-their-...

[newworldorder]

Our government protection racket on display today.

As of 2:39 PM - EST

Gold - down $2.31

Silver - down $.46

Same (you know what on the) shingle - different day

[ZeroPower]

IBDs simply should not trade for their own account, period. ICAP a good example of this, best dealer out there, gets the most business from desks too.

[Math Man]

They don't anymore!  Volker rule took care of that.

That is why the JP Morgan short silver rumor is so stupid.

[RED BARRON]

It is OFFICIAL (technically) METALS HAVE REVERSED.  Gold and Silver close down tomorrow, and the week alot, or I never post or trade again!!

[stopthenewworldorder]

hahahaha if that happens it will only be because the dollar is having a technical bounce

[tmosley]

I'll hold you to that.

Which close?  COMEX or Globex?  And from the COMEX close today, or the Globex close?

Let's be specific here.  I love pinning down trolls.  I've got a hole case full of you ugly little bastards.

[william the bastard]

Tens of thousands of posts on Zh seeking alph ronpaulfurm(?) TENS OF THOUANDS of posts and you ain't pinned shit.

Hyperinflation: squat. Dollar crash: Not, Chinese demands: unseen.

You were a gold pimp, now you're a silver pimp.

You're a joke.

[CD]

A pimp actually shows entrepreneurial qualities and business acumen, as well as some (rudimentary) leadership and delegation skills. You, on the other hand seem content to be merely a whore. No, that is an insult to whores around the world. A Fleshlight (c), perhaps?

[buzlightening]

Here's how it adds up! The math is there's to much irredeemable paper silver certificates!!  Fractional reserves in PM's says when all want to redeem the shit house gets bulldozed over!! The bankster fraudsters paper shit house is being bulldozed over the precipice of all the paper the rtat bastard piled to the stratosphere with no physical PM's standing behind it! 1st the silver shortage!! Then gold!!  Stop with the same mental masturbation over the same issues!! Silver is an extremely limitied resource in a very limitied paper fiat monetary model!  When the stampede for real money begins!! You'll be glad you have physical silver! 

SILVER ON THE VERGE OF EXPLOSIVE MOVE

- prepare for an explosive upward price move toward $40 this spring/summer

- a bullish silver hammer was shown last week, with open & close at the weekly high

- year end price target is $50 per oz should be easy to achieve

- a flag pennant pause pattern has been completed at the 28-31 range

- usually it signals a half-way mark, so get ready for a move to 40 in next runup

- gains in silver have tripled the gains of gold, as Jackass forecasted late last summer

- do not be surprised if in 2 to 3 years, the silver price exceeds $100 per oz

- latest noontime reading was 34.90 per oz for silver, in breakout 

  http://news.silverseek.com/SilverSeek/1299089013.php

BUY PHYSICAL SILVER ON EVERY DIP or die a horrible financial fiat currency death planned by banksters for DIMMS! Dumb Ignorant mental midget sheeple!!  

[william the bastard]

Stupid

[tmosley]

Yes, you are.  But you could have just said it, you don't need to come to ZH to tell people about it.

[Dr. Porkchop]

Silver kissed $35 and shortly thereafter we see a down move. Blythe finally coming out to play?

[baby_BLYTHE]

Sweden was once known as the "Suicide Nation".

The same case can be made about present day Japan...

Soon the US.

Shits just not worth it. Day in and day out.

[Josh Randall]

Looks like $35 is the new beach head of action they are drawing a defense line around -- time to redouble, those folks that settled for fiat and premiums in March; are probably coming back with HUGE amounts this time around too -- because they have figured the scam and will be using Blythe and company as their own ATM machine that kicks out your request with 20% added. 

[Henry Chinaski]

Great re-post.  I hope this guy writes a sequel with observations on the past couple of months action in silver.

...And it's a good thing stuff like this only happens in the precious metals markets. [/sarc]

[Robslob]

Apparently Math Man can't do math in devalued fiat.

Silver isn't going up in price...the dollar is simply losing purchasing power as it has and will continue to do...the only question is the game of flinch:

In order to maintain control do the central banks let everything crash so they continue to be needed...keep in mind banks have enough cash to buy tons of "crashed assets" AND the Fed would still be around to loan them money to cover defaulted MBS.

Win win for the people of "fiat"?

[Math Man]

Actually, the dollar is stronger, not weaker than it was a few years ago.

[Josh Randall]

Math Man -- by printing Trillions more and then monetizing our own debt (buying our own bonds because nobody else will) - the dollar by definition is weaker. Not sure how you can argue otherwise

[Math Man]

Check the US dollar index.  It is higher now than it was in '08 before Lehman Broke.

Quite inconvenient for those of you long Gold and Silver, but it is the truth.

[dumpster]

math head

the dollar looks stronger .. yet it is compared to a basket of currencies all going down in value ,

so the strength is an illusion stronger in terms of weaker currency baskets of printed fiat

its like your arm pits ,  they get stronger smelling every day. but in relation to yesterdays arm pit , the hair just grows , and it just seems stronger ,

what does the troll underground pay the dysfunctional pentagon to swarm post with crib sheets and the crash of 2008 was terrorists behavior crap.

disingenuous of course , perpulious misleading yes. lies yes , scum yes, 

knows beans from yard farts maybe,   cares little for himself yes .. self serving yes.  narcissistic yes . looks in the pool of spit yes

[penisouraus erecti]

Wow........

[akak]

Actually, the dollar is stronger, not weaker than it was a few years ago.

Just when you think MethMan has sunk about as far into pure, distilled, concentrated  stupidity as is humanly possible, we find him suiting up and diving into a previously  unimagined and unfathomable well of sheer, unadultered, quintessence of stupidity.

[nmewn]

UUP is down...down is up...mathematics is hard...LOL.

[Math Man]

The US dollar index is higher than it was in the months before Lehman broke.  FACT.

I know it is really inconvenient for your long silver and gold calls, but it IS true.

[akak]

*Sigh*

Once again, you disingenuous and/or ignorant, deserve-to-be-shot God damned troll, the contrived, artificial, essentially meaningless US Dollar Index means NOTHING outside of the currency daytrader's arena, and has NO bearing and NO connection with the REAL, and constantly and always depreciating, purchasing value of the dollar.

But of course you know this, you are just maliciously and malevolently trolling here to disrupt and misdirect honest and useful discussion over matters which your masters would  rather not be publicly discussed.

[buzlightening]

Nothins changed with access market thin tradin where the coward bankster fraudster raid on thin volume!! Last huge raid the sucker was back up to the brim being filled and spilling over with shorts trying to get out of silver!! This is just an orchestrated mini raid which will have gold/silver blowin up naked short bankster goons Thursaday! Middle east cluster flockin has oil/PM's lock limit up in the am so paper shuffle; paper chase some slv calls before the close and make some FRN's! Then be wise and trade those FRN's for physical silver!!

[apeakunderthehood]

http://apeakunderthehood.blogspot.com/2011/03/silver-update-you-cant-make-this-stuff.html

Silver Update: You cant make this stuff up

[Lazane]

having aprox 10 years before I could access the paltry 600.00 frn per month socialist security, getting maybe, possibly, probably not, some of the 15% self employment tax gouge unca scammy is annually stealing out of my business cash flows. the time frame is 10 years adjusted daily depending on the deal that can be had for whatever the fiat of the day happens to be, todays score a couple of expertly found 100 oz engelhard beauties that will not be going anywhere but to the cornerstones of scarecrows hoard. caw!

[baby_BLYTHE]

Everyone buys a "Top" during their lifetime...

The question is, what is the "bubble"?

Ben doesn't seemed worried. Not even Ron Paul!

Did anyone else catch that?

http://www.youtube.com/watch?v=xV6MElf8xpo

Everyone is bullish on PMs. No one is bearish about a thing these days, even bonds!

[plata pura]

The paper ponzi raid of the precious this day was weighed, measured and found wanting.

[artinlight]

I just bought some rounds for $30 off a pawn shop.

Where's the bull market?

Shop guy said - it could fall to very little very quickly.

I said - yea, when the first bankster goes to jail.

SoCal where a sucker is born every second

[plata pura]

Round what? Do these "rounds" have a weight or purity; are they silver? I they are 1ozt .999 ag rounds; that is a good buy.

[dumpster]

I just bought some (3or 5) rounds for $30 off a pawn shop

great paste two silver stars on your fore head ,, and say to your  self who gives a shift.

shop guy is full of beans .. when the first banker goes to jail the derivatives gig will be up on the shorts and silver will fly

[dumpster]

a use for soda powder

To eliminate math head  odors or just freshen up the air, sprinkle baking soda on your web page where math head  lies and vacuum up. Leave the soda on the web site  for half an hour. It also eliminates odor in your vacuum after it has been vacuumed up. A great way to freshen up your Zero Hege site  air during the winter when everything is closed up

[Jasper M]

This article was . . . actually, pretty good. 

And I think some of the trolls attacking PM just now (likely for attention, not conviction) may be proceeding from a kernel of truth. 

Most of the money supply already in existence, and being created, is debt now, not FRNs, and to maintain its value that debt must maintain the illusion of being payable. That being (manifestly) impossible, the markets can devalue that as fast as the Fed can create it. 

I think. 

[nmewn]

LOL.

"In truth, the gold standard is already a barbarous relic." John Maynard Keynes

[Dr. Gonzo]

It's perfectly logical the COMEX will default...likely soon. 1933 FDR confiscates gold money in 3 day bank holiday at height of Great Depression.1964 silver coin taken out of circulation. 1972 Nixon closes gold window after a run by foreign banks...US dollar becomes irredeemable over night. 2008 Lehman collapses and they are still trying to manage the aftershocks in the derivatives markets. I would be shocked if the COMEX does not default within 3 years. The last hundred years in America is the story of Central Bankers trying and failing at taking real money away from the people by all means possible. Sucker Bet. The COMEX will default!!! 

[JoeSexPack]

NY Times article about JPM silver manipulation.

http://opinionator.blogs.nytimes.com/2011/03/02/a-conspiracy-with-a-silv...

That they printed it is progress, & evidence they can't hide silver's rise any longer, though they did mention conspiracies several times to taint.

Tried to send to Tyler but can't find a submissions link, or a way to track prior posts, new here & help is appreciated.

[JW n FL]

Main Stream air play will buy them some time price wise... but in the end Oil Prices, Interest Rates (Globaly not just here) and The Ber-Nake / InfiniTimmy Printing Machine of De-Valuation will cause the prices to more than triple. There is no getting around it, I cat tell you when a Hurricane is going to hit Florida all I can tell you is that one will... same with silver.

Good Luck and God Bless!

[Padrone]

There is a lot into this topic, if you dig a bit more.

If you like above story, try this one, The hammer:

http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/enfoptive...

and to understand it better:

http://ftalphaville.ft.com/blog/2010/07/15/287061/the-end-of-diversifica...

[SILENCE DOOGOOD]

 Regarding buffet's dumb interview on how he hates fear mongers that propagate the buying of Ag and Au. I agree that he receives something from the gov. to make such stupid statements. It's as if the gov feels that if someone like that old man says there is no need to be afraid, don't buy silver , don't buy gold Not to mention his dumbass statement; Why should we dig gold and silver out of one hole and place it in another hole.... Yes warren why should we do this when we could continue to use those pieces of paper that your buddies create that easily allows for more manipulation. YOU HATE PM's BECAUSE PM's UPSET YOUR NATURAL ORDER OF MAN#PU^&TI)N