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Guest Post: Guess Who’s Buying Silver Now

Submitted by Tyler Durden on 04/11/2011 12:18 -0400

Submitted by Mark McHugh from Across The Street

Guess Who’s Buying Silver NOW?

OK, so the JPM vault that contains a whopping 30,844 ounces of silver
(about two hours worth, given the torrid pace at which JPM delivers)
was just approved by the COMEX in March. JPM’s probably got lots of
silver stashed all over the place, right? Maybe, maybe not. One thing
is for sure, JPMs customer(s) are some of the worst investors the world
has ever seen. After selling almost 5 million ounces in the first
three months of 2011, they’re buying now. That’s right, in March alone
they delivered 374 contracts (@ 5000 ounces each) and bought…..zero. So
far in April, they’ve bought 92 contracts and sold, you guessed it….the
goose egg. And yes, they are indeed buying at new highs (See here and here). How bad would it suck if we learned that this clueless market participant was in fact the US government?

If you’d like to track the hilarity yourself, here’s links for the daily, MTD and YTD action on the COMEX. Daily updates on COMEX silver stocks can be found here (xls format).

Apparently there are still quite a few out there who believe this is
all part of some Jamie Dimon mindfreak. Good luck with that.

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Mon, 04/11/2011 - 13:49 | 1158347 Bastiat

"Constitution" is a copyrighted brand name only to be used by TPTB, terrorist!

Mon, 04/11/2011 - 14:12 | 1158401 chistletoe

If the Fed thinks they can pass counterfeit silver-coated tungsten coins,

they must think people are dumber than stink bugs.

Silver coins jingle together, they sound sweet.

Tungsten thuds.

Mon, 04/11/2011 - 14:10 | 1158403 lincolnsteffens

Big sell off today? Top of the silver market short term? I dunno, looks like another

head fake. It is starting to turn positive again.

Mon, 04/11/2011 - 14:10 | 1158404 Top_Kill

Can anyone recall a day when the amount of silver contracts and gold contracts traded were at a 1:1 ratio?

Mon, 04/11/2011 - 14:24 | 1158444 Bastiat

No and I've been following it for years--not that I couldn't have missed a day. But it was running 20% for the longest time, years and on the this last move, since last August, has steadily ramped up to 30+%

Mon, 04/11/2011 - 14:13 | 1158412 ivars

Japan may rise nuke accident severity level to higest 7 from 5!

http://saposjoint.net/Forum/viewtopic.php?f=66&t=2657&p=31718#p31718

Took them some time to count the radioactive releases.

Mon, 04/11/2011 - 14:22 | 1158434 Bastiat

IQ45 determined a couple weeks ago that there is absolutely no problem; clearly these Japanese are hysterical.

Check this out for a visual demonstration of what "no problem" looks like.

http://vimeo.com/22209827

Mon, 04/11/2011 - 14:26 | 1158452 Pappa

Maybe they've seen one of the "crash JPmorgan videos"? And now buying some..

Mon, 04/11/2011 - 14:42 | 1158468 gatorontheloose

OH NO!

looks like game over for today

Mon, 04/11/2011 - 14:37 | 1158475 Bastiat

After hours raid finally cracked the silver contract red. Physical supply and demand will rule the day again after the leveraged trading fluff blows away. Oil down $3--same deal.

Mon, 04/11/2011 - 15:00 | 1158546 slaughterer

Looks like MMs taking out stops on SLV: notice the plunge at 40.00 and 39.50--nice round numbers to set the stop.

Mon, 04/11/2011 - 15:46 | 1158744 Bastiat

Options expiry in the PM stocks . . . you don't suppose there's any connection . . .

Mon, 04/11/2011 - 14:47 | 1158499 RobotTrader

3 days of gains in the GDX wiped out in one fell swoop

Mon, 04/11/2011 - 14:48 | 1158508 gatorontheloose

hmm who closed out on gold today??

Mon, 04/11/2011 - 14:48 | 1158509 vast-dom

Why the hell is silver down now?

Why the hell is Russell 1000 up at all since last year?

Why did I guess right about oil prices softening this week? DTO up 7%+ for today....

What the hell is going on on planet earth?

See I offer no conclusions nor charts but then again I ain't featured as a headlining post ;)

Mon, 04/11/2011 - 14:51 | 1158523 RobotTrader

JPM still green on the day, despite the carnage in oils and golds.

Mon, 04/11/2011 - 15:06 | 1158566 Kaiser Sousa

technical explanation for todays "phony paper price" movments n both of the only 2 forms of real money...

Banker Bullshit...period

Mon, 04/11/2011 - 15:30 | 1158670 JW n FL

Silver will break $100 in the next 12 - 24 months... easily.

1. http://usaspending.gov/

2. $15 Trillion Dollars since 2008 http://goo.gl/TMl74 in Loans to Everyone BUT! Main Street / Local Town’s & City’s

3. http://australia.pimco.com/LeftNav/Featured+Market+Commentary/IO/2011/Skunked+April+2011.htm “Skunked” “Bill Gross” “PIMCO”

4. http://bit.ly/h1vIGc United States has Off-Balance Sheet, Unrecorded Debt of 500% of GDP (Forbes)

5. http://www.susris.com/documents/2011/110404-bsf-economics.pdf Saudi's spend more $ at home to quell Protests, Hence oil goes up!

6. JP Morgan’s leader “Jamie Dimon” says 100’s Municipalities in U.S. Won’t ‘Make It’ Out of Debt Crisis “Bloomberg” http://bloom.bg/gDo4Wb

i could just keep going and going and fucking going... but silver will see $100 shortly, Love it or Lump it! it doesnt fucking matter what anyone feels about silver at $100+ becuase it is fucking coming. Gold plus $2k an oz as well.. fucking quote me.

in the short term I see a $5 per oz pull back (or I would like to see one, is more accurate) and then the steady march forward will start up again. Oil Prices will NOT help keep costs down.

Much Luv to ALL of the Fight Club Memberz!!!

Mon, 04/11/2011 - 16:58 | 1159070 mark mchugh

Duly noted, Jdub.

Mon, 04/11/2011 - 18:08 | 1159321 hambone

JW,

hard to see a scenario in which world wide printing won't be the answer to every fiscal / budget issue. Ultimately all power can only be maintained by printing (fiscal reality is a drag and not likely to be implemented anywhere - depressions don't lead to reelection or maintenance of dictatorships).

After a brief stop to prove reality sucks, Print ahoy will continue.

Mon, 04/11/2011 - 18:18 | 1159359 RockyRacoon

Love that closing sentence:

So, gold at $1464 and silver at $40 are just in the midst of a further spectacular run.

4. http://bit.ly/h1vIGc United States has Off-Balance Sheet, Unrecorded Debt of 500% of GDP (Forbes)

Mon, 04/11/2011 - 17:59 | 1159278 The Pop In

What sound does a 100 oz. bar make when you drop it ? I don't know, I don't have the balls to try it. ;-)

Tue, 04/12/2011 - 05:15 | 1160802 mick_richfield

Don't drop it -- just hold it at the midpoint with two fingers and strike it with a little hammer or something made of metal. High sharp pure musical note.

I heard the same test done on a bar that had been drilled out and had its insides replaced by lead. Although the change was indetectable visually, when struck this way it sounded like a clay brick. Nothing like the real thing at all.

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Guest Post: Guess Who’s Buying Silver Now

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