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Guest Post: Guess Who's Almost Out Of Silver
Submitted by Mark McHugh of Across the Street
Guess Who's Almost Out Of Silver
According to Jamie Dimon, he did America a favor when he agreed to take bailout money from taxpayers (and we didn’t even have the decency to thank him). Last week ,we learned that the JP Morgan CEO likes his catastrophe’s predictable, but as Mick Jagger once observed, “You can’t always get what you want.”
So in case you’re wondering who might be stupid enough to
buy silver at $40, chances are extremely high it’s going to be the guys
who sold at $15, $20, $25, 30, 31, 32, 33….. On April 6, Bloomberg
reported Comex Silver Stockpiles as of April 5, and if you scroll down through the report, you’ll notice that JP Morgan has enough silver to fill, wait for it, 6 contracts. Yep 30,844 troy ounces, that’s all.
Now consider this: Since December, JP Morgan and their customers (whoever they may be) have sold more than 12.2 Million Ounces of physical silver (net). Here’s JP’s activity year-to-date from the Comex report:
I will not insult your intelligence by explaining this any further.
Shine on you crazy Dimon!
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Atleast we know radioactive material could not do the same, oh wait..
In an attempt to bring the comments near the top of this thread to something remotely fucking related to the subject matter of the post, and with inflammatory language directed at the spamfuckers who hijack it to pimp their pretty charts (yeah you, 99er, tell me WTF your post has to do with JPM running out of silver? ASS. You are a perfect example of why most comment boards need to be moderated.)...
So... Without further ah-doo:
How many people here think JPM is betting they will be able to buy that silver cheaper than $40? How would they do it?
Can you say deflationary impulse?
I can. Assuming they do it (which I think is better than 50/50), it's obviously a buying opportunity, but you may want to get ready.
Low, my guess is that if JP Morgue gets into any real trouble, the Fed will just bail them out. JPM then just settle with cash, not ounces.
Possible (and why I gave odds), but consider the repurcussions if the COMEX is fully revealed to be a faux vehicle for price discovery.
At that point, gold moonshots as well, and the whole system goes *poof*.
I think they give it one last college try to save it. Could be wrong, but I'm a gamblin' man.
I would agree with your analysis. If either/both JPM or COMEX default on physical, they may get bailed out, but both Au and Ag take off. Majestically!
didn't the CONex already change rules where it can just deliver GLD/SLV in lieu of physical?
http://www.chrismartenson.com/forum/comex-can-now-deliver-gld-etf-instead-physical-gold/22425
Last I heard, they give shares of GLD or SLV+ a cash premium.
But nothing official--all rumors.
I'm almost certain it's now SLV/GLD are considered the same as physical delivery. If the contract is settled in cash there is a negotiated premium paid - which I am sure is how JPM will settle.
Gov cash plus gov cash for premium makes Jaime feel really good especially since he's obviously in bed with the Fed who number one enemy is gold and silver since they are the truth serum.
Cash Settlement Bitchezz !!!
Cash is trash
Avatar pic taken inside Bernank's office
Ben's nuts roastin' on an open fire...:>D
Boooyaaaaaaa JP Morgue!!!! We roasted your ass on SLV today! Leaving now to go pick up more physical on your fiat.
Wooooooo hoooooooo, yes baby.
CRIMEX has already defaulted. Heard it here first.
Which is why I don't think it's going to happen...
...Yet.
I would wager that these guys are a little ahead of the chaos. Not by much. But, maybe just enough to ride the next deflationary impulse into such a position. Deflationary impulse already in the making actually. It is the next leg of the events unfolding wherein the sovereign crisis becomes an epic political crisis. That show is just warming up. A little taste of deflation is all that will be needed to set the stage for the political crisis being turned into a public crisis. And the blame for what happens next will have been shifted squarely onto the politicians and people. Classic misdirection.
I think you may have nailed it.
I suspect though that they may not have the level of control they think they do. Everybody thinks they can engineer to beat the tsunami, and then one comes along that's just a bit outside what you planned for and...
Either way, I am beyond giving a fuck... Pass the beer nuts.
Agreed. At some point they will get their pecker caught in the wringer.
I am with you. Numb. Quietly doing my own thing to prepare. I dont even bother trying to shake people out of thier coma anymore.
<passing the beer nuts>. Toss me a beer. Its getting really interesting now.
100% cuncur. I'll join you in a beer as soon as I get these cases of Polish vodka stored in the bunker.
Either way with silver. If drops I'll buy more, if up I'll buy more coffee, tobacco and iodine.
I'm long potatos, kettles, copper tubing and charcoal filters.
Don't forget the whiskey.
A fool-proof plan, cossack.
Centerline,
I need to thank you and offer credit for your model about how the crash will unfold. I "borrowed" your ideas and have presented it to a number of friends who find it very helpful and informative. We have adopted terminology for Phase 4 of People Crisis, I like your Public Crisis better.
Since it is my belief that we are in the midst of the Political Crisis, we watch the political scene closely to see the reaction to the budget crisis. Right now we believe it will be a minimum of 2 years before and meaningful budget reform will take place. We probably do not have that much time.
Once the politicians start abrogating resposibility, then the end will not be far off.
sschu
I fail to see very many responsible politicians whatsoever!
I'm not old enough to remember when they began abrogating responsibility. I didn't know politicians ever accepted responsibility for their fuckups.
I agree the end is not far off.
Just like they bailed the carry trades from Yen appreciation and the loss of zero cost funding currency for their risk trades. No no no. The Fed and other CBs just can't let financial institutions take the hits for trades that don't work out for them. That's just for Moms and Pops. Their homes, 401Ks, and jobs don't matter. But bankers do.
DoChen,
There's ALWAYS an out for everone except the people playing by the rules.
Frn's as opposed to physical, every ETF w/exception of 2 or 3, always has this clause, and an out.
Why should Dimon care? He's gotten a nice bonus:
http://www.foxbusiness.com/industries/2011/04/08/jpmorgan-ceos-pay-jumps...
good lord. my adult kids can't find any work that pays over $8.50/hr & he lives . banking was NOT like this when I was a kid in the 1950's ! Banking was local & the banker was a well-respected member of his community !!!
Those local banks are the functional equivalent of 'savers' and the bigger regional, national, and international banks whose managers sought to expand their business model using CDO's, etc. (purchased from even larger banks) are the equivalent of 'fools who should soon be parted from their money'. I'm sure you know which kind of bank benefits from the ongoing transition from bailout to infinite QE - the 'piggy' bank that built the straw house. A similar story about an ant and a grasshopper may yet play out, but for now the grasshoppers own the ants, their monetary system, and their UCC strawmen.
"the piggy bank that built the straw house" Classic! Who says mixed metaphors are a bad thing? I guess that's not really a mixed metaphor, but whatever.
Those local banks are fucking retarded as well... whether it's buying a shit ton of toxic securities or whatever else some sell side asshole can dump off on them... or making loans to people you to go church with etc... they're neck deep too... and, in a panic, the same thing is going to happen as did in 2008... Uncle Sam rushes to save the TBTF and everyone pulls from small and regional to dump money in TBTF.
Yeah, they managed to pawn off a ton of shitty mortgages... but, they still kept enough to sink them.
These days, too often, yes. For many years, American business schools have taught students to take risks, expand revenue and tell the customer anything whatever they want to hear, because they're always right. That's just what successful business people do. It produces quality. Quality is measured by sales success. Correlation - causation = clusterfuck.
$20 mill is nothing. Come on, are you serious? These guys have billions and billions and billions and they have all the power. That of course unless we all, [ahem] buy silver.
~~ right .... they have all the power as long as WE keep playing their game ! withdraw your cash from banks (why the hell would we even keep money in banks when we're not earning interest on deposit & subject to fees) , buy p.m.'s , do not take out loans, have as little as possible to do with the banking system. s.o.b. ROBERT RUBIN !! This was all his idea to make up a crazy "money center " economy ......... our citizenry is damn bankrupt !!! " hello, little boy, little girl ...... would you like to borrow unlimited money from us to go to school ? " As Dr. Faber says, " when you off the people cheap money ........ THEY TAKE IT ! "
Please consider that the largest 6 banks in the US do not really need the small checking and savings accounts. Not when they have deposits from large companies and the FED backstop.
Also, check out the size banks that have failed since 2008 other than 3 or 4 large ones the majority have been small regional or community banks. The message from the government is -who you gonna trust? Put your money in those that have the government guarantee.
I don't think this is true. Banks have made BILLIONS off of service fees, late fees, card fees all associated with smaller personal accounts. If they were not making good money, they would not be fighting policy to change the fees and transactions they can charge.
Ms. Lynnybee, I love you. You are my favorite person on the internet. I mean that sincerely. Took me a while to admit it publicly, but I see you are real and I love it. Did we ever meet at a wells fargo and I told you to go to zerohedge? Probably not, but it doesn't matter, you remind me of the real people I talk to everyday and tell them to go get the real stuff off of zh. I wish there were 300 million like you. I love you because you are consistent and have reached many of the same conclusions I have. Such as we are at war and to fight this war most effectively at the moment, one needs to stop playing their games, stop buying with prejudice. That is number 1. You are actually doing it and I love you for it. Stay fearless.
i understand yer feelings for her (if lb is a woman, k?). i'm pretty fond of her rant, myself, and have broadcast the exact same grand strategy agains the banksters since my first day on zH, plus the "do ya really want Uncle Sugar for a partner? cash out yer retiment accounts, pay the fees, fines and taxes, and get to physical PM's (US Mint-produced gold and silver coins) and some cash" of course, too. it's called liberation, and it's not just for girls anymore, is it? this is simply how intelligent individuals act for their own best interests AND the good of the nation, as well. one l-bee, one gangland, one slewie, one zero at a time.
this is what we do, and this is how we do it. our voices here are neither alone nor unheard, so kudos to tyler & co and the fight club for free speech they have established against the floods of half-truths and outright lies of our post-modern world. you da man, tyler, you shitheaded asswipe! wheee!
Big ups ! Uhuru!
This was the initial intent of the Constitution... If we didn't like what the government and banks were doing, we would just turn in our currency for the gold on deposit. Nowadays we just have to take the extra step of finding a bullion dealer. When the there is a monopoly on the printing of currency, we the people lose our inherent liberty.
I believe this is the registered silver at the new JPM vault, not CRIMEX. JPM had an inflow of some 30,000 oz's about 2 weeks ago and it hasn't changed.
If so, this is one of many fraudulent vaults they play with, but not the only one.
You are correct. I think this article is misinterpreting the situation. For sure JPM has sold more contracts than it can possibly ever deliver, but this new depository (The creation of which, with indecent haste, was reported on ZH recently) most likely does not hold all of JPM's silver stock. If it does, then (a) It's nice (If somewhat careless) of JPM to broadcast to the world the fact that they're virtually out of metal, and (b) Things at the Comex are far more FUBAR than we thought.
as an investor..how would you like to deposit YOUR gold or silver in JPM´s vault...know they have all those shorts to cover.....I think it would be a little unsafe...
Sorry, dude. It was intended for "The Fukushima Highway" thread just above. No need to be angy here. Jeez!
Regarding the charts, the forum pages have had 36,331 page views to date. Feel free to skip them but there are folks here who like them.
I'll give you the benfit of the doubt. Once.
This is the essence of moral hazard. Who gives a shit, they'll never let me go under. Amazing...
Oh the irony... his ivory tower is not so stable :)
Unfortunately for the JPMorgue and their ilk, "they" only have so much monetary Viagra to hand out for these bad gamblers to keep raping the system. This unholy gang-bang of the world is slowly coming to an end.
Reality is not optional...
Thanks Low, Silver For The People
http://www.youtube.com/user/BrotherJohnF?feature=mhum
angry much?
Stay away from paper silver and or gold. It is essential to buy physical. Why? Because look at the chart above lots of paper but no actual silver.
You MUST be patient and ride out the dips. Time is on your side we have one very sick global economy and rampant money printing, with precious metals forming only minor allocations in peoples portfolios.
I have made my larger allocation to metals over the past three years and am at the stage where I do my regular monthly accumulation on much smaller volume.
If JP Morgan, Goldman Sachs or other bank crashes, I don't particularly care from my persepctive the whole thing is gone up in a ball of fire already, it's just the people in charge won't admit it by marking to market.
Oh yeah...
Silver Bitchez
"In an attempt to bring the comments near the top of this thread to something remotely fucking related to the subject matter of the post"
Agreed 100%.
ZeroHedge comments used to be interesting...more often than not of late, the comments have nothing to do with the post and everything to do with sounding clever and talking about completely irrelevant bullshit. If you feel a need to be heard, start your own blog and post your shit. If you don't have a comment related to the post....STFU!
HOLY CRAP!! WARNING! CESIUM 137 FOUND IN CALIFORNIA MUSHOOMS AND STRAWBERRIES!!
http://fiatsfire.blogspot.com/2011/04/ding-dong-ding-silver-tops-40-oil....
WHOA! DON'T EAT ANYTHING FROM WEST COAST!
Yes and here is the data from UCB.
http://www.nuc.berkeley.edu/node/2525
And since other states are being rained down on with crap from Japan, consider far more than California as contaminated.
All material, organic or not, contain natural sources of radioactive elements, Cesium and Iodine included. Guidelines are set, based on assumed consumption rates, which limit the amount that is allowable per kg, such that yearly consumption does not result in annual internal doses above the "recommended" level.
Bananas are a good example of what I'm refering to as they contain Potassium (of which a small percentage is naturally radioactive). More here for those that care to investigate:
http://en.wikipedia.org/wiki/Banana_equivalent_dose
What the report you link leaves out are the measured levels BEFORE the Japan quake/tsunami. It's impossible to tell whether or not these levels are actually elevated as a result of the disaster as there is no control.
NO NO NO ZH, this is all wrong. Kid Dynamite said anything the Morgue tells us is true, and that the comex is fine as well, plus CNBC said a whiel ago that gold is a bubble. In fact, as of the last 7 days, in a row, the GOld Comex has shown ZERO depsits in a delivery month which is normal (add high/full retard sarcasm here). Everything is fine, nothgin to see sell you metal.
The real question is did the J Dime of the JP morgue buy any pyzzz with his $21 million bonus?
www.silvergoldsilver.blogspot.com
The shit storm keeps getting worse. But at least west coasters can pick up an extra house or car.
Yes now an Average American can afford a home...from Japan floating in the ocean but still a nice property brought to you by the NAR which according to them will only go up in value if you get an ARM immediately.
Who needs beachfront property when you can have the entire ocean at your feet (literally).
Silver EEAGLES selling for $51 each on ebay..... someone knows!
Silver EEAGLES selling for $51 each on ebay..... someone knows there's a sucker born every minute!
There, fixed it for ya.
Bought some silver rounds today at the coin shop for $42 each.
It's hilarious that many of the same crowd who endlessly bitch about the US government will only accept ounces of silver minted by that same government. Talk about a brain-dead dissonnect.
Hmmm... let me think... do I want $5000 in FRNs or 100 silver eagles???
The "sucker born every minute", it would seem, would be the seller, not the buyer...
wonder if there is any silver
floating in the tsunami debris....
maybe JPMorgan should go check...
they're gonna need it ...
Hey prick I'm still buying above $40...
Until a better store of wealth appears I will continue to convert all my useless FRNs to silver.
As Max Keiser has suggested, let's all go out and buy an oz of silver. Even if we could just get 100K people doing this once a week, we would tighten the vice on Mr. Dimon's hemorrhoids a little more.
we need a new picture of marla in an ice cave processing buy silver orders
s l i d e , bitch†
I know you think you are Marla. If you were, then why would you drop off my blog roll. Don't make no sense to me.
Tyler not here. Tyler gone.
I wonder how this keeps on going without blowing up...
Bond vigilantes been given some reason not to end game?
I've been wondering the same thing.
What could it be?
Trusted sources tell me TPTB don't want to spoil the royal wedding.
Endgame in May.
Oh fuc me I want to spoil the "royal wedding". Fucking royals. I'm 47 so I've heard some stupid shit aber to suggest we're conducting policy around the "royals" is fucking stupid. Your source is attempting to mislead you lizard king.
They're one of the '13 Bloodlines"...
Snoop around...Educate yourself...
Peace
Time to trade in my gold for silver, was a great ride but it makes little sense to hold more then 15% anymore my 75% - 30% silver to gold holdings will now be more like 10% - 90%.
I am thinking very similar.
IMO... Time to start thinking of fading guys who think like you two. With respect, as perhaps you have shorter time horizions or are better market timers.
...Love watching the GSR sink, plan to be fullyin in Ag by 1:15...
Why?
Freegold bitchez! Banks don't own silver and it's too important an industrial metal to monetize!
The gold guy I respect the most is FOFOA. He wrote me once and said he would limit his Ag holdings to the same WEIGHT as Au. I have more Ag than Au (in oz).
My guess (and I know nothing) is that we will not get to the traditional GSR of 16:1.
Either way is OK though! Those of us holding are in better shape than those who do not.
Low, I am thinking long term, as I have since the 1980s for gold. I was late to the silver party though (my cost basis is some $22 / oz plus or minus).
I am heavier on ounces of Ag than Au but the Ag is for spending/bartering once the dollar is dead. Most of it is in 1 oz rounds.
And your change will be in what exactly?
Yachts. Or DaVinci paintings.
Wow, some of you are in for a big surprise. WTF, do you think there'll be commerce for the measly two percent holding silver? The other ninety-eight percent will sit idly by and starve?
Get real. If there's food shortages, I'm not trading a can of beans for a wheelbarrow full of au, or ag.
If you can't buy food or shelter with PMs then what use are they?
Use a bag full to hit someone over the head with, then steal their food??
Seriously, you better have your water, food, shelter and the means to protect it worked out before storing wealth in pm. Lead and brass first, silver and gold a distant second.
I used to listen to this guy early in the morning , when his radio show would come on. He is somewhat obscure and most people don't know anything about him. Just a farmer, living in Missouri, and former protege of Gordon Kahl, a man who was murdered by law enforcement, simply because he refused to abide by IRS rules etc.......in my opinion, any comparison to 1980, simply cannot be made. we are now at the end of fiat. strange things will be happening. as many speakers have said. we are in unchartered territory.
http://www.youtube.com/watch?v=MbACmw3y-Q8
A man who was killed by law enforcement because he shot at police officers... details details.
The gold/silver ratio should continue to tighten. No reason it shouldn't get back to 15/1 or even 10/1 (some people say even).
You would be a market timer if you wanted to fade them thinking that for some reason, silver will sell-off short term and the ratio would widen back out.
They have a great idea. Don't disparage them for it.
we achieve 16 to 1 , about every 30 years. the last time was in 1980. we are overdue.
Note I gave due respect owing their time horizion might be different.
Your entire persona is based on disparaging someone else...
I disparage a troll that comes in here and says stupid fucking shit becuase he has no life.
Not anybody that has a legitimate idea or question and/or just wants to learn more.
Relax. Damn, I need to put <sarc> on everytinhg these days it seems...
i'm with you, LowProfile@1150288! 36 handle on the ratio, now! uhhh,...looks to me like like tyler would be doing the readership a service if he penned a missive about this, explaining wtf we mean, even tho he may have aready done so in the past. "we" at zH have helped people pull the trigger on PM's, esp silver; some of the commentz from last nite, especially, thank the site for just this. time for lesson #2?
tyler! slewie sez get to work on this now, dammit, janet! really, dude, might be fun for the self-medication rallye, here, tonight. thx.
Good move Dochen. I've suggested that a few times in the past here.
Gold is going to slow down and the momentum is now firmly with Silver.
Much to your and everyone's benefit, even now.
ORI
They rolled out of their Au shorts though.
Does this include the seven million dollars of silver they just got from Von NotHaus?
+1
if it had been me, that silver would be so hidden, nobody could find it, and i would not care what they did to me, they would never, ever get their greedy little paws on it. surely he saw this one coming. did he think the beast would leave him alone? i would have played the game of what if, till i am blue in the face on that one, and buddy, i would have guessed this one from a mile off. easy guess, when you are dealing with no law masquerading as the color of law.......that is one of our problems. we think there is law when there isn't. there is no law.........
http://www.youtube.com/watch?v=O4nkp3pNe5I
He can buy some from me. Oz of silver for an oz of flesh starting with his heart or liver if he has no heart.
Start from his private parts. You might get an ounce there.
If he was a she I might be interested in a peek of the goods. As it is....NOT!!!!
Tyler,
This is because they just opened the vault a couple of weeks ago and there have been no deliveries.
It's going to be a long time before Comex runs out of Silver. But that's a good thing. We don't want any of us Silver Bugs to incur a windfall tax if Silver went from 40 to 400 in 1 week.
Right, whose with me. The price action has been fantastic. How could it get better than this?
Your facts are getting in the way of a juicy tale...
It's Friday and the Tyler(s) are tuckerd out.
Gotta post something.
seems to be the trend lately on ZH
If silver goes from $40 to $400 in one week, there won't be a windfall tax, or a US government either...
that would mean that jp morgan chase has less than 1.25 million in silver....does this mean they are probably going short silver...lets sink dimon, BUY SILVER. oh ya, give tyler and marla a couple duckets if you got a few extra.
god bless zerohedge
Just got in my "A silver coin is a silver bullet" shirt. Still mad that I can't find the "JP Morgan can kiss my ass" shirt.
Since when has a lack of physical stopped JPM from selling anything?
Round it off to zero in the vault. No effect. Now if they were running out of paper or ink, that would be serious.
"Some will rob you with a six-gun,
And some with a fountain pen." - WG
This is old news tyler.
http://www.bloomberg.com/news/2011-03-24/jpmorgan-holding-30-844-ounces-...
i have hunch no QE3 and fed tightening so to be sur to tank silver price.
they intervened on the hunts before... but i'd rathe watch on sidelines than guess
30k!?!
I nearly hold 1/10th the amount of physical as The Morgue? Bananas!
Maybe I should ask them if they want a loan? On second thought...fuck'em!
+3k
Dont worry JPM (I know, you are well aware), if things get too far, COMEX will change the rules on the future contracts so you can settle with fiat at a fraction of the contract price. Thats the beauty of playing by the big boy rules.
The longer this insanity goes on, the more likely it will be that JM Morgan gets a special dispensation from the various Ponzi Gods of Olympus to wash all those silly paper shorts right out of its hair because they were doing Gods work.
TBTF means precisely that. They will not go down for this particular version of fraud. If nothing else National Security will be invoked and I'm willing to wager it already was invoked several years ago.
And so it continues.
Im sure if Bunker Hunt cared, he would be snickering at people who think the futures market would break a TBTF.
Yes, they will bailout JP Morgue like they did before.
Physical Only, Friendz!
Jamie is on the phone: "Hank Paulson forced me to buy Stearns, its not my fault that we got stuck with all of those legacy silvers shorts. The government is responsible, come bail us out!"
He who could change the rules at half time to cover the week points and multiply their strength will have an advantage
Love the Floyd ref...well you wore out your welcome with random precision, rode on the steel breeze.
It is all falling into place guys. Just patience, and for me, 0 margin.
me too, they cant shake the tree hard enough to make me fall out.....i am in (until i dont even know when)
IOW, you can buy the remainder of COMEX silver for 1.2 million.
The world has gone mad.
Wonder how safe the silver in their vault for SLV is now IF its still there!!!
Will someone explain this to me (still trying to wrap my head around it) ...
So if enough people who hold "paper" silver (silver contracts) stand for delivery and demand that they recieve their silver here and now (trade in their paper claims for the real thing), then what?
Cash settle, renege, all out lie... tell them there will be slight delay in delivery (of a decade or two).
No, Many are in it just to collect the 'Penalty" JPM will pay.
If they can't deliver, JPM pays a 25%+ cash penalty.
Heck of a 'Collection' Bonus...
So if I own a contract for 1,000oz at let's say at $50 (so $50k), silver goes up to $50 an oz in value, and JPM (Comex) can't deliver at $50 then they owe me $62,500?
Am I getting this right?
Indeed.
But considering a loaf of moldy bread might soon cost $62,500
... is it really that great of a deal?
How big is the loaf?
Still better off than the zombies who have no PM's or fiat though, right?
Better to have the land, to grow the wheat, to make the bread. Someone once said, "you can't eat gold". If people are starving from lack of available food, a gold coin won't be worth a can of beans. The man with the extra can of beans will decide the "price to be paid" and how you will pay it.
Not a student of history, I see
The pile goes nuclear.
One high level argument is that when the contractual obligations cannot be satisfied by the vendor he defaults. (tons of small print here, so do not quote me)
Another high level argument is that the vendor has to go into the spot market and procure silver to satisfy the counter party. This drives up the spot prices "quite a bit". Also, it is known by all that the institution buying physical at that point is JPM and they have very very deep pockets. Prices will thus rise stratospherically. (these are theories and I too am rather new to this, so do not quote me)
The COMEX defaulted on Nickel a few years ago... not much info out there about this, but it happened.
Against a backdrop of crushing trans-national deflation, the fools rush in. The big unwind and deleveraging is going to be ugly, necessary, but ugly.
"But how can this be? For his is the Quisatz Haderach."
Good quote!
By the way, the silver buying mania in India is officialy on. sustained delays on delivery, dealer speaks of shortages, big premium on physical, extremely volatile pricing. used to be the smallest part of the store. On my last visit, I saw first time buyers picking up a kilo.
If gold takes a back seat here and a lot of the black money goes to Silver, it is enough to move world markets. Both ways. If India's realize the gold sale into silver purchase market, the ratio could move fast. Remember, 18,000 tonnes in private hands in India of gold and hardly any silver bullion in possession.
Winds of change.
ORI
http://aadivaahan.wordpress.com/2011/04/08/back-from-a-little-sojourn/
18,000 tonnes of gold in private hands! India gets it. THAT PART anyway!
That's pretty amazing. That is about a half an ounce for every man, woman, and child in India.
Dunno what the figure is for Americans, but I would wager it is around the weight of their wedding bands.
So if someone has to cover a massive short at $40 and there are no sellers at that price?
A very sharp spike?
What if there are no sellers @ $50?
Who would take the risk of selling at $50 if they did not have physical to back it up.
He just got $19 million for "guiding" JPM thru the financial crisis so well.....i wonder if he will have to give it back for losing it all to SILVER
I'm thinking this was his going away present.
Fed's making ruffles about letting TBTF firms fail*. If however, they do let firms fail then JPM may be on the chopping block.
So again, this might be an early going away present as there would be no way he could be bonused this amount if the firm entered bankruptcy.
*yeah I know could be all BS but winds may be a changin'
Which part of "Too Big To Fail" do you not understand?
If you think he's losing 19 million on silver think again.
He's losing 19 trillion.
It's a pound of flesh but it's really a ton.
http://www.youtube.com/watch?v=LloIp0HMJjc
awwwwwwwwwwwwwwwwwwwwwwww
my heart breaks for them....awwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww