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Water, Meet Blood - JP Morgan Admits To, Reduces Massive Silver Short Position, Proves Millions Of Conspiracy Theorists Correct
In the latest example that virtually every conspiracy theory is almost always inevitably proven to be fact, the Financial Times reports that JP Morgan, the firm targeted by thousands of "tin foil hat" wearing, conspiratorially-oriented "gold bugs", has cut back on its US silver futures. "JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal." And in what can only be considered an unprecedented victory for all those who have over the past year agitated to putting JP Morgan out of business, most recently spearheded by the likes of Mike Krieger and Max Keiser, by forcing a massive short squeeze on its commodities trading desk, we learn that "the decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver, a person familiar with the matter said. The person added that the bank’s position in silver would from now on be “materially smaller” than in the past." Of course, the latter is pure and total bullshit: as Bart Chilton indicated over the weekend, it is JP Morgan who at one point or another (and possibly very recently) controlled as much as 40% of the silver market, via a massive short. Attempting to make others believe that this short could be covered without pushing the price of the silver metal to over $100/ounce is an indication of either how stupid JPM believes the general population to be, or just how desperate the firm is to end the ongoing short squeeze onslaught. Either way, we are confident that this first unprecedented confirmation that a) JPM is indeed massively short silver and b) that it is hurting bad, will merely redouble efforts to put the world's biggest financial company out of business. Lastly, this means that silver is about to really blast off as the push to really hurt JPM takes off in earnest.
From FT:
The US regulator, the Commodity Futures Trading Commission, announced in September 2008 that it was investigating complaints of misconduct in the silver market, although it did not name specific entities.
However, JPMorgan said in a statement: “It is absolutely incorrect to say or imply that the Nymex, CFTC or any other exchange or regulator has instructed or asked us to reduce our position.” The bank declined to comment on whether it had reduced its position in the silver market.
The price of silver has risen more than 70 per cent since mid-August to hit a 30-year high of $30.68 a troy ounce last week on the back of a surge in investor buying and a rebound in industrial silver consumption.
In two previous reviews of the silver market, the CFTC has dismissed claims of manipulation. Most analysts say there is little reason to believe the price of silver is being systematically manipulated.
But Bart Chilton, a CFTC commissioner, said in October that he believed there had been “fraudulent efforts” to “deviously control” the silver price. He did not name any party.
Publicly available data on individual traders’ positions are sketchy. In a speech last Wednesday, Mr Chilton said that “earlier this year, one trader held more than 40 per cent of the silver market”. He declined to identify the trader.
The CFTC’s Bank Participation Report shows that one or more US banks held a gross short silver futures position equal to 19.1 per cent of the total number of outstanding contracts in early December. In January the share was 30.2 per cent.
The CFTC only reports data for the US silver futures market, a small corner of the global derivatives market for the precious metal, which is centred in London and largely traded via private over-the-counter deals. The data also do not cover transactions in the physical market.
Analysts and traders said that JPMorgan’s large short positions on New York’s Comex exchange, a division of Nymex, were hedges for the bank’s long positions in physical silver and London’s over-the-counter market.
JPMorgan has invested nearly $3bn over the past two years in its commodities business led by Blythe Masters.
And while we revel in the knowledge that the short squeeze is causing massive pain for JPM, we are far more overjoyed that the days of Blythe Masters as head of JPM's commodities desk is coming to an end: any comparable massive admission of weakness by a trader is always and inevitably followed by some very high profile terminations.
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thanks I might just try that. And to answer your question I have bought dips, panic sold, panic bought. You name it I have done it. However I have always been fortunate that when I trade I obsessively watch the quotes all day long on my android. Sell early, sell often. During my early education I made all the beginner mistakes. Now I only make mid-career trader mistakes.
all right.....you go then, Junior! and I'll wish you "luck" just 'cause I'm a nice guy; wish the best for any ZH'er, notwithstanding the BS posts (well, in truth, there's just a couple or few I might not so wish)
Like flip-flopping on bullishness/bearishness?
and then:
So now you're bullish, again?
+35
SLV trades lower than the metal itself, and if their is ever a run on the metal, only the five largest custodians will get a peice of the deRotheschilde's ishares.
If you can't hold it in your hands, then you don't own it.
If you own a contract or a fund, then you own exactly that. A piece of paper or a promise. I prefer the real thing.
Absolutely right, most of the time...
Sprott's new Silver "Trust" (not a fund) is backed 100% with bullion, trades as a stock, and delivery (once a month) is guaranteed aqt NAV (less premium which is running at about 10%).
So, phone sex doesn't do it for you either, then? :>D
Bags of old 90% US coins.
If you can find them...APMEX has only a couple of bags of $100 Roosevelt Dimes remaining right now.
Roosevelt Dimes?
Get the Mercury's if you still can. No one wants to look at dates to see if it's real money.
A cursory glance at the edge of the coin will also indicate which are silver and which are copper-nickel clad. I used to pull the silver dimes and quarters from dozens of rolls from the bank in a matter of seconds back in the 1970s this way. Also, the tone of the coin when dropped is very different for 90% silver coins vs. the clad versions as well ---- after heard repeatedly, it becomes instantly obvious.
That's why I like Franklin halves.
I only mentioned the Roosevelts because there are only 2 bags left.
No mercury's were to be had, so I had to settle...
Buy metal not paper...
Take physical.
Darkness in 2011. All I see is darkness coming
The door is closing...
You see a whiteness, a whiteness of swans.
Bang Dae Ho !!!
Yu Arafuka...
This presumed reduction in JPM's short position makes as much sense as anything does in explaining silver's sudden and almost unprecedented rise since late August. Clearly, SOMETHING has suddenly and radically changed in the silver market, and if it is not JPMorgan backing out of a significant fraction of their massive shorts, I wouid welcome any alternate speculation on just what might have been the cause of silver's meltup in the last three months.
the CFTC data confirms that there has been short covering over the past 2 months. That doesn't explain all of the gains in the price of silver (investment demand has skyrocketed), but it has been a factor. Silver may fall sharply when the short covering is done, unless the momentum in investment demand continues to grow.
Silver may fall sharply when the short covering is done,
Why didn't I think of that one?Silver will most likely go back to 2.50. We at Kitco will gladly buy it from you at 15 which is 12.50 over the future price. Are you stupid enough to pass this by?
a junk war. I love it.. Can I play?
Hey JonNadler,
Will you buy silver from me at $0.03 when it goes down to $0.01? Appreciate it!
I am DEVASTATED et DESOLE that you are now back at kitco. You had such a great future there at JPM.
Hey DoChen
The Kitco thing is just my cover of course, my pay checks have Jamie's signature on it.
"Silver may fall sharply when the short covering is done, unless the momentum in investment demand continues to grow."
So we should see 12 - 15 ZH posts a day about why silver is so excellent?
This is going to suck.
Indeud, you should definitely consider logging off permanently; be sure to give my regards to the earth's core.
and tell us if you see any silver down there will you
Unlike gold, you CAN eat (colloidal) Silver! If'n you can stand to turn greyish blue, that is! :>D
Silver, mmmmmm good.
http://itthing.com/wp-content/uploads/paulkarasonblue450.jpg
there's a heck of an amount of short covering still to do! problematic even if the price remains the same. and actual physical demand is exposing the paper price to still be far too low.
Once (or if) the short covering is all done, there won't be any naked shorts holding the price down (and holding the dollar up).
Like someone said earlier, naked shorting of PMs has been helping keep the dollar up for years ...decades even. It's why they do it.
Entirely correct, look at that smooth straight line lift in the the move across and into the 20s. Certainly thats them, as the steam in the kettle grew hotter.
The next questions are what happens with the position limits Thursday, and what do they have left to cover?
Isn't that too soon? The big vol didn't hit until the end of November. Or, did the cftc give them a heads up?
"But Bart Chilton, a CFTC commissioner, said in October that he believed there had been "fraudulent efforts" to "deviously control" the silver price. He did not name any party."
Asian EMs are forcing the price up as well:
Indians eye silver in the face of pricey goldhttp://economictimes.indiatimes.com/markets/commodities/Indian-consumers...
India silver imports in 2010 may rise to 1,200 tonnes"Silver imports by India, the world's largest consumer of the white metal, are likely to rise by 20% on year to 1,200 tonnes in 2010, as festival demand spurred purchases, head of a trade body told Reuters on Tuesday."
http://www.moneycontrol.com/news/business/india-silver-imports2010-may-r...
.
Silver rises on industrial demandhttp://www.commodityonline.com/futures-trading/technical/Silver-rises-on...
Do you have the accepted cost to produce a oz of silver?
Thanks.
Diminishing supply, greater demand; Econ 101
Could an alternative reason also explain the rise in Gold, Copper, Cotton, and Corn?? I'm not aware of a JPM massive short on those as well.. Just sayin.
can I cum again, ?
please do
The coming months will be an incredible ride. Be sure and buy a few more ounces of silver while you still can, and be sure to take possission.
Ok thanks. Ya like ok.
Buy more.
Maybe I should stop into SamsClub and get a couple cases of 1 oz. Walmart Eagles? Errr, whadya think?
Gotta say, I lean to the view that they've a) got it hedged with some widows and orphans and b) will get some other cabal-related entity to step into their short. Still I do love it!!
JPM has to be holding some heavily-levered swaps in order to cover the "unforeseen" event of silver prices rising rapidly. In that event, we would see the squeeze crushing JPM who would then turn to swap writer eventually and say "pay up".
That's when we taxpayers get to step in and "pay up".
Yep that's what I'd expect. AIG for starters. Not so clear they will be able to pull it off again but the plan will be something like that. Maybe genius Summers has the Harvard Endowment on the other side of JPM silver OTCs too. LOL!
oh snap!
JP Morgue's short positions on Comex are hedged by the longs in physical silver and London OTC? Is it possible? I don't think there is enough physical silver out there that can be used to hedge the shorts. Besides, according to the whistle-blower Andrew Maguire, JP Morgue is actually a large short-seller in London.
If this is indeed victory, why isn't the silver price already on a dramatic rise? Or am I expecting too much?
I'm a silver bug. I'm just looking for some input.
There has been a dramatic rise. Look at the chart since Aug 24th!
Unwinding massive positions in a relatively thin market isn't easy. It's not like JPM is going to place a buy-to-cover GTC market order and hit "enter".
Bull trap?
Nah. They are fucked.
Harvey Organ has the gory details on just how deep in the doo doo they are.
this is pure BS, they prob just offloaded the silver shorts to unlimited replicating off-balance sheet shadow SIVs. CDO^n of repacked silver shorts
I'm curious what people here think of this blog post:
http://fridayinvegas.blogspot.com/2010/12/jp-morgan-and-massive-silver-s...
He also has a few rants about ETF's and how people have it wrong. I'm not affiliated, just a casual reader of his blog.
Some quotes:
And this one:
did the whole concept of Blythe's naked shorts pass you by?
He "proves" that JPM isn't a massive short but then backtracks on that severe statement by saying that it's impossible to know for sure. Basically, he proves his own statement is wrong. The bottom line is that nobody knows for sure how large JPM's silver short position is, but we know it's huge and we know they are a huge silver player. The rest is just noisy attempts to obfuscate reality.
fyi, I "backtracked" because I have integrity, and someone pointed out to me that I was missing the LBMA numbers, so I edited my post, because I'm not a stubborn monkey. Thus, looking at the BIS data (Which includes some of the LBMA action, but not all of it), where you can see $127B in gross notional precious metals derivs outstanding, it can no longer be conclusively proven that JPM is not short 3.3B ounces of silver. You'll have to use your basic understanding of derivatives markets, hedging, bank balance sheets, and risk management to draw conclusions - it can't be proven.
I can't wait for Tyler to point out where in JPM's 10q these massive losses from the huge naked short position are. They'll certainly be there, right? (hint: no - they won't - because they don't exist...)
I think the price of silver might go higher - but it's not because JPM is covering a naked short position of 3B ounces.
But just for fun, since you guys love to bull it up: last month (Nov 2 - Dec 7) shorts held by the big banks declined by roughly 22mm ounces. During that same time, the price of silver increased by roughly 25%.
Thus, it's clear that at this rate, by the time JP Morgan is done covering 3B ounces, at this rate, the price of silver will be (1+.25) ^ 136th x $29, or $475 TRILLION dollars an ounce.
hey - I think I'll write a blog post about that. this sensationalism is F-U-N!
congrats - victory indeed. it has been foretold.
I would enjoy hearing your thoughts on this, KD:
http://harveyorgan.blogspot.com/2010/12/addendum-to-saturdays-blogkirbys...
My very first Junk. Because I can't count to $475 Trillion an ounce. Or, I'll end up owing the government trillions in taxes. Nice gain on the ten eagles I bought today.
Well holy shit. I'm going all out and buying BOTTLED beer tonight. Fuckin-a.
post hoc fallacy...back to the minor leagues with you
FWIW, KD, I appreciate your comments, and think the junkings are undeserved.
Not that I agree with you, but having a counterargument is always welcome, so that people can judge it for itself. When there are no counterarguments is the time I start questioning the prevaling view.
I agree we need counterarguments. But we have one surely already?
Isn't the counterargument here the MSM, daily, since, um, forever?
I think most people are on ZH b/c they share one simple truth - those in control are pathological liars with criminal intent.
So it makes sense to see the majority bullish on Silver, IMHO.
No. The MSM seldom, if ever, gives a detailed intelligent look. Mostly high level propaganda.
Junked. Kid Doosh
http://www.youtube.com/watch?v=Fad6eZTDikA
TT. That's exactly what's happening. Longs are demanding to be given the actual silver. If Ted Butler is right, for 25 years now, Bear Sterns and JP Morgan were screwing around with massive naked short positions and getting away with it, driving down the price of silver so that it diverged from its historical ratio to the price of gold of something on the order of 1:14 down to 1:45. Now, there are buyers of significant size in the Comex demanding that they be given the silver and JPM simply doesn't have it.
A run on the hyper-leveraged paper. Classic, elegant (in the scientific sense). Physical demand = trump.
Dimon
"No problem, we have set up a SPV, to hold the shorts. And we've got enough metal (see SLV) to supply all the keiser silver demand worldwide. Muhhahahahahahaaaaaa. What? Chilton is closing the SLV, demanding 'cash settlement'........let's crush em, fellas"
Milo
"Not too late to exchange SLV for metal"
glta
SLV is a shell. deRotheschildes have it in their underground lair.
First Majestic Silver to trade on NYSE starting Wednesday am,symbol AG
http://www.tradingmarkets.com/news/press-release/ag_fr_frmsf_first-majestic-to-list-on-the-new-york-stock-exchange-1364702.html
Cool - I bought bars direct from them.
http://www.store.firstmajestic.com/products.aspx?cat=4
I would like to buy silver coins for Christmas gifts. looking for 2oz coins for nephews. What site do you guys recommend?
Local coin shop.
Thanks, but no 2oz there. Like a big coin to give.
Not certain if you are particular about the type of coin but cannot go wrong with these guys:
http://www.gainesvillecoins.com/SearchResults.aspx?new=false&mint=&year=...
Thanks Bill. Really nice. I think this is the one. premiums OK too.
thought of Silverkeisers, but brother-in-law works at JPM and it would be a bad seen. MM 3 million annual bonus. He runs soverenty funding desk. Met Arnold in January 2010.
Anyway, Coining only 1oz anyway.
These aren't quite 2 ounces, but they are larger silver coins, official government strikes to boot:
http://cgi.ebay.com/1976-Montreal-Olympic-10-Olympic-Stadium-/2706773023...
There's a whole set of them in $5 and $10 denominations.
the only 2 ouncers I've seen are Kookaburras. Beautiful coins, but hard to find and expensive.
http://www.apmex.com/Product/12106/2004_Australian_Kookaburras_2_oz_Silver_Coins.aspx
(I stand corrected, those Perth Mint coins look great too, and cheaper!)
You can buy large 1/2 lb and 1 lb silver coins on ebay.
i've been hearing reports of fake 1 lb silver coins selling on ebay. Best to stick to gov't minted coins.
Perth Mint makes a nice 2 oz silver coin. Try Gainesville Coins:
http://www.gainesvillecoins.com/products/156114/2011PerthMintYearoftheRa...
not Kitco, unless you're thinking of Christmas 2032....make that 33 actually.
If your nephews are young enough these may work:
http://www.coin-rare.com/christmas-round.aspx
JPM: alright let's do this.. Leeerooyyyy Jenkinzzzzz...
hmmm, old skool warcrack addict?
Hey where's rusty shorts. Can't wait to here what he has to say about this.
Names shakleford. Rusty Shakelford and I'd like to sell paper silver and I have no affilition with JP Morgan Chase whatsoever. Don't even know the guys.
So who are they dumping this on? We already blew up bear sterns. They won't let JP Morgan implode so they will make someone else eat the grenade. Then we can just turn JP Morgran into a serial killer.
Whatever contorted games the assholes are playing, physical delivery demand can crush them. When, I don't know. There's just not that much silver around. It will be a wild, wild ride.
None of that seems right. The price would rise a lot more then 30% if JPM was admitting defeat
Let the good times roll
http://www.youtube.com/watch?v=GsuVrUicqlU
"It's a small thermal exhaust port, right below the main port. The shaft leads directly to the reactor system."
Red Five going in!
Ha!
Use the force, Luke -
There is no way in hell anyone is going to be calling out their plays before running them.
JPM is already done positioning itself, be it lightening up or hedging.
The lack of a reaction in SI/1 is very interesting. I am neutral at this time, watching 28.5 - 30. Good night all.
Not buying it. Too easy for them. Just like BofA saying they don't want any more negative publicity from foreclosures. We used to call girls like that BTNS in high school. For the banks, it's the same: Big Talk, No Show.
You have a defeatist attitude.
Just the fact that they feel compelled to say this shows that the landscape has changed dramatically.
I think you may have taken my comment the wrong way, and whoever junked me too. What I mean is that I don't believe JPM on anything they say. They are probably going to be net buyers over the next 3-6 months with big money, cause that's what they do.
They are crooks and criminals, so I don't believe anything they say. If what they are saying is true, then silver should rocket higher. As a hedge against my fear, I just bought more. At spot +2%, including delivery. Ebay works sometimes!
I would like to see the dollar loss figure they will be booking.
Tens of billions. How much did they get for TARP?
The thing that will kill the paper-silver shorts is not fresh buying at today's prices, but people who bought paper proxies at much lower prices who then take delivery. For example, if you bought SLV at $13, then sell the SLV and buy some real silver. You still have an effective $13 cost basis. Tulving.com or Apmex.com is a good place to buy real silver. Large accounts should talk to a dealer for 1000oz. bars. If you have Comex contracts -- take delivery. If you have LBMA "deposits," take delivery. Simple as that. Just get the damn silver.
Die JPM! Die!
Make it a silver chalice instead of a gold one, and this is what I like to imagine in my daydreams happening to Jamie Dimon:
http://www.youtube.com/watch?v=-DGFuHC75aY
"He chose...poorly."
Wow, never thought we would get anything quite this official. They either are really hurting bad, or are trying to explain ahead of time the massive price spike if the CFTC actually enforces a limit on them, or both.
Fuck em, blood in the water, gonna try and pick up another monster box!
Go silver, it’s your birthday.
Go silver, it’s your birthday.
Score 1,for forensic blogging.
tin and proud....one conspiracy down and hundreds more to go....
and thank you zh for calling crap on crap regarding jpm's fox guarding the hen house promise to maintain smaller positions going forward....i practically hacked out a lung reading that total horseshit...
jpm and bp are two reasons why i support corporate capital punishment....fuck jpm
go max go!!!!!
"Most analysts say there is little reason to believe the price of silver is being systematically manipulated."
Translation: "Some guy said that silver isn't being manipulated."
I love the "some-guy-said" school of professional stenography, where "experts say" and "officials say" but no purported experts, officials, or even some guys are ever identified.
Amen.
There's no reason at all that an actual analyst or expert should feel afraid to put his name on a statement like that. "The established pillars of our economy are on the up and up." Why would anyone working in that industry be afraid to say that?
You can only infer from the journalist's inability to get someone to do it that no one actually thinks that.
Amen too.
It's a well-known method of propaganda, which has been widely used in USSR.
"Experts and scientists say there is very little evidence supporting the assertion that life in USSR sucks"
"Researchers say that the 'Holodomor' was nothing more than a conspiracy theory"
Now it is:
"ISM shows recovery strengthens, experts say"
"Opposition to the Federal Reserve irrational, scientists show"
The Nazgul will find the one Ring any minute now, and my second reign will begin! -- Sauron, somewhere in Mordor.
The world financial fiat ring about to come down?
Chickens coming home to roost!
It is now only a matter of time until the "canons of CDS" point toward the USSA. Interest rates all over the world have reached their inflection point lows within the last 6 months and are trending higher. Currently the focus is on Europe's weak sisters, Ireland, Portugal, Spain, Italy etc., which has kept the focus off of U.S. fiscal insanity. For how long this focus can keep a blind eye toward the U.S. Treasury is anyone's guess but that the spotlight will get around sooner or later.
If you think the the '87 crash, '98 monetary crisis, the events of 2000-2002 or the 2008-present episode is scary, just wait!
The coming panic will dwarf all others and even include those who orchestrate such things. Yes, even the conductors will panic because ALL control will be lost. At some point in the coming year, the solvency of the U.S. Treasury will come into question. Of course it is a very easy question to answer because mathematically WE ARE BROKER THAN BROKE!
Even with interest rates where they are now, we cannot survive without massive printing. Ratchet rates higher to more realistic levels and it will become clear to everyone that the financial jig is up.
Everything we have come to (been brainwashed into) believe will be turned upside down. Everything that has made no sense whatsoever from a common sense standpoint for so long will finally be crystal clear. All of those dark and negative "chicken littles" who were laughed at and dismissed as crazies will become the new prophets.
Can you imagine the fear on a global basis once the solvency of the U.S. comes into question? Can you imagine the race for exits of U.S. paper EVERYTHING by foreigners? This will result in a collapsing Dollar and much much higher interest rates.
Currently, with the help of Fed purchases, there is absolutely zero risk premium in Treasuries. How big will the move need to be to go from zero risk to massive and iminent default risk?
2011 is the year we will all find out.
The most laughable of all is that there are actually investors out there who will buy CDS "insurance" protecting against a U.S. default. Use some common sense here, WHO will be left standing in the wake of a U.S. fiscal and monetary collapse to make good on these smoking turds?
ONLY those who have substantially exited the current "system" and are positioned in the only currency that has never, cannot and will never default. .....GOLD!
But the problem is this, anyone who has invested in metal would not have been so stupid as to insure others against a US default so those doing the insuring will be in the same submerged boat. The only possible saviors have already bought Gold in the first place to guard against this event so looking to them for help is a joke.
At some Dollar level, $10,000, $100,000, $1,000,000, who knows, Gold will re enter the system to reliquify it but on terms of it's owners, not the government's.
This thought process is absolutely no different than what us "chicken littles" have been saying all along. What is different is that the chicken littles have slowly been proven correct over time.
Now, it is so obvious to anyone and everyone worldwide that all it will take is some big entity to "chicken out" and start selling. The rest of the chickens will follow and in fact try to race ahead for the exit door, coming home to roost...so to speak. This has the anatomy of a panic written all over it!
VIVA LeMet!
Calling for the SHTF. Gutsy call.
Yeah, it sounds good.
I mean, hasn't it become apparent to all that the only way to ever
loosen the banksters grip on the government of the US... (talking to YOU
congress whores, current & former prez puppets, regulators (like mary bought-off) and beaureacunts such as ("janet the big sis") .... is a meltdown so extensive that most everything falls apart. And the military that the gov is counting on to enforce the banksters mandates... let's see how long they last once they've stopped getting paid to suppress their own countrymen, supplies get scarce, and they realize their promised retirement is but a former dream (like the rest of us) ..... oh,
and their families desperately need them back home and not on the other coast
shooting rioting hungry people and supporting the status quo that f..... us all.
"shooting rioting hungry people..."
You sure got that right!
Kent State Massacre, May 1970.
http://www.youtube.com/watch?v=GI7-m919ynU&feature=related
Hit the border July 1970
Never to return!
[WHO will be left standing in the wake of a U.S. fiscal and monetary collapse to make good on these smoking turds?]---DavidPierre
Thanks for your post, David.
Funny how every smart "trader" believes he/she will be among those quick enough to get through the EXIT doors when the shtf. Those doors will be locked closed long before the shtf.
Who will be standing safely on the other side of the locked EXIT doors holding the keys and a bag of money? The bankers.
Assume the bankers have trade/market mechanisms in place to shut you out (or, IN as it were) of the EXIT plan.
On which side of the EXIT door will you be when the shtf? Because, where ever you are standing at that moment, is where you will end up.
Don't let greed keep you on the wrong side of the EXIT doors. Finish your business now and start new plans for you and your family's future.
GO GATA !
They have nailed this since day one over ten years ago.
One of the smartest people I know, who has been paid exceedingly well by a large bank over the last years is `out` - he is now living his life as if the banking system (in which he still works) is going to implode today. So thats: no money in banks at all, 3 months cash on hand, Precious metals (stored, insured and guarded in a `special` introduction only european facility) and some remote farmland under productive cultivation. I am not ready, but am getting there. I am more cionvinced daily that it is `when` and not `if`.
"there are actually investors out there who will buy CDS "insurance" protecting against a U.S. default."
Insurance:
http://www.silvermonthly.com/wp-content/uploads/2010/03/09serollslabelbo...
http://media.photobucket.com/image/gun%20collection/booboo_isis/work044.jpg
http://preparednesspro.files.wordpress.com/2009/07/food-storage-shelves1...
http://bruins-slot.com/stern1.jpg
Last but not least
http://lacy.obeyingthetruth.com/twf/wp-content/uploads/2009/12/All-Scrip...
The fair value of silver right here right now is $90 U.S. This is not going to cause the end of the world. It will just make an I-phone cost $501 instead of $500. Steve Jobs gets to stay a billion-air, I get to become a million-air and JP Morgan gets the shit kicked out of it...Simple.
It ain't that simple.
Yeah, don'tcha wish? Hope I won't have to break out the high-speed Pb delivery device(s). :(
We're not done with these guys yet. We're just tgetting started. My monthly purchases will continue indefinitely.
Just keep buying physical! We'll know we've won when Jamie D's eyes roll back in his head, it splits open and the demons fly out.
I thought his face would melt along with those of all his minions but if Max Keiser and Stacy keep their eyes closed and don't look, they'd be fine. No?
I think so . . .
Where is WilliamBanzai7 for his tak on this? OMG that would be funny.
What makes anyone think JPM can't make their short problem go away in the quadrillion dollar synthetic squared silver credit default swap long short option derivatives market??
Someone please forward this to the following dumbasses:
Nadler
Denninger
Mish
Gartman
These 4 a-holes derided the people who sniffed out JPM's shenanigans in Silver years ago.
Let us not forget the esteemed Mr. Jeffrey Christian:
http://www.youtube.com/watch?v=ulnCAZBDRKY
I really enjoy the he has "to go bathroom" analogy.
Frippy,
I have been yipping in their ears the whole way along....LOL. None of them will confront the arguments anymore. They sure aren't looking so smart now, are they?
Ditto on Jeff Christian.
Nadler is by FAR the worst of that "Gang of Four", and even Mish has some good things to say about gold, or at least does not poormouth it and attack its advocates on a daily basis (much less standing up for every vile crime of the central banks and their financial elite cohorts) like pustulant Nadler does from his paper-plastered pulpit on Kitco.com.
and thought I was the only one considered Denniger a f#@$!ng tool
to be fair, Karl has been much friendlier to Silver these days.
too little, too late. He chose to ban people like me who warned him.
Silver appears to be 99% bullish on this thread. Look around anyone dumb money?
It's a SILVER thread max. Go out on the street and ask how many people own gold and silver? It's LESS than 3%. Go see for yourself smart guy.
The Mania Phase in PM's is still ahead, not behind.
I have to respectfully disagree with you, BofP --- I suspect that there is NOT going to be any "mania phase" in the precious metals, as this is NOT just another ponzified bull(shit) market like all of them in the last 15-20 years. I believe that the prices of the precious metals are undergoing a revalution to their true market values, and given this, will rise and then plateau out at some point, perhaps with a slight overshoot at best. Gold and silver are NOT real estate or equities!
akak,
I agree with you. They go up and stay up. What I meant to say is that the public at large is still not aware of what's going on, and thus, his "dumb money" comment does not apply.
You silly person!
You wrote MANIA when you should have written
...PANIC!
Hope that helped.
http://www.TheTailDoesNotWagTheDog.blogspot.com/
They are currencies with no debts attached to them.
Crystal clear.
Dumb monie follows, and silver is $30. Don't wait for $500! And get a new shtick.
Nah, Dumb money is the jackasses who whiffed on the PM bull.
Truly truly dumbass money.
JPM loads up with toxic death, sweeping up all the high crimes and misdemeanors, and is then taken to the top of the volcano and sacrificed to the gods.
Good luck trying to collect on some swap from a bankrupt JPM -
imagine, as if you don't already know, just how much gold is being manipulated since it is being schooled by silver.
So JPM was covering shorts and PSLV (sprott) was accumulating physical at the same time. This could explain some of the run up in silver.