This page has been archived and commenting is disabled.

JP Morgan Denies It Holds More Than 90% Of The Copper Market... No Statement On Whether It Holds 89%

Tyler Durden's picture




 

As we reported last weekend, in addition to the now indirect admission from JP Morgan (and to all those who are expecting an official 8K from the firm which opens it up to market manipulation litigation, we can only hope they manage to grow out of their childish naivete soon) that it did in fact have a major silver short position, it has been recently speculated that JPM's monopolistic tentacles have reached out to the copper market, of which JPM is now rumored to control 50% to 80%. Today, we get an official non-admission admission from JP Morgan that it does not in fact own over 90% of the silver market. Well, that's not really useful, as that "admission" says nothing about owning up to a whopping 89.9% of the copper market: a stake which would make JPM the biggest one-man cartel in the history of the industrial metal. Per Reuters: "U.S. investment bank
JPMorgan said it does not hold more than 90 percent of copper stock
warrants in London Metal Exchange warehouses, but declined on Tuesday to
comment on whether it had a smaller position.
" It also appears that per the LME the position is now no longer "only" 50-80 but has grown to 90%: "
A single holder, recently controlling 50-80
percent of copper stocks and cash contracts in London Metal Exchange
warehouses, appears to have raised the position to above 90 percent,
latest data from the world's biggest metals market showed." And for those who wonder why one entity controlling the entire market is not good here is the explanation: "
some say it is one of the reasons why copper hit a record high of $9,267.50 a tone on Tuesday." Oddly enough, JP Morgan did comment on the firm's holdings in copper, which it so far has refused to do vis-a-vis its silver position: "A spokesman for JPMorgan, asked by Reuters to
comment on the market talk, said the company did not hold more than 90
percent but declined to comment further.
" And this is the environment in which the CFTC still obstinately refuses to impose position limits lest it derail the massive profit scheme that one-time or recurring monopoly holdings represent for the big banks.

Some more from Reuters:

At present one company holds dominant positions of between 50-80 percent in both nickel and zinc cash contracts and stock warrants.

The LME has the power to step in and force such long position holders or "longs" to make metal available to other market players by imposing its lending guidelines, which are aimed at ensuring orderly markets.

Under these guidelines, if an LME member or client holds 50 percent or more of the warrants or cash today/cash positions, it should be prepared to lend at a premium that is no more than half a percent of the cash price for a day.

A spokesman for the LME futures market, which is one of the few remaining open outcry exchanges, declined to comment on the copper position.

"I suspect it could all turn out to be a bit of a storm in a tea-cup," said Gayle Berry, analyst at Barclays Capital.

And while the LME sees no problems with cartel-like behavior, throw in some synthetic products like ETFs and ETPs and you will soon get total confusion:

Falling ore grades, disruptions and project delays also mean that copper supply will, possibly starting this year, fall short of demand estimated at about 19 million tones this year.

Highlighting such tightness, since February, LME copper stockpiles have dropped by more than one third to 350,900 tones, from six-and-a-half year highs of 555,075 tones in February.

"If you have inventories that continue to be drawn down, then you're going to have a concentration as a function of that," Berry at Barclays said of the copper dominant position.

"Then throw into the mix the potential for warrant buying for the exchange traded funds, that's what is all adding to this," she added.

Last week, ETF Securities' physically backed copper, tin and nickel exchange-traded products (ETPs) made a tentative debut in London, as investors sought to gauge sentiment ahead of potentially larger offerings.

Deutsche Bank said in October ETPs backed by copper could hold 300,000 to 400,000 tones of metal.

Concerns that ETPs will exacerbate tight supplies of copper helped propel prices higher.

The biggest loser in all of this is of course China, will continues to be the biggest single end user of the metal, and instead of speculating, is forced to actualy cash out on purchases (most of which are on record credit numbers). Which means that even more inflation is about to be exported to the world's most populous country, which in turn means that the interval until the biggest inflation/credit bubble pop is getting ever shorter.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 12/14/2010 - 13:48 | 805138 the mad hatter
the mad hatter's picture

white collar criminals print more money than you can count.

 

Tue, 12/14/2010 - 13:52 | 805204 Bearster
Bearster's picture

Yup.  It is "criminal" to buy copper.  Oh, wait, no it isn't.  It is criminal to buy a "lot" of copper.  People need to be forced to do what we want them to do, in order to keep them free.  Or not keep them free, but keep the market free.

Somehow forcing JPM to buy one kind of future (silver) and sell another (copper)  keeps markets free.  Somehow.

Tue, 12/14/2010 - 13:57 | 805224 the mad hatter
the mad hatter's picture

it's criminal for the fed to back these fuckers with infinite purchasing power so they can do whatever they want in markets. then if they go belly up, the fed bails them out.

oh wait that's what happened in the housing boom.

Tue, 12/14/2010 - 13:59 | 805237 Obaminator
Obaminator's picture

JPM and all the rest of the fuker banks cried kicked and screamed in 2007 & 2008. They were "On the brink"...then 2009-2010 they report the 2 best years ever in bank revenues.

 

Why? How? - Well, lets just put it this way...: they are taking back every fukn dime they lost from Helocs and UNderwater houses, but they are doing it from the entire world right now. Will it be enough to cover the Losses once they report them? Maybe...I have a hunch JPM will survive and BofA or Wells will die.

Tue, 12/14/2010 - 14:03 | 805250 the mad hatter
the mad hatter's picture

the central banks won't let that happen.

Tue, 12/14/2010 - 15:28 | 805616 revenue_anticip...
revenue_anticipation_believer's picture

"central banks won't let that happen" it's not Lehman 2008 nor the Royal Bank of Scotland...the new theme is system stability, or the illusion....and the many mini-flash crashes have been a continuing TEST of NET negative (bounce-back) feedback in the loop...resiliance...

DOING GODS WORK, more than just Goldman, JPM is preventing copper from crashing in price, asset prices must be held up that is the agenda for now...Chile, what with its earthquake as supplier of copper MUST sell at whatever low price the market 'discover' excepting that DEMAND/HOARDING by JPM is preventing THAT...good...

SO, PER ZH things i did not know: ""Last week, ETF Securities' physically backed copper, tin and nickel exchange-traded products (ETPs) made a tentative debut in London, as investors sought to gauge sentiment ahead of potentially larger offerings.""

""Deutsche Bank said in October ETPs backed by copper could hold 300,000 to 400,000 tones of metal.""

""Concerns that ETPs will exacerbate tight supplies of copper helped propel prices higher""

""And while the LME sees no problems with cartel-like behavior, throw in some synthetic products like ETFs and ETPs and you will soon get total confusion""

Seems to me, what with ALL THE NEW MONEY = debt old/newly created, that INDEED, asset prices SHOULD be pushed up, so as to encourage industrious digging for new copper, nickel, and zinc (reminds me of the OLD RioTinto Zinc company)

...all part of the PIMCO "new normal" get used to it, don 't fight it, some 'crumbs off the table' is being allowed, for the Retail/DayTraders, etc..Equities prices are being permanently pushed higher, with a Bernacke/central bank 'PUT' don't fight the Fed, and now the Worlds Entire Banking Cartel...don't resist, go with the flow, BUT PUT 99% of your speculative efforts into being ready to U-TURN on a dime... within a few minutes/few hours at most..

Doing Gods work, yes..when ONE BANK in the USA can match and beat China in the copper trade/stockpiling....well, VERY VERY interesting...

Tue, 12/14/2010 - 15:51 | 805713 Sudden Debt
Sudden Debt's picture

I WOULD LIKE TO SEE THEM PRINT SILVER BULLIONS!!

Tue, 12/14/2010 - 13:43 | 805149 LongSoupLine
LongSoupLine's picture

I REALLY hate those fucs, and will scream with school-girl like joy the day they are fully exposed and hung out to dry.

 

In the mean time, I continue to buy physical to do my small part toward their destruction.

Tue, 12/14/2010 - 13:51 | 805198 goldfish1
goldfish1's picture

I vowed many years ago to hang the American flag again once Cheney meets his maker.

 

Fully exposed may never come to be but for those who can read between the lines, exposed and ruined may have to be good enough.

Tue, 12/14/2010 - 14:33 | 805380 flacon
flacon's picture

The CFTC really needs to stop condoning criminal behaviour. 

Tue, 12/14/2010 - 13:42 | 805157 johny2
johny2's picture

This is so wrong. How can they still keep this going on? 

Tue, 12/14/2010 - 14:40 | 805416 assumptionblindness
assumptionblindness's picture

What's so wrong?  Is it wrong for JPM to make some money as they lob derivative mortar shells on behalf of Uncle Sam over the Pacific?  JPM is only one of many soldiers that have been enlisted to fight in our yet 'undeclared' currency/trade/Zhu Zhu Pet manufacturing war with China.  The outcome of this war for us, however, more likely resembles what happened to France at the Maginot Line than our recent experiences with extended-stay stalemate'victories' in Korea, Vietnam, Iraq, and Afghanistan... 

The Fed has pissed away the reserve currency status for the dollar.  New York has lost it's title as "The Financial Capital of The World."  Lack of effective regulation at the Fed/CFTC/SEC/FINRA(hee hee) has destroyed all confidence that global investors may have had in price discovery and market efficiency within our borders.  The costs of social programs and over-priced benefits have driven productive capacity overseas...oh yeah!  How could something so wrong be so right?

Tue, 12/14/2010 - 18:29 | 806235 Lord Koos
Lord Koos's picture

"The costs of social programs and over-priced benefits have driven productive capacity overseas..."

Greed is what sent jobs overseas.  Germany seems to be doing OK.

 


Tue, 12/14/2010 - 19:30 | 806422 tmosley
tmosley's picture

Then you'd better use greed to bring it back. Threatening to treat capital like shit certainly isn't going to do it.

Tue, 12/14/2010 - 13:45 | 805166 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Blackhawk Ben S. Bernanke doesn't "print" monie.

Wed, 12/15/2010 - 00:05 | 807062 nathan1234
nathan1234's picture

He excretes it

Tue, 12/14/2010 - 13:46 | 805172 Gully Foyle
Gully Foyle's picture

He became a man the day of the greatest game he ever played. Everything he ever knew about common decency and morality he learned that day in December from Alan "The Horse" Ameche; and today in the Superbowl he would earn his wings. The crowd had assembled; a crowd of America's elite. Toyata salesmen from all around the country -- orientals and even those suspected of being orientals -- stacked on the thirty yard line watching him sweat and wipe caked blood from his face. The Gallow brothers -- Ernest and Julio -- party guys who had skinned a few Mexicans and forced them to carry them on their shoulders down to the pre-game tailgate parties at the colosseum. The Pepsi and Coka Cola bottlers of America -- Coke adds life; It's the real thing -- bombarded by missiles; flying flaming matchbook covers. The waterheads from General Motors up in the top seats where they belong; getting the worst of the pollution. All sorts of weird mother****ers were at the game.

Tue, 12/14/2010 - 14:02 | 805248 merehuman
merehuman's picture

as an outsider and dumshit i see a different view.

I see china bearing down on rare earth minerals, now i see JPMorgan on the frontline of the war with china. Making copper more expensive for china is a retalliation from our side.

I dont see this ending well. Meanwhile china is trading its remaining dollars for all the hard goods it can get. Including silver and gold. As i see it we are at war with china and these are the beginning blows.

My point of view sucks.

 

Tue, 12/14/2010 - 14:25 | 805338 rlouis
rlouis's picture

Interesting thought that this is retaliation for the Chinese rare earth metals play.  I was wondering what the Chinese are demanding from JPM to keep them from taking down the copper market.  I think they're big enough to blow JPM out of market. 

Tue, 12/14/2010 - 15:38 | 805658 revenue_anticip...
revenue_anticipation_believer's picture

"" copper market.  I think they're big enough to blow JPM out of market""

China? ARE they "big enough?" maybe WE have overestimated or been propagandized to think of China in the manner of thinking about Japan in the 1980s  - when some Japanese bought the Monterey california Pebble beach concession for 2 billion... and forced to liquidate at less than 1 billion just a few years later....

After all, China does have Internet and all those 95% OTHERs in China, making STILL low low wages....WANT some of the Wealth OR ELSE...quite a economic burden for China to "bootstrap" itself up with 95% ball and chain expecting 'communal, communistic, sharing'

Yes, perhaps JPM is 'instancing' the real Political/Economic power situation..

 

 

Tue, 12/14/2010 - 15:33 | 805635 A Texan
A Texan's picture

The ironic thing is that we have PLENTY of rare earths - with the only problem being the pollution connected with extraction (they are mainly located with thorium, which is radioactive).  If we really wanted to, we could have plenty of rare earths and sink their price so as to remove that card from the Chinese hand.  All that's needed is the willpower to pass a law exempting this from most environmental regs (though we still want some control over it, hence "most").

 

A side benefit would be that we could (again, if we wanted to) build a bunch of thorium-powered reactors and screw the Arabs and Chavez in the process.  Oh, and we'd employ a bunch of people right here in this country to mine and process both the metal and the thorium, plus folks to build and operate the new nuke plants.  Everyone's a winner (except for folks that don't like this country too much, including enviro-whackos).

Tue, 12/14/2010 - 15:49 | 805699 revenue_anticip...
revenue_anticipation_believer's picture

""The ironic thing is that we have PLENTY of rare earths - with the only problem being the pollution connected with extraction (they are mainly located with thorium""

and of course, THORIUM based nuclear power reactors, the old 'prolifereation arguement is null and void'  (well yes there is cooked-up a little artificial U233 !! in the process...

I'd think THAT is essentially factual, we HAVE the metal minerals, but will not produce them...'environmental concerns' and 'too low a World Market sustainable price..   exemplication is the famous Stillwell Platinum Mining operation - DID EVERYTHING ENVIRONMENTALLY CORRECT, yet STILL FUCKED..mostly....

a LITTLE bit of the old WARTIME emergency banter is required, to restart the Strategic Metals Stockpiling Programs....to sustain the USA/Canadian mining companies with a permanent, known buyer/market...

(dr Strangelove)  'what we have here..is a mining gap, USA and China/Russia, must catchup, become strategically independent of potential 'enemy country suppliers'   a little of the 1950's and 1960's thinking, pretend War Mongering...could be useful...more of Gods Work in Progress..

Tue, 12/14/2010 - 16:03 | 805765 DoChenRollingBearing
DoChenRollingBearing's picture

@ merehuman, I find that your point of view rarely sucks.

Take advantage of the war with China!  Front run them!  Buy PMs and get all the nickels you can from the banks (each nickel is worth $0.065 now)!

www.coinflation.com

Tue, 12/14/2010 - 13:48 | 805183 What_Me_Worry
What_Me_Worry's picture

"A spokesman for JPMorgan, asked by Reuters to comment on the market talk, said the company did not hold more than 90 percent but declined to comment further."

Maybe they meant literally? 

Tue, 12/14/2010 - 14:26 | 805340 Trifecta Man
Trifecta Man's picture

Wouldn't it be neat if JPM did not read the fine print and somehow holds paper copper?

Tue, 12/14/2010 - 13:48 | 805185 detersbb
detersbb's picture

At this point the only reason for taxpayers to fund regulatory agencies is to protect bankster monopolies at no expense to the bank's bottom line.  This really is a perfect circle jerk.

Tue, 12/14/2010 - 13:48 | 805186 tradewithdave
tradewithdave's picture

I did NOT have 90% financial relations with that copper market.

http://tradewithdave.com/?p=4192

 

Tue, 12/14/2010 - 13:53 | 805213 jus_lite_reading
jus_lite_reading's picture

LMAO!! +100

 

Tue, 12/14/2010 - 22:01 | 806849 Drag Racer
Drag Racer's picture

91% ???

Tue, 12/14/2010 - 13:49 | 805190 SpeakerFTD
SpeakerFTD's picture

This doesn't have to be owned by JPM itself, correct?

Couldn't it be a JPM client account that they are holding in their name?

If so, I would bet it is Chinese, and they are very offsides.   The Hung brothers, if you will.

Tue, 12/14/2010 - 14:49 | 805453 rosiescenario
rosiescenario's picture

Good point...also, I would not be too worried about a copper shortage...IMHO I'd be more worried about a glut with a corresponding crash in its price....think about where the big demand is for copper......so you'd have to believe the construction industry worldwide is running in high gear....

Tue, 12/14/2010 - 13:51 | 805200 trav7777
trav7777's picture

banks have no business in futures markets.  Only producers and consumers should have seats.

Tue, 12/14/2010 - 13:57 | 805226 Bearster
Bearster's picture

Ahah.  Now I understand the principle.

In order to force markets to be free, only people we say, are allowed to trade.

You obviously feel that speculators serve no valid purpose.  And obviously you feel market makers serve no valid purpose.  History is full of economic illiterates whose feelings told them who did and did not serve a valid purpose.

I am fine with that, until the fools pick up a gun (or lobby the government) to coercively implement their fool whims by force on everyone else who does understand what purpose market makers and speculators serve.

Tue, 12/14/2010 - 14:02 | 805247 Obaminator
Obaminator's picture

Banks, who's primary Mandate, under Federal Law, are to take deposits and make loans based on Sound Accounting Practices with those Deposits Such that those deposits are SAFE.

 

Banks buying Stocks, Commodoties and High-Risk "Investments" Break Every Fukn Last rule, and Law concerning banking, and then they get Bailouts when those risky positions Blow up.

 

Thats what the fukn problem is...not speculators...its Who is Speculating with WHOM's money - jackass.

Tue, 12/14/2010 - 14:06 | 805263 merehuman
merehuman's picture

hit that nail on the head! Oh and dont forget the jobs outsourced. Thats our national big pain also

Tue, 12/14/2010 - 14:28 | 805355 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Fuck corporations.  Fuck the interest of usury.

Tue, 12/14/2010 - 16:15 | 805809 DoChenRollingBearing
DoChenRollingBearing's picture

@ Mr Lennon! 

Corporations are useful for many things like selling bearings in Peru:

www.ameruperu.com

(in Spanish, and we are still working on it, still a little rough.)

...

And I would not loan money to anyone(except to a family member, etc.) unless I got some interest to balance the risk I would take.

So who would then get credit?  World trade grinds to a halt.

Tue, 12/14/2010 - 14:05 | 805265 tmosley
tmosley's picture

Speculators play a role as well (insuring against supply gaps, namely), but individual positions should be limited by the exchanges to ensure their own stability.

Banks should be able to speculate all they want (subject to the limits placed upon them by their shareholders and the exchanges they operate on).  The problem we have is the link to the central bank and the infinibux they supply them with.  If their asses were really on the line, they wouldn't dare pull any of this garbage, and if they did, they would be gone the instant anything goes wrong and we wouldn't have to hear from them any more.

The exchanges can set the rules as they like, of course.  The point is that speculation does provide a valuable service to the market, and that anyone playing with their own money should be able to do what they like.

Tue, 12/14/2010 - 15:08 | 805534 Larry Darrell
Larry Darrell's picture

anyone playing with their own money should be able to do what they like.

 

I just wanted to highlight this point again for the "Bearster"

I figured he missed the point the first 2 times (first from Obaminator then from you).

After all, if he's not a total shill that means he's just fucking stupid, and with stupid people, you have to repeat a lot, slow it down, and spell out the important parts.

W.......I........T........H...........T......H......E........I.........R.......O......W.......N........M......O........N.........E.......Y

Did you catch that yet Bearster you fucking moron???

Tue, 12/14/2010 - 15:37 | 805651 SWRichmond
SWRichmond's picture

Amen, brother. 

Wed, 12/15/2010 - 00:07 | 807069 nathan1234
nathan1234's picture

Those bums built these for different types of casinos.

Tue, 12/14/2010 - 13:52 | 805206 imaginalis
imaginalis's picture

Why doesn't China go on a quick silver binge to hedge against JPM's copper hoarding.

Tue, 12/14/2010 - 18:42 | 806285 Lord Koos
Lord Koos's picture

I think maybe they are, JPMs hedge against shorts on silver was long on copper?

Tue, 12/14/2010 - 13:53 | 805214 Lotionboy
Lotionboy's picture

These crooks are going to be toast when the dollar crashes next year!!! I love it.

Tue, 12/14/2010 - 13:56 | 805218 jus_lite_reading
jus_lite_reading's picture

CNBS should be reporting that increased yields in T's means a healthy sustained recovery is expected next year!!!

 

Except that, they forget to mention, they're really expecting stagflationary hyperinflation...

 

Hey TD: How much has the Fed now lost in T's? $31 BILLION? Wipes out their "gains" from the TARP! LMAO!

Tue, 12/14/2010 - 13:57 | 805225 Obaminator
Obaminator's picture

What happens when you own everything, and then something happens that makes nothing valuable? HAHAHAHAHA

Tue, 12/14/2010 - 13:57 | 805229 jus_lite_reading
jus_lite_reading's picture

That's when you hope you've got a gun. A BIG GUN!

Tue, 12/14/2010 - 15:38 | 805662 SWRichmond
SWRichmond's picture

...or a lot of friends with medium-sized ones that they can actually hit something with.

Tue, 12/14/2010 - 13:57 | 805233 erik
erik's picture

so they are trying to sterilize any losses going forward in silver shorts by gains in copper longs?

won't other big money smell blood in the water and go heavy short copper and long silver?

when China finally raises rates, copper could plummet, but silver may not drop as much, thus more losses for JPM.

Tue, 12/14/2010 - 14:00 | 805242 erik
erik's picture

doesn't that make going long silver and short copper a really good opportunity?

Tue, 12/14/2010 - 14:04 | 805251 Obaminator
Obaminator's picture

one might think...

Tue, 12/14/2010 - 14:14 | 805295 erik
erik's picture

JPM copper purchasing might have falsely enhanced the bullish message copper prices have been sending to the markets.

Aluminum, lead, nickel, and zinc aren't sending the same new all-time high messages.

 

Tue, 12/14/2010 - 14:02 | 805249 honestann
honestann's picture

Does anyone besides (JPM and friends) still have any doubts why fractional-reserve-banking must end... forever?

Otherwise, the permanent story of mankind is predators-gone-wild.

Tue, 12/14/2010 - 14:04 | 805252 Cdad
Cdad's picture

Well now this is all getting very serious, in the sense that who could know what the truth is anymore now that the 4th estate of the US is too busy pitching Ipads and burritos to remember its duty to the public?  WTF?

But it sounds like destroying the institution known as JP Morgan, which I think is a VERY good idea, will require going long silver and short copper.  I actually like that trade...but refuse to enter into either areana while the market is acting entirely like it is being driven by ETFs that are swallowing hard on all kinds of crazy-assed P/E stocks, the underlying, which is obviously being puked up all over the place...while the DOW curiously rises anyway.

But for my ZH brethren who all follow silver more closely than I, based on the 500+ comments written on the overnight story about JP Morgan and sliver, WHAT IS THE BEST WAY TO PLAY SILVER RIGHT NOW?  Anyone.

SLV is out for me.  As for the other side, shorting FCX makes sense...but maybe after it goes X dividend...I'm thinking.

Let me know.

 

Tue, 12/14/2010 - 14:30 | 805370 oddjob
oddjob's picture

If you are not buying physical,then tommorrow morning buy symbol AG on the NYSE.

If country risk is your worry then AXU on the amex.Alexco is the former United Keno Hill Mine which was at $150 in 1980.Notice how many past working mines they actually sit on.

http://north-land.com/ypa/pdf/Keno%2001.pdf

http://www.alexcoresource.com/i/pdf/AXR-Overview.pdf

Tue, 12/14/2010 - 15:22 | 805586 SRV - ES339
SRV - ES339's picture

http://www.sprottphysicalsilvertrust.com/default.aspx

Two options... TSX (PHS.U), or NYSE (PSLV)

Trades as a stock, but 100% backed by bullion, with delivery guaranteed, on request, each month.

Note: I'm just a satisfied customer of this 4 week old Sprott Silver Trust... it's not a fund, and it's very secure (bullion stored, and 3rd party audited, in the Canadian mint... hard for Uncle Sam to get at).

Tue, 12/14/2010 - 14:05 | 805262 bankrupt JPM bu...
bankrupt JPM buy silver's picture

Trader:  "Blyth, do you have Bart at the CFTC under control?"

"Yes.  He is bought."

Trader:  "So we can expect to slaughter the sheep, again?"

"Yes.  We have told him to shut up, or we will assassinate him in his sleep..."

Trader:  "Okay, so I'll go ahead and put on this 40 billion derivative trade?"

"No, make it a quarter Trill, I have Chilton in my pocket, his price was easier than I thought..."

Trader: "My Limit is only $1 Trill, can you extend it, please please please...pretty please"

"Sure Why not, this is a sure thing"

Trader: "So we dont have to care about position limits?"

"No.  Not until we slowly unwind this, pretend we are still short, but the sheeple wont know b/c we are about to get so long and push silver to $100, and the sheep will think its its killing us..."

Trader: "Oh Blyth you dirty witch whore I love you..."

 

Taken from an insider audio recording this morning from a trader at the Goldman Sack.

Tue, 12/14/2010 - 14:09 | 805272 TeMpTeK
TeMpTeK's picture

Thanks JPM for cheap silver...temporarily anyway.

Tue, 12/14/2010 - 14:09 | 805276 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Gold and silver dominating the market today.  Best Buy is done, and gold and silver stand back up after Blythe tried to blow torch 'em.  This is war!  Fuck yo couch, Blythe!

Tue, 12/14/2010 - 14:10 | 805283 Arthor Bearing
Arthor Bearing's picture

Perhaps massive copper dump by JPM is used to stoke fears in all holders of PMS, convincing them to sell low right before a currency collapse, with the banks buying it all up?

Just a conjecture.

Tue, 12/14/2010 - 14:41 | 805419 oddjob
oddjob's picture

Scorched earth. 

Tue, 12/14/2010 - 15:26 | 805610 SRV - ES339
SRV - ES339's picture

Possible end game... and any "Greater Fool" falling for it will get what they deserve!

Tue, 12/14/2010 - 18:47 | 806303 Lord Koos
Lord Koos's picture

Blythe has PMS?

Tue, 12/14/2010 - 14:30 | 805369 Waterfallsparkles
Waterfallsparkles's picture

400 Copper Urns taken from Cemetary and cashed in for copper content.  On Drudge Report.

Soon people will come home and find all of their Copper pipes gone.

Tue, 12/14/2010 - 15:14 | 805555 Larry Darrell
Larry Darrell's picture

This happens all the time, although not specifically to residences in use.  However, peek inside the window of homes with foreclosed signs in a lot of places and the interiors look like bombs went off.  Thieves know no one is looking and gut the copper pipes and electric wire all the time.

Tue, 12/14/2010 - 18:37 | 806266 Lord Koos
Lord Koos's picture

I heard about a couple in New Orleans post-Katrina who were in the process of rebuilding their house, when thieves stole the copper plumbing one night while they were sleeping.

Tue, 12/14/2010 - 14:36 | 805393 Threeggg
Threeggg's picture

Silver shortages starting to surface

Hot off the press on the Battlefield Today !!

6 month wait in Australia

Want Proof ?

Here it is.

http://www.youtube.com/user/stellaconcepts#p/u/0/ukjOZq2INOM

Good day

 

Tue, 12/14/2010 - 14:48 | 805451 jahbless
jahbless's picture

i exchanged emails with someone at Perth Mint this morning.  I asked how they were getting on, it being Christmas and all - her reply was:

 

"Yes, very very busy.  Not enough hours in the day at the moment."  I got the email, I'm not hyping, just sharing.

 

She told me they were trying to get all orders out before Christmas - I was checking mine, made Dec 8th - got shipped today. 

Tue, 12/14/2010 - 14:42 | 805422 Robslob
Robslob's picture

MAYBE China should just import JPM and skip the inflation part?

Tue, 12/14/2010 - 14:42 | 805424 Dr. Gonzo
Dr. Gonzo's picture

When I lend ten thousand silver dollars to someone I don't appreciate being paid back with a million copper pennies. I demand satisfaction! 

Tue, 12/14/2010 - 14:45 | 805435 rosiescenario
rosiescenario's picture

I have a bit of a problem believing that there may be a shortfall in copper production in 2011.By far the largest consumer of copper is from building construction...residential and commercial....I rest my case.

Tue, 12/14/2010 - 14:54 | 805478 LawsofPhysics
LawsofPhysics's picture

All players should have to take physical delivery of the metal they purchase.  Producers and end users should be the only players here.  Banks need to be just banks, period.

Tue, 12/14/2010 - 18:40 | 806275 Lord Koos
Lord Koos's picture

This is especially true when it comes to speculation on food commodities... speculation on rice etc, in 2008 caused hunger and starvation in many countries.

Tue, 12/14/2010 - 15:17 | 805543 scythian empire
scythian empire's picture

and be sure to buy dollars

Tue, 12/14/2010 - 15:24 | 805593 Misean
Misean's picture

So, for those screaming Dr. Copper about the future of ebubblegnomic growth, it might be a good idea to see just how rapidly the good doctor is depleting his hopium cabinet for personal use....

Tue, 12/14/2010 - 15:26 | 805607 curbyourrisk
curbyourrisk's picture

Alot of their copper holdings could easily haev come from their purchase or RBS Sempra holdings in August.    RBS was forced to sell this entity at rock bottom pricing (how convienient) to raise capital.

Tue, 12/14/2010 - 15:31 | 805615 DosZap
DosZap's picture

These Bstds are Criminals to the core,lying whores.

They FU the Slvr & Gld Mkts for 50yrs, and now take over the Cu Mkt, and act like we're STUPID.

Hey JPM!!!!!!!!!!!!!...............WE are onto you, your in rectal defilade.(need a flashlight?).

You best hope your shorted the hell out of it, you only have one customer, and he's ill.

Since their is NO world demand, and it's being pushed up by market whores.

Tue, 12/14/2010 - 15:31 | 805629 A Texan
A Texan's picture

The ironic thing is that we have PLENTY of rare earths - with the only problem being the pollution connected with extraction (they are mainly located with thorium, which is radioactive).  If we really wanted to, we could have plenty of rare earths and sink their price so as to remove that card from the Chinese hand.  All that's needed is the willpower to pass a law exempting this from most environmental regs (though we still want some control over it, hence "most").

 

A side benefit would be that we could (again, if we wanted to) build a bunch of thorium-powered reactors and screw the Arabs and Chavez in the process.  Oh, and we'd employ a bunch of people right here in this country to mine and process both the metal and the thorium, plus folks to build and operate the new nuke plants.  Everyone's a winner (except for folks that don't like this country too much, including enviro-whackos).

Tue, 12/14/2010 - 15:57 | 805729 Sudden Debt
Sudden Debt's picture

I've seen a thorium powered mini generator from a friend engineer that build one and I must say: WAW.

It delivered a constant 440Volts which he used to heat his house.

BUT

The thing costed him like 6000 euro to build!

Thorium isn't a cheap thing and only a few tons are mined yearly.

They should rather explore new metals that can do the same thing and which costs less.

Tue, 12/14/2010 - 15:49 | 805705 Grill Boss
Grill Boss's picture

It is actually %100, except for the piping in my house, which is owned by GS

Tue, 12/14/2010 - 16:19 | 805824 cva2biz
cva2biz's picture

the goldman sack, the ben bernank, the william dudley and the jp morgue deny everything that does not line their filthy pockets.

Tue, 12/14/2010 - 16:28 | 805853 Tense INDIAN
Tense INDIAN's picture

now if someone like MISH says that where is the evidence that JPMorgan is "naked short " silver.....then i will get confused.....after all these months i have been hearing abt JPM's silver manipulation.......

 

http://globaleconomicanalysis.blogspot.com/2010/12/still-more-hype-regar...

 

need some clarification...guyz

Tue, 12/14/2010 - 17:01 | 805957 LongSoupLine
LongSoupLine's picture

Well, another day of JPM silver supression.  Watching SLV is like watching them at work.

 

 

Tue, 12/14/2010 - 20:42 | 806612 115spider
115spider's picture

These are just the contracts which have been registered at the LME. The report neglects to say that the London metals market is also available 24 hours for inter company phone broking - the inter office trades can be matched via the LME or remain OTC and "brought on" at a later date.

JPM SL got fined 33m GBP by the FSA last july for failing to segregate client margins for a period of 6+ years, guess it's now time for the FSA to perform the 6 month check up.

 

Do NOT follow this link or you will be banned from the site!