Presenting SLV's Largest Holders

Tyler Durden's picture

It is not a good day for MS, BofA and Aletheia Research, the top 3 holders of SLV respectively. While the next 13F update of SLV holdings will hit in two weeks, below we present the funds with the largest SLV holdings as of December 31. Granted, considering that silver has had a nearly 70% YTD gain since then we will probably not shed too many tears. Curiously, Texas Teachers, not to be confused with University of Texas established its entire 2.8 million share stake in Q4 of last year. We wonder if Kyle Bass is to be thanked for that as well. And more curiously: JPMorgan, with 3.6 million shares is the 5th largest SLV holders.

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Sudden Debt's picture

So JPM is the largest shorter in the market and yet they own a large chunk of the silver fund... which is also underbacked by silver...

 

 

What does it all mean's picture

None of this is relevant!  

1.  Quarterly disclosure is way too slow.  The volume can be traded in less than 30 min.

2.  JPM can be hedging, or actually create/redeem these ETFs, none of it matters.

For the first time, ZH is trying to dispel this whole JPM is shorting silver and only silver bent.  I applaud ZH for trying to do the right thing.  

Silver, like other "products", (CL, ES, ZN...) are there to be traded... 

disabledvet's picture

ZH didn't say that--said "shorting silver via copper."  copper was up today which of course makes no sense if you believe the reason for the sudden downturn in pretty much all commodites today is because the economic numbers have come out and we're heading towards a double dip recession.  In other words "ZH rumor is true" and "would have done well to copy them" but not fight them.  Still "why are finanicials up?"  Jobs report friday gonna be REAL important.  And of course "all that other stuff" like "Greece, Ireland and Portugal."  They're like "countries and shit."

Sylvia Plath's picture

I wonder if the Texas Teachers plan #8 on the list is the same fund that took the big Gold position few weeks back...

 

Nothing like sticking it to the Teachers... 

CitizenPete's picture

I am lost on this one...  with silver paper shares only backed 100 to 1 with physical what are they actually holding and why the massive positionsin shorts to hedge?  Somebody please explain.

 

Lucy?  

Bay of Pigs's picture

They are holding basically worthless paper (SLV), but generating big fees/commissions for which they charge to manage the ETF. Trading it through their HFT/algo's also provides huge revenues for them. They are massively short gold and silver to make the USD look and perform better on behalf of the FED, USG and UST, which worked for many years by leasing and swapping metal directly into the market. This gave way to the "strong dollar" mantra and low inflation through hedonic adjustments. Greenspan, Rubin and Summers were all central in this while at the same time introducing the derivative complex (by repealing the Glass-Steagall Act). This helped to depress and discourage people from buying physical metal themselves and/or investing in the miners. GLD and SLV have been huge drags on the XAU and HUI, and worse, terrible proxies for the metals themselves. They are not backed by physical metal, IMHO. I base this primarily on their prospectus, which resembles Swiss Cheese.

They orchestrate these takedowns by pulling all their bids to start waterfall corrections and shake out weak hands. Then they cover short postions and roll long. This process has been repeated countless times over the last 10-15 years (at least). It is illegal and it is criminal. The SEC and CFTC sit back and do nothing, although they have been given hard evidence on a platter (Andrew McGuire for one) that laid out when and where these takedowns would occur.

Short answer but does that help?

SilverRhino's picture

JPM is a COMEX warehouse; JPM is also the 5th largest shareholder of SLV commodity shares.  

Isn't this a massive conflict of interest? 

What does it all mean's picture

Too long to explain, but google market-maker...

 

JW n FL's picture

 

 

by What does it al...
on Tue, 05/03/2011 - 15:54
#1235542

 

Too long to explain, but google market-maker...

 

**************************************************************

 

It is like being in Love... either you are or your not... some here have never felt the way you do.. others have and suffered bitter break ups.. some choose to get back on, to fight developing a phobia of being thrown.

 

But understand me young man, you can believe that the grass is blue, the sky is purple and that water is dry... you can factor in the effect of light refraction, you can make a logical argument that who decides what wet v. dry feels like. But in the end the facts, not the ones presented that are designed to instill a desire in the sheep and not the ones that you would choose to believe.

 

The real facts, will dawn on you.. you will be heartbroken and you will question everything and try to put it all back together in a way that is not random or evil.. but in the end, with the more facts that are levied against your pure heart.. you will be made to suffer the ugliest of truths.

 

The system is beyond corrupt and nor is it designed for the benefit of man.

 

Once you have stewed in these facts long enough you will try to find a way to fight the wrongs or you will decide that your personal quality of life is more important that wrong or right.

 

I hope that you are strong enough to fight the good fight! there are enough weaklings that turn their backs on mankind as a whole.

 

***********************************************************

 

Now on to your market maker statement.

 

1.   JP Morgan is the only Bank on the Planet that has a .04 margin to work from while all others are pushing .4 on the books..

2.   As well JP Morgan has a 0.25% FED window to draw down from.

3.   As well JP Morgan has the U.S. Tax Payer as its backstop in case of any type of failure.

4.   The FED will allow a blacked out pass thru / charge off that the U.S. Tax Payer will eat at a 6% rate.

5.   JP Morgan does create market conditions that would allow for the lesser position held by JP Morgan to become profitable over the broader majority of Americans in the more Logical Position. For instance physical ownership of PM’s v. paper trade in the land of make believe. JP Morgan will use all of its Proprietary Trading Techniques, which is short for 0.25% FED Monies, on a Blacked out contract to short the market back to the optimum price target for the larger manufacturing sector not to bear the brunt of a “We the People” inspired run up. With the full blessing of all involved for the betterment of all markets, it really is a twofer.. 1. God’s Work is being done to keep the tight margin markets running and then the bonus of all bonuses.. the peasants who had the gall to try and stand up to their masters will be punished for their unruly behavior.

 

There is a catch, I would not want to hurt your feelings any more than I have already.. but I can assure you that this time will be different and the dips will be bought, by one and all and this small, little insignificant market that is silver.. that JP Morgan could outright buy with spare change found in Jamie’s office sofa.. will become the first shot across the bow. This silver movement will have more significance than anyone would give it credit for today.

 

Good Luck, I Wish You Many Profitable and Happy Trades!

Chuck Walla's picture

Well, they won't be standing for delivery of their own silver at least.

Ruffcut's picture

Jpm owns a piece of everthing, including most of our collective asses.

These criminals use fractional reserve lending to loan to each other to buy the complete array of capital markets.

Well fuckos stock holdings are now becoming more than their worthless mortgage holdings. But, the worst were transferred to foney and fraudy for we can fully see it on the gubbermint balance sheet.

Good ole buffy, saw to that.

Thomas's picture

This is silly since their ownership is for their customers.

FunkyMonkeyBoy's picture

Did i miss the memo when Tyler/ZH became bearish on silver? Not long ago we were getting 'silver just went vertical type posts, jpm feeling the pain'.

Tyler Durden's picture

"considering that silver has had a nearly 70% YTD gain since then we will probably not shed too many tears"

What does it all mean's picture

Tyler Durden, finally.. you are trying to be some what balanced.  Of course, you can continue to be bullish, but the one-side coverage hurts idiots that gets on this website!  

+1

spartan117's picture

Maybe TD has been psy-ops all along!  In fact, their goal was to goad the public into buying silver, only to be the contra party on those trades.  Wow!  What a conspiracy, eh? 

Zerohedge = JPM???

And all this time, I thought you were Brad Pitt.

 

JW n FL's picture

right? those hawt abs he has.. totally had me sold!

i dont know who junked you? that shit was funny!

Sudden Debt's picture

This isn't a one sided coverage. This site is the collective brainwork of thousands.

Tyler starts the topics and the readers fill in the rest.

If ZH was one sided, I sure wouldn't be here. But it's a number 1 resource site you won't find anywhere else.

You are 2 days in the green, and what a arrogant mouth did you grow in 48 hours.

WAW!

Now go back to Yahoo finance. You're testing my nerves.

 

walcott's picture

It is one sided! fuck 'em

buy the living crap out of physical silver 

BTLCOOPS!

irregardless of price.

If they rip it down to $5 then buy thousands of ounces!

Then you won't give a crap if you bought a couple hundred oz.'s at $50.

 

goldfreak's picture

Jon Nadler is back with a new troll screen name! welcome back Jonny

Sudden Debt's picture

This isn't a one sided coverage. This site is the collective brainwork of thousands.

Tyler starts the topics and the readers fill in the rest.

If ZH was one sided, I sure wouldn't be here. But it's a number 1 resource site you won't find anywhere else.

You are 2 days in the green, and what a arrogant mouth did you grow in 48 hours.

WAW!

Now go back to Yahoo finance. You're testing my nerves.

 

dark pools of soros's picture

a few of us here were saying cash some of your chips at $48....  but hell, some of ya won't ever sell so why do they even bother to look at the price each day?

narapoiddyslexia's picture

I cashed half my chips at 47.17, the half that were SLV. That reduced the cost of the other half, the physical half, to $0.00, after taxes.

I can't wait for it to go to $20/oz, then I'll load up again.

Eventually, all the silver on the planet will be buried in my back yard. Not. Actually, I put it all in bank deposit boxes, and for those of you who think the government will seize it, you're fuk ed in the head piece. Never gonna' happen. Ever.

bothsidesnow's picture

Exactly most investors or protectors for wealth as you all call yourselves either lighten up on their position to lock in some profits or hedge their position to lock in their profits. I believe 70% gain is a good indicator for the majority of investors/protectors of wealth.

But when you are betting on the end of the world like you all are no need to hedge hence the name Zero Hedge.

Betting on the end of the world is a bad bet, it only happens once, and I'm pretty sure you all are not going to be around either, hence your survival is zero with your silver, glocks, ammo, and whiskey.

Enjoy life,  take some time away from polishing your glocks and silver rounds because in the end your going to die like the rest of us, and your glocks and rounds will be weathered by nature and returned to the crust of the earth.

 

Citxmech's picture

The world only ends once - but it changes all the time. 

If I sold at $48 and bought today - it'd be a wash with the premium - so why bother?  This is a fantastic buying opportunity.  Planning on backing up the truck tomorrow, regardless. 

If Ag keeps going down - I'll keep stacking.  Ain't like fiat's going to go up in value with these clowns at the helm...

 

Dr. Impossible's picture

funny you use the "End of the world" analogy....historically..there are many of people that have forecasted the end of the world, most of those people were highly religious ..fanatics to say the least. and some had surprising accuracy, when taken into context that they couldn't see past there religious beliefs.and so as the time came, it wasn't the world that died, but their religion died, it was the end of the world to them. mostly by conquest of other nations wiping out whole cultures, and religions.

so..."END of the World" prophecies heighten my sense for fanatical activities. most here on ZH already realize the dollar a done religion, and just trying to have something to start with for the next go. but some are still in denial. those people can be seen clearly by their posts.pity them that do know not, but do not spare those that keep their eyes wide shut.

Ratscam's picture

Religion ranks high in the bullshit department.

I miss George Carlin

No go and junk me if it makes you happy

WestVillageIdiot's picture

"Religion ranks high in the bullshit department."

Oh, why don't you just kiss my hairy Zoroaster while you're at it?  Just kidding.  I had to do that.  It was just too tempting to pass up.  By the way, I am in full agreement.  For pure, unadulterated bullshit religion has no equal.  Well, maybe Real Housewives of New York. 

NOTW777's picture

look at a chart - 26s just in january

dark pools of soros's picture

and that was my last big buy...  wish I was bigger player since I caught that dip and just called this last top...   but I am just a tiny silver/gold bug

unky's picture

so that means jp morgan holds its owns silver or what?

css1971's picture

What it means is that JP morgan holds paper certificates for the silver which is stored in their vaults and are apparently, also borrowing and selling silver to push the price down... I think it must mean they must know something about the silver they are storing in their vaults which nobody else knows.

Or something like that.

CitizenPete's picture

So some of the same organizations that are short are just hedging their long positions?

Dr. No's picture

Would make sense since SLV is a paper trade and in theory, they would not be adding to demand in order to be long.

Cognitive Dissonance's picture

And more curiously: JPMorgan, with 3.6 million shares is the 5th largest SLV holders.

They're holding the paper shares in their vault to offset the Silver that's missing. Stay tuned for next week's installment when JP Morgan admits they've been holding Santa Claus on ice for over 75 years.

Dr. Impossible's picture

"They're holding the paper shares in their vault to offset the Silver that's missing" did you mean....there photo copying shares...or maybe even ...drafting shares? writing IOU's? frn's? maybe even issuing FTD's?

ivana's picture

Jesus what a list of "reliable & trustworthy" companies

Dr. No's picture

This is eerily similar to a robotrader post.   OT: when does the clueless economist publish his oped piece in the Times recommending the FED sell their gold?

disabledvet's picture

or raise interest rates.

monopoly's picture

sudden debt, as always you are too much. lolol luv it.

monopoly's picture

wang, I have had lots of bad days since I started trading real currency. But, have 0 complaints, long term it has been a very very nice ride. Just gotta stay focused. And, NO Margin!!

:)

monopoly's picture

I have been to this movie before and I just keep adding a little here and there the lower we go. Putting some worthless confetti to work. Another day or two and...well, we shall see.

Long a bunch.