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Silver 12 Cents Away From Post Hunt Brothers Closing High

Submitted by Tyler Durden on 02/15/2011 16:06 -0400

Now that we know that JPM had a statistically impossible 97% win track record in 2010, we can't help but drool in jealousy. However, we wouldn't be doing our journalistic duty if we didn't inquire just how much did JPM brush under the rug on their underwater gold and silver short exposure, and whether or not Blythe Masters' bank is even accounting under GAAP for the now documented price suppression scheme? After all, Blythe is the master brain behind such no margin "bearish exposure" products as CDS - it would be only logical that she discovered some way to make her massive paper silver short carried on the books at a minute fraction of gross notional exposure. Furthermore, it is no wonder that today Gary Gensler demanded a pound of flesh for his kickbacks to the banker lobby which allowed JPM to be grandfathered in with their huge short positions (claiming the CFTC would need to fire hundreds of worthless staffers if the corrupt agency's 2011 budget wasn't lifted, despite O'Malia's protest). We ask all this because despite all the unprecedented manipulation: the close banging, the paper shorts, the AM-PM session divergence, silver is now at $30.80, and is just 12 cents away from its post-Hunt Brothers record close, which was printed on New Year's Day at $30.92.

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Tue, 02/15/2011 - 16:30 | 964704 nontaxpayer

Been buying some silver eagles in 20 piece lots and love them almost as much as my gold, but I have to say I've come to the conclusion this Wynter Benton story is a hoax.

No people that childish would ever get hired to JPM even though they are morons. Calling someone their "leader" and the sentences in the posts are like straight from The Lords of the Ring. Bull, I think at this stage.

Tue, 02/15/2011 - 16:32 | 964717 overmedicatedun...

Wynter Benton's gang might be real after all.

Tue, 02/15/2011 - 16:35 | 964733 tellsometruth

it feels good to be right

Tue, 02/15/2011 - 16:38 | 964750 tellsometruth

here is ron paul yesterday on msnbc discusing "warmongering" Obama and defending against the donalds claims

Tue, 02/15/2011 - 16:39 | 964751 tellsometruth

http://www.prisonplanet.com/ron-paul-i-can-beat-warmongering-obama.html

Tue, 02/15/2011 - 16:38 | 964752 Bansters-in-my-...

Bend over Blythe,you got it cumming in the end...

Silver Bitches...Haha..ahahahaaaaaa

Tue, 02/15/2011 - 16:39 | 964757 jimijon

Well I did it! I finally minted my Ultimate Flipping Coin. 1 Troy Oz of pure .999 silver. This is not a bar, or blank. This is a very limited run collectors piece. So, come on, and support a long time zero hedger and purchase these soon to be very rare pieces.

Shameless plug:

http://www.mundogold.com

Tue, 02/15/2011 - 17:35 | 964968 MsCreant

Sorry, I cannot make out what the design looks like. I did click to see though.

Tue, 02/15/2011 - 16:39 | 964759 DutchR

Silver, I buy when I can and sell when I have to.

*very long silver

Tue, 02/15/2011 - 16:44 | 964775 Sofa King

I guess it's still demand if it's somebody is buing it because they believe it will go up in value due to somebody else wanting to buy it because it will go up in value.

Tue, 02/15/2011 - 16:44 | 964776 nontaxpayer

Junk me on this opinion too:

Turd Ferguson: "Blythe and I are battling for supremacy."

I like his opinion's on silver price action and technical details but this is bordering delusions of grandeur.

Tue, 02/15/2011 - 17:08 | 964851 Turd Ferguson

You actually think I typed that with a straight face? I'm obviously just referring to my own little world. You clearly don't visit the site often enough to get the jokes.

Sheesh.

Tue, 02/15/2011 - 18:25 | 965115 sterling effort

Grandeur? Have a look at Turd's avatar. Your first clue is the hat.

Tue, 02/15/2011 - 19:51 | 965300 GoinFawr

Yah Nontax is right: Anyone who dares put themselves on equal footing with the great, lordly, magnificent, 'omniscient' and delectable Blythe Masters must be delusional: there are simply none that can compare. <sarc>

She's nothing but a thin lipped GenX'er sell out; of the absolute worst kind. Unless she uses her inside position to backfire what she's started, of course. But I sure as hell won't be holding my breath on that one.

Tue, 02/15/2011 - 20:07 | 965331 Bay of Pigs

We'll see in the end how "smart" Blythe Masters is. I mean after all, she is credited with the creation of the Credit Default Swap (CDS).

That shit has worked out real well...<sarc ON>

Tue, 02/15/2011 - 16:45 | 964780 Unlawful Justice

Adjusted for inflation would be $79.46

Tue, 02/15/2011 - 16:46 | 964783 luk427

Are the Hunt brothers still around? Tyler should interview them. If not lets finish what they set out to do. Demand Physical! http://www.rapidtrends.com/hunt-brothers-demanded-physical-silver-delivery-too/

Tue, 02/15/2011 - 16:46 | 964790 Tense INDIAN

But India is ready for new lows:

http://markettechnicals-jonak.blogspot.com/

Tue, 02/15/2011 - 16:51 | 964810 Hephasteus

Bounce over. Should be really scary right now.

Tue, 02/15/2011 - 16:48 | 964794 lieutenantjohnchard

tyler, you didn't get the robottrader memo which is stated on the jpm thread: "And by the way, JPM probably has no silver shorts of any substantial amount. Just a myth."

right now, the old robo catfish mouth is on the horn with gentleman jim sinclair schooling him on the futility of holding gold and silver. but you won't find him on this thread. he's waiting for silver to come back a dime before unloading again that the rally is over, done, caput.

Tue, 02/15/2011 - 16:52 | 964814 klevera

I like silver but it looks quite toppy

Tue, 02/15/2011 - 16:54 | 964819 What_Me_Worry

"Don't panic. No one is going to get screwed."

-Blythe Masters, August 2010(Apparently, referring to the silver longs)

Tue, 02/15/2011 - 16:55 | 964824 BanksterSlayer

Geithner says "Silver is shiny."

Tue, 02/15/2011 - 17:08 | 964839 DutchR

Hunt Brothers 1980, human population 4,453,831,714 and they did allmost corner the market.

2011 world population 7,000,000,000 give or take.

In the meantime they found out that silver holds antibacterial properties and people are getting older with more money to spend.

2040 population 8,850,045,889? with a lot of older people wanting stuff with antibacterial properties methinks.

So now silver in my low country goes for €28.50 a ounce...........

*very long silver

Tue, 02/15/2011 - 19:52 | 965302 TheGoodDoctor

I'm just glad the population doesn't expand as quickly and the Bernank printing press expands the money supply!

Tue, 02/15/2011 - 17:10 | 964878 DavosSherman

48 bucks rings a bell but Christ, I was in HS back then.

Tue, 02/15/2011 - 17:11 | 964884 Dr. Gonzo

Took some $ out of the bank this morning that was earing .2% interest and placed an order with Tulving. Yeah. I panicked somewhat and buying close the the $31 handle is a lot scarrier than buying at the $5 handle but my hands are strong and I will be holding this bullion for a long long time. Might just die an old man with it. There is only so much fiat I'm willing to hold at .2% interest and I'm not buying real estate property any time soon so what the hell else am I supposed to do with it?

Tue, 02/15/2011 - 17:13 | 964892 lieutenantjohnchard

if my experience is universal i can assure you there's tremendous demand for physical. the bidding at the auction sites goes right down to the last few seconds with junk silver going quite a bit over melt. got some below melt over the weekend but it was nickel and dime stuff in the grand scheme of things.

i'm gonna keep accumulating.

Tue, 02/15/2011 - 17:18 | 964912 BallsDeepGold

Silver was up 86% last year, the morgue is the worlds largest short & they made money everyday in that environment. Who are they kidding?

Tue, 02/15/2011 - 17:44 | 964999 Scottj88

There is a lot of pressure in the physical market, and the technicals are way to strong as a result of the suppressed fundamentals. This whole market is about to blow and lead the way for financial chaos, as there will be a default on a lot of futures out there. There is too much leveraging in these markets, as it was one of the ways that our banking buddies have been able to completely control the markets.

Physical Silver will be the greatest indicator of how doomed the system is, as March 29th seems to be an intriguing day. 8 Million oz of silver bought from the US Mint so far, with 4 million from Comex in January, and 2 million right now for February. You could say silver has some momentum. I wrote this article a month back, and I am liking its position more and more by the day..

$50 Physical Silver by April 2011

http://thehardrightedge.com/50-physical-silver-by-april-2011/

Tue, 02/15/2011 - 17:45 | 965000 High Plains Drifter

BUY BUY BUY !!!!!!!

Tue, 02/15/2011 - 18:09 | 965064 Joe Sixpack

AVATAR

!!!!!!!

Tue, 02/15/2011 - 18:46 | 965158 Cash_is_Trash

The dip has been BOUGHT

Tue, 02/15/2011 - 19:54 | 965303 Moe Howard

I bought the dip fully physical.

The median home price in the midwest is just shy of $140,000. At today's prices, that would be less than 7 [non-troy] pounds of gold. Is that not interesting?

Tue, 02/15/2011 - 20:39 | 965404 Math Man

Actually, the rally has been SOLD.

Look at SLV tonnage. It's still well below the peak.

Tue, 02/15/2011 - 21:14 | 965431 GoinFawr

hahahahahaha! <wipes tear> Where have you been?

Tell me, just off the top of your pointy head, can you think of any other explanation for the exit of actual, real Ag from the SLV inventories? (Hint:Think really really hard of who the proprietors of that 'license to shoot yourself in the foot' ETF are)

Wed, 02/16/2011 - 02:05 | 965957 RockyRacoon

Did he actually write that? I'm laughing so hard I can hardly type.

Amazing....

Tue, 02/15/2011 - 17:58 | 965044 SwingForce

Ain't no thing like a Chicken Wing

Silver ain't Gold, and Gold ain't Shit.

Tue, 02/15/2011 - 18:01 | 965053 jomama

which adjusted for inflation should be what now, ~$155?

Tue, 02/15/2011 - 19:13 | 965217 Fraser434

couple of us were just talking about how diesel fuel went up .60 cents last week, I told them Silver went up .60 cents too this week. Direct inflation hedge example.

Tue, 02/15/2011 - 19:32 | 965246 william the bastard