Silver Approaches $38

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Thu, 03/24/2011 - 08:15 | 1094472 BrianOFlanagan
BrianOFlanagan's picture

where's the JPM bankruptcy filing?  I thought $36 was supposed to bring them down.

Thu, 03/24/2011 - 08:23 | 1094501 Ray1968
Ray1968's picture

Unlimited access to the Fed window can carry you a long way.

Thu, 03/24/2011 - 08:34 | 1094537 Careless Whisper
Careless Whisper's picture

@ BrianO

dewd, do you have any idea. jp morgan has 2 trillion in assets. they have about 176 billion in stockholder equity (according to their gaap certified financials). there are rumors that they are short about 1 billion ounces of silver. if that's even true then silver needs to go to a few hundred an ounce before they loose any sleep and ask for a bailout.

Thu, 03/24/2011 - 08:50 | 1094589 BrianOFlanagan
BrianOFlanagan's picture

@ Careless Whisper

Exactly!  JPM/Blythe aren't losing any sleep on the rise in silver (they may in fact be net long, but that's another story).  Silver could go to $50 and JPM will still likely be reporting perfect trading records.  

But the silver bugs need a boogeyman, for some reason.

Thu, 03/24/2011 - 08:58 | 1094644 morph
morph's picture

I hear paper numbers

Thu, 03/24/2011 - 08:58 | 1094645 tmosley
tmosley's picture

Please don't buy any silver.

Neither of you.

You don't deserve it.  I would hate to see people like you get rewarded.

Thu, 03/24/2011 - 09:48 | 1094835 long juan silver
long juan silver's picture

Anyone bearish scares the hell out of you dont it? hehehe

Thu, 03/24/2011 - 10:06 | 1094908 tmosley
tmosley's picture

lol, whatever you say, Willy the Coward who had to change his name due to his cowardice.

Thu, 03/24/2011 - 10:17 | 1094952 I Am The Unknow...
I Am The Unknown Comic's picture

I am so glad that bastard changed his name.  I used to just cringe when I saw his drive-by trolling posts.  I hope he gets fired from his trolling job.

Thu, 03/24/2011 - 10:45 | 1095015 EscapeKey
EscapeKey's picture

I seriously doubt he's paid to do that. If I were to sponsor shills, I would want someone who could argue intellectually. WTB's posts basically just amounted to the intellectual equivalent of "I'm rubber, you're glue", with a lot of curse words thrown in for good measure.

Thu, 03/24/2011 - 09:51 | 1094853 Kaiser Sousa
Kaiser Sousa's picture

thank u for that...

now all chumps move along....

Thu, 03/24/2011 - 09:09 | 1094690 nontaxpayer
nontaxpayer's picture

This. Blythe prolly hasn't even heard about Max Keiser, the climate change-banging Israel-bashing moron.

(you may junk me now)

Thu, 03/24/2011 - 09:27 | 1094768 Careless Whisper
Careless Whisper's picture

first, i'm long silver and gold. but not because of max keiser. you are correct, he promotes the cap & trade fraud scheme that will benefit the criminal bankers, yet he hates goldman and jp. pfffftt. right. and while france leads the war on libya, max keiser remains silent, while he dines on millefeuille at restaurant du palais-royal.

Thu, 03/24/2011 - 09:34 | 1094778 EscapeKey
EscapeKey's picture

Anyone making investment decisions on basis of a showman deserves to lose everything.

Max Keiser is an entertaining doofus. So is Jeremy Clarkson when it comes to cars. That doesn't stop me from watching either, because as previously stated - they're entertaining.

Thu, 03/24/2011 - 09:41 | 1094814 Careless Whisper
Careless Whisper's picture

jeremy clarkson has the best job in the world.

Thu, 03/24/2011 - 09:19 | 1094739 bankrupt JPM bu...
bankrupt JPM buy silver's picture

There is no way they are long, you are on crack if you think you can continue the worlds greatest ponzi long PM's, that the most absurd thing I've heard in this rally.

Thu, 03/24/2011 - 09:29 | 1094770 Head for the Hills
Head for the Hills's picture

They probably just printed a fresh batch. 

You know paper SLV and metal is the same thing these days.

Thu, 03/24/2011 - 09:28 | 1094765 EscapeKey
EscapeKey's picture

What a stupid argument. Yeah, they might have $2tn in assets, but you "forgot" to mention they have $1.95tn in liabilities.

Right up there with Spalding counting CDS notionals as "debt".

Thu, 03/24/2011 - 09:34 | 1094781 Arthor Bearing
Arthor Bearing's picture


If the accouting rules were changed to discourage fractional reserve banking (which would be simple: you're not allowed to count the liability of others to you as an asset) then their assets would fall probably 95-98%. That's why the morgue needed a bailout when Bear Stearns went down, because the spiralling debt deflation would have taken down JPM, Goldman, and all the others

Thu, 03/24/2011 - 08:34 | 1094539 Bicycle Repairman
Bicycle Repairman's picture

Yes.  JPM is not going bankrupt.  Buying PM is a good means for catching the money that the FED is firing out of its "bazooka", however.

Thu, 03/24/2011 - 08:51 | 1094600 long juan silver
long juan silver's picture

Every single person here has pom poms a shaking

Thu, 03/24/2011 - 09:01 | 1094648 tmosley
tmosley's picture

Whatever you say, William the Dumbass.

Thu, 03/24/2011 - 10:04 | 1094903 Fearless Rick
Fearless Rick's picture

Read this, dumbfuck, and tell me how you feel.

Roger Weigand, usually on the money.

Thu, 03/24/2011 - 08:30 | 1094519 tmosley
tmosley's picture

They have bought time by becoming a COMEX registered vault.  It took them two days to get permission to do this, a process that takes 45 days for everyone else.

In the immortal words of Jay Sherman "It stinks!"

Thu, 03/24/2011 - 08:47 | 1094587 duo
duo's picture

don't piss JPM off, or they'll dump their EXK shares and naked short HL.

Thu, 03/24/2011 - 09:29 | 1094769 French Frog
French Frog's picture

does anyone know for sure if jpm are still net short? there's so much speculation about it that for all we know, they could actually be net long and enjoying the price rises fuelled by everybody intending on 'killing' them.

just a thought, rarely entertained in here despite the fact that probably no-one can prove whether jpm are net short ot long silver

Thu, 03/24/2011 - 09:38 | 1094793 overmedicatedun...
overmedicatedundersexed's picture

french, HOrgan reports on silver contracts that are being settled for CASH. not silver.  is it JPM many think so.

Bless Wynter Benton, still investing buying PM's and PM stocks, with them and seems they are for the contracts then sell for big premium each month is working..Silver is out performing gold each month something is pushing it, JPM caught in a short squeeze could be one factor.

Thu, 03/24/2011 - 10:17 | 1094951 DosZap
DosZap's picture


Either short or long they lose metal, damn sure do if short,and cause a DIP.

They went to Copper to make up the difference.

Mr. Rockeller, just how much money is enough?, Mr. R,

 Just a LITTLE more.

Thu, 03/24/2011 - 09:36 | 1094783 vas deferens
vas deferens's picture

Looks like JPM is hurting bad, they had to register as a comex vault!!?? Hmmmm   It took two days to register, normal time is said to be 45 days. Looks like someone was in a rush to deliver silver to themselves.



Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver Shorts?

Thu, 03/24/2011 - 12:23 | 1095598 RockyRacoon
RockyRacoon's picture

Yeah.  Their "vault" is probably about the size of my post office box.

Just had a phone solicitation for a U. S. Bank credit card.  The guy asked me if I still lived at P.O. Box whatever.   I said yes, but it was starting to get a big cramped and I might move up to a nice, roomy dumpster.   He cruised right thru the humor and continued to read from his script.   Sad bunch o' bastards.

Thu, 03/24/2011 - 08:16 | 1094474 Xibalba
Xibalba's picture

Not to worry!  JPM is on the way!

Thu, 03/24/2011 - 08:30 | 1094518 Troll Magnet
Troll Magnet's picture


Thu, 03/24/2011 - 08:16 | 1094475 emsolý
emsolý's picture

Reuters: "jitters over the euro zone sovereign debt crisis, violence in the Middle East and worries over radiation leaks in Japan conspired to blunt risk appetite."

Those are the same jitters that are making DAX +1.8% today, correctamundo?

Thu, 03/24/2011 - 08:26 | 1094514 snowball777
snowball777's picture

+1 Jittery fat finger

Thu, 03/24/2011 - 09:34 | 1094779 Oh regional Indian
Oh regional Indian's picture

++++1 jjjjjittery ffffat ffffinger iiiindeed!


Thu, 03/24/2011 - 08:18 | 1094476 hugovanderbubble
hugovanderbubble's picture


Short Squeezes coming if SPX above 1320

Watch them


Thu, 03/24/2011 - 08:20 | 1094483 HelluvaEngineer
HelluvaEngineer's picture

...worries over radiation leaks in Japan conspired to blunt risk appetite

C'mon.  Really?  They're not even trying anymore.  Are humans auctually writing this stuff anymore, or is it just auto generated?

Thu, 03/24/2011 - 09:16 | 1094721 dark pools of soros
dark pools of soros's picture

is this real or a game?

WOPR HTF: what is the difference?


Thu, 03/24/2011 - 10:06 | 1094910 Gordon Freeman
Gordon Freeman's picture

Actually, they just have a half-dozen hot keys, that spit out the tropes in various easily digestible combinations...

Thu, 03/24/2011 - 10:18 | 1094962 DosZap
DosZap's picture

No, when your a dumbass journalist, and a sheeple,you print what makes you ticky.

Having no clue as to the real reasons.

Thu, 03/24/2011 - 08:20 | 1094485 Hannibal
Hannibal's picture
Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver  

Some vault operators are more equal than others. JPM appears immune from processes that everyone else must suffer through. On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process. The newly licensed vault, more:





Thu, 03/24/2011 - 08:24 | 1094499 swissaustrian
swissaustrian's picture

This buys just some more time.

Thu, 03/24/2011 - 08:23 | 1094503 TaxSlave
TaxSlave's picture

Ha, transfer from one hand to the other, then tell everybody what the price was.  Brilliant!

Thu, 03/24/2011 - 08:28 | 1094515 the not so migh...
the not so mighty maximiza's picture

using a "self-certification" process.


yeah that sounds groovy

Thu, 03/24/2011 - 08:58 | 1094643 EscapeKey
EscapeKey's picture

Using the same self-certification process, I have determined I am worth $1.5 quadrillion.

Now, who want to buy 1% of my net worth? I will sell it at a bargain price of $1bn, but you have to act fast, because there's only 100% to be sold.

Thu, 03/24/2011 - 09:15 | 1094714 Horatio Beanblower
Horatio Beanblower's picture

$1.5 quadrillion, eh?  Would you like to buy a derivatives bubble?

Thu, 03/24/2011 - 10:10 | 1094913 EscapeKey
EscapeKey's picture

Hey, I'm already trying to sell one!

Thu, 03/24/2011 - 11:13 | 1095297 Calculated_Risk
Calculated_Risk's picture


Thu, 03/24/2011 - 08:53 | 1094611 gwar5
gwar5's picture

JPM moved operations offshore, and now this. Desperation.

More proof they're all crooks and the COMEX is owned.

Allows JPM to be in charge of good delivery standards of the Tungsten.

Thu, 03/24/2011 - 09:13 | 1094705 JLee2027
JLee2027's picture

I read the fact it happened in 3 days instead of 45 as total desperation. They are indeed, out of silver in the warehouse, at SLV, and at the LBMA.

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