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Silver Spikes Post JP Morgan Short Covering News
The Asian sharks are smelling the aforementioned blood. As of a minute ago, silver has jumped to far above intraday highs and is three nickels away from $30. At the same time gold is flying too, moving well north of the $1,400 barrier, as JPM silver's short is nothing compared to its gold paper shorts. And if the firm is capitulating on one, it is a certainty it is doing so with not only gold, but all positions it may have margins calls in. Look for a spike in GC repo paper rates tomorrow as the tri-party system manager tries to take advantage of its monopoly status as the big dog in the repo market (that just happened costing Lehman its liquidity line).
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perception or reality. it doesnt matter. whoever IS short is screwed.
no there not they have your wallet, via the fed, they make money every single trading day and if they don't, they take it from you. so if they are short, YOU ARE SCREWED
"screwed" ?
you mean as a taxpayer?
JPM is a tarp bank therefore WE, the taxpayers, are screwed. the banks will just get bailed out again (sharing loses and keeping all profits). good times!
Die Sucka's! Oh the Humanity! Oh look, JPM's blood is red like mine....
Hoser
Pigs aren't getting slaughtered tonight. Pigs are killing it.
I said it last week, and I'll say it again:
Use these inflated price levels to SELL your silver.
The pigs are unwittingly being led into the knife room.
Trust me....
Yes, let's all trust Ben Bernanke's fluffer.
No-one here believes your shit. Why don't you just get out?
Sure, sell the only items with NO counterparty risk...
Cause debt is good, and unicorns are real!
I trust you about as much as I trust Ben Bernanke.
"Trust me...."
Nope.
- Ned
sweet
Palladium moving w Ag
doomboomgloom just hanged himself.
... with a dog leash.
LMFBO!!!
I want to hear Blythe scream that she's melting
I want to see Blythe earning tips as a pole dancer.
That would be something - I'd travel to see that.
+1
I received my new Chase credit card on thursday, maxed it out buying silver american eagles on friday afternoon. 0% interest for six months, bitchez
That's not a bad Idea.
Reminds me of a lovely woman who got a Boob job. Great work but uber expensive.
She borrowed the 12 large and paid the bouncy boobs off.
Rang me to say they where free and clear 2 years after.
I just opined that they would have a bastard of a time if they wanted to REPOSSESS them.
Yes a great idea - Fiat buying fact
yucky
She does kind of look like the Wicked Witch of the West, doesn't she.
And BINGO was his NAME-O. I feel as if I have personally contributed with my JPM Silver Manipulation Explained vid. Not sure what to say really. Elation? Euphoria? I'm just going to sit back, and enjoy the moment. LOL, Lovin it. Shout out to TD, ZH, Murph, Fundamental View blog, my boy Harvey Organ, and most of all Blyth, this wouldn't have been possible without you, witch.
And watch V for Vendetta....
Worth drinking a couple of silver bullets to this news!
Hasn't caused much change in the forex markets yet. Dollar weakens against the euro. Pretty flat against everything else.
up,up,and away hi o silver!!!
Mitch: You work to hard to drink that swill...go get a Full Sail 22er, you sir deserve it!
Will do! Thanks!
Perhaps jumps to $35 then backs down again me' thinks..
$29.80 now (almost 11:00 PM ET), not as much movement as I would have guessed on the news.
Let me pose a question. I want to trade 3 oz of gold into US junk, I want the silver exposure in hopes of more up side the coin guy is fair and the vig is fair. Does silver have the juice to make it worth while? My bet...yes.
[I want to trade 3 oz of gold into US junk, I want the silver exposure in hopes of more up side the coin guy is fair and the vig is fair. Does silver have the juice to make it worth while?]---yabyum
Hi yabyum. We need more information before we can help you.
Most importantly, what is your intention? What do YOU anticipate happening in the near/distant future with the economy/markets. Gold (coins?) and Junk Silver have very different purposes. What kind of gold are you holding, e.g. dabloons, paper gold, digital, segregated, mini-bars, Krugerrands, Eagles, 1886 Liberty Head Double Eagles? Will you retain some gold in your portfolio after your Junk silver trade? Do you just plan to make a quick "trade"?
We need more "general" info.
Instead buy some T.SLX and really let 'er rip, you Yabyummer.
I hear you ... 6000 shares at 0.45
heh, heh, heh
The Euro is on fire tonight.
http://oi56.tinypic.com/14kb9d5.jpg
LOL! That happened a couple weeks ago with Canadian Dollar; but I'd laugh if I woke up tomorrow morning and discovered it was true!
Good bye "20's". Hardly knew you.
Hello sexy "30's"!
$50 soon...I've got some insider info from a trader at the Goldman Sack...
How soon is "soon"?
How soon is now? YouTube - How Soon is Now? - The Smiths
Excellent SheepDog-One....you read my mind
Would Blythe get a bonus then this year ?
Would Blythe get a bonus then this year ?
Whatever losses JPM has on this, the Fed will just cut them a check.
Also, someone big has the net other side of the trade, so in the TBTF eyes its all a wash, except for their juice, which is pure vacuumed profit.
JPMorgan Bank is not merely TOO BIG, it is the ONE BANK just below the Federal Reserve old JPMorgan himself fashioned...1908-1913
"Also, someone big has the net other side of the trade, so in the TBTF eyes its all a wash, except for their juice, which is pure vacuumed profit."
Weak
That's just TOOOO GOOOOD!
This is so NOT a bubble.
I looked in my change pile and found a 1936 dime. Now I don't just feel rich, I feel an extra silver dime rich.
It is a bad day for The JP Morgue. It is a good day for The Silver Bitchez!!
Big breakthrough just in time for Christmas.
Just in time for Christmas. I am going to take my il-gotten gains and pay off my credit card purchases of holiday gifts. Using funny money to pay funny money.
Note: Author is long silver mining stock and also has physical possession.
High-Ho Silver! Away!
The JP Morgue just farted out loud
too far in the red. bitch better come back.
To find out more about the Imminent Collapse of the U.S. Economy, watch this video "PUMP AND DUMP HORROR SHOW, END OF U.S. EMPIRE PONZI SCHEME" at (http://www.youtube.com/watch?v=Pf7e7xAm77w).
by Anonymous
This feels like late summer 2008, when the Dow went like a rocket from 10000 to 14000 within a few months and we all know how that ended. I'm all cash now because I'm terrified by what is going on. I think we are headed for a huge CRASH sometime in 2011 or 2012. This time the Gov is so much in debt that it can do nothing and we will slide into the Greatest of Depressions.
I agree with you!
BUY the RUMOR, SELL the FACT [NEWS] !!!
I tried to get long YIF11.. but when prices didn't move I got out quickly.. had trouble with this metal yesterday. It felt like someone was toying w/ the prices. Weird!
My short NQH11 trade failed overnight Sunday.. I am extremely BEARish here on stocks..
Probably a good move however, being 30% large PM stocks may be your saviour as well like I am. I can only use Homestake in the great depression as a guide. Everything else is BS.
Producers or nothing - juniors get cooked in these markets. gold juniors lost 90% in 2008 as an example
Clearly caution and risk off is the order of the day, the problem is what isn't risk?
is there any chance that Silver may correct from here.......the http://www.uncommonwisdomdaily.com/an-important-warning-10786 guys thinks it will
It's a bull market, you know.
I can't see a major pull back because the spot market is so tight. If you drop five bucks people will take physical and push it up. Major pull back is when the price has risen in the futures and options market and spot lags. This is not occurring
PS just my opinion
This guy says pm.s will correct because....he believes they will.
Amazing work.
If When they get bailed out again Blythe should be made to stand next to the Ben Bernanck with a giant cardboard cheque and smile like shes just won the lottery.
Silver was at $30 previously. Anyone short, would not be in anymore pain than they were at 30. Many would be short at 30 with a stop loss.
Anything Morgan loses it will gain from the cornering of other commodities as a hedge.
These banks are in control, get over it. The idea of asian sharks is laughable.
You're white man cockiness is your downfall. Your ethno centricism is even a greater downfall.
Here's a construct for ya
You are not in control anymore
Oh ye of small mind. All the copper in the world isn't going to save the JP Morgue when the silver panic hits, and silver rises to parity with gold.
Nothing else is going to be able to keep up. The fundos for silver are too severely bullish. The only thing the banks control are there little bits of paper. In the long run, that paper means exactly nothing.
that paper means exactly nothing.
I disagree. That paper means everything because of who owns it and has interest in it. Paper may be unimportant to you, but it is the foundation for those who are truly in control of everything.
When the shit hit the fan, tell me what was more important in the past 4 years: real assets or the paper derivatives attached to them?
These banks do indeed have much power... because most humans are stupid. However, if a mere 5% to 10% of humanity switches all their paper assets over to physical silver, gold, [and other real, physical goods], the paper-pushing scumbags will fall.
Sure, it has taken 40 years so far, and will probably take a few more years before the world switches to a real, physical gold standard denominated in "grams" this time (something real), not "dollars" or "euros" or "pesos" or "yen".
The debt-spiral is getting faster and steeper every day, and soon the government of the USSA will spiral down the toilet of history --- as it should and must.
suppose the shit hits the fan ....n we see a powerfull rally in DOLLAR.....wont it effect the silver price ??
Merry F'in Christmas people, to slay a vampire is a great thing for humanity.
Watching one die a slow death is even better
Bang on 13:30 GMT, PMs plummet... another big takedown like last week?
One can only hope!
DavidC
Nice head fake for this morning's raid on PMs. Almost comical, Blythe. We'll just continue buying the hard stuff, thanks.
JPM will not be hurt by their silver shorts as silver prices rise. Why? Because every penny they lose on these trades is covered 2x, 5x, 10x, maybe even 100x times over by the FederalReserve.
JPM is not shorting silver and gold because they believe silver and gold will crash in price, JPM is shorting silver and gold for the FederalReserve. Why? Their goal is to keep the dollar stronger than it should be so they can continue to pawn off tens of trillions of dollars at higher than appropriate dollar valuations.
Just think how much the FederalReserve benefits from manipulating the apparent value of the dollar upwards by 20% to 50% or more by manipulating the apparent value of silver and gold downward by similar amounts. They realize trillions of dollars of extra power from their worthless fiat, fake, fraud, fiction, fantasy, fractional-reserve toilet-paper. To take a loss of a few billion, or a few tens of billions in the silver and gold markets on bogus shorts... is a very small price in comparison.
Still, all of us should continue to convert all our paper assets into real, physical silver and gold. Because eventually the world will "just say no" to the totally bogus US dollar and other fiat currencies. Regardless of what governments say, the whole world shall return to a defacto gold standard... this time denominated in real, physical "grams", not bogus "dollars" or "euros" or "pesos" or "yen".
Totally agree.
Yes ... And don't forget to plant a victory garden. As many of us find ourselves with only part-time jobs, our extra labor capacity shouldn't be wasted on nonsense.
I'm inclined to agree. For all intents and purposes... is JPM not the Fed? As the Fed isn't open to audit (yet) they can extend as much money to JPM as is required to make good their losses.
But the more money the Fed creates to enable this fraud, the bigger the eventual explosion in PM prices when the physical crunch finally hits.
Probably better to wait and see their deeds than take thier words as good intentions. This AM silver is off a bit on such important JPM news in just one day?
Buy the rumor, sell the news?
This next morning, spot is pushing lower right away so I guess "someone" is still snorting Silver.
Fighting JPM is fighting the Fed as honestan said above. Buying physical is the only way to fight the Fed. The Fed can cover JPMs paper losses but the Fed can't deliver silver that doesn't exists. When it comes to paper, you can't fight the Fed but when it comes to hard stuff you can protect yourself while the Fed destroys the currency.
silver and gold are being attacked this morning as usual. so much for the silver short positions going away. same old , same old.
Next time I will short silver as sooon as I read a bulish comment on ZH...
Here come the shorts again
A look at the bigger picture may help sooth the hysteria. The Three Phases of Every Secular Bull Market in Gold – By Gary Rosenthal
http://rosenthalcapital.com/blog/
It's a Fed day too--hail to the great and powerful Oz! (Never mind that limpdick academic weasel behind the curtain)
what a surprise.
another run-up followed by a drop off.
you can almost set your watch by it now.
What a surprise, DX goosed and Pms dunked on Fed day. So the bankrupt ass-clown appears to have some credibility.
I'm hoping for a big dip just prior to FOMC like last time. That way I can buy the fucking dip... provided the bernank gives the expected figure anyway.