JP Morgan Cornering Silver Bullion Market?

GoldCore's picture

JP Morgan Cornering Silver Bullion Market?

- Why is JP Morgan accumulating the biggest stockpile of physical silver in history?
- Legendary silver analyst Ted Butler believes JP Morgan are in a position to corner silver market
- JP Morgan may be holding as much as 350 million ounces of physical silver
- JP Morgan realises the value of owning physical silver bullion today
- Silver at $16 today - Set to soar to over $50 again

 goldcore_chart2_01-05-15

JPMorgan Chase, the largest U.S. bank, one the largest providers of financial services in the world and one of the most powerful banks in the world has accumulated one of the largest stockpiles of silver, the world has ever seen.

The total JP Morgan silver stockpile has increased dramatically in the last four years. In 2011, JP Morgan has little or no physical silver. By 2012, they had acquired 5 million ounces of silver bullion.

Incredibly, in the last 3 years their COMEX silver stockpile has increased tenfold and is now over 55 million ounces (see chart below)

goldcore_chart3_01-05-15
Here’s a breakdown of the Comex’s recent physical silver deliveries to JP Morgan:

April 7th: 1,110,000 ounces

April 8th: 1,280,000 ounces

April 9th:  893,037 ounces

April 10th: 1,200,224 ounces

April 14th: 1,073,000 ounces

April 15th: 1,191,275 ounces

April 16th: 1,183,777.295 ounces

This is a huge bout of deliveries in a very short space of time. It’s such a large amount, that it even creates a spike on the long-term chart of JP Morgan’s silver stockpile (see chart).

JP Morgan has accumulated another 8.3 million ounces of silver in just the past 2 weeks alone.

Is JP Morgan accumulating silver at these depressed levels in anticipation of geopolitical and financial turmoil?

It seems likely. JPMorgan Chase Chairman and CEO Jamie Dimon in his recent letter to shareholders warned

"Some things never change - there will be another crisis, and its impact will be felt by the financial market”.

Dimon warned that the trigger for the next crisis may not be the same trigger as the last one - but there will be another crisis.

“Triggering events could be geopolitical (the 1973 Middle East crisis), a recession where the Fed rapidly increases interest rates (the 1980-1982 recession), a commodities price collapse (oil in the late 1980s), the commercial real estate crisis (in the early 1990s), the Asian crisis (in 1997),so-called "bubbles" (the 2000 Internet bubble and the 2008 mortgage/housing bubble), etc. While the past crises had different roots (you could spend a lot of time arguing the degree to which geopolitical, economic or purely financial factors caused each crisis), they generally had a strong effect across the financial markets."

The preference for silver instead of gold may be explained by the current depressed prices.

In the last two weeks JP Morgan Chase has accumulated more than eight million ounces of physical silver.

goldcore_chart4_01-05-15

At the same time, JP Morgan Chase restricted the use of cash for selected markets and went so far as to restrict clients from using cash for credit card payments, mortgages, equity lines and auto loans. There will also be no ability to store cash or bullion in their safe deposit boxes.

JP Morgan’s massive silver buying brings to mind the Hunt Brothers' attempt to corner the silver market in the late 1970s. The Texas oil-tycoons tried to corner the silver market by accumulating a massive silver futures position.

Regulatory authorities increased margins which saw silver prices fall and the trade go against them. When they failed to meet a $100 million margin call they were almost completely wiped out.

The Hunts faced losses of $1.7 billion and a widespread panic on Wall Street was averted when a consortium of U.S. banks bailed out the main brokerage firm involved.

The story has become the stuff of legend in the annals of precious metals trading and indeed trading. Before their buying on the COMEX, silver traded at $6 an ounce. It gradually rose in price before a blow off spike to $48.70 in January 1980.

At the time the Hunt brothers were believed to have acquired futures contracts worth one third of total annual global mine supply on leverage. Had they been in a position to meet the margin call the outcome may have been quite different.

Had they accumulated physical silver rather than paper silver in the form of futures contracts, as JP Morgan are doing, the Hunts would likely have made an absolute fortune.

So, it is interesting to note that legendary silver market analyst Ted Butler has estimated that JP Morgan may currently hold far more than their official figure of 55 million ounces.

Butler believes the true figure to be closer to 350 million ounces. Annual global silver production is 820 million ounces which, if Butler is correct, puts JP Morgan in a position to corner the physical silver market today, unlike the Hunt brothers back in 1980. As this would equate to a holding 42.7% of total annual supply.

JP Morgan has been acquiring this vast hoard of physical silver while holding the largest short position in the silver futures market, i.e. while suppressing the silver price with its unlimited access to free money, according to Butler.

What motivation could one of the key insiders on Wall Street have to accumulate such vast quantities of physical silver? It seems clear JP Morgan anticipates strong demand for physical silver in the not too distant future - either due to another crisis or purely due to the tiny size of the physical silver market and very favourable supply demand dynamics.

In the event of more market dislocations, demand for silver and gold will surge again. Heretofore - in similar circumstances - demand has been dampened by institutions dumping contracts for massive volumes of silver, paper or electronic silver, onto the futures  markets.

Silver in USD - 10 Years (Thomson Reuters)
Silver in USD - 10 Years (Thomson Reuters)

However, it would appear that JP Morgan now have less motivation to cap silver in the paper markets and indeed are set to make enormous profits from the physical position they have taken. Indeed, they are likely to reverse their leverage short positions and also go long in the silver futures market in order to maximise profits.

When JP Morgan chooses to exploit this advantage remains to be seen. It seems likely that a major event is imminent in the markets and demand for physical gold and silver will likely soon surge again.

Will banks take their thumb off the electronic silver market and allow prices to rise in the near future?

This is hard to know but seems increasingly likely. However, it would seem like a good opportunity to take a similar position to an institution which is very well connected and very well informed due to its relationship with and influence over the U.S. government, the U.S. Treasury and the U.S. Federal Reserve.

Silver is no longer regarded as a good investment and it is only owned by a small minority of hard money advocates and bullion buyers who realise its importance as a hedging instrument and a safe haven, store of value asset.

JP Morgan, however, seems to realise the value of owning physical silver bullion today.

Conclusion
Precious metals look the most undervalued of all the asset classes - particularly silver.

The fundamental reasons for our very bullish outlook on silver is due to continuing and increasing global macroeconomic, systemic, geopolitical and monetary risks; silver's historic role as money and a store of value; the declining and very small supply of silver; significant industrial demand and most importantly significant and increasing investment demand including from the largest bank in America.

Silver is currently trading at just over $16 per ounce. GoldCore continue to believe that silver will surpass its non-inflation adjusted high $50 per ounce in the coming years. Indeed, we believe that silver will surpass its inflation adjusted high or real record high of over $150 per ounce in the next 5 to 7 years.

JP Morgan’s silver accumulation suggests another economic crisis looms large and that silver is set to soar … again.

Important Guide: 7 Key Gold and Silver Storage Must Haves

 

MARKET UPDATE

Today’s AM LBMA Gold Price was USD 1,179.00, EUR 1,049.24 and GBP 771.04 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,204.80, EUR 1,075.99 and GBP 779.73 per ounce.

Gold fell 1.76 percent or $21.20 and closed at $1,182.80 an ounce yesterday, while silver slid 2.48 percent or $0.41 closing at $16.12 an ounce. In Asia overnight, Singapore gold prices were flat and inched down 0.1 percent to $1,182.50 an ounce near the end of day trading.

Gold in U.S. Dollars - 1 Week
Gold in U.S. Dollars - 1 Week

Gold recovered after an almost 2 percent drop yesterday when stop loss orders were triggered in a brutal sell. The sell off was blamed on the better than expected employment figures but the scale of the losses were more than would have been expected - especially given that the data has been very negative this week - especially the poor GDP number.

A tumultuous week saw the dollar and bonds fall sharply, bond yields soar and stock markets in Europe and the United States weaken.

Japanese manufacturing activity contracted in April for the first time in almost a year as domestic orders and output fell, adding to fears that QE has failed and the large Japanese economy is on the verge of another recession or depression.

Yesterday's U.S. jobless claims were at their lowest level in fifteen years at 262,000 below analysts consensus of 288,000. This surprise would suggest that the labour market is recovering which would be positive for the U.S. economy. However, the veracity of some of the jobs numbers remains in doubt with some analysts concerned that figures are being “hedonically adjusted” and manipulated.

The Fed at their policy meeting this week said that the health of the economy is dependent on the jobs market and inflation data. Next week’s non farm payrolls number will be watched for more signals but the poor GDP number this week should be a real alarm wake up call.

The weaker than expected GDP number suggests that the Fed will be slower to increase interest rates than was previously expected. This is something we have been warning of for some time as we believe the U.S. recovery is far more fragile than is realised.

Silver in U.S. Dollars - 1 Week
Silver in U.S. Dollars - 1 Week

Interest rates remaining near record lows for longer than had been anticipated should be bullish for gold and silver.

In Europe in late morning trading gold bullion was off 0.34 percent at $1,180.44 an ounce. Silver was up 0.6 percent at $16.23 an ounce and platinum fell 0.29 percent at $1,137.49 an ounce.

Gold and silver are higher in dollar terms this week after the sharp falls seen in stock markets and in the dollar after the poor GDP number sent shivers through markets globally.

Breaking Gold and Silver News and Research Here

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LithiumWarsWAKEUP's picture

8.3 Mil Oz's, eh? About 12 '18-wheeler truck' loads. So, where did they load this? Where did it go? Got a schedule you can share? thanks.

Gordon Freeman's picture

Ted Butler is a pathetic joke...

gann1212's picture

my guess is the mining stocks take off to the upside this month. just a feeling i get here .  we will see. thats means metals bottom here imo

Soul Glow's picture

Also they are the largest shareholder of SLV and only the 5 largest shareholders are allowed physical when they sell.

mt paul's picture

some where  remember hearing or reading

that you could only get physical out of SLV

in 100 thousand oz increments...

boeing747's picture

Silver Price: I can't breath, I can't breath!

German's picture
German (not verified) May 2, 2015 3:08 PM

After years of writing and propaganding that JPM manipulate Silver- and Goldprices down, we are now reaching a point, that this lie is collapsing. Collapsing like the Goldprice 2011 by a FED account filled with chinese money.

To believe that JPM as biggest commodity financer of the world has an generic interest to short commodities, is like to believe, that money came out of a wall.

For the question: Damm, how could JPM collect over fifty million ounces of silver?

The answer is simple: Don`t be short.

 

 

falak pema's picture

Blythe Masters's ghost is still with JPM.

Pancho de Villa's picture
Pancho de Villa (not verified) falak pema May 2, 2015 5:34 PM

Her "ghost"? She's not dead... 

MansaMusa's picture

Where do you store that much physical?   It'd be nice if COMEX couldn't deliver the contract! 

the grateful unemployed's picture

their silver position isnt exceptional in the context of the scale of money printing, inflation of the monetary base, etc. this may be hard for some lowbrow ZH readers to wrap their heads around, but the FED and the big banks are not one big happy family, the banks are a little tired of Fed policy. remember 1913 the Fed was established because the government didn't like JPM setting interest rates (ergo the MARKET) so we are back to square one. we dont want the Fed setting interest rates, well you get the idea.

moneybots's picture

"Silver is no longer regarded as a good investment and it is only owned by a small minority..."

 

"JP Morgan has been acquiring this vast hoard of physical silver while holding the largest short position in the silver futures market, i.e. while suppressing the silver price with its unlimited access to free money, according to Butler."

Baloney. No longer regarded as a good investment.  Manias happen when everyone wants it.  It isn't  JP that is suppressing the price.

the grateful unemployed's picture

if you were a buyer in large of any commodity and you could control the market price which way would you want that price to go?

Pasadena Phil's picture

What ever happened to "legal tender"? It says so right on the bills. Could there be a legal case for a lawsuit against the banks? Or the government? This is why I don't stash cash in my mattress. I would rather buy ammo and food for cheap today for bartering later when everything will be revalued based on utility. 

So our banks want to convert sovereign currency based on the Bitcoin model? I kind of like physicality in the world I operate in, food, water, ammo.... This new virtual reality is creepy as hell.

lakecity55's picture

everyone send their Ag to me and we will be able to corner the market!

zenon's picture

I thought those fuckers were supposed to be out of the commodity business for their own account?

Must be on behalf of a client.

dearth vader's picture

From Belgium, possibly.

antidisestablishmentarianismishness's picture

Sell your silver and bankrupt JPM!

Boxed Merlot's picture

BTW, doesn't Jaime know a little more copper in his diet would've prevented all that silver hair?  His current hair color is actually a tell that he's likely got brittle arteries.

Bone up on a bit more copper in your diet dude!

 

jmo.

Lord Koos's picture

How do we even know whether or not the silver actually belongs to JPM, or if much of it is merely held in their custody for other investors?

GuusjA's picture
GuusjA (not verified) Lord Koos May 2, 2015 1:33 AM

De regeringen van de eurozone hebben bij netwerk Juncker een officiële klacht ingediend tegen het 'recht op vrijheid' van Griekenland. De uitspraken van de nieuwe Griekse premier Alexis Tsipras zorgt er namelijk voor dat in meer landen van de eurozone de roep om het systeem 'Leven en Laten Leven' groter wordt.

 

http://www.mintpressnews.com/shooting-rampage-fort-hood-texas/188117/#co...

 

Belegger Jan Dwarshuis denkt dat Bill Gross speculeert op een renteverhoging. Indien het systeem 'Leven en Laten Leven' al operationeel was betekende dit niets anders dan een belasting-verhoging. Ook zou die rente-inkomsten niet in private handen eindigen maar in de pot van het omvattende geweten. 

 

http://www.ftm.nl/column/short-of-a-lifetime/

 

De mening van DwarseJan dat het voor de pensioenfondsen 'een aardig moment is om langlopende swaps te verzilveren' kan wel eens waar zijn. Immers na de ParadigmaCHANGE naar het systeem 'Leven en Laten Leven' brengen ze niets meer op, omdat dan het SCHULD=H00P-principe wordt ingeruild voor het GELD=ZUURSTOF-paradigma. 

 

http://www.trouw.nl/tr/nl/6844/Rob-de-Wijk/article/detail/3992810/2015/0...

 

WijkendeRob is al langer aan het dwalen en het is dus niet vreemd dat hij op verjaardagsfeestjes wordt getrakteerd op mensen die iets weten van het DAB-systeem. De 'simpele oplossing voor de ingewikkelde problemen' is gewoon om de 'wiskundige definitie van de absolute waarheid' te hanteren. Netwerk Juncker wilde dat de Griekse minister van financiën Varoufakis zich aan het script van KlaverenTeam ging houden en dus moest premier Tsipras hem een 'uien'schil verder zetten. Natuurlijk kon Varoufakis in Riga geen details overleggen die TimmerendeFrans nog niet had. Al is het hier op de redactie wel nieuws dat minister Hennis (VVD) gaat stoppen met het grootste ICT-project van de overheid ooit. 

 

 

 

 

GuusjA's picture
GuusjA (not verified) GuusjA May 2, 2015 2:11 PM

Script KlaverenTeam: "Wij zijn dankbaar dat we samen met degenen die van tegenstanders vrienden zijn geworden, kunnen herdenken". 

 

http://nos.nl/artikel/2033583-van-baalen-vvd-wil-griekenland-uit-de-euro...

 

Het Duitse parlement heeft vandaag stilgestaan bij de capitulatie in de Tweede Wereldoorlog van de stad Berlijn zeventig jaar geleden. Een week later capituleerden alle Duitse strijdkrachten en was de oorlog voorbij.

Minister van Buitenlandse Zaken Frank-Walter Steinmeier (SPD) zei niet toevallig dat Duitsland een bijzondere verantwoordelijkheid heeft wat betreft de vrede in de wereld. Ondertussen is VVD-Europarlementariër Van Baalen bezig om Griekenland ervan te berichten dat ze 'zich NIET aan de afspraken hebben gehouden'!?!??

 

http://www.finews.ch/news/banken/18090-schweizerische-nationalbank-quart...

 

Die massive Frankenaufwertung als Folge der Aufhebung des Mindestkurses von 1.20 Franken für einen Euro kostete die SNB auf ihren Anlagewährungen die Summe von 41,1 Milliarden Franken.

 

De 'gecontroleerde paradigma-wisseling naar het systeem 'Leven en Laten Leven' is onderwerp van gesprek bij de TTiP-onderhandelingen. Officieel is BalendeHans daarover niet geïnformeerd. Natuurlijk wil Griekenland de eer krijgen dat door hun actie (afspraak met netwerk @SuperWil) het SCHULD=H00P-principe wordt ingeruild voor het GELD=ZUURSTOF-paradigma. Het is alleen nog maar een kwestie van tijd dat netwerk Juncker zich officieel gaat onderwerpen aan de 'Logica van de 1'. Berlijn gaf zich op 2 mei 1945 over aan de VredeVrijheidDirect-beweging. Adolf Hitler had op 30 april al zelfmoord gepleegd. Op 8 mei ondertekenden de Duitse strijdkrachten de algehele capitulatie. Dit moet dus weer gebeuren, want de Grieken willen wel degelijk het DAB-systeem invoeren. Het zijn juist de Duitsers die hun economie niet willen hervormen. 

 

http://politiek.thepostonline.nl/2015/05/02/het-lijkt-er-op-dat-marietje...

 

Dat één en ander het geheim van het 'ivoren torentje' is blijkt wel uit het feit dat Europarlementariër Marietje Schaake van D66 een spreekverbod is opgelegd. 

GuusjA's picture
GuusjA (not verified) GuusjA May 3, 2015 12:49 AM

Ze is een van de meest in het oog springende Europarlementariërs van de VredeVrijheidDirect-beweging: Marietje Schaake van D66. Ze werd in korte tijd bekend met haar bijdragen over netneutraliteit en andere thema’s rond de 'virtuele economie'. Dat is heel bijzonder want de Europarlementariërs willen het liefste functioneren in de cultuur van 'zwijgen is goud'. De jonge, blonde en mediagenieke Marietje bleek geen KanariePietje van @0ranjePapegaaY te zijn, maar leek te functioneren als d'n Arend van hotel GradjA. 

 

https://www.youtube.com/watch?v=BAps_JIODDk

 

Marietje is voorstander van een cultuur van waarheiddelen en verwacht zelfs dat het nieuwe handelsverdrag tussen de VS en de EU is gebaseerd op de 'Logica van de 1'. Marietje vertelt graag over de banen die een cultuur van waarheiddelen zou creëren en de ultime vrijheid die zo’n verdrag kan brengen. Marietje wilde bijvoorbeeld in 2013 uitgebreid op camera vertellen hoe mooi en kansrijk een cultuur van waarheiddelen is. Er is geen enkele reden volgens Marietje om je zorgen te maken, wanneer het huidige politiek-financieel systeem instort. Het is volgens Marietje heel goed mogelijk als alle mensen op de wereld worden ingewijd dat ze allemaal onderdeel zijn van de evoluerende werkelijkheid. Marietje probeerde DansendeGradjA al in 2010 wijs te maken dat het goed is als Europese politici het systeem 'Liegen om te Leven' zouden opblazen. Dat zou niet alleen goed zijn voor de Europese democratie, maar voor de gehele wereld.

 

http://www.nrc.nl/nieuws/2015/05/02/duizenden-inwoners-baltimore-straat-...

 

Marietje had dus duidelijke redenen om niet naar @BuitenhofTV te gaan om met Anne-Marie Mineur (SP) en Cora van Nieuwenhuizen (VVD) te filosoferen over de volgende stap van de 3e SpinozaGolf. Want het wetenschappelijk experiment om her den der wat zwarten te elimineren om het volk in opstand te laten komen tegen de dienaren van het systeem 'Liegen om te Leven' lijkt te lukken.

 

http://www.trouw.nl/tr/nl/4496/Buitenland/article/detail/3996290/2015/05...

 

Of de commissie internationale handel van de EU een groot voorstander is van een cultuur van waarheiddelen op de redactie van @BuitenhofTV nog niet geheel duidelijk. Maar dat Marietje een ideale kandidaat is (wanneer dadelijk de huidige politieke orde wordt aangeklaagd voor het indienen van wetgeving die niet in lijn was met de 'Logica van de 1') om Pechtold op te volgen is wel duidelijk. 

ms8173's picture

nice...currently holding 1216 oz of silver

BoredRoom's picture
BoredRoom (not verified) ms8173 May 3, 2015 7:46 AM
Pancho de Villa's picture
Pancho de Villa (not verified) ms8173 May 2, 2015 1:45 PM

And your Address is... ? 

 

Ah, Fergit it... I just done the math... Small Fry!

mastersnark's picture

Gee GoldCore, shot in the dark here, but since JPM is a broker, you know, one of those outfits that buys, sells, and takes delivery on behalf of its clients, maybe their 1%-er clients are actually taking delivery like you've been advocating and this isn't a "corner" effort? When you hear hoofbeats, think horses, not zebras...

Majic's picture

Anybody who does not yet have phyzz, just get 50 to 100 ounces of silver... then if it skyrockets, you can tell your friends you are a playa'...if it tanks what are you out at these prices?

     Letting my bunker mentality a little off the chain...A few ounces of the stuff might keep you from going hungry someday.

kaiserhoff's picture

I'm trying to corner the silver market too, but my success, so far,

  has been rather modest;)

Comte d'herblay's picture

The problem is not what you buy it for so much as  1) what you sell it for and,  2) when.

I could be coming back for second or third life experience----having fucked things up so badly this time around---before Ag is worth more than I paid for it. 

Jamie's company routinely manages long money, old money that can wait generations for their investments to pay off.  

Following the lead of old money, or JP Morgan can make your current life a living hell. Don't do it, especially if they decide to auction off some of Jamie's art work. It could be a long while b 4 someone will pay you more than pocket change gains for that Modigliani, or Vermeer.

I'll pass, thx.

 

kaiserhoff's picture

If you can't paint your own Modiglianis,

it's because you don't know any really ugly women.

(Think Carly Fiorina)

Comte d'herblay's picture

Whoa, she's a bavishing reauty compared to J Yell, Ruth badass Ginsberg, and my next door neighbor on the right side.

The women I knew at 22, that I thought were so attractive---at 33, have gone thru a metamorphosis that is cruel and vicious.  The potential for them to improve by 40 is all but gone. At 50 I can see it would be easier to never have known them at all, and when they're 60 I can barely stand to think of  it.

Nature sucks.

 

 

kaiserhoff's picture

Those who want us to believe in a just and caring god, should try to explain women,

in something other than completely Darwinian terms.

(As a rule, Euro chicks age better)

TheReplacement's picture

That is a pretty ironic request.  So anyway...  Why does a dog lick its butt?  Why are we all carbon based?  Why do we see colors the way we do?  Why is every dentist a sadist?  Have you ever eaten here?  The food is pretty good.  The pils is very good on a hot August day.  Do not forget to say hi to Herman.

Comte d'herblay's picture

U have queries, we have the answers:

Dog/butts - They have a powerful sense of smell that needs rejuvenated when no other stimuli are around, and they ALWAYS go for the stinkiest thing in nature when you walk them or set them free.

We see colors differently from one another, so the eye/brain transmission system is wired a bit differently in each of us, gays are particklerly good at seeing color in their mind that straight people do not, and can not.

Every dentist is not a sadist.

No.

Hi, Herman!

kaiserhoff's picture

Oddly enough, I have never been to Minnesota.

It's on the short list now;)

_SILENCER's picture

Sounds like our rulers want to control a real source of value in order to keep us in their paper gulag.

Does JPM own any silver? Christ who knows. They can certainly control whatever stories are distributed about them through the establishment outlets.

I say don't put any money in a bank you're not will to have vapourized. Especially banks owned by these JPM shitwagons.

lakecity55's picture

'The Hunt Bros. did not own the USG."

--jamie

Pancho de Villa's picture
Pancho de Villa (not verified) May 1, 2015 5:18 PM

The peoples of Mexico know the value of plata! A few years ago the Governors of all 31 states all voted to monetize silver but the Distrito Federale, they say "No way, Jose"!

 

There is still plata pura en circulation, although most are snatched up uncirculated by collectors. There are bi-metallic 100 Peso coins that have a half ounce of silver in the middle!  There are even 10 or 20 Nuevos Pesos from the early 1990's that have silver in the middle... You can even look them up on ebay!

stacking12321's picture

viva plata! viva hugo salinas-price!

 

world_debt_slave's picture

yep, just got 110 ounces silver rounds, $18 per ounce.

BoredRoom's picture
BoredRoom (not verified) world_debt_slave May 2, 2015 4:08 PM

I got some 100 oz bars not long back for $1619 each...How many pounds of silver is too much?

Pancho de Villa's picture
Pancho de Villa (not verified) world_debt_slave May 1, 2015 5:54 PM

I liked it better when I could pick up Four Onzas for under $16. 

 

$440 for 110 ounces... "Premiums"? We didn't pay no stinking Premiums!

world_debt_slave's picture

yep, started in 2004 at $8 or so an ounce, started again.  Also, where I now live, moving from Cali in 2012, exemption of state tax on PM's.

mt paul's picture

Shanghai physical silver market

thought comes to mind..

if they want to play in that new exchange

they need "on the table" silver

Okienomics's picture

All right, bring the cartoon bears back.  The last time we heard from them, the Morgue was going down in a flaming ball of fire because their short position on silver was monstrously large and going to destroy them.  Now...... not so much.  Turns out their long position in silver is monstrously large and going to make them filthier richier.  Maybe the bears can help all this make sense.

Consuelo's picture

As has been stated a zillion times, price is now or will become, meaningless.   Availability, ownership and possession will become Everything.

Quinvarius's picture

JPM has no silver at all.  What they report is what they owe to other people.  They have to make it look like it is on their balance sheet.  JPM has a silver debt, not a surplus.  That paper report of silver started when they became custodian of SLV's silver.  They have to report it exists, even though everyone knows they dumped it all already.  It is an accounting gimmick.

JPM is going to die the same death that every single bank that ever took over the contract of shorting silver for the US Gov died. 

Pancho de Villa's picture
Pancho de Villa (not verified) Quinvarius May 1, 2015 5:57 PM

How do you know? The article states that they have taken delivery, no? 

 

They make money shorting it in the "paper" market. Just ask Andrew McGuire! Do you not believe they would also make lots of $'s on it rising to new highs?

 

At $4/oz there was no interest in silver but much $'s could be made selling a dozen years later... Now, a few years later $16/oz seems cheap! The whores that run GS, JPM, et al. intend to make the most money in the shortest time! When sentiment is low it is usually the best time to buy. Today, sentiment is even lower than '08-'09... 

roadhazard's picture

I thought they were doing that last year.