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Blythe Masters On The Blogosphere, Silver Manipulation, Gold-Axed Clients And Doing The "Wrong" Thing

Tyler Durden's picture


In an article that is about three years overdue, "JPMorgan's practices bring scrutiny" the FT finally takes aim at that other "vampire squid", JP Morgan, which technically is incorrect: because if Goldman is a nimble and aggressive creature, with infinite tentacles in every governmental office, and unencumbered by massive liabilities, JPMorgan is just as connected, but unlike Goldman, it is a behemoth in every other possible capacity, and with its trillion in deposits, matched by tens of billions in bad loans, is a true Bank Holding Company. As such 'Jabba the Hutt' would be a far more appropriate allegory to describe the the firm, whose reach, scope and scale lead the FT to classify it as "Three times a pallbearer, never a corpse."

As some may recall, back in October 2009, Zero Hedge did an exhaustive expose on the relationship between JPMorgan and the then version of MF Global, Lehman Brothers, whose perfectly functioning division, its North American Brokerage, ended up being scooped up by Barclays for pennies on the dollar. In the meantime, however, JPMorgan, with the backing of the Fed, proceeded to demand as much extra collateral for Lehman repo positions on hold with JP Morgan and the Tri-Party repo system, of which JPM is one of only two custodians, simply because it could, and because this is the easiest way for the bank that is even closer to the Fed than Goldman Sachs, to procure liquidity during times of broad distress. Such as when the money market is about to freeze to death. Since then, the topic of just how much JPMorgan may have ripped off the Lehman estate has escalated, and is set to be an epic showdown in the form of a lawsuit which "accuses JPMorgan of using its “life and death power as the brokerage firm’s primary clearing bank” to put a “financial gun” to its head and demand excess collateral." And here is the kicker: "It claims JPMorgan abused its access to US government officials and then “accelerated Lehman’s free fall into bankruptcy”, hoovering up collateral to protect itself to the detriment of the firm and other eventual creditors."

And therein lies the rub: because of all TBTF banks, JPMorgan is literally at the nexus of the entire $16 trillion shadow banking system, the very system that the Fed, much more than traditional liabilities, knows and uses constantly to hypothecate and rehypothecate assets, in essence creating money out of nothing, and which in conjunction with the other Tri-Party repo dealer, Bank of New York, as well as State Street, provides the US financial system with over $30 trillion in shadow credit money in the form of custodial assets - liquidity the bulk of which is not accounted for in any conventional monetary textbook or in any modern theory of money as it is such a novel development, yet which is still 100% fungible, and is by far the biggest secret of the American monetary system. It can be seen as summarized in the following graphic, first created by Citi's Matt King back in the week before Lehman failed (full report can be read here, and should be by anyone who wishes to understand just what is truly going on behind the scenes in modern finance).

Keep in mind, these are the same custody assets which, as explained previously in the case of MF Global, can be rehypothecated in serial fashion, creating a virtually infinite amount of "money" as long as everyone who is in on the fraud agrees to maintain the ponzi. Of course, if and when someone demands delivery of an underlying assets, the whole thing falls apart, which is what happened with AIG, with Lehman, and to a smaller degree, MF Global.

So what does all of this have to do with Blythe Masters?


At the end of the day, and as the Lehman lawsuit alleges, JPMorgan has intimate access to US government officials, and particularly the Federal Reserve, who will in turn take advantage of all JPM facilities, including its trading desk, to preserve the sanctity and foundations of the $30+ trillion in custodial assets and rehypothecation system, which further means that any potential implication that fiat money is impaired has to be wiped out. As it so happens, soaring prices of gold and silver are the primary if not only means left to express rising doubts in the future viability of the dollar, but in the viability of the fiat system in the first place. Which means that the Fed is, without a doubt, one of the biggest "clients" of the Fed in a symbiotic crosshold, where what the Fed wants, JPM has to execute and vice versa.

This brings us to the transcript of Blythe's interview on CNBC, in which a primary topic, ironically, was whether or not Jamie Dimon's firm manipulates the prices of precious metals, and particularly silver. What followed was the usual avalanche of platitudes that only a muppet can love:

  • "JPM's commodities business is not about betting on commodity prices but about assisting clients"... "it's about assisting clients in executing, managing, their risks and ensuring access to capital so they can make the kind of large long-term investments that are needed in the long run to expand the supply of commodities"...
  • "There's been a tremendous amount of speculation particularly in the blogosphere on this topic. I think the challenge is it represents a misunderstanding as the nature of our business. As i mentioned earlier, our business is a client-driven business where we execute on behalf of clients to achieve their financial and risk management objectives. The challenge is that commentators don't see that. So to give you a specific example, we store significant amount of commodities, for example, silver, on behalf of customers we operate vaults in New York City, Singapore and in London. And often when customers have that metal stored in our facilities, they hedge it on a forward basis through JPMorgan who in turn hedges itself in the commodity markets. If you see only the hedges and our activity in the futures market, but you aren't aware of the underlying client position that we're hedging, that would suggest inaccurately that we're running a large directional position. In fact that's not the case at all.
  • "We have offsetting positions. We have no stake in whether prices rise or decline. Rather we're running a flat or relatively flat matched book.
  • "What is commonly out there is that JPMorgan is manipulating the metals market. It's not part of our business model. it would be wrong and we don't do it."

Ah yes, because JPMorgan never engages in "wrong" activites...

And while we admire JPM's naive statement that it can triple its commodities revenues to $2.8 billion in 2011, while everyone else was losing money in the space, without taking prop bets, we just don't buy it. Just as we didn't buy Goldman's explanation that its prop desk only accounted for 12% of that firm's revenue, as Goldman told us directly (coupled with our challenge of prop trading in 2009, a pursuit taken on by Paul Volcker a few weeks later, resulting in the Volcker Rule). Needless to say, once the firm did break out its prop trading, it became quite clear just how huge of a factor prop trading truly was for Goldman. Because taken at face value, it would mean that all else equal, JPMorgan transacted at least 3 times more in flow in 2011 than in 2010. Yet, everyone knows that trading volumes in 2011 slumped relative to 2010. So no, Blythe, we appreciate your explanation, but we would appreciate the truth even more.

And yet there is one simple explanation that would make Blythe's story 100% correct: would JPMorgan consider the Fed, whose interests in keeping the price of precious metals as low as possible, and are aligned with those of JPM for the reasons listed above, its client?

Because if so, then absolutely everything falls into place, as JPMorgan is merely the overt conduit by which the Fed, and specifically the New York Fed, conducts monetary policy in the commodities space, just as Brian Sack would conduct open market operations in the bond arena, and as the FRBNY uses, on occasion, Citadel, and its HFT expertise, to execute its discretionary stock trades (yes, we know about those too).

We would welcome Blythe's comments on any and all of the topics listed above.

In the meantime, for those who missed it, here's Blythe.


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Thu, 04/05/2012 - 14:55 | 2320089 PSEUDOLOGOI

Show her a silver coin!!!

Thu, 04/05/2012 - 15:00 | 2320100 Jonas Parker
Jonas Parker's picture

how about a silver bullet?

Thu, 04/05/2012 - 15:03 | 2320113 flacon
flacon's picture

A silver wire noose.

Thu, 04/05/2012 - 15:10 | 2320128 DoChenRollingBearing
DoChenRollingBearing's picture

Before I even read this, I predict 1000 comments...

Thu, 04/05/2012 - 15:16 | 2320151 GetZeeGold
GetZeeGold's picture



I looked directly into it's that bad?


Thu, 04/05/2012 - 15:22 | 2320162 greased up deaf guy
greased up deaf guy's picture

she looks waaaaaaaaaaay too much like hillary clinton in that small photo for my liking. as if i needed a reason to despise her even more... but thanks for the cheap silver, babe.

Thu, 04/05/2012 - 15:26 | 2320181 Pladizow
Pladizow's picture

"We execute on behalf of our clients" - and their biggest client is the US Gov!!!!!!!!!!!!!

That cunt is full of SHITE!

Puppet interviewing the puppet master!

Thu, 04/05/2012 - 15:29 | 2320197 strannick
strannick's picture

Silver Manipulation.

First they ignore you, then they laugh at you, then they explain themselves on CNBC, then you win.

Thu, 04/05/2012 - 15:42 | 2320238 strannick
strannick's picture

JP Morgan, simply neutrally hedging silver on behalf of their clients. No proprietary trading involved at all.

She makes it sound all so altruistic. So that 3 billion is all in commisions? Wow. So in a 30 billion dollar market like silver, 10% goes to JPM sos they can introduce the miners to the buyers. How ludicrious.

Thu, 04/05/2012 - 15:46 | 2320243 MillionDollarBonus_
MillionDollarBonus_'s picture

The COT report consistently does not reflect goldbugs' and silverbugs' conspiratorial view of the precious metals markets. During periods of weakness in the precious metals I constantly see accusations of outsized manipulative short orders. However, this simply does not show up in the commercials section of the COT report. Oh let me guess, there's ANOTHER layer to the conspiracy where the "bullion banks" cover before the COT cutoff ... Give me a break.

Thu, 04/05/2012 - 15:48 | 2320251 nope-1004
nope-1004's picture

Oh let me guess, there's ANOTHER layer to the conspiracy where the "bullion banks" cover before the COT cutoff.

LOL.... you just answered your own question.  Nice to see you are at least reading Turd, Harvey, SGT, ZH, brotherjohn to get the facts.


Thu, 04/05/2012 - 15:48 | 2320259 Pinto Currency
Pinto Currency's picture


I missed the part where she explains why it is necessary to sell several hundred million oz. of silver futures in a few minutes and just what effect that might have on prices.

No we don't manipulate silver, that would be wrong, God says No!


Thu, 04/05/2012 - 15:56 | 2320280 boogerbently
boogerbently's picture

It's THEIR world....

we are ALLOWED to play in it.

Pretend you were picked to play running back for the Steelers for a game.

How would you do?

Thu, 04/05/2012 - 16:23 | 2320369 JPM Hater001
JPM Hater001's picture

We represent the lollipop kids- the lollipop kids- the lollipop kids

Thu, 04/05/2012 - 19:13 | 2320786 A Nanny Moose
A Nanny Moose's picture

Look out for that house above!!!

Thu, 04/05/2012 - 19:29 | 2320811 Jendrzejczyk
Jendrzejczyk's picture

JFC, I'm a pedantic ahole.

Munchkin boys sing "We Represent the Lollipop Guild,"

Damned unions are everywhere.


Thu, 04/05/2012 - 21:19 | 2321039 MeelionDollerBogus
MeelionDollerBogus's picture

I'd rather have this bottle in front of me than a frontal lobotomy!

Thu, 04/05/2012 - 16:24 | 2320371 The Big Ching-aso
The Big Ching-aso's picture




Is she be able to see her reflection in a silver mirror?

Thu, 04/05/2012 - 17:20 | 2320531 dogbreath
dogbreath's picture

vampires can't see their reflection

Thu, 04/05/2012 - 21:26 | 2321060 SGS
SGS's picture

I have a feeling Blythe is secretly craving vagina

Fri, 04/06/2012 - 13:15 | 2322499 Titus
Titus's picture

God, if there ever was a need to create a giant silver phallus and beat someone with it, it exists in that video.

Thu, 04/12/2012 - 06:03 | 2337064 tocointhephrase
tocointhephrase's picture

I love Brother John, a true legend!

Thu, 04/05/2012 - 16:53 | 2320443 SWCroaker
SWCroaker's picture

Shut your trap.

You don't listen to reason, you pick crackpots with limited understanding to pick on, and then act as if you've by extension disproved without a doubt ALL possibilty of manipulation. 

It's weak, and it gets very old.  You're a transparent troll, but it is interesting to note which topics you up the effort for, and which you choose to simply spew idiocy.


You won't listen to me, so how about about this from T. Butler:

"The exact methodology being deployed that enables the dominant commercial traders to pull this scam off repetitively, aside from outright collusion, is High Frequency Trading (HFT). HFT is the collusive bundling of advanced computer hardware and software that is so advanced and powerful that it has achieved the power to move prices sharply with little actual trading required in setting prices. The way HFT works is that the collusive trading programs suddenly flash great numbers of contracts for sale. But before much actual selling occurs, all the other traders in the market see the great volumes of contracts apparently offered for sale and these other traders withdraw buy orders and start entering their own sell orders to get ahead of the great wave of HFT sell orders offered. Then a not so funny thing happens. Most of the time, very few of the HFT orders originally offered for sale get filled or executed. Instead, they are quickly cancelled. There's even an operative term for this practice that's perfect – spoofing.

Most of the HFT orders are never filled, nor are they ever intended to be filled. These spoof orders are intended to scare others into selling so that the dominant commercial traders can buy gold and silver contracts. And make no mistake, this phony HFT activity has been successful, to the great shame of the regulators at the CFTC, who know that this manipulative trading is against commodity law. The proof that it is manipulative trading lies in the data published by the CFTC. That data shows the big dominant commercial traders are always the big net buyers on the big down days. It is not possible for that to be coincidence; it as close to cause and effect as is possible."


Just shut up.

Thu, 04/05/2012 - 21:19 | 2321036 MeelionDollerBogus
MeelionDollerBogus's picture

Dude, you missed your reply-threading. I'm not MillionDollarFuckface_

I deliberate made the LOL icon so that illiterates could see I'm a different account.

Man... you're on zh? really?

This is what I'm really up - charting the manipulation to help prove it - & goldprice model on flickr

sit DOON laddie an calm ye haerses


Fri, 04/06/2012 - 00:06 | 2321300 CompassionateFascist
CompassionateFascist's picture

He didn't miss. Responding to MDBonus, not U.

Thu, 04/05/2012 - 17:25 | 2320552 Banksters
Banksters's picture

Million dollar bonus,  

I don't know who is a bigger fucktard, you, trav, or robottrader.



Thu, 04/05/2012 - 17:42 | 2320604 MeelionDollerBogus
MeelionDollerBogus's picture

I think MDB is actualy Joe Wiesenthal from BusinessInsider

Thu, 04/05/2012 - 17:45 | 2320618 Crisismode
Crisismode's picture

Are you discounting the possibility that "they" are one person with three different logins?



Thu, 04/05/2012 - 19:46 | 2320850 LongBalls
LongBalls's picture

I'll help you out. It's MDB.

Thu, 04/05/2012 - 17:42 | 2320608 MeelionDollerBogus
MeelionDollerBogus's picture

and yet at least 10 to 1 there are contracts on the OI which exceed supply at any given date, aren't there? This adds up to more silver or gold on the COT than actually can ever be mined, doesn't it?

Yes, it does, and that makes it fraud.

Thu, 04/05/2012 - 19:44 | 2320846 Vint Slugs
Vint Slugs's picture

"This adds up to more silver or gold on the COT than actually can ever be mined, doesn't it?  Yes, it does, and that makes it fraud."

That's /sarc, right?  You're just trying to mimic MDB, right?

Tue, 04/10/2012 - 00:55 | 2330438 MeelionDollerBogus
MeelionDollerBogus's picture


MDB is an implied /sarc

I'm on the fence about whether or not I'm mocking him or correcting him, depending on the day.


Thu, 04/05/2012 - 18:32 | 2320704 Top_Kill
Top_Kill's picture

Any Questions?

Thu, 04/05/2012 - 17:53 | 2320637 Confused
Confused's picture

Come on. We all heard it say that it would be "wrong." 


Which suggests they aren't manipulating the silver market.



Thu, 04/05/2012 - 16:09 | 2320244 nope-1004
nope-1004's picture

Bythe, you lie.  Can see it in your face and your reactions.  Can see it by the carefully chosen words you use to answer questions.  You are a liar dressed like an airline stewardess.


Thu, 04/05/2012 - 16:35 | 2320406 Oh regional Indian
Oh regional Indian's picture so poised. I'm impressed. Delivery excellent, Commodity Centre carefully and accurately placed in the golden mean section, Blythe, blythely sneaking from left field....

Brilliant. These symboligists, programmers know their stuff. Her flashing earrings. All to ds-tract while she delivers...]

What? Us..... never......



Fri, 04/06/2012 - 04:10 | 2321479 IEVI
IEVI's picture

Except her emotions betray carefully when she says

"IT WOULD BE WRONG AND WE DON'T DO IT"  her head is nodding yes

classic tell she is lying


Thu, 04/05/2012 - 17:13 | 2320513 Diplodicus Rex
Diplodicus Rex's picture

An air stewardess in a very, very bad wig.

Thu, 04/05/2012 - 19:43 | 2320847 Jendrzejczyk
Jendrzejczyk's picture

No wig. Just a lamb shear on a mutton. As an older "gentleman", I appreciate the effort. Not many hair-doos can make an older man look better.

Thu, 04/05/2012 - 19:47 | 2320852 Vint Slugs
Vint Slugs's picture

These new age women, you know the Komen for the Cure fundraiser type, they don't need to wash, let alone cut and style, their hair.

Thu, 04/05/2012 - 19:57 | 2320861 beachdude
beachdude's picture

At 4:25 of the video ..."that's not part of our business model, it would be wrong, and we don't do it."


She hasn't mastered the poker face.

Thu, 04/05/2012 - 21:20 | 2321040 LongSoupLine
LongSoupLine's picture

Yep...that is correct. Note how she purses her lips as well as looks down to the right? Those are natural (ie - instinctive) human traits when someone is lying. Sorry Blythe, you've been snagged.

Fri, 04/06/2012 - 08:55 | 2321738 Sizzurp
Sizzurp's picture

The the underlying message she was putting out there: 

- Suppressing operations in commodity markets, ie price fixing, are very important for economic growth.

- It's not JPM doing the manipulation, it's our clients telling us what to do to meet their own financial objectives.

- We can't have CFTC put on position limits because it might threaten liquidity, our clients ability to hedge, or our ability to control prices.


Blythe, you are a piece of work.  Nobody buys your propaganda. Not only that, I thought you looked terrible !! LOL



Thu, 04/05/2012 - 16:17 | 2320329 JW n FL
JW n FL's picture



Comay Mierda

then they hit you with a car walking out of a store


"The bank hath benefit on the interest on all monies which it creates out of nothing." - Bank of England charter 1694

"the centralization of wealth in the hands of the state by means of a national bank with an exclusive monopoly" - Karl Marx, Communist Manifesto

    Great little chatroom! these 2 are keepers! as well!

Article I, Section 8, Clause 5, of the United States Constitution says

"Congress shall have the power to coin money and regulate the value thereof and of any foreign coins".

But that is not the case.

The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.


The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.

As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.

However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."

The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

Fri, 04/06/2012 - 00:10 | 2321307 CompassionateFascist
CompassionateFascist's picture

It's the Rothschild and Warburg International Bank. And now so entangled with the Jewish end of the Street and the entire Z.O.G. that it's impossible to tell them apart.

Sun, 04/08/2012 - 14:52 | 2326444 Optimusprime
Optimusprime's picture

You are correct, of course.  And until knowledge of this becomes more widespread, and people begin to take a long-term strategic view to altering the situation, we remain manipulated serfs.


Thinking back on the thread that discussed student loans and the overall situation in higher education, I wonder how many students are taught how to notice this reality?

Thu, 04/05/2012 - 15:35 | 2320214 nope-1004
nope-1004's picture

The worst part about this evil woman, who partnered the invention of the CDS and now manipulates PM's daily, is that she is someones' mother.

I don't really care if my PM's become worthless one day.  This lady could win that game - kudos to you Blythe.

But your legacy will not be JPM, it will be those young influential ones in your own house who, one day, will probably wake up to the truth and never associate with you again.


Thu, 04/05/2012 - 15:53 | 2320266 SeverinSlade
SeverinSlade's picture

More than likely, her offspring will become just as evil as her.  They will think that mommy was doing god's work.  And they will be right.  After all, Satanists/Lucifarians don't say there is no God.  They merely say that everyone else is worshipping the wrong one.

Thu, 04/05/2012 - 16:02 | 2320302 nope-1004
nope-1004's picture

Depends if they are greedy like her.  If they happen to open their hearts to humanity and understand the global damage she is doing, they may choose another path.

But if they're greedy like her, other people are just pawns in the global domination game.

And the fact that she always has to dress like an airline stewardess is just plain weird to me.


Thu, 04/05/2012 - 17:27 | 2320559 Citxmech
Citxmech's picture

Does sociopathy have a genetic componant?

Thu, 04/05/2012 - 17:31 | 2320573 Diplodicus Rex
Diplodicus Rex's picture

Reminds me of Two Weeks  There's something not right about her lower jaw.

Thu, 04/05/2012 - 19:18 | 2320776 BlackholeDivestment
BlackholeDivestment's picture, Nope, growing up?

Team Benny and the Suicide Vampire Squid of the Great Wal Mart of China and the 911 NWO Jets

                                             do not offer time,%202001%20Tornadoes.htm 

                          for that kind of child growth. Lol. 

                   The occult prophetic picture has been painted and the alter flame has been lit*fNcs18ZL2fzvTZrMxwyN5G3mc83Kbj-gInnZJfVKVrBsi2QFztw7o0vV1T7h4/s1.jpg 

...for Rosemary's Baby U.N.Security Council Chairmanship confirmed by Pre-emptively awarding the Antichrist 

prophetic Peace Prize  

for the nuclear nonProLIFEration response to the Iran Event(s) that shall open the seal to the prophetic false peace with Israel and the United Nations via Iran  Israel and the Middle East Muslim nations conflict shocking the market that has been set up by the big brother Masonic G Man 


Blythe Masters of Muppets prophetic Greenspan of the Larry it's time for Summers season. Lol.

Thu, 04/05/2012 - 20:04 | 2320876 Cathartes Aura
Cathartes Aura's picture

your post(s) could also be applied to some of the violent suggestive imaginations posted in thread. . .

If they happen to open their hearts to humanity and understand the global damage she is doing, they may choose another path.

one has to wonder if many of these guys have any females in their lives - mothers, sisters, nieces, daughters, etc. - and what their perceptions of these relatives might be. . .

Thu, 04/05/2012 - 20:20 | 2320905 Jendrzejczyk
Jendrzejczyk's picture

Cathartes Aura = testosterone Kryptonite. Blustery _icks shrivel at your every post.

Thu, 04/05/2012 - 21:44 | 2321093 Cathartes Aura
Cathartes Aura's picture


we all have testosterone flowing, just in varying amounts depending on body chemistry, and perhaps "environmental" affects still being argued over. . . doesn't mean one need be ruled by their hormones, certainly not if you're past your teens at least.

less about hormones, more about anger over feeling powerless, plus the desire to punish people - male AND female - sexually.

scrolling past most of these posts, I couldn't help but remember poster Janus' avatar. . .

Fri, 04/06/2012 - 00:42 | 2321329 BlackholeDivestment
BlackholeDivestment's picture

...awe relax Aura, play some more Agenda 21 Black Jack, you'll be fine. Nobody's looking at your Fannie. Lol.

Fri, 04/06/2012 - 02:38 | 2321417 Cathartes Aura
Cathartes Aura's picture

heh, like everyone else here, just entertaining myself watching the show - if I was even remotely bothered, I'd stop reading.

but it can be fascinating to see how lame people can be, and just what the threads throw up. . . literally.  quite the education relative to just what amrkn minds are pre-occupied with.

I'm sure you'll understand if I pass on whatever you've linked. . . have fun!

Fri, 04/06/2012 - 04:25 | 2321488 BlackholeDivestment
BlackholeDivestment's picture, that is understandable, people pass on by things ''foreign'' to them, they really don't want to know about, all the time, like; why in the wide world of sport did a Russian like Nicholas Roerich inspire the Vice President and the President to put the seal in your hand or the affect thereof? Lol. ...but since you do not care to know, lol, I'm sure you will find some good programming, lol, ...on your Country's TV channel, lol, to be ''pre-occupied'' with. Those familiar spirits, oooh, very scary, but don't be bothered enough to comment on them, that's entertainment. Lol. ''Lame'', but ''...have fun!'' sniping myself. Lol, good one.

Thu, 04/05/2012 - 23:51 | 2321281 mkkby
mkkby's picture

No, children of sociopaths often grow up to stick a knife in their parents back.  Let's hope I'm right.

Thu, 04/05/2012 - 15:49 | 2320250 Bicycle Repairman
Bicycle Repairman's picture

Really disingenuous stuff there, Blythe.  But let's face it.  The last decade is now gone.  PMs and commodities are now attracting serious money, much of it smart money.  So vermin like JPM and GS have set up shop in the sector, expecting to control the market and shake people down.  THAT is their business model.

Real regulation would prevent yet another market being destroyed, but we do not have that.  The regulators have been captured.

The real tragedy is that commodities like food and oil affect everyone deeply.  But the "squid", "Jabba" and their ilk must get their cut.  So fuck you, everybody.

Thu, 04/05/2012 - 18:45 | 2320738 The Disappointed
The Disappointed's picture

Vote up! just for your name.

Thu, 04/05/2012 - 15:49 | 2320255 Pinto Currency
Pinto Currency's picture

delete double post

Thu, 04/05/2012 - 18:37 | 2320719 RafterManFMJ
RafterManFMJ's picture

Not a bad job overall, but I can still tell she was born a man.

Sun, 05/13/2012 - 16:52 | 2421967 Loukanika the r...
Loukanika the riot dog's picture

Oh No. Dont let WB7 see this. I predict another peppermint rhino pic I could well do without

Thu, 04/05/2012 - 15:21 | 2320173 Calmyourself
Calmyourself's picture

No, you'll be fine just choose granite or limestone..

Thu, 04/05/2012 - 15:31 | 2320190 strannick
strannick's picture

No, you should not have looked directly into her eyes. When you stare into the abyss, the abyss stares into you.

"JPM's commodities business is not about betting on commodity prices but about assisting clients".

What an interesting thing to say. I guess she really couldnt say anything else, except the truth, and the truth would set her free of her job as Commodities head of JPM.

Fri, 04/06/2012 - 10:07 | 2321954 fockewulf190
fockewulf190's picture

I'm surprised that people don't instantly turn to stone once eye contact is made with the Blythdusa.

Thu, 04/05/2012 - 16:19 | 2320353 SHEEPFUKKER

Hmmmm... great business model at the Fed.....errrrrrrrrrr JP Morgue.  Buy all the Treasuries and sell all the PM's.  Please let me know how that turns out.  

Thu, 04/05/2012 - 17:43 | 2320609 bonin006
bonin006's picture

I think you only turn to stone by looking at the actual physical creature, images are safe.

Thu, 04/05/2012 - 15:10 | 2320132 Badabing
Badabing's picture

and all this is OK?

Thu, 04/05/2012 - 15:17 | 2320152 Stanwick
Stanwick's picture

Buy cash 

Thu, 04/05/2012 - 15:57 | 2320285 vato poco
vato poco's picture

Naw, seeing as how it's *her*, let's do us an update on the classic "Death of Crassus" thing: a jeroboam of molten silver down the gullet. Let her watch it being melted - tell her nothing to worry about, it's merely a neutral position.

Thu, 04/05/2012 - 18:35 | 2320710 Silver Bug
Silver Bug's picture

The evil one speaks! Beware!

Thu, 04/05/2012 - 23:55 | 2321287 CompassionateFascist
CompassionateFascist's picture

Silver wire round her ankles, with Blythe hanging upside down. I can give the lie to everything she said via direct personal experience. In August 2010 I moved from munis/money mkt into "silver". My JPM-connected broker put it all into SLV...stupid me, at the time I didn't even know what a "derivative" was. When I found that out (along with much else) from ZH and other sites, I let it ride for awhile...then in April of 2011 moved from paper into bullion. But to do so, broker-man insisted I sign a piece of paper clearing him w his boss JD, attesting that I made this move "against his advice". JPM is THAT desperate too keep people away from physical and in paper. And we all know why.

Thu, 04/05/2012 - 16:16 | 2320346 jus_lite_reading
jus_lite_reading's picture



Thu, 04/05/2012 - 18:50 | 2320751 Robot Traders Mom
Robot Traders Mom's picture

I'm not going to lie. I'd pound that stupid bitch.

Thu, 04/05/2012 - 20:36 | 2320945 TheFourthStooge-ing
TheFourthStooge-ing's picture

Claw, ball peen, framing, or sledge?


Thu, 04/05/2012 - 15:05 | 2320103 The They
The They's picture

she melts if you pour colloidal silver on her

Thu, 04/05/2012 - 15:45 | 2320245 moondog
moondog's picture

A silver crown...much like the one Viserys wore on Game Of Thrones..

Thu, 04/05/2012 - 15:05 | 2320117 citta vritti
citta vritti's picture

try 30 of 'em

Thu, 04/05/2012 - 15:09 | 2320130 SeverinSlade
SeverinSlade's picture

That's the equivalent of showing a cross to a vampire.

I'm sure Blythe has never actually seen an ounce of physical silver...Seeing as how their "vaults" are likely empty.

Thu, 04/05/2012 - 15:20 | 2320166 Pladizow
Pladizow's picture

Why do vampires hate crosses?

They're allergic to bullshit!

Thu, 04/05/2012 - 15:49 | 2320256 strannick
strannick's picture

No, because they are the living dead

Thu, 04/05/2012 - 15:11 | 2320137 slaughterer
slaughterer's picture

Uh oh, I do not like BM on CNBC at all: this can only mean JPM is going to take down silver to $26 again. 

Thu, 04/05/2012 - 15:21 | 2320168 Beam Me Up Scotty
Beam Me Up Scotty's picture

Boooya!!!  I hope so!!  I love sales!!

Thu, 04/05/2012 - 15:23 | 2320178 Gohn Galt
Gohn Galt's picture

Hope so.  Its like when she is about to bust out laughing, she hides it with a smirk.  I think she almost lopst it for a second.

Thu, 04/05/2012 - 15:36 | 2320218 gadflew
gadflew's picture

Agreed.  She shows up after pit close the day before a holiday with this?  When you see Blythe, Soros, a Rothschild, etc. come out in the daylight you know something is brewing with the vampires

Thu, 04/05/2012 - 15:55 | 2320275 Pinto Currency
Pinto Currency's picture


And Brian Sack quits.

I wonder how long until he commits suicide with two gunshots to the back of the head.

Fri, 04/06/2012 - 22:00 | 2323925 MeelionDollerBogus
MeelionDollerBogus's picture

On-target for the trend is silver = $26 with gold = $1465.77

2012 04 06 gold vs silver performance multiplier | Flickr - goldpricemodel

2012 feb 06 gold price model 277 wk roc | Flickr, Goldpricemodel - I'd expect no later than 2nd week May and possibly window opening only 3rd week April (2012)

Thu, 04/05/2012 - 15:19 | 2320161 Thisson
Thisson's picture

This article is pretty foolish.  As much as I hate to admit it, Masters' statement makes sense.  If they're sitting long the physical (in the vault), they need an offsetting short position in the paper market.  It also doesn't make sense to say that JPM isn't running a matched book in Silver when we already accept that they run matched books in all their other markets.  The silver manipulation claims here are bullshit, in my opinion. 

Thu, 04/05/2012 - 15:22 | 2320179 Beam Me Up Scotty
Beam Me Up Scotty's picture

How did they make $2.8 Billion then?  On commisions?

Thu, 04/05/2012 - 15:26 | 2320189 hedgeless_horseman
hedgeless_horseman's picture



...they need an offsetting short position in the paper market.

Really?  Why, exactly? 

Thu, 04/05/2012 - 16:11 | 2320323 CH1
CH1's picture

Because... well... because... SHUT UP! You are crazy!

Conspiracy theorist! Government hater! Bible thumper! Ron Paul lover!

Racist, sexist, bigot, homophobe... Terrorist!!

Thu, 04/05/2012 - 16:26 | 2320376 nope-1004
nope-1004's picture

You forgot "silver bug".  LOL.

Thu, 04/05/2012 - 16:48 | 2320439 JW n FL
JW n FL's picture




... well... because... SHUT UP! You are crazy!

Conspiracy theorist! Government hater! Bible thumper! Ron Paul lover!

Racist, sexist, bigot, homophobe... Terrorist!!


I know you are but what am I?

Thu, 04/05/2012 - 16:48 | 2320438 Thisson
Thisson's picture

Really?  Why, exactly? 

For risk management, the same as every other market maker.

Thu, 04/05/2012 - 17:48 | 2320581 hedgeless_horseman
hedgeless_horseman's picture



Thus one of the many conflicts of interest inherent in banks that are also market makers. But really, market makers have no requirement to be flat, and banks do have a requirement to have reserves.


Fri, 04/06/2012 - 00:18 | 2321313 CompassionateFascist
CompassionateFascist's picture

JPM worries little about "risk". There is no "risk" when you are the government. At least until the shooting starts.

Thu, 04/05/2012 - 19:19 | 2320798 TeMpTeK
TeMpTeK's picture

The 2.8 Billion dollar question...................

Thu, 04/05/2012 - 15:26 | 2320192 TN Jed
TN Jed's picture

"The silver manipulation claims here are bullshit, in my opinion."

Then why choose to address it at all?  Blythe Masters doesn't go on tv to give facebook status updates.  Somebody is poking holes somewhere.  (knock it off perverts)

Thu, 04/05/2012 - 15:26 | 2320193 Deep79
Deep79's picture

What I don't understand is why would JPM have to hedge their book when it's the customers silver in the vault and the customer hedges. That I see, but then she says we then offset in commodities market. Why? The hedge the client place protects them, why is JPM then placing a hedge on that postion?



Thu, 04/05/2012 - 15:39 | 2320228 citta vritti
citta vritti's picture

fwiw, I think the quoted material indicates customer is both depositing silver w/ JPM and hedging that same silver through JPM, so JPM in turn must hedge to stay flat or relatively so. 

Thu, 04/05/2012 - 15:49 | 2320262 Deep79
Deep79's picture

Still does not make sense to me. I understand that according to Blythe, customer hedges with a FORWARD, thus their is counterparty risk, but dont most banks take the other side in Forwards. 

So client places silver in JPM vault, then takes out a short forward contract, JPM has the silver as colatteral, why hegde?



Thu, 04/05/2012 - 16:12 | 2320328 Bubble
Bubble's picture

The claim is, their customer holds phyz, hedges that by selling an OTC future contract with her as the buyer, they then bang that out in the futures mkt making them delta neutral. who the hell would hold the amount of silver that needs hedging with futures equivalent to a years production in ten minutes or so from now however I couldn't say.

Thu, 04/05/2012 - 18:34 | 2320709 UP Forester
UP Forester's picture

She said she executes client positions.

Along with executing the wishes of the clients.

Then moves on to executing long silver positions.

Next will be executing clients.


She sure loves the word "execute," doesn't she?

Thu, 04/05/2012 - 19:58 | 2320868 FeralSerf
FeralSerf's picture

Maybe she should be called The Executioner.

Fri, 04/06/2012 - 21:32 | 2323896 MeelionDollerBogus
MeelionDollerBogus's picture

Given what she does to silver prices, I refer to her as Scythe Masters. when silver takes huge drops I call them "Scythe candles" on the chart. When I'm feeling very entertaining I make my own charts featuring this with a photoshopped scythe overlaid on the chart data :D

Thu, 04/05/2012 - 15:43 | 2320235 Vincent Vega
Vincent Vega's picture

@ Thisson....Blythe never uses the word 'physical' nor does she ever use the word 'bullion'. For all we know she could be referring to confirms or receipts in the vaults.

Thu, 04/05/2012 - 16:54 | 2320456 Thisson
Thisson's picture

She is quoted as saying: " we store significant amount of commodities, for example, silver, on behalf of customers we operate vaults in New York City"

Ok, so if we take the claim as true, she's saying the Bank is effectively long silver exposure and is taking an offsetting short position as a hedge.  Like I said, why would this be untrue for Silver but true for the other commodities markets they operate it.  I mean, really, where are the "grainbugs" shouting about how grain prices are being manipulated?

Thu, 04/05/2012 - 18:37 | 2320718 UP Forester
UP Forester's picture

Can you cite any examples of three quarters of the world's yearly grain harvest sold in 10 minutes, without regard to price?

Happened with silver on February 29th....

Thu, 04/05/2012 - 20:05 | 2320880 palmereldritch
palmereldritch's picture

It happened on a leap year day too...what are the odds?

Thu, 04/05/2012 - 21:13 | 2321025 israhole
israhole's picture

Kinda like 911.

Thu, 04/05/2012 - 22:45 | 2321201 palmereldritch
palmereldritch's picture

29: 2+9 = 11

That's the number they use to get their freak on....

From what I can tell it is their 'control' number...kind of like a pause button on the sheeple

Thu, 04/05/2012 - 15:58 | 2320289 Gully Foyle
Gully Foyle's picture

You all know you would fuck her first chance you had.

All the snark here is just to cover the boners.

Thu, 04/05/2012 - 17:15 | 2320518 trembo slice
trembo slice's picture

I'd fuck her up...

Thu, 04/05/2012 - 20:03 | 2320875 FeralSerf
FeralSerf's picture

She's fucked me.  Trust me -- you won't like the experience.  It can be very expensive and painful too.

Thu, 04/05/2012 - 18:42 | 2320730 resurger
resurger's picture


Thu, 04/05/2012 - 21:29 | 2321064 Buck Johnson
Buck Johnson's picture

She was lying her but off all during that interview the onoy thing she got right was the name of the firm. 

Fri, 04/06/2012 - 00:46 | 2321330 Tegrat
Tegrat's picture

I don't get it. Everyone here is convinced the banks are the ones doing these hugh intraday shorts. Why can't it be hedge funds? How many hedge funds have the funds to sell into a market equal to the annual silver production in sliver in just a few minutes?


Do they not take a risk doing this? If you are short 100,000 contracts at 5000 * $30 per, then the market moves against you aren't you royally screwed?


I dont care that it's manipulated. Buggers like us get lower prices. Always. I risk maybe $13k in a trade. Them dudes risk billions. If they make money off it...more power to em.





Fri, 04/06/2012 - 02:43 | 2321421 SAT 800
SAT 800's picture

The very day you neanderthals understand what a flat matched position is; you will gape open mouthed in astonishment at the years of folly and bombast that you subscribed to and were mislead by. Repeat after me two thousand times until you finally get it; there is no manipulation in the price of silver. Why? Because it's impossible, that's why. In other words, for the same reason that rocks never float upward when you release them from your hand.

Fri, 04/06/2012 - 03:20 | 2321451 I Am The Unknow...
I Am The Unknown Comic's picture

Tyler I beg you to please give us a word cloud.  I am certain it will be revealing.  I want to see what the word "devil" appears next to.  I wager that it will appear next to "Blythe"

Blythe used the phrase "the devil is in the detail" in the above video clip.  Perhaps the word cloud will reveal that "the devil is in JP Morgan"?

Thu, 04/05/2012 - 15:35 | 2320092 hedgeless_horseman
hedgeless_horseman's picture

 <-- Cunt.

 <-- Misunderstood.

Thu, 04/05/2012 - 15:54 | 2320274 johnnymustardseed
johnnymustardseed's picture


<----SMUNT   (that is the combination of smelly and cunt)

Thu, 04/05/2012 - 19:56 | 2320863 peekcrackers
peekcrackers's picture

I would give to her in the pooper .. Just like she gives to every PM investor,  Tid for Tad

Thu, 04/05/2012 - 14:58 | 2320094 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

I'm just gutted that the Troika have withdrawn Greece for sale from eBay

Thu, 04/05/2012 - 15:31 | 2320198 iDealMeat
iDealMeat's picture

Pick-up the baton and post it up again..  I'm about to offer up California.

Thu, 04/05/2012 - 15:01 | 2320101 SeverinSlade
SeverinSlade's picture

Long story short, JPM is only acting on behalf of its client[s]...That CLIENT, of course, is Ben Bernanke and the Federal Reserve.

Thu, 04/05/2012 - 15:17 | 2320149 BLOTTO
BLOTTO's picture

And unfortunately - it doesnt end there...

...couple of more steps up^


Who's Ben and Feds client?

When you answer that, than we get closer to the juggernaut of the problem.


Picking the anchovies..and pineapple off the pizza is useless when the whole pizza is fuckin rotten.

Thu, 04/05/2012 - 15:47 | 2320248 WTFx10
WTFx10's picture

Fucking Rothschild of course IBS thats where the buck stops. The Godfather of this syndicate,  thats all it is when you strip away the layers of Bullshit.

Thu, 04/05/2012 - 15:01 | 2320102 williambanzai7
williambanzai7's picture


Thu, 04/05/2012 - 15:20 | 2320163 DoChenRollingBearing
DoChenRollingBearing's picture

Excellent and timely!

Thu, 04/05/2012 - 15:25 | 2320185 ihedgemyhedges
ihedgemyhedges's picture

Good one WB.  Only thing you left out was the silver dildo.............

Thu, 04/05/2012 - 15:31 | 2320202 Pladizow
Pladizow's picture

Not enough silver globally!

Fri, 04/06/2012 - 10:21 | 2321999 fockewulf190
fockewulf190's picture

Just make a paper one and dip it in silver. It looks solid, but 99% of it is paper. For extra fetish effect, make it with pieces of paper labeled with "SLV". She'll be spazzin inside of a minute.

Thu, 04/05/2012 - 15:28 | 2320195 Shleprock
Shleprock's picture

Damn Banzai ...  You make me feel quilty of my wet dreams being it will be Good Friday and all!!

Thu, 04/05/2012 - 15:56 | 2320284 rlouis
rlouis's picture

You captured her inner conflict perfectly. 

Thu, 04/05/2012 - 15:02 | 2320104 Straying from t...
Straying from the flock's picture

A dime a day will END the game.  JPMorgan has a chink in the armor, and it's name is physical silver.  I, for one, am telling everyone I know how to slay the beast:

Hedge against the coming paper storm.



Thu, 04/05/2012 - 15:09 | 2320129 PSEUDOLOGOI

thanks!  shared on my fb.

Thu, 04/05/2012 - 15:35 | 2320215 Manthong
Manthong's picture

Well, a March of Dimes took care of Polio, maybe another could cure us of JPM.

Fri, 04/06/2012 - 03:13 | 2321448 SAT 800
SAT 800's picture

My God your mentality is pitiful. It's so depressing to live in a land of idiots.

Thu, 04/05/2012 - 15:21 | 2320171 Gringo Viejo
Gringo Viejo's picture

Beyond all the white noise, all one needs is patience. It's simply a matter of time and I firmly believe as Jim Sinclair has said that ..."gold & silver will achieve full price discovery ONLY when they trade at full cash value on the COMEX and LME."

Thu, 04/05/2012 - 16:02 | 2320300 JW n FL
JW n FL's picture



I am neither a fear monger, nor am I a conspiracy theorist. I am a practical man who has made a great many mistakes in his life. I cannot spend another day silent as to what has been presented to me, and what I am doing about it. The world around us has been built on a digital foundation of debt and slavery. We pay our taxes because we are told that we must. I don’t want you in jail, so keep paying your taxes, for now.

What I am talking about is putting your hard earned money into a store of value that will be worth something one day. Your bank account is loosing money each day. With interest rates near zero, and inflation on the rise, you are a fool if you are keeping your money in the bank. The truth is, most are living paycheck to paycheck and have little to save, let alone invest. There are some of you that have created a great life for yourself and your family. I am truly happy for you. Please continue reading, as this pertains to you as well.

The Donate Button is Tacky after posting something like this.

Thu, 04/05/2012 - 15:02 | 2320107 debtor of last ...
debtor of last resort's picture

Vaults... yeah, sure.

Thu, 04/05/2012 - 15:02 | 2320109 TideFighter
TideFighter's picture

Masters:  "Commodities Space is a global, growing hindrance at this moment in time." There, fixed it.

Thu, 04/05/2012 - 15:02 | 2320110 Seasmoke
Seasmoke's picture

why does she always have a smirk on a her face like she just sucked someones dick

Thu, 04/05/2012 - 15:04 | 2320112 SeverinSlade
SeverinSlade's picture

Don't you love how these bankster fucks (or in Blythe's case, bankster CUNTS) lie by telling the truth...They just selectively tell the truth and omit the important fact that would expose them.

"We're only acting on behalf of our clients."

Can we see a client list?

"Uh...That's confidential."

Thu, 04/05/2012 - 15:05 | 2320116 debtor of last ...
debtor of last resort's picture

Nice sacrifice though Blythe. What did they promise you. Phyz?

Thu, 04/05/2012 - 15:05 | 2320118 SeverinSlade
SeverinSlade's picture

The porn industry found a Sarah Palin look alike.  Can someone in the porn industry, PLEASE, for the love of god, find a Blythe Master's look alike and put her in a massive anal only gangbang video?  Silver buyers and traders everywhere would rejoice.

If someone could get Blythe herself to star in said movie, that would be even better.

Thu, 04/05/2012 - 15:08 | 2320124 SeverinSlade
SeverinSlade's picture

Although I guess in the end, we should all thank the great Cunt.  She is, after all, giving us all physical silver at prices way below fair value. 

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