Submitted by Mark McHugh of Across the Street
Guess Who's Almost Out Of Silver
According to Jamie Dimon, he did America a favor when he agreed to take bailout money from taxpayers (and we didn’t even have the decency to thank him). Last week ,we learned that the JP Morgan CEO likes his catastrophe’s predictable, but as Mick Jagger once observed, “You can’t always get what you want.”
So in case you’re wondering who might be stupid enough to buy silver at $40, chances are extremely high it’s going to be the guys who sold at $15, $20, $25, 30, 31, 32, 33….. On April 6, Bloomberg reported Comex Silver Stockpiles as of April 5, and if you scroll down through the report, you’ll notice that JP Morgan has enough silver to fill, wait for it, 6 contracts. Yep 30,844 troy ounces, that’s all.
Now consider this: Since December, JP Morgan and their customers (whoever they may be) have sold more than 12.2 Million Ounces of physical silver (net). Here’s JP’s activity year-to-date from the Comex report:
I will not insult your intelligence by explaining this any further.
Shine on you crazy Dimon!