IF the CFTC are in fact preparing to finally adhere to Frank-Dodd legislation, and enforce strict position limits in silver, JP Morgan would be in a world of hurt (we're talking chapter 7 bankruptcy) had they had to cover their naked short positions at silver prices anywhere near where silver had been trading for all of 2011.
Could it be that The Morgue is currently attempting to pile drive silver as close to their average short position (near $12) as possible before covering the majority of their naked short contracts and going long in time for a CFTC announcement?
| SPOT MARKET IS OPEN ( closes in 16 hrs. 46 mins.) | |||||||
| Metals | Date | Time (EST) | Bid | Ask | Change from NY Close | ||
 | GOLD | 09/26/2011 | 00:29 | 1608.60 | 1609.60 | -48.60 | -2.93% |
| SILVER | 09/26/2011 | 00:29 | 28.11 | 28.21 | -2.82 | -9.12% |
30 comments:
So in other words.. the silver market is whatever JPM says it is? What market?
The Dollar is not really doing anything.. hell its not even over 80.00 This blatant manipulation HAS NOTHING TO DO WITH FREE MARKETS, Elliot wave, deflation or anything else. This is nothing but pure manipulation. JPM has been told that there will be position limits. They are going to cover as many shorts as possible.
They would break even at the 12.00 to 14.00 spot silver area. Then watch these basterds go long. Knowing well that they have created a huge shortage of silver over the past 30 years
as they ride uncle bennies QE to infinity soon.
I will be willing to bet that we will see 10.00 and 20.00 up days soon. Question is this? can they get it down to 14.00? There is no other explanation for this. Anyone who thinks this is a natural market reaction is full of crap.
Sierra
Sierra
Next you watch those assholes raid the SLV for as much physical silver as they can get. JPM stole 40 million ounces back in May. How many are they going to steal this time?
Sierra
And we have a winner?
I think that's exactly what JPM is doing. Otherwise they are doomed in the short term rather than later. How close to $12 will it come... We are about to find out!
based on technical analysis, major support doesn't show up until 21.50. So based on TA, now that $30 has been broken decisively to the downside, we have minimal support at $25, and if that doesn't stop the rout, MAJOR support is at $21.50. That said, as I have mentioned and as Sierra has indicated as well- TA is useless in manipulated events. IF JPM is in fact currently attempting to extricate themselves from their short position (which it appears they are), it will go as low as they can take it until they have squeezed every last long into capitulation.
We'll find out shortly.
Doc,
Just watch how fast this goes up. With these much lower prices people are buying hand over fist. I would bet that silver will not sell for less then 32.00 to 35.00 even if they do get the spot price down to 15.00. I think that if you do not have your physical by now you are SCREWED. 1 billion ounces of physical silver in the world. That is less then 1/6 of an ounce for every man, woman and child on the face of the earth. I gaurantee you that the Chinese are buying hand over fist. The Chinese alone can buy the whole silver market. And those Crooks JPM will raid the SLV. Ted Butler thinks that the SLV does have the silver they claim. They took 40 million ounces in May. Just watch what they do now.
Sierra
Its a paper fire sale! Time for the smart money to back up the truck!
JPM cover naked short their break even at $12-14 spot silver ...scary but good time to buy low :)
If you can get it Annie.. I will be willing to bet you won't any silver at 15.00. You will be lucky to find it at 30.00+ If you do not have your silver by now you are SOL! The chinese were paying 2.48 over spot when silver was still selling for 42.00 an ounce last week. Did they know what is coming? The just wait till the Industrial users Panic!
Sierra
dollar is up .48 at 78.70. with the down move in silver the past 4 days the dollar should be at 90.00
Sierra
Wow! And to think I got a deal over the weekend. LMAO. I wonder if these big dealers will shut their doors for a few days because the demand will be so huge? Or will they keep their prices high, knowing the tail is wagging the dog to fast and furious, and there's something wrong with that picture??? Oh and I'll be buying more tomorrow, once gainville is back online at 9am...I think they are praying for a miracle from now until then! :-)
Bix Weir
www.RoadtoRoota.com
Hopefully you have taken my advice and gotten OUT of the financial system and are sitting on the sidelines with a pile of silver and gold coins. You can bet that JPMorgan and the banking cabal are covering their shorts like mad on this COMPUTER DRIVEN decline in gold and silver. How low will it go??? Nobody knows but understand that the price can be placed ANYWHERE because it is all controlled by computer programs which trade back and forth to itself. 100% Rigged. Every day and every trade.
Know this: The rigging of the gold and silver markets will end soon...but be careful what you ask for!
Malcolm,
I really enjoy reading your posts. I am also a big Bix Wier fan. There is NO question that JPM knows that the only way to survive is get out from under their short position in Gold and silver. I think they had the shit scared out of them when they got their heads handed to them when gold went to 1900.00 the first time. They lost big money on that short squeeze. NOW.. as soon as they get it down low enought they will jump to the long side. Bix says we will see silver above 100.00 by year end 2011. I don't doubt it for a minute. If you don't have your phyzz by now you are SOL. By Friday there will be none to be had.
Sierra
Sierra
Lovely name! Thanks!
Malcomb.. Sierra is short for SIERRA HPBT.
Unfortunetly I'm sure I will probably be having to use some of those 168grn. rounds. I hope everyone took Bix's advice and is out of their system and in Physical. Unfortunetly my SLV calls are killed for the time being but soon JPM and the rest will go long. With HSBC being let out of the law suit, and probably turning states evidence against JPM, I would not doubt that JPM is following a scortched earth ploicy of screwing HSBC. Driving price down, get out from under its short position then Jump long. Then those jerks will pay off some CONgress critter to write a law exempting them from civil and criminal prosecution. I'm sure my SLV calls will be good here soon.
Justin said...
"Hey Malcolm, how does my chart look now?
Silver 2008/2011
This is fun watching recent nay-sayers freak out after a few of us tried pointing out here and on TF's blog that there was a pretty good chance a severe correction was coming, but the bears get no love since it's taboo to be anything but bullish 24/7 in the gold/silver communities. Bull hat/bear hat, know when to take the blinders off and wear the right one.
Meanwhile, at 31, I think it's almost time to sell some puts and retire. You'll be happy to know this will be my last post on this wasteland of a blog, later boys and girls!
September 26, 2011 2:26 AM "
Have a look at that chart!
http://www.tfmetalsreport.com/comment/38497#comment-38497
So who's on the other side of the shorts?
For those curious about Malcolm's reference to Bix Wier:
http://www.facebook.com/topic.php?uid=334580551107&topic=15670
Go to the bottom of page two.
Check in periodically for updates.
Ennis
Tyler Durden's picture
Shanghai Gold Exchange Hikes Silver Margin By 20%
georgesilver: Probably themselves. Hunt brothers style.
ust when you thought the LBMA had run-out of Silver.
"The largest consignment of precious metal found in the sea – 200 tonnes of silver worth £148m – has been discovered in the wreck of a British cargo ship sunk by a German U-boat during the Second World War ." Independent Newspaper article.
I can't believe buyers all over the world wouldn't jump in at $25. I don't think it can get any lower than that. I'm buying.
My dealer wouldn't go under $35 ($39 for silver eagles) despite the manipulated price, so at this point it seems the drops are of no benefit to me.
@georgesilver
what are the odds that on the weekend/beg. of week that silver is at its most volitile point and a major bank is heavily short that this "find" is announced?
Lower than 30$ is a bargain, it is not realistic to hold it below this value.
It may be just noise (=volatility) for winning in the trades.
i was watching silverprice.org this morning when i saw spot hit $26.0, couldn't believe it, wanted to put in order to buy at apmex but thought it might be going lower.
came back an hour later to check on it, was already up to almost $30.
kinda kicking myself for missed opportunity.
ah well, will still buy a few more kilos at $30 tomorrow assuming the price holds.
I just listened to Nick Barishef detail the prospectus of the SLV. It states clearly that the "market maker" or broker is able to sell borrowed silver. Typically from the central bank). There is no stealing from the slv, because the silver was never there to begin with. You are buying shares of leased silver. Read the prospectus. The broker gets cash, the central bank keeps the silver in there vaults, and the buyer is not promised anything. In fact there is much more money the broker (JP Morgan, for example), if the price of the fund goes down. Not up!
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