Sprott announces 10 million ounces in physical silver purchases for the PSLV add-on offering, and Kodak which purchases roughly 8.5 million ounces of silver annually for industrial uses immediately files for bankruptcy!?!
Mere coincidence, or MF Global 2- another desperate act by the cartel to free up scarce and practically unavailable Phyzz? The timing is suspicious to say the least.
If the timing alone wasn't enough to make one suspicious, perhaps the fact that the consulting firm conducting the bankruptcy has strong ties to none other than JP Morgan might change one's mind!!!
As we move into the next silver delivery month of February and the controversy surrounding the MF global bankruptcy still swirling in the minds of investors, the world’s largest consumer of silver, Eastman Kodak, files bankruptcy.
The timing of Eastman Kodak’s bankruptcy, the massive amount of silver it consumes each year, as well as the consulting firm hired to sort out the mess will most likely make for another interesting conspiracy theory, indeed.
Eastman Kodak filed for Chapter 11 bankruptcy on Jan. 19. The 131-year-old company manufactures photography equipment and paper, printers and other products. According to Bloomberg News, Eastman Kodak consumes approximately 8.5 million ounces, or $300 million worth of silver, each year for its manufactured goods and supplies.
Though 8.5 million ounces of silver doesn’t appear to be a lot of consumption each year, at this time of questionable supplies, it could be quite significant, especially when demand from investors and China for the white metal is rising at an alarming rate, while alleged inventories at the COMEX hover at 35 million ounces of unencumbered silver.
Economist and author of Red Alert: How China’s Growing Prosperity Threatens the American Way of Life, Stephen Leeb, believes Sprott Asset Management’s recent communique to investors (mere days before the EK bankruptcy) that stated the Sprott’s Canada-based silver PSLV fund intends to purchase 10 million ounces of silver, an amount slightly more than Eastman Kodak’s annual 8.5 million ounces, is quite a big deal.
“What people don’t realize about silver is how illiquid silver is, and how little physical silver that is available in the market,” Leeb explained. “Now you have the Canadian, (Eric) Sprott, who has really been spot on for more than a decade, Sprott has just raised money and needs to take delivery of another 10 million ounces of silver. My question is, from whom? That’s the question.
The Internet is already abuzz at the timing of the EK bankruptcy, and for obvious reasons. If it weren’t for the mysterious and troubling case surrounding the MF Global scam, the EK bankruptcy would probably have gone away quietly into the night as the latest example of U.S. hegemonic decline.
But, like the handlers of the MF Global bankruptcy, who have demonstrable ties to the ringleader of the silver cartel, JP Morgan, EK’s bankruptcy will be handled by a ‘turn-around’ specialist from FTI Consulting, Vice Chairman Dominic Di Napoli, a man who has been unfortunate enough to have worked for the most sleazy operators of the financial industry, behind the kingpins of JP Morgan and Goldman Sachs.
“The company [EK] . . . named Dominic Di Napoli, a vice chairman at FTI Consulting Inc., as its chief restructuring officer to help steer the company through bankruptcy court,” the Wall Street Journal reported on Thursday.
From its Web site, it appears that FTI Consulting sports a rather long list of well-known financial clients, including JP Morgan, with several consultants listed and assigned to JP Morgan.