Monday is the Greek CDS auction when the CDS payouts will be determined and required. Yesterday, JP Morgue whistle blower disclosed on the CFTC's website that JPM has $1 trillion in Greek CDS exposure on their balance sheet. Individuals quickly responded with their doubts on the authenticity of the whistle blower. At one point, over 50% of the comments being listed on the SilverDoctors.com's posting of the letter were blasting the Doc for publishing the report. See the original article here.
Last night, Zerohedge published one of the internal documents from the whistle-blower, validating that he is a JPM empolyee. Zerohedge's legal team is likely in a much better position to take on a legal battle resulting from publication of such documents. We plan to allow Zerohedge and GATA to run with the ball from here.
Monday will be a pivotal day for the direction of the markets including gold and silver. Some of us still have a small percentage of our portfolio invested in precious metal miners. The million dollar question of the day is...Do you hold on to your precious metal stocks through next week, sell into cash, or sell into physical gold and silver? We are treading in dangerous water. Stay safe. This is an open forum for readers to discuss their thoughts.
