Posted on 12/14/2010 6:30:38 PM PST by jafojeffsurf
There were reports out today that JP Morgan has now admitted to having their massive naked short position in silver and is taking steps to reduce it. According to the Financial Times in London, "JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal." According to a person familiar with the matter, "The decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver." JP Morgan said in a statement, "It is absolutely incorrect to say or imply that the Nymex, CFTC or any other exchange or regulator has instructed or asked us to reduce our position."
NIA, along with the Gold Anti-Trust Action Committee (GATA), has been at the forefront of helping expose JP Morgan's silver price suppression scheme. Over a year ago on December 11th, 2009, NIA declared silver the best investment for the next decade at $17.40 per ounce. NIA said in its December 11th article, "It's not a coincidence that the day silver reached its multi-decade high of over $21 per ounce in March of 2008, was the same day Bear Stearns failed. Bear Stearns was a holder of a massive short position in silver."
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(Excerpt) Read more at inflation.us ...
“jamie dimom played by A. Hitler in “Crash JP Morgan Buy Silver - Max Keiser vs. Jamie Dimon’”
Very bad language, very funny. Yes, it be a hitler spoof!
http://www.youtube.com/watch?v=I0mhX9hpq3g
Ramifications lol No Jamie Dimon is obama’s favorite banker
I have read a lot about JP Morgan manipulating the price of silver to hold it down, but have never seen an explanation as to why JP Morgan cares what the price of silver is. Anybody got an idea?
I think we will see silver gain to a new high.
Silver should be much higher reflecting the actual devaluation of dollar since Nixon removed the gold peg.
People would be very STUPID to think that JPM is a bunch of idiots and they will get caught in this like some 20 year old newbie who thinks they can play the market on max margin. JPM has conered the copper market. That is their hedge vs their short silver position. They are essentially flat at this point. Don’t bet your mortgage money that JPM will get caught in this.
That they need to cover another 300 million+ short shares which means $50-$100 silver over the next couple of years.
JP is doing the Fed`s bidding as they always do. Or does the Fed does JP`s bidding or is there any difference. Started buying silver at nine bucks. Have never sold an ounce and probably won`t for quite a while.
Silver and gold represent honest money. JP Morgan is and always has been the crooked kings of fiat money which gives them the power to buy and control anything they want. They fully represent the banking community and US government in the effort to suppress and discredit honest money so they can continue their unholy reign of terror. Up to now anyone who got in their way gets crushed with no fear of punishment. However times have changed and their power is being challenged.
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