Whales are eating JP Morgans Silver short position alive

[Ares]

A two day whale attack ... 121 more contracts opened today on the November contract with only 8 days to last notice. That is 1,350,000 oz in the last 2 days. AND WHO IS ON THE HOOK?? JP Morgan!!

Note that this 121 contracts is reported today for Tuesday's trading. Monday had 150 net new contracts. So we've had two back-to-back days with oversized activity occurring in the waning days of the November contract.

There is always 2 sides of a trade ... and who exactly is defending against the whale attack???

Who else but the deep state's steward of fiat ... JP Morgan. Below is today's issues and stops report. You can see that JP Morgan issued (sold) warrants on 141 contracts. Delivery will be tomorrow. Ha! The deep state had to come in to defend price action. Between the 141 contracts on today's report and the 71 contracts earlier this month, JP Morgan is now out 1,060,000 oz this month ... so far!

And this is a non-active month. What's December gonna be like?

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https://preview.redd.it/9bmm4einn8081.png?width=657&format=png&auto=webp&df7a7d15

You know what's kinda funny ... it's JP Morgan customer accounts where most of that metal was stopped (bought).

Here is my chart on the net new contracts. I'd say that the last 2 days are the best 2 day run late in the contract for this data set!

https://preview.redd.it/ozg9520zb8081.png?width=778&format=png&auto=webp&22affd9e

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And now that we know who is in a pickle ... look who is moving metal into the comex vault today ... none other than JP Morgan with 584,000 oz going into eligible today. We'll see tomorrow if it goes into registered. I'm surprised that JP Morgan has to ride in on their little pony to save comex on a NON-ACTIVE month ... and they can't do it out of petty change?

After seeing this, there is a chance that none of the 24,138,214 oz of registered silver in the JP Morgan vault is owned by JP Morgan, at least enough to settle their 1,060,000 oz. short. You can see the total in the vault report below. That 24 mm oz may well be metal owned by others and just stored in JP Morgan's vault.

December is coming and the whales and apes are getting restless.

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https://preview.redd.it/df2nbya9h8081.png?width=873&format=png&auto=webp&46af6af9

Recall that I wrote a piece on JP Morgan's London vault where SLV's silver is warehoused. That was about 8 or 9 days ago. In it I discussed how JP Morgan's London vault has been dormant for about a year and then they withdrew 3,200,000 oz over 2 days. Yeah, sure they had to cough up SLV units for silver. I speculated that this could be the outer fire wall catching fire. So maybe the house of Morgan is, in fact, tight on metal right now. Maybe these movements are related.

Below is a link to that piece if you missed it, and shame on you if you did! I should charge for all this commentary, but it is TOO MUCH FUN!

JP Morgan's London vault operated for SLV starts showing some decline. Is the outer fire wall catching fire?
https://www.reddit.com/r/Wallstreetsilver/comments/qqgeth/jp_morgans_london_vault_operated_for_slv_starts/

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Some minor stuff ... I see that the last trade price today for the November futures was about even with December, so the early futures curve is in flatwardation. These whales want metal now. They can thank JP Morgan for keeping a lid on the price for them.

Here's the warehouse report for today:

https://preview.redd.it/hk29sthpa8081.png?width=896&format=png&auto=webp&65326a60

At least we still have life, silver and the pursuit of happiness.

https://libredd.it/r/Wallstreetsilver/comments/qwbfrv/a_two_day_whale_attack_121_more_contracts_opened/

[Ares]

Hell week for JP Morgan ends with more heat. Another 107 contracts for 535,000 oz opened today on the November contract. That is 2,800,000 oz this week on a contract with only 5 trading days left to last notice day. That one week surge is by far the largest in my 15 month data set.

November is headed toward record territory for net new contracts opened after first notice day but that statement doesn't capture the event because it is the speed of the surge that is extreme. See the 2 plots below, the first of which is the non-active months and the second are the active months.

The November curve includes the 107 new contracts opened today, so I am counting the hatch before it has chickened. You can see that trajectory tops any surge in either data set by far and the total number of net new contracts is already in the top tier.


Today's issues and stops report shows deliveries that will occur on Monday. Only one contract will be delivered, so there is no real information on who has been on the hook for the recent contracts ... who was the short seller. We'll have to wait until next week to see who has taken the short side of this recent surge in contracts.

See my post from yesterday for comments from earlier action. I'm not going to repeat that.

https://www.reddit.com/r/Wallstreetsilver/comments/qx2lt3/more_whales_arrive_buying_silver_on_the_november/

JP Morgan's vault was dormant today... no movement. But there was about 1,000,000 oz moved OUT OF THE VAULT by others.

https://www.reddit.com/r/Wallstreetsilver/comments/qxq778/hell_week_for_jp_morgan_ends_with_more_heat/