Quixote2
4th July 2010, 10:28 PM
http://www.roadtoroota.com/public/310.cfm
Triple Whammy for JP Morgan's COMEX Silver Short Position
The financial world's worst kept secret is about to become mainstream news and catapult the COMEX silver price instantly. That, of course, is the JP Morgan Silver Manipulation Scandal. There are three massive blows about to be levied on the Ring Leader for the banking cabal and they are:
1) Large Civil Lawsuit - Rumors abound that there is a very significant civil lawsuit about to be filed against JP Morgan for illegally rigging the silver market. This "rumor" has been promoted by various well connected sources so I think it is only a matter of timing now. The filing of this lawsuit is significant, win or lose, because of JPM's current position in the silver markets. First, they are the "Custodian" of the largest known physical silver hoard in the world which currently has close to 300M oz in "inventory". A large public charge of illegal actions in the silver market would put the managers of iShares Silver, BlackRock Asset Management and the Bank of New York Mellon, in violation of their fiduciary responsibilities if they do not replace JPM in the role of Custodian. The second reason is of course JPM's significant short position on the COMEX. This short position of close to 150M oz has been confirmed by COMEX Reports and correspondence as reported by Ted Butler.
2) CFTC Investigation - The CFTC has announced that the latest silver investigation is with the "Enforcement Division" of the CFTC meaning that they have found enough evidence and are waiting for something until they announce the charges. Both Gary Gensler and Bart Chilton have complained that under the CFTC's current charter they have very little authority to prosecute anybody they catch cheating. They also claim that they don't have the authority to enforce any concentration limits. All of this will change with the new Financial Reform Act where they got pretty much everything they need.
http://www.commodities-now.com/news/power-and-energy/2942-gensler-on-brink-
Once this Bill is signed into law we will finally see the charges brought against JP Morgan for silver market manipulation and we will see position limits put in place to ensure that there will be a freely traded market for silver in the future.
3) FBI Investigation - The most interesting announcement I have heard come out of the silver investigation is that the FBI told certain investors that they were investigating JP Morgan for silver manipulation. I find this interesting for the fact that they announced they are investigating silver manipulation and that they NAMED JP Morgan as the entity that is under investigation!
http://www.nypost.com/p/news/business/feds_probing_jpmorgan_trades_in_gZzMvWBqOJpB55M7Rh 9vwM
With these three hammers about to come down on JPM you'd think they'd be trying desperately to get out of their short position as well as their position as Custodian of SLV...but they have not. Either they think they have the regulators in their back pockets or they are stuck and there is no way out. I believe it is the later and they will be made an example of in the coming weeks.
Triple Whammy for JP Morgan's COMEX Silver Short Position
The financial world's worst kept secret is about to become mainstream news and catapult the COMEX silver price instantly. That, of course, is the JP Morgan Silver Manipulation Scandal. There are three massive blows about to be levied on the Ring Leader for the banking cabal and they are:
1) Large Civil Lawsuit - Rumors abound that there is a very significant civil lawsuit about to be filed against JP Morgan for illegally rigging the silver market. This "rumor" has been promoted by various well connected sources so I think it is only a matter of timing now. The filing of this lawsuit is significant, win or lose, because of JPM's current position in the silver markets. First, they are the "Custodian" of the largest known physical silver hoard in the world which currently has close to 300M oz in "inventory". A large public charge of illegal actions in the silver market would put the managers of iShares Silver, BlackRock Asset Management and the Bank of New York Mellon, in violation of their fiduciary responsibilities if they do not replace JPM in the role of Custodian. The second reason is of course JPM's significant short position on the COMEX. This short position of close to 150M oz has been confirmed by COMEX Reports and correspondence as reported by Ted Butler.
2) CFTC Investigation - The CFTC has announced that the latest silver investigation is with the "Enforcement Division" of the CFTC meaning that they have found enough evidence and are waiting for something until they announce the charges. Both Gary Gensler and Bart Chilton have complained that under the CFTC's current charter they have very little authority to prosecute anybody they catch cheating. They also claim that they don't have the authority to enforce any concentration limits. All of this will change with the new Financial Reform Act where they got pretty much everything they need.
http://www.commodities-now.com/news/power-and-energy/2942-gensler-on-brink-
Once this Bill is signed into law we will finally see the charges brought against JP Morgan for silver market manipulation and we will see position limits put in place to ensure that there will be a freely traded market for silver in the future.
3) FBI Investigation - The most interesting announcement I have heard come out of the silver investigation is that the FBI told certain investors that they were investigating JP Morgan for silver manipulation. I find this interesting for the fact that they announced they are investigating silver manipulation and that they NAMED JP Morgan as the entity that is under investigation!
http://www.nypost.com/p/news/business/feds_probing_jpmorgan_trades_in_gZzMvWBqOJpB55M7Rh 9vwM
With these three hammers about to come down on JPM you'd think they'd be trying desperately to get out of their short position as well as their position as Custodian of SLV...but they have not. Either they think they have the regulators in their back pockets or they are stuck and there is no way out. I believe it is the later and they will be made an example of in the coming weeks.