Is JP Morgan Attempting to Extricate Themselves From Short Silver Position by Oct4?

[Large Sarge]

Is JP Morgan Attempting to Extricate Themselves From Short Silver Position Prior to Oct 4th CFTC Meeting?
As silver has now taken out $29, and dropped ANOTHER 10% during Asian market trading this evening, with the LBMA on deck at 3am and COMEX in the hole at 8, the continued ferocity of the sell-off has us starting to wonder whether JP Morgan may be attempting to extricate themselves from the majority of their naked short silver position prior to the possible CFTC announcement on position limits Oct 4th.

IF the CFTC are in fact preparing to finally adhere to Frank-Dodd legislation, and enforce strict position limits in silver, JP Morgan would be in a world of hurt (we're talking chapter 7 bankruptcy) had they had to cover their naked short positions at silver prices anywhere near where silver had been trading for all of 2011.
Could it be that The Morgue is currently attempting to pile drive silver as close to their average short position (near $12) as possible before covering the majority of their naked short contracts and going long in time for a CFTC announcement?


SPOT MARKET IS OPEN
( closes in 16 hrs. 46 mins.)
Metals Date Time (EST) Bid Ask Change from NY Close
GOLD 09/26/2011 00:29 1608.60 1609.60 -48.60 -2.93%
SILVER 09/26/2011 00:29 28.11 28.21 -2.82 -9.12%

[JJ.G0ldD0t]

$12?! $12?!!

[DMac]

I think so Sarge. JPM is the spear head for the global "keep metals price down" project. Since the game is rigged and the house always wins I could never understand how folks think JPM will be destroyed by the metals.

They will find a way through lowering the paper price to close out most of their contracts.

Then the rocket ship to outer orbit.

[wrs]

How do you keep the price low if you have to buy it all back again? Makes no sense

[JJ.G0ldD0t]

I think so Sarge. JPM is the spear head for the global "keep metals price down" project. Since the game is rigged and the house always wins I could never understand how folks think JPM will be destroyed by the metals.

They will find a way through lowering the paper price to close out most of their contracts.

Then the rocket ship to outer orbit.


My only solace is in that after we get past the next 8 or 9 days THAT particular pain may be passed - but what of the state of affairs in the world?

bumpy bumpy bumpy days ahead.

[Son-of-Liberty]

How do you keep the price low if you have to buy it all back again? Makes no sense

That's what I am thinking. To drive the price down more someone would have to sell more silver. I suppose they could get the ball rolling and then as speculators that are long freak they might be able to unload some of their position. This sort of market action always reminds me of a casino.

[iOWNme]

Great point LS.

This whole thing is such a scam. But it doesnt even matter to me, because im holding physical until Im dead.

:)


I have FRN's BURNING a hole in my pocket. Is today the 'buy' day of the year?

[mamboni]

Great point LS.

This whole thing is such a scam. But it doesnt even matter to me, because im holding physical until Im dead.

:)


I have FRN's BURNING a hole in my pocket. Is today the 'buy' day of the year?

Wait for it...wait for it....

I had planned to buy gold this AM. I'm going to wait for a few days, though I think $1580 is a hard floor and there is little downside risk from here. Silver is a whole 'nother bucket of fish. But, if your time frame is greater than 1 year and you can tolerate another 50% drop from here and not freak out, then buy silver now by all means.

[chad]

just bought me a 100 ounce bar, HOLLA.
\
http://images2.wikia.nocookie.net/__cb20061214103333/uncyclopedia/images/archive/3/3d/20061214103708!Mchammer.gif

[messianicdruid]

Wait for it...wait for it....

Silver is a whole 'nother bucket of fish. But, if your time frame is greater than 1 year and you can tolerate another 50% drop from here and not freak out, then buy silver now by all means.

So you're calling the bottom at 14 bucks? Should a guy wait for twenty if he can't handle a 50% drop? {and assuming of course you can get anybody to answer the phone!!}

[chad]

personally, i don' think there will be much available sub $25. it's like gas, people are used to $3.50 a gallon now. people are getting used to $35+ silver as well. much below $25 or so, i think it's sold out.

[mamboni]

So you're calling the bottom at 14 bucks? Should a guy wait for twenty if he can't handle a 50% drop? {and assuming of course you can get anybody to answer the phone!!}

For paper silver, any price is possible. My guess is mid 20s is the absolute bottom.

For physical silver, I think the bottom is in now. No dealer in his right mind is going to sell silver in volume at these prices. Just for shits and giggles, I may call Monex and ask my guy if he can get me 2 monster boxes of SAEs - I'll wager that he can't.

[bl96S5eu]

Just for shits and giggles, I may call Monex and ask my guy if he can get me 2 monster boxes of SAEs - I'll wager that he can't.
Just spoke with a CSR at Provident Metals and he stated he's been on the phone non-stop since 7AM CT just taking orders quickly and moving on to the next. Apmex appears to be getting the cobwebs off of some of their inventory as well.

Where is the place we go to track COMEX inventory in real-time ;)

[mamboni]

Just spoke with a CSR at Provident Metals and he stated he's been on the phone non-stop since 7AM CT just taking orders quickly and moving on to the next. Apmex appears to be getting the cobwebs off of some of their inventory as well.

Where is the place we go to track COMEX inventory in real-time ;)

Excellent info - thanks!

[chad]

this is good. it should take a huge pile of physical off the market.

[Silver Rocket Bitches!]

If we go much lower than this I expect to see SOLD OUT signs everywhere. Physical is still going for ~$40.

[mamboni]

My guy at MONEX said he can get me 2000 SAEs no problems, approx. quote $66,332 with commission and delivery. He says they source the SAEs from Scotia. He wouldn't comment on whether we've hit bottom price in the physical market. Frankly, I'm tempted to bite but will sit for a couple more days.

[Large Sarge]

apmex sold out on junk silver now, just saw the update

[JohnQPublic]

APMEX' premiums were on the high side yesterday. I'll go over and take a look at what's happening.

[MAGNES]

Is JP Morgan Attempting to Extricate Themselves From Short Silver Position Prior to Oct 4th CFTC Meeting?
As silver has now taken out $29, and dropped ANOTHER 10% during Asian market trading this evening, with the LBMA on deck at 3am and COMEX in the hole at 8, the continued ferocity of the sell-off has us starting to wonder whether JP Morgan may be attempting to extricate themselves from the majority of their naked short silver position prior to the possible CFTC announcement on position limits Oct 4th.

IF the CFTC are in fact preparing to finally adhere to Frank-Dodd legislation, and enforce strict position limits in silver, JP Morgan would be in a world of hurt (we're talking chapter 7 bankruptcy) had they had to cover their naked short positions at silver prices anywhere near where silver had been trading for all of 2011.
Could it be that The Morgue is currently attempting to pile drive silver as close to their average short position (near $12) as possible before covering the majority of their naked short contracts and going long in time for a CFTC announcement?


SPOT MARKET IS OPEN
( closes in 16 hrs. 46 mins.)
Metals Date Time (EST) Bid Ask Change from NY Close
GOLD 09/26/2011 00:29 1608.60 1609.60 -48.60 -2.93%
SILVER 09/26/2011 00:29 28.11 28.21 -2.82 -9.12%

They don't have short positions with an average of $12,
and there is no way their shorts positions average was $12 ever,
in the 2008 drop it was around $16.00,
Last year at this time I did not believe
SI would break support with COT at highs, it did, so they would of
been in some short term trouble, but did it get away on them ?
So right after that we had massive volumes that I have been speaking about on here,
and documenting, volumes that go beyond the COT Shorts combined
for one days trading, we have many of those days, day after day, and
massive capping and drops, in absolute terms, they made back their
money, AND THEY MADE BILLIONS, and repositioned themselves,
there is no way that was regular trading, we are talking days of 200,000 contracts a day,
over and over. They were probably long at many points as well driving it up, who knows
what they are doing off trading on COMEX. Look at SLV trading, options,
volumes are massive, they got other vehicles as well. These discussions go
back a year on here from the time new highs were established beyond 22.50.

Right now watch gold, key support was broken, GC needs to come back
fast, if not they have plans, they will use overnight to go through major support
lines like past years and last night, it takes more brute force to do that on COMEX,
but they have done that too.

I predicted this major dump with charts, targets.
http://gold-silver.us/forum/showthread.php?54371-WTF-DOW-down-300-and-PM-s-getting-hammered&p=462537&viewfull=1#post462537
http://gold-silver.us/forum/showthread.php?54371-WTF-DOW-down-300-and-PM-s-getting-hammered&p=461791&viewfull=1#post461791
http://gold-silver.us/forum/showthread.php?54371-WTF-DOW-down-300-and-PM-s-getting-hammered&p=461811&viewfull=1#post461811

Here are the massive volumes that made the COT chart pretty well useless.
We are talking volumes in one day that match the COT shorts day after day.
Capping Silver, Massive Volume Price Drops (http://gold-silver.us/forum/showthread.php?48305-Capping-Silver-Massive-Volume-Price-Drops)


I have consistent message on here, every month cheerleaders post here,
and the COMEX is always blowing up, these people do not understand the
control and corruption and the importance to continue this. They will be doing
this to the end, whatever that is. A CFTC meeting is a joke for JPM, they own
it all. At this level of price, they can close out and make money doing so.

There are operations that are far less important to them that are kept secret, this
operation is the most important of all, controlling gold and silver, they would
throw the NeoCons and Bush overboard for 9/11 before they give up this money
operation. They will never give up their money operations, never. You will know
when the end is here. If there is a run on silver ala LME of yesteryear, they are
ready for it and will make out like bandits. IMO war or something else will cover
these financial crimes, people will have bigger problems, this is what I fear.

[Hatha Sunahara]

How do you keep the price low if you have to buy it all back again? Makes no sense



When you sell and drive the price down, it scares the other investors into 'cutting their losses' and they sell too. That causes a wave of downward movement on the price. The more scared the other investors are, the larger the downward wave for the price, until all the faint of heart have sold and taken their losses. It then takes the gold bulls quite a while to bid the price back up. But the upward price moves now are stronger than the downward selling manipulation pressure.

Hatha