Jim Comiskey rumor

[Serpo]

Jim Comiskey states in his update this evening that his London trader source has informed him that JP Morgan sold 13,000 July silver contracts today on the LBMA, out of a total of 37,616 July silver futures contracts traded today in London.

JPM unloaded IN SIZE…SELLING SILVER DUE TO A MASSIVE MARGIN CALL.
The rumor in the pits is that a major JPM client was served a massive margin call, and was forced to liquidate massive silver positions to meet it. Comiskey believes that this is indicative of a market bottom in silver.
http://www.youtube.com/watch?v=nFIW8L_MPVI&feature=player_embedded#!



http://www.youtube.com/watch?v=nFIW8L_MPVI&feature=player_embedded#!


http://www.silverdoctors.com/jim-comiskey-jp-morgan-sold-13000-july-silver-futures-today-in-london-on-margin-call/#more-6491

[beefsteak]

Serpo,

Hmmmmmm...

This is EXACTLY the kind of footprint Nelson Bunker Hunt would leave...Sell 2 LME Silver/Simul Buy 1 COMEX silver to initiate a position. Got my info from a floor trader in LME sugar back in the day.

13K Ag contracts...could be closing a long, or initiating a new short. Silver sure didn't swoon by any measurement I could observe. Me thinks there is more to this "rumor" than some "JPM silver long bailing due to margin call"....what I'm seeing is gold swooning, not silver. Leads me to think this is a spread trade instead of a margin call trade dump on a Long Silver position. hmmmm Afterall, JPM is a primary dealer and could easily absorb this trade as the "beard" for any number of reasons.

Stay tuned me thinks.

BTW.....LOVE Cominskey's delivery.


beefsteak

[JohnQPublic]

It will be interesting if they closed out 13k silver shorts.