Silver News Explodes; JP Morgan Admits Guilt!
(JP Morgan admits they are short silver!)
Silver Stock Report
by Jason Hommel, December 15th, 2010
JP Morgan admits guilt, admits being short silver, admits
to wanting to buy back silver to cover their short positions, to
appease guys like us on the internet! This is astounding!
appears to me that the righteous are gutting the evil, and that only a few
handful have the most powerful people in the world on the ropes, as if
Bible Prophecy were being fulfilled here:
Five of you will chase a hundred, and a hundred of you will chase
ten thousand, and your enemies will fall by the sword before
But getting back to JP Morgan on the run, we've
seen this kind of corporate behavior before. It took years after the
time that Barrick Gold first admitted they wanted to cover their short
gold position, and until when they finally covered their gold shorts
-- but they never really covered, they simply sold their short position
back to the bankers like JP Morgan.
Similarly, it could be
years, if not decades, for JP Morgan to unwind their silver shorts, and
this is no exaggeration. True, JP Morgan can cover by
giving paper money settlements, or settle some via SLV shares, or
close out positions by not buying silver, but if they do, their clients
who wish to be long silver, will then likely start scrambling for physical
silver, which should start to happen anyway, just on this news
The main points that many commentators and
news journalists continue to ignore, is that the silver does not
just trade on COMEX, it trades much more in London, "over the
counter", where nobody can take delivery without paying a 17.5% Value
Added Tax, which prevents nearly everyone from taking delivery! What
a scam! No news commentators seem to acknowledge this VAT
London silver tax yet. http://en.wikipedia.org/wiki/Silver_as_an_investment#Taxation
London LBMA market is a part of the BIS report from the Bank of
International Settlements, which mentions a total notional value of "over
the counter" "other precious metals" as $127 billion.
No major news outlet has even acknowledged or analyzed the BIS
report yet. It's right here.
charge a mere 4 to 6.5% over spot: 4% over spot for US 90%
silver coinage, and 6.5% over spot for 1 oz. newly
WE SELL SILVER FOR DELIVERY ABOUT
10% CHEAPER THAN JP MORGAN IN LONDON! WHERE IS THE
BILLIONS OF DOLLARS TRYING TO BUY SILVER FROM US?
AND WE SELL
IT FOR IMMEDIATE DELIVERY WITH NO EXTRA CHARGE TO ANYWHERE IN THE
One reason we can get silver cheaper is that we have .999 fine
silver that might not ever have paid extra to be LBMA certified, but it's
good silver, nevertheless. To be LBMA certified can take
years. Many smaller refiners never bother, and if they can't sell
their silver on the open market, they get 2% under spot from the
wholesalers. But instead, they are now making investment silver bars
and coins that are ISO9000 certified, and so good, that you can put
them into an IRA account. We can tap into that silver stream,
and save you money.
If the market had any discernment, or ability
to see through the lies, silver prices would exceed $50 to $100/oz. by the
end of the day. As it is, we may have to wait for the end of next
year to see such prices, because it takes time to educate people when the
media is filled with so much purposeful misinformation and lack of
More importantly, people should be buying silver, not
from bankrupt JP Morgan, not from bankrupt COMEX, but from JH MINT,
at www.jhmint.com, our company
that can deliver silver fast, in about 2-5 days, rather than the usual 2-5
months. Furthermore, we can buy silver for you, cheaper, in bulk
quantities from many major wholesalers, mints, and refineries.
premiums for "fund silver" is often 12% over spot when you buy CEF, or
CEF NAV http://www.centralfund.com/Nav%20Form.htm
PREMIUM OVER SPOT: 9.1%
PSLV NAV http://www.barchart.com/profile/etf/PSLV
PREMIUM OVER SPOT: 12.94/11.53 = 12.2%
BUT, our premiums for real
silver, SHIPPING AND INSURANCE INCLUDED, ARE LESS! SEE WWW.JHMINT.COM
The whole original
point of these funds was that they were supposed to be able to save you
money on silver, by buying silver in bulk, but if they
now cost more, then now's the time to cash them out, and buy real
silver for less!
More news! Tomorrow, the CFTC
was supposed to release new position limit levels for
CFTC admits will miss deadline on position limits
Holy Smokes, Word is OUT!
Overseas! GULF NEWS! Excellent research here. EXCELLENT
Reality of the great silver squeeze
The Financial Times acts as an unofficial
mouthpiece for JP Morgan, leaking their desire to cover their shorts,
hoping people will misinterpret this as if the already have covered their
shorts, without quoting anyone at JP Morgan.
More manipulation of public opinion.
JPMorgan Cuts Back on U.S. Silver Futures
Farchy and Gregory Meyer
"The bank declined to comment on whether it had reduced its position in
the silver market." HA! Misdirection!Jason
Hommel Most Prolific Idiot of the day on silver: Mike Mish Shedlock.
So many errors, so little time.
The FT times
headline is NOT what the bank actually says!!! And the headline has
absolutely zero factual substantiation!
If they can spin a "no
comment" other people might spin this other ways, such as:
Morgan, bleeding money in silver short position in a rising market, begs
circling sharks to not bite!
JP Morgan, caught with pants down
around ankles, claims to not be flashing the neighborhood,
Morgan, while trying to pick up the soap in the prison shower, begs fellow
prison inmates to not take advantage.
The Story makes Barrons, but
they do no research.
DECEMBER 14, 2010, 9:56 AM ET
Morgan Cutting Back Big Bets Against Silver
The Story makes "Beacon Equity Research", and it's a great
sum up. They mention GATA and Ted Butler at the start, but they fail
to mention the BIS report of "over the counter" "other precious metals"
derivatives that have been as high as $203 billion.
Market riggers are feeling the heat, so help
GATA turn it up
Here's an interesting article on
silver I can not let pass by.
Sprott writes a silver report
that reveals that ETF silver is not counted in the "demand" numbers
supply/demand numbers, omitting investor demand, or calling it a
"surplus", is part of the manipulation of silver prices.
good as they are, do not mention the BIS report.
days ago, I mentioned Rob Kirby's article, which was posted in full,
Something's Wrong in the Silver Pit: But It's Much Bigger
than J.P. Morgan
does mention, and investigate the BIS report!!!
I disagree with his
main conclusion that the price ratio should be 3:1 silver to gold, based
on the outstanding open interest, the price could do any number of things
if people actually scramble for physical, and get out of these "bullion
accounts" "over the counter" at LBMA member banks that cannot possibly
have or store anywhere near $127 billion in silver, when the entire world
mining industry produces so little, only $21 billion per year at 700
million oz. at $30/oz, and when only $3 billion in physical silver is
actually being purchased annually for
Skeptics continue to ask us to "prove"
that JP Morgan was short silver, despite that they have now admitted
Hey, I was at the CFTC meeting, where the apologists said,
several times, that the COMEX bank short positions were a hedge
of "client long" positions. At one point, Chairman Gensler
asked what that meant, since it's obvious, that if the clients are
long, then the firm is short, so they would be hedging a short with more
shorts, which is the essence of market manipulation! While they
tried to avoid names, JP Morgan was fingered and proved to be the silver
short with first hand evidence by Andrew McGuire at the
hearings. Or, in other words, there is no need to hedge client
positions, since the clients want those positions! You would only
"hedge client positions" if the client positions would bankrupt the system
if the banks had to deliver the silver that the clients want, so instead,
they short silver, against their clients!
Read my report on the
CFTC hearings from back in late March, here:
What other proof?
1. Bear Stearns had a silver
short position and was acquired by JP Morgan.
2. 25 lawsuits
against JP Morgan for manipulating the silver market.
Admission by Bart Chilton of the CFTC that one entity controlled 40% of
the silver at COMEX.
4. Admission by the Justice Department that
they were investigating JP Morgan for silver manipulation, published by
the NY POST.
Deniers are those who are ignorant, lack research
skills, or who choose to lie to people. JP Morgan can pay many
people to lie.
So, here is a skeptic, denier, fool,
paid disinformation agent, who knows. Regardless, he needs to be
I refute 8 major points in an article from Mike "mish"
Shedlock at my facebook page.
Silver Conspiracy From JPMorgan Makes No Sense And They Could Actually Be
Really Mike? Well, you asked, so don't get
mad at the answers.
1. Where is the proof JP Morgan was
short silver? 25 lawsuits against them, based on Bear Stearns' positions
which they acquired, and the BIS reports showing up to $203 billion in OTC
other precious metals notional derivatives values.
2. Could JP Morgan hedge by buying the SLV? Well, the SLV has,
like, what 350 million oz.? But JP Morgan might be short by up to 3.3
billion oz. That's not really enough to hedge; that's the main
3. Why didn't JP Morgan blow up long ago on silver shorts?
JP Morgan has $2 trillion in capital, that's $2000 billion. Shorting 3.3
billion oz. at $5/oz. up to $30 is a loss of $25 x 3.3, which is a paltry
$82.5 billion so far, most of which would not need to be paid, if OTC
holders in bullion accounts never demand delivery, which they don't,
because London has a 17% VAT on silver, making delivery very rare.
4. Where is the conspiracy? Well, how about the CFTC looking the other
way for years, and denying everything that was just admitted today by JP
Morgan themselves? If JP Morgan is shorting for the Fed to maintain the
dollar, this is a big conspiracy to prop up the currency of the
5. No logical reason to be short? Um, propping up the bad currency is a
big important thing to do, somebody has to do it.
6. Opportunity to gain? Who else can JP Morgan buy silver from, to
cover up to 3.3 billion oz, when the world mines 700 million oz. in a
year? Nobody has that much silver. Nobody else is selling; that's the
problem of a concentrated position, there is nobody else to trade with to
unwind the trade; they were the primary sellers.
7. Everyone should be happy with a low silver price? Silver is money,
it's savings. Many investors have died waiting for silver to rise, and
they never benefited, and lived in poverty while waiting, and were
essentially defrauded here by this. Low prices are not good for miners,
either, who produce essential things for the world like zinc, copper,
lead, and gold, as byproducts of silver.
8. Sillyness to suppress markets for decades? Read the Bible, these
things go on for 40 to 80 years at times. This time, it has lasted since
1913, and it's not over yet.
My God, was Mish That wrong about that
many things? Can't be by accident, I think, but you never
Someone named Kid Dynamite tried to refute my
estimate that JP Morgan is short by 3.3 billion oz., but he had to retract
his statement that such a position was impossible, and the discussion
revealed new evidence that JP Morgan could be short by as much as 6.6
billion oz., or $100 billion at $15/oz., which could be $200 billion
today. The reason is that the BIS report that nobody mentions, used
to say the total notional value in derivatives for "over the counter"
other precious metals, as of June, 2009, was $203 billion, but this number
was revised to $93 billion sometime after I wrote to the US Justice
Department about JP Morgan's silver position back in April, 2010, here,
where you can see the original number in my archives. http://silverstockreport.com/2010/doj.html
the discussion, I remembered that JP Morgan has permission from the US
government to not disclose anything in their financial statements that
might threaten national security, and this directly threatens the value of
the US dollar, or Federal Reserve Note. Thus, JP Morgan likely
revised statements given to the BIS in light of the heat turning up on
their silver short position.
The discussion on Kid's blog was the
most popular article at seekingalpha for a few days. I posted about
8-10 times at his blog.
JP Morgan and the Massive Silver Short: The
Greatest Story Ever Told
of evidence and proof for the skeptics, I just remembered that the NY Post
posted the emails from Andrew McGuire, where he outlined to the CFTC the
manipulation, IN ADVANCE!
POST then investigated, and discovered that two arms of the Federal
Government were investigating JP Morgan's silver short position, and this
was back in May, 2010!!!!
Feds probing JPMorgan trades
in silver pit
By MICHAEL GRAY
Last Updated: 10:42 AM, May 16,
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