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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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Message: JPM & Snowwhite

JPM & Snowwhite

posted on Jul 01, 2009 10:18AM

The OCC derivatives report Q1 2009 Table 9 on page 30 shows that the Fed’s conduit, JPM increased its Gold derivatives exposure by $10 Billion in Q1 vs Q4 ’08 to a mindboggling 79% of all outstanding Gold derivative contracts -> $92 billion or 100 million ounces.

In Silver (precious metals) JPM holds 56% of all Silver derivatives ($4.6 Billion or 338 million ounces) vs 48% in Q4. In addition the JPM current net silver short position on the Comex should be approx. 200 million ounces. This vs an annual world-wide supply of 888 million ounces. The paper ETF SLV claims to hold 280’500’000 Silver ounces (8724 tons). The Custodian “Surprise” is JPMorgan. https://ebts.jpmorgan.com/ebtsWebMod/ebts_downloads/BONYBARLIST.PDF

A Conflict of interest between these positions and at the same time being the custodian for the SLV shareholders is manifest. There is no written guarantee whatsoever that SLV’s silver claims on the physical silver inventory is not encumbered by one party or another. One has to be gullible to ignore the coincidence. Manipulating the price of silver with this kind of massive dominance is child's play.

Barclays, the current ETF owner predicting a silver price of $12 towards the end of the year should not surprise anyone either, they wish to fill their obligations at a discount.

http://www.occ.gov/ftp/release/2009-72a.pdf

http://www.occ.gov/ftp/release/2009-34a.pdf

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