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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: Bix on silver and short covering
Well the new CFTC Bank Participation Report is out for the month of January 2011...you remember January don't you? The price of silver was deliberately slammed by the banking cabal and all the "Professional Analysts" were yelling that silver was a huge bubble about to pop...right?
Well, if this is true then why did....
THE LARGEST COMEX SHORT AND CONTROLLER OF THE SLV SILVER INVENTORIES BUY BACK 15M OUNCES OF THEIR SHORT POSITION IN JANUARY?!!!
The data is all here:
This is further evidence "THAT BIG BANK" is purposefully whipsawing the silver markets in order to try and close out their COMEX short positions in silver. Obviously they got inside information back in December 2010 that the CFTC will be implementing position limits by March 2011 so the mad rush is on.
Just look at what they've been able to cover in the last 3 months. This data comes directly from the CFTC Bank Participation Report under US Banks:
11/2/10 = 30,760
12/7/10 = 26,332
1/4/11 = 22,658
2/1/1 = 19,706
That's a total of 11,054 short contracts or over 55M oz of SILVER bought in 3 months!
To put this all in perspective...that's 1/2 of what the Hunt Brothers bought in over 5 years of trying to "corner" the silver market back in the 1970's!
The thing is...the clock is ticking fast. They only only have until March 28th to cover another 12,000+ or over TWICE AS MANY CONTRACTS IN 1/2 THE AMOUNT OF TIME in order to come in below the proposed position limits rule.
Expect them to try to "pick up the pace" in covering which means massive silver volatility and the possible SILVER MOONSHOT if they can't seem to get there... and they panic!
Read this article to see what might happen...
$6,000 Silver & ONE BANK!
BUCKLE UP...WE ARE IN FOR THE RIDE OF OUR LIVES!
Bix Weir
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