Very Early Monday

287
Mon, Dec 24, 2012 - 1:24am

It's going to be a while before I can write up a full new post so, with the current post pushing 40,000 views, I thought I'd better give you a new thread to chew on overnight.

I hope that Uncle Ted doesn't mind. He's the patriarch of our movement and, as you know, I hold him in very high regard. I would strongly encourage you to consider subscribing to his site, especially at this critical moment in our history.

https://www.butlerresearch.com

Following along with the previous post here at TFMR, Uncle Ted crafted these two paragraphs in his "Weekly Review" back on Saturday. Concise but with an added level of detail I failed to provide, these two paragraphs provide an essential background to the entire silver manipulation story.

"The danger of a further sharp silver sell-off still exists because JPMorgan’s concentrated short position still exists. Based upon physical market considerations, there is also a danger that JPMorgan could lose control and silver could explode. That’s what’s wrong with a concentrated position and manipulated market in the first place. Through the cut-off date, JPMorgan was still short 34,000 contracts, down 1500 for the reporting week. Remarkably, this is still a third of the entire net short side of COMEX silver (minus spreads) and represents more than 22% of annual world mine production. Here’s another tidbit – the 170 million oz of equivalent silver that JPMorgan is short on the COMEX is more than 20% of the all the visible silver bullion in the world (817 million oz – source www.sharelynx.com).

To give you a sense of the dimensions of holding a paper short position of this magnitude in gold, silver’s precious metal sister, please consider that if one entity held 20% of the two billion oz (minimum) of all visible gold bullion in the world short on the COMEX, it would require a short position of 4 million COMEX contracts, nearly ten times the current total open interest. (2 billion oz gold oz X 20% and then converted into 100 oz COMEX contracts). My point here is that the more you compare JPMorgan’s concentrated silver short position to other markets, the more you are amazed at the audacity of their silver manipulation."

I'll have a full, updated post in 12 hours or so. Until then, good luck and btfd.

TF

About the Author

Founder
tfmetalsreport [at] gmail [dot] com ()

Subscribe or login to read all comments.

Become member and subscribe to Turd's Vault

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 11/29

11/29 10:00 ET Pending Home Sales
11/29 3:00 ET Chief Goon Powell
11/30 10:00 ET CGP and Mother to Capitol Hill
11/30 9:45 ET Chicago PMI
11/30 10:00 ET Consumer Confidence
11/30 1:00 ET Vice Goon Chlamydia
12/1 8:15 ET ADP jobs report
12/1 9:45 ET Market Manu PMI
12/1 10:00 ET ISM Manu PMI
12/1 10:00 ET CGP and Mother to Capitol Hill
12/2 8:30 ET Goon Bostic
12/2 11:30 ET Goon Daly
12/3 8:30 ET BLSBS
12/3 9:45 ET Markit Services PMI
12/3 10:00 ET ISM Services PMI
12/3 10:00 ET Factory Orders

randomness