Mark McHugh

Guess Who’s Almost Out of Silver?

In Open Thread on Friday, April 8, 2011 at 10:42 am

According to Jamie Dimon, he did America a favor when he agreed to take bailout money from taxpayers (and we didn’t even have the decency to thank him).  Last week ,we learned that the JP Morgan CEO likes his catastrophe’s predictable,  but as Mick Jagger once observed, “You can’t always get what you want.”   

So in case you’re wondering who might be stupid enough to buy silver at $40, chances are extremely high it’s going to be  the guys who sold at $15, $20, $25, 30, 31, 32, 33…..because as Mish once astutely observed, “for every long, there’s a short.”  On April 6, Bloomberg reported Comex Silver Stockpiles as of April 5, and if you scroll down through the report, you’ll notice that JP Morgan has enough silver to fill, wait for it, 6 contractsYep 30,844 troy ounces, that’s all. 

Now consider this:  Since December, JP Morgan and their customers (whoever they may be) have sold more than  12.2 Million Ounces of physical silver (net).   Here’s JP’s activity year-to-date from the Comex report:

I will not insult your intelligence by explaining this any further.

Shine on you crazy Dimon!

(No shit, that’s really him)

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  5. […] Guess Who’s Almost Out of Silver? « Across the Street. Posted by SilverStocksBullion at 10:19 pm blog comments powered by Disqus […]

  6. Maybe they are looking to supplement that in other ways, what do you make of this seizure?

    http://thewarningsigns.blogspot.com/2011/04/thanks-to-patriot-act-minting-gold-and.html

  7. Once again, we see selective enforcement of law. Their actions are indefensible and I don’t think they understand what the repercussions will be. They are tone deaf. It shows how far removed from reality they are.

  8. I think you are right.

  9. […] Guest Post: Guess Who’s Almost Out Of Silver […]

  10. A firm who supposedly manages to deliver 150,000 ounces per trading day has 30K in it’s own vault. So where is the rest? I guess they’re paying storage on it elsewhere. Do you expect to read that JPM is out of silver on the cover of the WSJ? Do you have any thoughts about how and why the decision for JPM to get an authorized vault was made?

    I think you use the words “issued notices”, hopefully we agree that notices are not made of shiny metal.

    You seem to be clinging to the theory that JPM has lots of silver, you just don’t know where. Not me. I say they’re out. There’s too many stories of deliveries taking forever, and people getting paid gigantic premiums NOT to stand for delivery.

    You’ve just insinuated that Eric Sprott is a liar too, and you’re a silver long. Sorry Kid, I’m calling bullshit on both those statements. And until you can demonstrate that you understand the difference between constants and variables, you’ll just have to stay in that silly club you’re already in.

  11. […] notfalls per US-Gestzgebung. Schließlich ist der Finanzminister ein ehemaliger Wall-Street-Banker [Quelle] // Haftungsausschluss/Disclaimer: Für Inhalte, insbesondere Einschätzungen und […]

  12. First German translation!

  13. I have been hearing that some contracts are being filled by paying cash plus a premium.I do not know enough to argue about if wharehouse A with zero ozs can deliver to wharehouse B or not.Question……Is it possible contracts were filled with Federal Reserve Notes, freshly printed with wet ink available @ zero interest to the Bankster robber barrons?

  14. I’ve heard the same things Tony and yes, the Fed could surely be backing JPMs activity. Greenspan himself has claimed that the Fed is above the law.

  15. I’m bummed that Kid Dimonsbitch didn’t come back…….I’ve got sooo much more to get off my chest.

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