OK, so the JPM vault that contains a whopping 30,844 ounces of silver (about two hours worth, given the torrid pace at which JPM delivers) was just approved by the COMEX in March. JPM’s probably got lots of silver stashed all over the place, right? Maybe, maybe not. One thing is for sure, JPMs customer(s) are some of the worst investors the world has ever seen. After selling almost 5 million ounces in the first three months of 2011, they’re buying now. That’s right, in March alone they delivered 374 contracts (@ 5000 ounces each) and bought…..zero. So far in April, they’ve bought 92 contracts and sold, you guessed it….the goose egg. And yes, they are indeed buying at new highs (See here and here). How bad would it suck if we learned that this clueless market participant was in fact the US government?
Apparently there are still quite a few out there who believe this is all part of some Jamie Dimon mindfreak. Good luck with that.