jparrie, I conclude from this comment that you have a heart of gold, an honest ethic and a good soul. The operators in JPM are not like you at all. They're black hearted, lying, psychopathic scumbags that sell assets they don't own with no intention of delivering. They're not going to buy anything back. Lets use an anology and replace the word 'silver' with "classic XJS Jaguar". JPM offer for sale a "classic XJS Jaguar"with delivery in 1 month. They don't actually own the jaguar, but they know the average going price based on recent sales is $1000. JPM can make money "short selling" the car if the price goes down by buying a cheaper car (if they can find it) and selling it to a customer at the going rate. Kate responds to the JPM ad for a XJS Jaguar for $1000 to be delivered in 1 months time... if JPM is lucky enough to find & buy a car off the "COMEX classic car website" for $750, JPM can give it to Kate and pockets the $250 difference. JPM got lucky, This only works of the price of XJS's is falling. JPM can manipulate the market down (to remove luck out of the equation) by offering numerous (phantom) XJS Jaguars for sale (on the COMEX used car website) even though they don't own any of them. Now it appears that there are a dozen jaguars for sale, and the price naturally falls, (because they're more common) thus artificially manipulating the market down. There aren't 12 Jaguars for sale... JPM have offered them for sale even though they don't exist. That's how JPM manipulate the price of silver to their advantage. The similarity is that Jaguars and Silver are such tiny markets that they can do this without anyone noticing. The difference is that car buyers want to see their investment, whereas silver investors typically couldn't be bothered taking deleivery of their silver at the end of their contract period. They just let them roll over into another contract period. What has been happening with JPM is, the real world has started closing in on them. Everyone has realised what a great investment silver/jaguars are and more and more investors are demanding pysical delivery of their contract. JPM are having trouble sourcing actual, real, physical Silver/Jaguars to back their contracts and losing ability to manipulate the market to their advantage. Word has got out JPM haven't got what they're advertising, silver/Jaguars are rare and prices have only 1 way to go. As the word gets around, more and more JPM clients will find the investment they think they have isn't real..and when they ask for their property all JPM can deliver is their investment dollars back. When push comes to shove what would you rather have, the dollars, or the metal in your hand/ car in your garage? Hope this helped
I dont have faith in them or the buyers, i think they're all collectively idiots and both to blame. All as greedy as each other.
In hindsight I wish I bought those AGQ May $180 put options when they were like $500 or $600 USD. If I could turn back to when silver was hitting it's peak I'd have bought 7 or 8 contracts and would be sitting on a clear $10k profit, after paying tax mind you, which in the USA would be 30% so, about $14,500 gross profit. Amazing stuff. I love put options, and will be looking at some puts during the next silver rally.
