Think what you like. I can see what's really happening. JPM are buying AU dollars to keep the price of AUD high and AUD silver low.
So jpm are inflating the aud in order to supress aud silver...!? And why on earth would that be beneficial to them?
Just a note - the ASEs have been stopped because JPM have been buying up all the silver planchet strips to melt them down into bars for delivery. They have been doing this for some months now, and have probably buying *finished* silver eagle coins by the ton since last November and melting them down too. The small premium is nothing to them. If you think about it, this is like a starving person consuming their own foot. The silver eagles will return eventually (no numi potential yet!), but this short-term action perfectly illustrates the utter desperation that JPM are experiencing. JPM's actions also explain the ongoing backwardation in silver - 'backwardation' means 'someone' wants the silver NOW - and they will pay a small premium to get it now rather than later. JPM are now sourcing silver from all sorts of unconventional short-term places (like the mint) in order to scrape together a few million ounces for looming delivery calls. It's like the opposite of supply chain stuffing. They are basically draining the supply chain - but all those drained sources will be back replacing their *physical* stock in the next few weeks. The next week or so will be very interesting. (And yes, the final resolution of this struggle will mean much higher prices - in case anyone was wondering!)
This $36 is a real drag. It's clear that someone doesn't want silver to break out. Oil just hit $105.25. 98 fuel was $1.59 this morning. A nice round $100 to fill up this morning.
Turk, I have a reputation for dry sarcasm. I'm not sure you do. Therefore, your post needs more smileys. Unless of course you're being serious.
Yes, a bit of pump shock for me too, $95 to fill up on diesel @$1.48 and I am expecting it to be more later in the week. I'm looking forward to some excitement in silver market over the net week. Finally over $36 AUD. While I have no cash to buy I can at least gloat over what i have
Thanks for the explanation. What I don't get is, why don't the mints and other suppliers give them the finger and tell them to go get stuffed. The mints should start pricing the metals at what the markets will pay. The spot price is becoming a joke, seriously why would you follow it. The whole situation is like a dictator telling you to sell your stuff at record low prices, when you know the market will pay more. The mints should demand 50-80% premiums to sell back to JPM, they can either take it or leave it. Since JPM are offering 50-80% for people not to take delivery. If they are struggling so badly this time around, I can't wait for May delivery. Slam
My thoughts exactly Slam. Why arn't the suppliers telling JPM its spot plus spot jeez not everyones trying to keep the price down and JPM cant keep paying cash on default plus premiums to get delivery or is JPM's stick that big...... Turk... does this come back to your previous threads ... currently his stick is the biggest ?
It's fairly cheap at that petrol station, not sure why. I've seen others nearby around 8c higher. Just keep an eye out for the pump prices as we won't be seeing $200/oil.....
Who says they aren't? If the stories getting around about JPM are true and they are paying out contracts at +30% - +50%, why would anyone think whoever is supplying JPM isn't charging extra? Price is irrelevant for JPM if it is true that they are facing a life/death situation with their derivatives. If the price is less than 'death', then you pay it. If things go sour, you know the US Fed will bail you out anyway.
Okay.... so the guys got trillions in assetts ,billions in cash and he can afford to risk it all knowing the Feds will bail him out. So why doesnt he just pay up,settle all accounts ,change tact and start sleeping well at night (surely he must toss n turn most of them lately?) I just find it hard to beleive that there's no back up plan ?? SO... does this signal the beginning of "ALL ABOARD " the rocket ship to the moon for silver, and its going to go its own way or are the Feds in on this too?I think i read somewhere here 170 to 1 contract silver to real metal is outstanding ... he's got the splash and then some? Where does logic intervene? I may be wrong (from what im gathering....a lot wrong ) But it feels like we are all missing some major tactical point that only JPM knows. Or is it "ive missed the point?
If I was them I'd be buying or already have a major position in the mines to hedge against the massive short positions. Some miners already do this sort of trade themselves: calculate how much metal you have under the ground then naked short that amount (even use money from the short sale to fund the mining/refining of the new metal). If they do this then they could short the f*@k out of the metal because the funds go to increasing a longer term position in the metals.
Surely he wrote a clause in these contracts where he can pay up x amount on top to bail out of presenting the physical.... didnt he ?
Ummm. (awkward this) He's a SHE! Mrs Blythe Masters is the lady behind the JPM scam - and no, she's not ready to quit just yet. And no, she's definitely not hedged. Not sure that I agree with her approach, but there it is. Thanks to her you can pick up silver (the new gold!) for just $40 per ounce. We should write here a nice thank you card!
I'm tellin ya. JPM is manipulating the AUD. It keeps going up perfectly in time with silver. The moment it hits $36 AUD, bamo, up jumps the aussie. 1.0119 at the mo. Just saying
