And now a few month later its getting bigger and bigger. Now 70 million ounces, but they did not buy in october, any surprise ? For sure they are now again filling their pockets. Its very nice if you know what happens before all other do !
So what this means is there is plenty of silver in hand so we never have to worry about a shortage? That being the case we should be seeing lower and lower prices.
I see different views on why JPM has so much physical silver. Some say it is so they can manipulate the price down but I doubt that is the reason. If that were true, it would mean they were willing to take a loss on all of that silver when they sell it (if they sell below say $14 to keep the price down), since they bought all of it for MORE than that if they started buying in 2012 as the article suggests. And since so little physical silver is ever demanded via the Comex, there would be no need for such large amounts if they were using said silver to deliver to longs that requested delivery. Maybe they are buying now because they know silver is going to eventually take off, then they can use that silver to short after silver goes up to $50 again? I think they know at some point silver will rise dramatically, and they will already have their stash accumulated. I am curious what you all think is the reason(s) behind their large physical stash? Jim
If they were to expect to go up, wouldn't have they waited until it fell to where it is right now? Seems to me that the banks don't control it, rather the miners (and India) lol. The banks probably have to leverage their position relative to how many shares the might possibly own on the SLV. Simply a one for one swap.
Maybe they don't know the bottom any more than we do? Maybe the possible "bottom" moves with the current market conditions and short/medium term forecasts. Perhaps $30 did look like the bottom back when they bought in.
"JP" is a company whose jobs include bullion bank and swap dealer. Why then "JP's Silver Stockpile"? The silver stored there, is just the job as bullion bank. It doesn't own the silver. It stores it, for owners. That's what a bank does.
Some of the articles that have talked about this in the past have said the silver is in JP's own "house account" so to speak, and is not being held on behalf of clients, etc. Now whether that is true or not I don't know. If it is being held on behalf of others, then obviously no story here at all. Jim
Those that own the silver have been. Whether or not JP Morgan owns a part or all of it, is of little importance to the price. It's silver of whose owners decided to store it close to the market place known as "Commodity Exchange". That stockpile can also be seen as silver sold back over those years. Because hey, if JP Morgan or whoever buys an ounce to store it in a Comex depository, one has to sell that ounce from wherever it was stored before.
If JP Morgan would own that part of the Comex silver, then it would be like some1 that owns X ounces silver and publishes it, and any change, to anyone. Do you believe that?
It would be interesting to know how much paper silver J P Morgan holds.. Scenario..Sell paper silver forcing the price down, buy physical silver at reduce price.Keep shorting silver and use profit to buy physical... Maybe the USA can get out of debt by getting the price of silver up to $$50 +, Make the 1oz silver eagles currency at a value of $100 each. Oh the mind boggles. You can bet your life there is $$$$$$ to be made. Regards Errol 43
Technically there is no such thing as Comex silver. Comex is the marketplace. It appears that the silver supply in the article attributed to JPM keeps growing. In other words it's not leaving anyplace. I guess if it belongs to others they are content to just let it sit there. It's seems more like a stash. Jim
Lots of paper hitting the market Whil someone, presumably rich, gettng stock pile of it Is it big money?
Technically? "Comex silver" is the silver stored in Comex depositories, as published on http://www.cmegroup.com/delivery_reports/Silver_stocks.xls And why should it be a surprise that there is such an amount silver stored? We're in a bear market, entities like JP Morgan act as guaranteed (any price) counterparty. A bear market with little stocks, THAT would be weird.
Comex does not own the PM's. It is up to the short to supply the PM's when a long seeks delivery. Some erroneously believe that there is Comex silver and Comex gold, but all that metal is owned by some other party, not the Comex. It may be stored in what you call Comex vaults, but Comex is just the market. Kind of like saying the DOW or Nasdaq provide the shares of stock that are bought. Here is a primer on how Comex works. Here is a snippet from the link below "The short will deliver to a COMEX warehouse the 5,000 ounces of silver (or turn in a warehouse receipt, if they have one -- it appears that they can buy them from bullion banks that have silver in the Registered category)". http://about.ag/futures.htm Jim
Hard to say Pete. It seems that some say that metal is to sell to 3rd parties (perhaps those with shorts needing the metal to deliver to longs, etc). It that's true, wouldn't JPM be losing on every ounce they sell at these price levels (and lower?). I don't know why they would do that. Besides, it seems they only add to the stack as it's been growing steadily since 2012 per the article. Would be interesting to know the real deal on all this. If I knew that they were stacking it for their own company, it would make me less worried about too much further downside (assuming they have better insight on where silver is headed than I do). Jim
