Another goodie....looks like some of the major banks are losing billions...Gold’s little brother, Silver, takes them down? No tears except for the consequences. Question is, will they be bailed out like the last crisis ( $800 billion in TARP)?
https://substack.com/home/post/p-175813814
Wall Street’s Silver Machine DESTROYED: Backwardation Chaos, Lease Rates Hit 200%, Physical Supply Vanishes
Backed Into a Corner: London and COMEX Can’t Deliver, ETFs Freeze—Market Backwardation the Final Nail
The world is witnessing an unprecedented and historic silver squeeze, the likes of which have never been recorded in modern financial history. Spot silver exploded past $51 per ounce, sending shockwaves across global markets and shattering previous records.
But this price action barely scratches the surface of the chaos now engulfing the precious metals sector: overnight in London, one-month silver lease rates—normally a sleepy corner of the market—spiked to levels as high as 200%. This is not a typographical error or market rumor. For several hours, anyone desperate enough to borrow physical silver faced triple-digit annualized rates, a signal that the physical metal itself is vanishing from accessible vaults and banks are waking up to a full-fledged shortage.
Vaults Drained and Panic Sets In
Major bullion banks, including JPMorgan, HSBC, and Bank of America, are now openly refusing to roll over maturing silver leases, prompting a frantic scramble by both manufacturers and other banks to secure any remaining metal—at almost any price.......
“The world is witnessing an unprecedented and historic silver squeeze, the likes of which have never been recorded in modern financial history.”
That is what the MSM is reporting.
Please update your Socrates to include the Hunt brothers squeeze where silver reached $50.
That would be $200 in today’s dollars.
How Armstrong lies:
“The only reason I was released because I got to the Supreme Court.”
He never got to the USSC.
He was released from his contempt charge to begin serving his five year sentence for securities fraud.