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Posted on 04/09/2010 12:59:22 AM PDT by Palter
Lol.
How is it that GATA isn’t accused of manipulating the price of precious metals since they only seem to want to raise the prices?
Flash back 1980. Whoa....
I love the fact that talk show hosts are shilling for this metals market. Here is a tip. If it gets so bad that Gold is the only thing of value then it will have no value. In fact there is not one gram of protein in Gold.
I like Glenn Beck except for the part where he shills for these companies. Hey my yearly salary has more than tripled in the last 10 years. Why won’t someone invest in me right now?
Shrug, I have no idea that they are selling metal they don’t own or does not exist.
As for manipulating prices, there is nothing wrong with lessening your supply of a material. It happens with oil production all the time.
Nothing wrong with someone shilling for a product. If you have faith in the market invest your money with it. Food, clean water, ammunition would probably will be of higher value in a end of world scenario.
I would agree but the end times people make folks think there is going to be someone there on home stretch cashing out gold reserves.
I like Beck, but you have to agree that to be Mormon you have to suspend some logic and reason. This end times belief is LDS and extreme Christian views. Do I have gold? Yes. Do I have Silver? Yes. Do I think it will help when nothing has value? NO and not ever!! When it gets to the Gold stage of your 72 hour kit you are dead, unless you have managed to defend yourself.
I am chasing my tail trying to figure the author out. Please help!
He is a silver holder/dealer and is complaining that the price of silver is being artificially suppressed by JP MOrgan Chase and that hurts the value of his holdings. He also says that by suppressing the value of his holdings that makes everything else more expensive for him. ( “Higher prices for consumers” is a result if the consumers are silver investors, and if they lose the value of their silver, and thus, have to pay relatively higher prices for everything else in the economy as a result.) So, prices are lower for everyone else but are higher for silver investors and that is unfair.
He then compares JP Morgan Chase with the Federal Reserve for issuing obligations for silver they do not possess. He says that if this ponzi scheme is exposed it will cause a global meltdown. Therefore, he is doing all he can to expose it, thereby destroying his holdings and that of everyone else along with it if he is successful.
The implication is that the price of silver is artificially low and as soon as this is exposed the price will go up dramatically. That will greatly benefit him and other silver investors except for one thing - the global meltdown he predicted.
Is that about right?
I remember years ago when two of the Hunt brothers tried to corner the silver market. They lost a ton of money when they were brought up short.
There are position limits for longs and shorts, 1500 contracts, except for “legitimate hedging activities.” JPM is short something like 20,000 contracts, but they are not a producer so it can’t be a position that is legitimately hedged. Why are they allowed to be short nearly a year’s worth of production (not including derivatives other than futures contracts) but position limits are enforced against other agents? The conspiracy argument is that it is in the interest of the central bank to destroy the value of ‘real’ money, gold and silver, so as to support the value of its fiat currency, and this is why the regulations are not being enforced - and this has been the case for decades. Even without that argument, why is JPM given a pass? It is doubly concerning that JPM is the custodian for SLV, a fund that purports to hold silver and that people buy to obtain exposure to the price of silver. But recently the prospectus for SLV changed in some curious ways, like going from “the fund contains silver” to “the fund is expected to contain silver”.
Although the end of the manipulation might be catastrophic, the sooner it ends the less bad it will be. By accelerating the end Jason is trying to minimize the damage.
JP Morgan manipulating the price of silver? 72 trillion in derivatives?
I don’t know of this is a real problem, but I would hate to own a bunch of silver certificates and find out they were were not worth the paper they were printed on.
The conspiracy argument is that it is in the interest of the central bank to destroy the value of ‘real’ money, gold and silver, ...
I understood the article to say that by suppressing the price of silver, and thereby discouraging the mining thereof, it increased the price of gold because gold, silver, copper, zinc, etc., were all part of the same mining operations. By not mining silver it made the others more scarce and therefore more expensive. So, if gold is "real money" wouldn't that about square the deal - silver lower but gold higher?
Gold and silver both are the subject of huge short positions by the central banks, however, the situation is a lot more dramatic for silver than for gold, by the reason of industrial consumption of silver. Most of the gold mined still exists as bars, but most of the silver mined has been consumed in products from which it would not be economical to recover. Silver is mined partly as a by-product of lead and zinc mining, but a lot of silver mines have gone bankrupt as a result of the long price suppression. Especially given environmental regs, it will take decades to get the production back on line, during which time some severe shortages may occur as a result. So the price suppression isn’t only harmful to investors.
I forget what the technical term is, but they have a continuous propaganda program to pump up precious metals prices.
Thanks again for an explanation I can understand which also makes sense.
The Hunt brothers didn’t “try” to corner the silver market, they did!
Gold was illegal to own, so they couldn’t buy that, so they focused on silver. Not saying it was a good idea but that’s why. Then the government changed the rules midstream and said nobody could buy any more silver, but only sell. The price cratered, etc. Prolly a good thing as it allowed the can to be kicked down the road for another 20 years or so, but.
In Beck’s defense he also shills for food supplies and carbon backup for your computer...
I have a tiny, tiny amt of gold....I have some silver bullion bought yrs ago....I figure is we ever get back to normal times, they’l make nice Christmas gifts to the grandchildren or as an inheritance....
Thanks for the details. I lived in Dallas at the time but didn’t remember the details, only the results. That should have been part of the TV show “Dallas.”
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Impressive. You know what’s going on! Minus this Morgan crap and others doing the same....Do you think silver would be double in price?
I think silver should be a lot higher than it is, if that answers your question. But there could be another meltdown before a short squeeze happens, so today’s price might not seem like a bargain in the near term. But I’m sure in 5 or 10 years, buying silver under $20 will seem like a great bargain. Double? Eventually much more than that. No time frame, though.
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