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Jim Fiske & Jay Gould tried to corner Gold right after the Civil War and got creamed just like the Hunt Brothers in Silver in 1980.
You cannot control and corner such markets, these guys will be taught a very expensive lesson soon and then silver will start to move very fast.
I don’t know much of markets, but something about the whole ‘paper metals’ market just doesn’t seem to ‘smell’ right.
They issue this paper based upon what? Is there actual metal sitting somewhere to back up the paper? Would anyone know if eventually there was more paper out there than there would be real ‘metal’ to back it up? It’s almost like a fiat currency, at least it seems to me.
Silver Update 7/19/11 Caught in the act
http://www.youtube.com/watch?v=Y—jCrDOSjk&feature=player_embedded
A quarter of annual production is nothing compared to total accumulated stocks and private holdings. Were these reversals of previous purchases or new contracts that will require future delivery? If the latter, they could lose a lot in a rebound.
Reminds me of the Pitman Act when about 250 million ounces of silver was sold to India in 1921 (in the form of melted Morgan dollars from U.S. Treasury vaults) to be replaced by new silver dollars in order to subsidize western miners.
Is bulliondirect a legitimate place to purchase physical silver bullion for delivery?