Posted on 02/05/2014 7:48:13 AM PST by blam
JP Morgan Holds Highest Amount Of Physical Silver In History
Commodities / Gold and Silver 2014
Feb 05, 2014 - 06:48 AM GMT
By: GoldSilverWorlds
Commodities
While everyone is focused on the massive outflows in COMEX registered gold inventories and the gold ETF, GLD, it seems that an important evolution in silver is passing unnoticed. In what follows, Ted Butler, precious metals analyst specialized in COT analysis, reveals a remarkable insight in the physical silver market.
Butler’s calculations show that JPMorgan (JPM) has piled up the largest holding of physical silver in modern world. Since the silver price peak in May 2011, the bank has accumulated between 100 and 200 million ounces of physical silver (if not more). The equivalent in metric tonnes is between 3,110 and 6,220 tonnes.
To put that number in perspective, it surpasses the amounts held by the Hunt Brothers or Warren Buffett (in his investment company Berkshire Hathaway).
On a yearly basis, some 100 million ounces of silver reach the investment market, which translates into 250 million ounces between May 2011 and December 2013. That has a value of approximately $5 billion. Given the size of the too-big-to-fail bank, that amount of silver, how large it may seem, is easily affordable: JP Morgan’s quarterly profit is $5 billion (approximately 200 million ounces of silver). In 2013, the closing of the gold short position, as well as the 20,000 contract reduction in the silver short position, netted JPM more than $3 billion. In COMEX silver, JPM was the largest buyer in 2013.
These facts make it reasonable for JPM to be a big buyer in physical silver.
(snip)
(Excerpt) Read more at marketoracle.co.uk ...
Because it's not cost-effective to put tungsten cores in silver ingots (yet)...
One of the Hunt brothers tried that once.
Ya beat me to it, They lost a ton of cash because of their attempt to corner the market, But it won’t happen to JPM with us Taxpayers ready and willing to PAY FOR THEIR FRAUD AND LOSSES.
Hunts? Didn’t they get busted for trying to get all the silver?
I was hoping to see 18 for my next buy but I’m thinking I got greedy and it won’t pass 19 so it might be time to pull the trigger.
Their CEO just got a nice pay raise - 74% - to $20-million.
Probably because he got JPM off the mortgage hook by paying only a $20-mil fine to the Feds.
They lost a ton because the Feds changed the rules in the middle of the game. Had that not happened, they would have done just fine.
They didn’t have any choice, do you think the Ruling Class was going to let a couple “outsiders” steal their action??
Maybe they are preparing for the coming global collapse of the US dollar and they want to preserve their wealth.
Not before the federal regulators secured personal short positions in silver btw!
You’re probably correct...or at least their brother in laws did.
Goldbug ping.
-——it seems that an important evolution in silver is passing unnoticed.——
Well, perhaps not.
We are now subjected to ads by Lear Capital and Govmint for silver coins. This after the apparent first effort, a polar bear, by Lear sold out . We are now able to purchase the Silver Fox and the Silver Angel.
Although both coins seem to bear the likeness of Queen Elizabeth II, Both seem to be products of private mints
Easier to control metals than e-money
I don’t buy raw sterling and cast my own.
There is a quality to silver not available from e money.
Silver feels good. there is pleasure to be derived from just touching it
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