Please
read this article carefully because I’m disclosing for the first time
that the U.S. government has given JPMorgan the green light to
manipulate the silver market. This fact explains the shenanigans in the silver market. It answers all the questions and exposes this tawdry affair for all to see.
The
scandal recently became more outrageous. The June Bank Participation
Report, as of Tuesday, June 5, along with the COT confirmed that
JPMorgan’s silver short position has increased by at least 5,000
contracts in the past two reporting weeks. That is the equivalent of 25
million ounces of silver, truly an enormous amount in a two week period
and about equal to all the silver produced and consumed in the world in
the same period. I calculate JPMorgan’s net short position in COMEX
silver futures to be between 16,000 and 17,000 contracts. JPMorgan has
been the sole net commercial silver short seller over the past two
weeks. That is the clearest proof yet of manipulation. A market
dominated by one buyer or seller is the ultimate definition of
manipulation.
Had
JPMorgan not sold short 5,000 or more net additional contracts in COMEX
silver over the past two weeks, the price of silver would have climbed
even higher. Why? Because without JPMorgan selling, someone else would have had to sell in their place. Those sellers would have demanded a higher price. Furthermore,
JPM’s short position alone equals the entire 16,500 contract total net
commercial short position in COMEX silver. In other words, if JPMorgan
did not hold a 16,000 to 17,000 contact net short position, there would
be no commercial net short position at all. The additional proof of
silver manipulation includes the two massive price takedowns of last
year, when the silver price fell more than 30% in a matter of days,
benefitting JPMorgan more than any other trader.
How
can I continue to get away with accusing JPMorgan, arguably the most
powerful bank in the US, of the most serious market crime possible and
get no reaction from them? An objective reading of the past four years,
since the time I first publicly identified JPMorgan as the big silver
short, has resulted in the bank being universally recognized on the
Internet as the big silver crook. The reputation of a systemically
important financial institution is always of prime concern from the
board of director and senior management level on down. Why have I never
been threatened by them?
The
same question comes to mind when applied to the CME Group, owner and
operator of the COMEX, where the silver manipulation is centered. The
allegations that the CME is aiding and abetting in the silver
manipulation are serious because the CME has been officially designated
as a self-regulatory organization (SRO), meaning they have a legal
obligation to prevent any attempt at manipulation in their markets. Like
JPM, the CME is tough as nails and, presumably, could step on me should
they choose to. (Yes, I send everything I write to JPM, the CME and the
CFTC).
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| Gary Gensler: son of heterosexual hamsters |
Unlike
JPMorgan and the CME, the Commodity Futures Trading Commission (CFTC)
has not remained completely silent. The agency has initiated a number of
reviews and investigations into allegations of manipulation in silver
over the years (at my prodding), including a current Enforcement
Division investigation, now approaching the
four-year mark. The allegations of a silver manipulation were always
credible, since they were based upon data from the agency itself and
compared to how the Commission reacted strongly to past instances of
concentration. The CFTC had to at least go through the motions of
pretending to care. After all, many thousands of silver investors have
consistently petitioned the agency on this matter over the years.
It’s
been all talk and no action from the Commission when it comes to the
silver manipulation. I can’t tell you how many times I have asked myself
after I have just explained another undeniable proof of silver
manipulation, “why can’t these regulators see this?” Why is the
Commission conducting an expensive and formal silver investigation in
the first place, when all it has to do is explain why a US bank holding a
silver short position equal to 25% to 30% of both the paper and
physical total world market wouldn’t be manipulative to the price (in
and of itself)?
To
this day, I have been baffled by how CFTC chairman Gary Gensler can
preach the Holy Gospel of true regulatory reform of transparency,
position limits and no concentration, while ignoring the clear evidence
of manipulation in silver. I think what has caused his and the agency’s
failure to terminate a highly-visible silver manipulation has nothing to
do with a lack of understanding of the silver manipulation. It took me a
while to figure it out, but better late than never....Finish reading @Source Silver Seek
A Few Questions; One Answer