JPMorgan’s silver supremacy, according to Ted

by Lawrence Williams, MineWeb There can’t be anyone out there who examines and researches the silver markets like Ted Butler, and some will consider his findings and assumptions, particularly with respect to his theorising on JPMorgan’s undue impact on the silver market, a little over the top. However, he has been delving deeply into the market’s inner workings and pricings for as long as I can remember – at least 30 years – and his views should certainly not be discarded out of hand. There’s little doubt that the world’s financial giants like JPMorgan have the financial clout to manipulate almost any market to their own ends and its reported and assumed silver holdings – whether on its own account or just on behalf of clients – should at least raise eyebrows. Such is capitalism today where the haves – and few, if any, have more than JP Morgan – seem to be able to ride roughshod over market regulators at the ultimate expense of the have-nots (the vast majority of the populace). And JPMorgan is not the only major financial entity to do so – as witness fines imposed by regulators recently on a host of major global banks. What is very apparent is that these huge settlements, running sometimes to billions of dollars, paid by the banks, without any admissions of guilt, are mere pinpricks given the sizes of their balance sheets and the amount of money which passes through their hands daily. Ted Butler is adamant in his research suggesting that indeed JPMorgan has been manipulating the global silver market to its own ends for financial gain. In his latest newsletter for his clients he comments that, “Being highly capitalised and with the co-operation from the federal government, JPMorgan was able to turn silver (and gold) prices sharply lower into year-end 2008 and made well over one billion dollars as a result of falling metals prices and was able to greatly reduce the short positions it inherited from Bear Stearns. Not content to exit the short side of COMEX silver and gold, JPMorgan then repeated the process of selling short great additional quantities of COMEX short contracts on metals price rallies over the next couple of years and buying back those short positions when prices fell lower. All told, JPMorgan continued to extract great profits from the short side of COMEX silver and gold, to the tune of many hundreds of millions of dollars and even billions of dollars on a cumulative basis.” Playing the markets in this manner is what the big banks seem to be able to do whatever the regulators may wish. Continue Reading>>>

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