30,000 Contracts Multiplied by 5,000 Ounces Equals…
30,000 Contracts Multiplied by 5,000 Ounces Equals… by Rory for The Daily Coin
150,000,000 ounces or said another way more than enough ounces to squash any and all attempts of silver reaching higher prices.
The new rules under the CFTC allow any one entity to place up to 30,000 contracts – of course, only on the short side – which equates to approximately 15% of total annualized silver mine production. If you have the ability to cover 150,000,000 ounces of silver, well, then you can place that many contracts against a rising tide. JP Morgan now has approximately 130,000,000 ounces of physical silver in their vault on the COMEX for just such an occasion.
Seeing the metals jump up this morning reminded me of the fact that the current trading range will be most difficult to break free. I’ve recently heard it said that it will never, ever happen again due to JP Morgan’s current silver position. Makes perfect sense to me. If you know that traders are looking at the $21.00 mark on the chart and that silver is going to be off the races past that point and you have the ways and means of keeping them from reaching nirvana all the while making boatloads of profits, why would you ever, ever, ever, allow silver to come close to that mark? You wouldn’t, unless you wanted to make a show and let everyone know you are “playing fair”. Remind me again of how many BILLIONS of dollars in fines JP Morgan has paid since 2008. Hundreds of billions, you don’t say.
The movement this morning to the upside is nice to see but when you know that it’s going nowhere it kinda dampens the excitement. There is, literally, nothing to see here. Sure, silver may get above $18 and it may hang around there for a short period, it may even get all the way up to $21. It may even break $21 for a very short period. Until someone can show the JP Morgan is a mafia organization and their silver position busted up, sold off and their vault closed forever, nothing will change. All the forecast for silver that I made since December 2017 are now off the table. We will never again discuss any movement surrounding silver as the game is officially rigged beyond anyone’s control. The only hope the silver market has today is if the DoJ actually files RICO charges against JP Morgan and brings this sorry mafia organization to an actual court with a real judge and a real discovery process.
At the end of the day we don’t even believe that will matter in light what has recently happened to Roger Stone and Andrew McCabe. We can go all the way back to 2016 when Trump was selected and Trump himself stated that he would not be going after hillary as “she has been through enough“. Not exactly a confidence builder when we are discussing deep-seeded crimes against humanity.
So, cheer on the rise in silver and gold today as it is a beautiful sight, I just don’t see it going anywhere as long as JP Morgan owns a vault on the COMEX that continues to build on their 130,000,000 ounces of silver for the specific purpose of stopping any and all upward momentum. As always, I hope that I am wrong. Got gold?