Wonder why silver’s take-down was renewed this week? The Doc may have found the answer.
After reading Wednesday that Ted Butler believes this entire take-down in silver was for the purpose of inducing a liquidation of physical silver from the SLV, we decided to take a closer look at the silver movements in The JP Morgue’s new silver vault this week.
The chart is hard to read, so we’ll summarize:
JP Morgue holds a whopping 541,486 ounces of physical silver in their vault.
JPMorgue adds another 99,515 ounces of silver to their new vault- the rest of the depositories combined….. 0. (We summarized yesterday’s results to make them a little easier to read)
Metal Depository StatisticsReport Date: 5/12/2011
Silver Activity Date: 5/11/2011
JP MORGAN CHASE BANK NAPREV TOTAL NET CHANGED TOTAL TODAY
Registered 0 0 0
Eligible 651,246 99,515 750,761
TOTAL CME REGISTERED32,749,749 0 32,749,749
TOTAL CME ELIGIBLE 68,311,080 99,515 68,408,636
COMBINED TOTAL 101,060,829 99,515 101,158,385
Ok, so what does this all mean in lay-mans terms? JPMorgue has increased their physical silver position held in their new vault by 39% IN THE LAST 2 DAYS DURING A VIOLENT MANIPULATION INDUCED SILVER SELL-OFF while all other depositories have had silver leave their vaults.
Implication? It certainly appears plausible and actually quite likely that this entire recent manipulative smack-down of silver has been to induce SLV liquidation of physical silver (if the price of silver plummets, the SLV prospectus requires a liquidation of physical silver to keep share/ounce ratios intact). While we don’t believe that the SLV has ALL of the silver it claims, SLV certainly still has a large supply of silver, and is likely the only place left on earth that JPMorgue could go to induce a physical silver liquidation.
This strikes us as desperation by Blythe and friends….perhaps we are correct in our thoughts about possible COMEX fireworks in July?