HSBC has quietly moved into acquiring large amounts of silver bullion. The bank has secured another deal to buy silver bars from KGHM which brings their total purchases of silver from KGHM alone in the last 12 months to $876 million or PLN 3.65 billion. KGHM is one of the largest producers of silver in the world and is the second-largest producer of refined silver in the world. They produce silver bars registered under the brand KGHM HG that are attested to by “Good Delivery” certificates issued by the London Bullion Market Association and the Dubai Multi Commodities Centre. Listed metals producer KGHM signed an estimated PLN 1.67 billion deal on 2013 sales of silver to HSBC, KGHM said in a market filing yesterday. The deal puts the total value of deals between KGHM and HSBC in the last 12 months to PLN 3.65 billion or $876 million, the filing read. KGHM is one of the largest companies in Poland and one of the largest mining & metallurgy companies in the world.
Federal US District Court Judge Robert P. Patterson Jr. has dismissed the class-action litigation suit brought against JP Morgan (and originally HSBC) regarding silver market-rigging. Judge Patterson cited lack of specifics and claims of bad intent necessary to bring the suit to trial.
Perhaps Judge Patterson never bothered to actually read the litigation, because if he did, (assuming he was not paid off) he would have come to the same conclusions we did when the suit was filed in September of 2011:
The lawsuit completely exposes JPMorgan’s silver manipulation from insiders’ perspectives for ALL TO SEE.
We’re talking your wife streaking on the field during the opening kick-off of the Super Bowl type of exposure.
Que the CFTC announcement that their 4 year silver probe found no evidence of market manipulation in silver.
Full details of Judge Patterson’s dismissal of the suit, as well as the full original suit below: [Read more...]
The Doc sat down with Harvey Organ again for the 2nd of several interviews regarding the recent massive cartel intervention in the gold and silver markets post the QE4 announcement, the fiscal cliff, the CFTC’s silver probe, and the unprecedented 20 million oz of silver still standing for December delivery.
Harvey stated that recent evidence seems to validate his long held suspicions that China is behind the big gold & silver shorts, and stated that the nation is draining massive amounts of physical metal East.
Harvey also made the shocking allegation that COMEX is settling allocated delivery & storage requests with paper metal, and stated that he no longer has any faith whatsoever in the numbers reported in the COMEX gold and silver inventories.
Harvey Organ’s EXPLOSIVE 2nd interview with The Doc is below:
In this Bloomberg interview, HSBC’s Chief Commodities Analyst James Steel discusses why a major rally in gold is imminent, and believes gold will end 2012 near it’s all-time nominal high over $1900/oz. [Read more...]