JP Morgan drops another 22,759 oz of gold (14%) from their Eligible Inventories. They now only have a mere 137,377 oz available in their Eligible Category!
Furthermore, 32,049 oz of gold were withdrawn from Scotia Mocatta’s Eligible inventories, now reducing the total gold in the Comex vaults below 8 million oz. [Read more...]
What would you think if someone told you the following?
“Three times this week, I am going to tell you the low price of gold with near perfect accuracy, and one of those three times, I am going to tell you events that will precede the low and the exact time that gold prices will crash.”
You would likely conclude that either:
(1) I am somehow directly involved in setting the price of gold in paper derivative markets, or
(2) that since nearly perfectly predicting gold price movements three times in one week in a free market is impossible, that such an accomplishment would serve as indisputable proof that gold markets are rigged and manipulated by bankers, as none of my predicted price targets depended upon technical chart analysis of any kind.
So let’s summarize my calls regarding gold price movements on three separate occasions last week, and why I feel that the accuracy of these calls serve as indisputable proof that Central Bankers and their agent bullion banks manipulate the price of gold and silver. [Read more...]
By SD Contributor Ted Butler
We’ve just crossed a few important anniversary dates that relate to silver that taken in proper perspective point to a disturbing conclusion. That conclusion is that the US commodities regulator, the CFTC, has done more public harm than good over the past few years. Simply put, the public and our markets would have been better off had the agency not been run by the commissioners in place, specifically including Chairman Gensler and Commissioner Chilton. In fact, rarely has so much promise for genuine regulatory reform been squandered as badly as has been the case over the past few years.
I single out Gensler and Chilton because they were once the good guys on the Commission or the only ones pushing for position limits. Since they have allowed position limits, the silver investigation and the unprecedented price declines in silver to fade into the sunset unresolved, they must be held to the greatest standards of failure. In a very real sense, Gensler and Chilton have done more harm as a result of first championing the important issues and then abandoning them. [Read more...]
Jim Sinclair’s chartist Bo Polny, who predicted the April smash in gold and silver when the majority of PM investors thought the bottom was in (including Sinclair himself) has issued an update to his call for May 10th-13th to be the big turn dates for both gold and silver.
Polny states that Friday through Monday is a period for extreme caution in silver as the final bottom will be placed, and cautions that silver will likely re-test the April bottom of $22. He states that Until May 13, 2013 has passed, silver is extremely vulnerable to a support break!
Full update is below:
[Read more...]
Image: Pining, TFMetalsReport
By Jim Willie, GoldenJackass.com
The Western nations really truly sincerely need a wake-up call on reality, and it is coming as a paradigm shift with shock waves.
When the coming dust clears, the evidence is plain that the change to be seen will be dead banks in dissolution with private bank accounts vacated. In other words, razed leveled banks with no functioning operating offices, and bank accounts showing zero balances. The consequence is ugly and powerful, lost client trust in the banking institutions.
Faith is a key ingredient to stable systems. The US account holders will be treated with stock shares in conversion for the dead banks, whose value will converge quickly to zero. Same effect, lost accounts. Expect soon the result to be a climax with bank runs.The bank runs will coincide with bullion bank runs, the fast removal of gold held in inventory vaults at the bullion banks.
[Read more...]
The NYTimes Dealbook reports tonight that the Federal Energy Regulatory Commission (FERC) intends to take action against JP Morgan and Blythe Masters over manipulative trading schemes in the Michigan and California energy markets.
FERC’s 70 page filing reportedly singles out JPM Head of Commodities Blythe Masters for her role in the scheme, and alleges that Blythe personally participated in JPMorgan’s efforts to block the state authorities from understanding the reasons behind JPMorgan’s bidding schemes, and that Blythe made scores of false and misleading statements and material omissions to authorities and that enforcement officials plan to recommend Masters be held “individually liable.”
Surely Blythe will quickly be exonerated for the fact that JPM’s alleged energy market manipulation was not a directional position, but was merely hedging on behalf of a client…
[Read more...]
Matt Zames has taken over the 2nd in command position at JP Morgan and replaced Ina Drew. He has worked over the last year or so to unwind the failed trades put on by the famous “London whale”. Should Jamie Dimon ever step down, odds are that Mr. Zames will take the reigns. But Zames also has another job, a “government job” so to speak. He is the head of “TBAC” (Treasury Borrowing Advisory Committee). This committee basically decides how much, how long or short and when the Treasury steps up to borrow (never pay down) new debt. A pretty big job for sure but “someone” has to do it right?
Any conflict of interest here? Nah, I’m sure that whenever he gets done “advising” the Treasury he would never…NEVER let his knowledge influence the investment decisions at JP Morgan! [Read more...]
Recently uncovered documents prove that the Obama administration has been working with the Mexican government to increase the number of illegal immigrants on food stamps, and when more illegal immigrants go on food stamps JP Morgan makes more money.
As you will read about below, JP Morgan has made at least 560 million dollars processing Electronic Benefits Transfer cards.
It has now come out that the U.S. Department of Agriculture has provided the Mexican government with literature that actively encourages illegal immigrants to enroll in food stamps. One flyer contains the following statement in Spanish: “You need not divulge information regarding your immigration status in seeking this benefit for your children.” The bold and the underlining are in the original document in case you were wondering.
When people illegally or fraudulently enroll in the food stamp program, it makes it harder for those that desperately need the help to be able to get it.
[Read more...]
The Commitment of Traders data is published every Friday. It lists the reportable positions of the commercial and non-commercial traders for silver contracts on the COMEX.
Because of the recent furious decline in value of real and paper silver, and the belief by many that manipulation is the major (if not only) cause, I have been asked what might be done to force the non-regulating regulator, the CFTC, to begin regulating in regard to the existing concentration.
After studying the silver futures market since the days of C.V. Myers—and focusing on it intensely for the past several years—my opinion is that if there has been, and currently is, a concentration in the silver market, it would constitute not only manipulation but consequently the disruption of market integrity, and the prevention of fair competition among silver investors, speculators, hedgers and others. Certainly, the esteemed Ted Butler has made an overwhelming case that there has been, and currently is, such a concentration/manipulation.
In light of the CFTC’s foot-dragging in concluding its unreasonably delayed investigation and/or required report concerning concentration /manipulation, I have been considering how to break the self-created CFTC log-jam that has caused incalculable financial losses as a result of the uncertainty engendered by the apparently languishing investigation.
As I will fully develop below, a lawsuit is feasible that will force either the Director of Investigations and/or the Commission itself to disgorge the Report of the CFTC’s four-year-plus investigation into concentration in the silver futures market. The hope would be that the investigation’s conclusions, either way, will allow investors, speculators, hedgers and others to make rational decisions, unlike currently when the concentration skewers free market choices and decisions.
Below is only the outline for a lawsuit, not the Petition itself.
[Read more...]
*Update: Whistle-blower testimony completely removed from the final cut…while Jeffrey Christian insisting Fort Knox contains all the gold advertised is included.
Guess we’ll have to do this the hard way and drain every last physical ounce…
The CFTC is sitting on information that implicates JPMorgan as manipulating the futures market in Silver and Gold. The reason this is so damning is that the CFTC has evidence that incriminates JPM as having malicious short positions designed to influence the price action of Silver and Gold towards JPM’s favor; akin to the LIBOR scandal in which rates were manipulated down towards the banks favor. -JPM Whistle-blower
The PM community has been waiting over a decade to see the gold and silver manipulation story go mainstream, as the LIBOR scandal did last summer.
As of 9pm EST tonight, the wait is over…
[Read more...]
With the record-setting trading volume Monday and on Friday, I would not be surprised if JPMorgan had eliminated its concentrated silver short position.
JPMorgan the big concentrated short seller and manipulator of silver and other markets, has made a boatload of money, many hundreds of millions of dollars, by short selling at higher prices than the prices they have been buying back at. I don’t begrudge JPMorgan for making large trading profits if they were doing so legally, but that is not the case. The trading profits being made by JPMorgan and the other commercials are as far from legal as is possible. That’s the only plausible conclusion a reasonable person could reach when answering the last open question – how do they do it? [Read more...]
*Update: Full-fledged margin-call blood-bath in progress, silver nearing $23 handle, gold to $1420!!
After briefly popping back above $26 in early Globex trading tonight, silver has just been treated to another waterfall smash, gapping down another dollar, collapsing another $1.50 to a $24 handle with a last of $24.35!
Gold has plunged another $65 to $1420!
It appears that the cartel is not concerned whatsoever that 16% of annual US silver mine supply evaporated over the weekend, and will continue to press any remaining weak or leveraged longs. [Read more...]
SD reader Anders has submitted a boots-on-the ground report from Bangkok Thailand, which is normally flooded with physical gold.
In the wake of this week’s massive gold take-down by the cartel, Anders reports that:
EVERY Gold-shop in Bangkok is out of Bullion…there is not 1 single ounce of gold bullion available for purchase in the entire city of Bangkok! The Gold is going down in price like everyone is selling.. while there is no Phyzz to buy at all in all Thailand! [Read more...]
Submitted by Bill Holter:
Please understand that the psychopaths who are running the world will apparently run this game until the very last ounce of strength (Gold & silver) is gone. More and more demand for physical metal is showing each and every month. When the “bottom of the barrel” is reached the game(s) will stop, physical metal for sale will dry up entirely and literally no amount of fiat currency will secure it. You are being offered the greatest price discount in relation to money supply in history right now, secure holdings now because later the only way to do so will be with real goods that owners are willing to barter for. [Read more...]
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