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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-10-10 07:01 AM
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27. More on JMP and Ag price gaming
Ted Butler of Butler Research has been exposing the official manipulation of Silver for the past 25 years. His research was instrumental in exposing the gold/silver leasing operations and the massive concentrated short positions in both gold and silver. On September 3, 2008 Butler published a report entitled Fact Versus Speculation where he showed how one bank, JP Morgan Chase, took over the Bear Stearns Silver COMEX Short position of 30,000 contracts or 150M oz.

Since this report was published JP Morgan has continued its silver market rigging antics in an effort to get out of this precarious short position. After Butler exposed JPM as the culprit there have been wild orchestrated swings in the price of silver as JPM attempts to cover their massive COMEX short position. The price of silver has risen from $13 to currently over $20 in this time frame and the size of the short position held by JP Morgan has gyrated wildly between 30k and 40k contracts as they desperately try to shake the longs to cover their shorts. But even with this rise in price the short position is STILL above 30k contracts according to the CFTC's latest Bank Participation Report.

Add to this various silver market manipulation tools such as naked shorting silver ETF's, falsifying COMEX warehouse data, unallocated silver, leasing and swapping metal and you have a situation that dwarfs the Hunt brothers case.


I'm starting to think my $6,000/oz silver call is too conservative!

At $6K/oz a pre-65 Roosevelt Dime in AU (about uncirculated) UNC (uncirculated) or BU (brilliant uncirculated) condition would have a silver content valued at $434.40. (0.0724oz) Melting to bullion grade (99.99%) loses a slight amount. The rule of thumb is 0.715oz recovered per $1 face value. Thus the realistic melt worth would be lowered to a mere $429.00/dime.

Current melt price (0757 EST)is $28.72 = $20.53/$ Face Value = $2.05/ Dime

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