It is now the second anniversary of a campaign to “crash” JP Morgan by encouraging people to buy silver (see Max Keiser). The idea is that JP Morgan has a large naked short position in silver. If people buy physical silver it will drive the price up and deprive JP Morgan of the metal it [...]
Keith WeinerPresident, Gold Standard Institute USA Oct 2, 2012
Dear Mr. Butler:
I read your article about silver manipulation at 24hgold.com.
I am responding as someone who wants free markets. I want to make one thing clear before I proceed. We have no free markets anywhere today. Without constant government intrusions into the markets, the paper [...]
JP Morgan’s CEO Jamie Dimon announced a few weeks ago that the bank may take a loss as high as $2B on a trading position established by a London traded dubbed “the whale”. Now, some estimates are as high as $6B and some people are saying that Dimon will have to step down. If this [...]
On Monday, May 14, something happened that hasn’t happened since Dec of 2008. Two successive near-month precious metals futures contracts were in backwardation at the same time. To oversimplify, backwardation is when the price of a futures contract is lower than the price in the spot market. It should not be possible for it to [...]
Here is a chart of the main silver ETF from yesterday:
Not shown on the chart is today’s volume, nearly 100 million. This makes today’s volume in SLV close to a record save for the frenzied trading last spring. Not shown, but similarly, GLD had much higher than average volume yesterday. [...]
On Friday, I published an article “The Arbitrageur: Silver Backwardation“. I was the only one to cover the news of the end of silver backwardation. And I gave my prediction that the price of silver could correct sharply.
This piece presents my analysis and theory of what happened. This will necessarily include some educated guesses, as [...]
Ever since early fall 2010, long-dated silver futures have been in backwardation. This means the price of a silver future for, say, Dec. 2015, was lower than the price of silver in the spot market. One could have earned a “risk free” profit by simultaneously selling physical silver and buying a future. When the future [...]
What is going on in the hard money blogosphere? How on earth is paper getting confused with bullion?
Recently, not one but two prominent hard money-oriented blogs intimated that the stock known as Sprott Physical Silver Trust (PSLV) is more like the real thing than what it really is – a non-dividend-paying stock, aka a [...]
Where are the Sprott Physical Silver Trust’s customers yachts?
This investment vehicle, U.S. stock symbol PSLV, is basically a closed-end fund. Its current asset value is $650 million. PSLV owns physical silver and earns a large guaranteed income for Sprott vehicles that charge somewhere near 1% yearly simply to hold the silver. Anybody who thinks [...]