Are JPMs COMEX Silver Positions Only A Hedge Against Physical in the Warehouse?
My take: NOT A CHANCE IN THE WORLD for the following reasons:
1) There were over 100 BILLION ounces of COMEX silver shorts sold in
2011 according to the CME data. How much silver was physically purchased
to counter these shorts when JPM controls over 30% of the short
according to CFTC's own data? Is David R. saying that JPM bought 30B
ounces of physical in 2011?! Utterly ridiculous.
2) David R. claims that he can show the physical silver in JP Morgan's
vaults. But wait...JP Morgan is the custodian of SLV which is supposed
to hold 322M ounces of the physical silver in Trust for the ETF. If JPM
is using the SLV inventory to justify their shorts it's the biggest
fraud in history.
3) If there are grand warehouses of silver stockpiles...who owns them?
How many times have they been "rehypothicated"? Is it leased-in silver
that must be paid back? Are they part of a silver storage program? Are
they "Moly-Bars"
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