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The golden shell game continues at the COMEX, with JP Morgan surviving another week thanks in part to a couple of lifelines from their partners at HSBC and Scotia, as reported below by Zerohedge. Will JPM's future calls be put through to voice-mail? But despite their supply of actual gold at all-time lows, JPM's paper position has flipped dramatically, from 75,000 contracts short last December, to an amazing 85,000 contracts long today, and as Ted Butler reports, this concentrated futures position is now ten times larger than the proposed limits of the CFTC! Mr. Butlers analysis of how JPMorgan has come to corner the gold market and why it is the antitheses of how a free market is supposed to operate is a must read. And while the bankers are being bled dry, the miners are bleeding red ink. After reading last week that two of the world's largest gold miners are skipping down the yellow brick road to bankruptcy, this week it was silver's turn, with Coeur d'Alene Mines, Hecla, and Stillwater all reporting multi-million dollar losses. The perfect storm is threatening -- the question is for how much longer can the paper-pushers hold back the forces of Mother Nature? For how much longer can they raid the gold of the ETF's and Central Banks, while holding the paper prices of the monetary metals below the cost of production? For how much longer will the SEC, CFTC, DOJ, etc. investigate every other JPM crime and not this one? The clouds on the horizon are now jet black folks, and my suggestion is that you jump into a lifeboat before the flooding. Real silver and gold is on the shelves today, in most shapes and sizes, and I invite you to contact me for the very best pricing and performance. Cheers!
Department of Justice Has Six Ongoing Investigations of JPMorgan
JPMorgan reported it is under investigation by the Justice Department in six separate areas; being pursued by multiple state attorneys general; Congress; at least five federal agencies; regulators around the world including the European Commission, the UK's Financial Conduct Authority, the Canadian Competition Bureau, and the Swiss Competition Commission. JPMorgan also said in the (SEC) filing that losses from its legal proceedings, in excess of the reserves it has already established, could reach $6.8 billion.
"Hello Scotia Mocatta, This Is JPMorgan - We Urgently Need Some Of Your Gold"
Yesterday, it was HSBC. Today, the lucky respondent to JPM's polite gold 'procurement' request, is the second "fullest" New York commercial gold vault: Scotia Mocatta. Sure enough, as the just released Comex update shows, JPM was forced to receive a "completely unsolicited" handout of some 20.2K ounces from Scotia Mocatta.
Ted Butler: Cornering the Gold Market
You can't go from being 75,000 contracts (7.5 million oz) net short to 85,000 contracts (8.5 million oz) net long in an instant or in a week or a month. You can't snap your fingers and buy the equivalent of 16 million oz of gold, regardless of whether you have the money to leverage derivatives with a notional value of $25 billion. It took JPMorgan nine months to buy 160,000 net COMEX gold futures contracts (16 million oz), at an average monthly rate of around 18,000 contracts (1.8 million oz) from Dec 4 thru today.
SILVER MINING INDUSTRY: Unsustainable at Present Market Conditions
As we can see, of the top 12 silver miners seven will more than likely state net income losses for the period. The most profitable miner was producing silver at a net income break-even of $18.73, whereas the highest cost producer needed $17+ more at $36.02 to make a profit. So, at the current spot price of silver, there is only one company who would be stating profits. The primary gold and silver miners are the real banks of the world. Even though the current market situation for these miners is not positive, that will change in time. There is no way that the primary silver miner industry can sustain itself at these current low paper prices.
Happy To Help ..
Now is NOT the time to be complacent. Those that have been right about this market (Sprott, Sinclair, Turk) believe that these recent paper price attacks were a signal that the coming financial hurricane is closer than ever, and that physical silver an gold ownership is an absolute necessity. We currently have a healthy supply of gold and silver products, in all shapes and sizes. Please contact me for the very best pricing and discreet, informed service.
A Preemptive Rebuttal Against Silver Confiscation
As the U.S. government initiated confiscation with The Silver Purchase Act of 1934 it publicly published a list of (supposedly notorious) "silver hoarders", in many cases just ordinary people like ourselves trying to protect themselves from the financial crimes of the One Bank in their era.
"Everyone" knows about the U.S. gold confiscation of 1933. Almost no one knows of the silver confiscation one year later.
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Sovereign Exchange International Ltd.
Steven Merrill, President
www.sovereignize.net
phone:
778.835.7667
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Engage a Rich New Audience; Reconcile to your Private Account; Settle for Metal at Any Time. The Sovereign Exchange was founded by Steven Merrill and a small network of individuals from across British Columbia with a vision to embrace Austrian economic principles and provide a sound and stable payment facility than be trusted for commerce and used to store wealth.
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