Saturday, March 05, 2011
We all know the Comex reality is they do not have silver and JP Morgan manipulates it for the Federal Reserve.
There were the rumors that funds were going stand for delivery just to make some big bucks and fast money.
I wrote about it last month, the article is here.
Everyday I read Harvey Organ for what the Comex longs versus shorts are, besides delivery information on Gold and Silver.
Today he has something extremely interesting to read!
He has a report up from one of those people who had written JP Morgan and told them “Game On for March Silver”.
I had mentioned in my article, funds were going to find March Silver standing for delivery easy and fast money due to JP Morgan paying a premium so they do not take delivery of silver.
Well it seems that it worked perfectly! They did not get 20 or 30% premiums but they are reporting they held JP Morgan to the fire and got 80% Premiums!
JP Morgan supposedly admitted they in no way shape or form have the silver in the shorts they have!
Now, imagine what the next delivery month will be like! All those who are standing right now will do so again in May for a huge pay day, compliments of JP Morgan and the Federal Reserve!
Oh btw – Harvey is saying there is NO silver in the Comex. The comex has not been delivering any silver to those who are standing. There are about 11 million ounces standing for delivery this month…… but the Comex is not exactly getting to the job of getting that silver to those who have put up their full amount of money to get their silver!
Here is the story off Harvey’s site with the note from one of the traders who got an 80% return on the money from JP Morgan. I do not know who this person is or if it is completely real or not.
Wynter_Benton update on their recent raid
With permission, I can update the results of our raid.
It was successful beyond imagination but that “success” has spawned even more questions about the price of paper silver going forward. It was reported by SGS that he heard that on Friday Blythe was offering 30-50 percent premium and that at least 4500 hundred contracts will stand for delivery. I am here to give you a more accurate update (and a first hand account of what happened on Friday Feb 25).
Our group was detemined to stand for delivery going into Monday because we were not going to take a 30 percent premium on a price of $33.50. It was reported that Blythe offered 50 percent premium. That was not even close in our case. We got over 80 percent premium. That’s right. Over $50 per contract on the condition that our group sell all our contracts. Our counterparty even threatened us with the ghost of Herstatt. They openly admitted that they could not deliver even 20 million ounces to us but that if we stood for delivery they would be sure that they make delivery to everyone else before they defaulted on us which would make us ‘unsecured creditors’. They told us directly that they could not allow even 5000 contracts to stand for delivery because they could not deliver a mere 20 million ounces. Like Vito Corleone said, “I’m gonna make him an offer he can’t refuse.” And indeed we did not refuse as this was our intention all along.
These sets of facts from our traders lead us to believe that the paper price of silver may have a difficult time surpassing $36 because if the counterparty at the Comex is so willing to pay north of $50 to dissuade people from standing for delivery yet the paper price of silver is still under $35, then we suspect that losses triggered by derivatives is the main reason for the price suppression of silver.
We can see no reason why they would not allow the paper price to go up yet are so glad to pay off the comex contracts to show the world that so few are standing for delivery. In our mind, Comex could default with if as little as 4,000 contracts stood for delivery. We are very curious to see how high the paper price of silver actually trades during this run.
Posted by Louis Cypher”
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