Another smoking gun in the silver manipulation by the CPM Group.
the cost of what it is to mine the silver. What sort of management does that to shareholders. They should be cutting costs and production to save reserves. What type of business model is that when prices drop we produce more. You don't see oil companies producing more oil when prices drop. Farmers don't grow more crops on dropping grain prices. Or produce more milk on lower milk prices. It seems the miners violating their fiduciary to shareholders by increasing production at a loss.
Keep listen to them and other so called silver and gold commentary outlets and you people will be broke. Hows all those paid subscriptions working for your people.
JPM is the big COT silver short the report shows that currently about 17,000. Ted butler the on reading the COT report states JPM has been shorting silver again in the 21-22 range adding about 5000 to 7000 contracts the past couple of weeks
I told what was going to happen, JPM was shorting silver in the 21-22 range. Some 60 million ozs of paper
This news came out today over at gold silver dotcom. This is why the almost five year investigation into silver has never concluded. Basically JPM has cover because the US govt is allowing them to manipulate the price to help the mint keep acquiring silver. If that is the case whoever sells silver to the mint. I would halt that practice immediately. As the mint maybe the one causing these mines to curtail production and layoff people.
I reckon I was correct JPM shorting has taken over $2.00 off silver in the past few weeks. Now I am sure this weeks COT report will JPM added again to its short position. Probably approaching 20,000 contracts or 100 million ozs of silver. The cut off date was Tuesday. That constant selling puts downward pressure on silver all the time and has capped at just over $25.
What did I tell u, JPM what in there yesterday shorting silver to cap it at $24.50. They have shorted about 40 million paper ozs in the past few weeks
driving silver up .50-.60. When the NY market opens silver will be down around $23.00-$22.80 so don't get sucked in to paying over $24 to $24.50.
As I stated a few weeks back JPM was shorting silver in the $22-$24 range. That shorting has resulted in stopping silvers rally dead in its tracks and has now reversed the trend down. They will look to cover below the above mention price range. Or keep shorting until they get there way.
What did I tell you the shorts have stopped silver in its tracks at $23.50 a retest of $21.50 -$21 is coming so hold you cash until then.
The shorting appears to have stopped silver around $23.50 now lets see if the shorts can reverse the trend to down again.
Just watch this fridays COT report if the commercials keep piling in on the short side. it basically tells us the bottom is not in at $18.
So uninformed people are when it comes to investing. Thats why 95% lose money.
Be careful what you wish for, because this has been the pattern the past two years. Yes they cover when the price drops, however not at the same rate they short into the market at. To have shorted that many ounces in one week should alarm silver investors. Yes we may go abit higher short term. But don't kid yourself the smart money was shorted 50-60 million ounces between $20-$21 because they don't feel they can't get the price back below those prices. People have to remember that the main reason silver dropped from $34 to $18 is because the short position had grown to about 250 million ounces. It took 6-7 months to get it under 100 million ounces and a $17 drop in silver. In one week they put on one third what it took them 6-7 months to cover. Just be careful when making physical purchases.
Well folks don't get to excited with silvers rally. The crooks that pushed silver down from $34 to $18 over the past 6 months. Have piled into the paper short position in the lastest COT report by almost 12,000 contracts and that is only in one week. They short almost 60 million ozs of paper silver in one week. The world only mines about 12-13 million ozs a week. Just think what the price of silver would of gone up had 60 million ozs had not been sold into the paper market which sets the physical price.
This is the problem when miners hedge forward metal. When those metals rise rapidly and you are locked in at a much lower price. You have to take that loss on your books.
Pretty good keep lowering the EPS until you can tell the sheeple they beat estimate. One has to love our financial system.
New update shows alot of shorting by banks in the $20-$22 range in SLV shares. News out today.