Friday, August 29, 2014
   
Text Size

Search our Site or Google

How Leveraged Is JP Morgan?

Articles & Blogs - Silver Commentary

User Rating: / 83
PoorBest 

As investor enthusiasm soars in the silver sector, and more and more writers offer their views on this sector, we are now seeing a down-side to the increased “buzz”: we are seeing the over-zealous and/or under-informed begin to make wild assertions about this market – which seriously impairs the ability of more sober voices to make themselves heard.

As is often the case in such scenarios, we start with a piece of concrete information, and then pile atop that fact some sloppy arithmetic, and highly dubious “logic”. The result is nothing but outrageous rhetoric, rhetoric which the anti-precious metals cabal of bankers can use (and has used) to discredit the serious commentators in the sector.

What I refer to in particular are the “reports” from several commentators that JP Morgan is “short 3.3 billion ounces of silver”. Were this true, it would indeed be major “news” – given that best estimates are that the total, global stockpile of silver is roughly one billion ounces. Sadly, this "3.3 billion" number has no more relevance than the numbers released by the U.S. government which it calls “economic statistics”.

To illustrate the absurdity of this claim, we must see how that number was produced. As I said earlier, we started with a fact: that JP Morgan is short more than 300 million ounces in the Comex futures market. While this has never officially been announced, it is a conclusion which is the process of simple, straightforward deductions (and known CFTC data).

Taking that number, the zealots then added another fact: the claim by Jeffrey Christian that the world’s  bullion markets were leveraged by approximately 100:1. Here is where their analysis totally falls apart. To begin with, the “100:1” number itself is not a “fact”. It is treated as such because (to use some legal terminology) it is “an admission made against one’s own interests”, and as I have explained before, our legal system (justifiably) attaches a high degree of credibility to such admissions.

However, two points must be made immediately. First, this was just a rough estimate, not a precise statistic. Any reputable commentator utilizing such a number must account for the fact that it is only an approximation. In this respect, a number of commentators failed miserably.

The “3.3 billion ounce short position” which some commentators were practically shouting from the rooftops was arrived at by taking JP Morgan’s (known) short position, multiplying that by 100 (i.e. the 100:1 leverage) – and (after some creative arithmetic) arriving at a total of 3.3 billion ounces.

It’s hard to know where to start in criticizing this figure. To begin with, given Christian’s crude estimate, there is no way that the calculation could (justifiably) be expressed as “3.3 billion”. This implies a degree of precision here which simply doesn’t exist. I should also point out if we opt for a similar (but simpler) calculation, and merely multiply the (known) 300+ million ounces which JP Morgan is short by 100 (100:1 leverage), then that calculation produces the number “30 billion ounces”.

The same “logic” is being used, merely a slightly different calculation. Obviously if anyone would have claimed that JP Morgan was short 30 billion ounces of silver, the author of such an estimate would have been greeted with laughter. Simply playing-around with these numbers to produce a slightly more plausible number doesn’t change the entirely faulty premise on which this calculation is built.

The “leverage” in the derivatives market is “paper leverage”. Indeed, the very definition of a “derivative” is that it is a paper proxy for something which exists in “the real world”. Thus, the entire premise of multiplying a known, real short position by the paper leverage of the derivatives market – and then expressing that result as a measurement of silver is simply ludicrous.

In other words, when we multiply JP Morgan’s (real) short-position by its leverage in the derivatives market, the “answer” is not a measurement of silver, but a measurement of leverage.  It is in this respect that some commentators have turned into a flock of Don Quixotes – tilting at windmills.

We have no need to pump-up the real obligations of JP Morgan in the silver market. With current silver inventories well under 200 million ounces, the 300 million ounce short position of JP Morgan is both outrageously manipulative and plenty large enough to ensure its bankruptcy. Most importantly, it is not JP Morgan’s short position, per se, which is going to bankrupt this Oligarch – but rather the leverage on that short position.

It is common knowledge that JP Morgan began to build its short position with silver at $4/ounce. With silver currently dancing around the $30/ounce level, while no one outside of JP Morgan can know the precise magnitude of the losses it is sitting on, as a matter of simple arithmetic it must be in the $billions – with current losses between $5 and $10 billion seeming to be a good “ball-park” figure (at least for this author). Multiply that real loss by 100:1 leverage, and that implies that JP Morgan’s silver liability is pushing toward $1 trillion today.

I would argue, however, that this is likely to be a conservative figure. In listening again to Jeffrey Christian’s CFTC testimony (the source of the “100:1” revelation), Christian was using that number to represent “bullion” (i.e. an average of the leverage in the gold and silver market). However, we have very good reasons for believing that bankster leverage in the silver market is much greater than that in the gold market.

As a recent article by Eric Sprott observes, if we compare the size of the short positions in gold and silver with current bullion stockpiles, the silver short position is approximately 25 times as large. This is not surprising. We know from the inventory fraud being perpetrated in the silver market that the silver market is much closer to default/implosion than the gold market – precisely because the amount of “physical” bullion in existence is relatively much, much smaller.

Thus, because the short position in silver is so much larger, and because there is even more desperation to attempt to ‘keep a lid’ on this market (Comex “margin” for silver traders was reduced yet again yesterday), there is every reason to believe that JP Morgan’s leverage in the silver market (via derivatives) is much greater than 100:1. If I were to use the simplistic approach of the commentators who have been touting the “3.3 billion ounce short position”, I would simply assume that silver leverage was at least 25 times greater than gold leverage in the derivatives market – and end up concluding that JP Morgan was leveraged by well over 1000:1.

I won’t go there. Again, we on the “long” side have no need to engage in hyperbole to make our case. And as I pointed out earlier, such ridiculous rhetoric hurts all of the serious voices in this sector.

This still leaves unanswered the question: how leveraged is JP Morgan in the silver market? To narrow-down this number further, I would suggest we look at the credit default swap market. CDS contracts are the most-leveraged form of derivative in existence, which is why it’s the most popular “financial weapon of mass destruction” with Goldman Sachs – the same weapon it used to bilk AIG out of more than $10 billion.

We got a glimpse into the leverage of that market in a bankster-versus-bankster lawsuit between Morgan Stanley and Citigroup. Regular readers will remember that even after Morgan Stanley liquidated the collateral which supposedly “backed” this contract, it was facing a pay-out of approximately 300:1. Including the collateral (which was likely very minimal), total leverage was well over 300:1, but still nowhere remotely close to the 1000:1 number I tossed-out previously.

This provides us with both upper and lower parameters for the actual leverage of JP Morgan in the silver market. Its leverage must be much higher than the 100:1 average for gold and silver together, since the leverage in the silver market is much greater than leverage in the gold market. At the same time, we can safely say that it almost certainly must be lower than the 300:1 leverage we have seen in the credit default swap market.

It is the banksters who continually try to represent their “paper bullion” products as being the same thing as real, “physical” bullion. In order to elevate ourselves above them, we must avoid engaging in the same sort of rhetoric/hyperbole for which we criticize them so severely: talking about paper as if it were real metal.

Ultimately, the bankruptcy of JP Morgan will be a “paper event”: even with all the countless billions it has been allowed to pillage from the U.S. economy, the $1+ trillion obligation which it will be facing when this market implodes (at some price well above today’s price level) is more than sufficient to ensure its bankruptcy.

Ted Butler has devoted more than 20 years to his quest to bring truth (and transparency) to the silver market. Throughout those years, he never attempted to simply attract attention to himself by throwing around wild accusations and dubious calculations. Rather, his approach has always been very conservative – erring toward understatement rather than hyperbole. Ironically, it is his data which this latest crop of internet “shock jock’s” have plugged into their own dubious calculations.

Similarly, GATA has devoted a decade to exposing precious metals manipulation, and (as with Ted Butler) they have been very careful to avoid making claims which they couldn’t back-up with persuasive documentation. It was the efforts of these pioneers in the sector which has finally begun to convince growing numbers of mainstream investors that precious metals manipulation is fact, not fantasy.

The last thing which these people need (not to mention all of us precious metals investors) is to have all of this hard work and dedication sabotaged by a bunch of poorly informed “Johnny come lately’s” – making ridiculous claims which the bankers’ apologists in the mainstream media have no problem in discrediting.

Trackback(0)
Comments (30)Add Comment
Jeff Nielson
...
written by Jeff Nielson, December 04, 2012
I just stumbled upon a newsletter on MilesFranklin by David Schectman, where he seems to add fuel to the "debunking silver manipulation" side.
He writes:
"Whereas Ted Butler focuses on JP Morgan and “the Big Four Commercial Banks,” and their perpetual “short” position in silver (and gold), I don’t recall him ever suggesting that they actually own the physical silver to offset their short positions.
My friend Trader David R flatly states that this IS the case; he has seen the silver with his own eyes in London. In fact, he asked me to come with him last year and told me he would bring me to the vaults and personally show me the silver. Last winter he emailed me and said, “I will be going to London in May; if want to come along, I am sure I can get you a tour of a few of the major banks vaults (JPM included) and you can see all of the gold and silver for yourself ?”"
May I ask some comment on your part?



Charlybrown, I'm always somewhat mystified when commentators make statements like this -- since they IGNORE literally half the equation.

What must never be forgotten is that JP Morgan has TWO, massive silver obligations: its unprecedented short position AND the mountain of silver it SUPPOSEDLY holds on behalf of SLV unit-holders.

To the best of my knowledge, NO ONE in the known universe has seen enough silver to back BOTH those obligations. Indeed, by remarkable coincidence JPMorgan's short position tends to be roughly the same size as its custodian obligations.

Let me suggest some reading of my own:

SLV And Silver Manipulation
http://www.bullionbullscanada.com/silver-commentary/22646-slv-and-silver-manipulation

P.S. The even FUNNIER argument is to imagine JPMorgan holding a mountain of silver and NOT leveraging it. What kind of bankster are they...?
charlybrown
...
written by charlybrown, December 04, 2012
hi jeff, I just stumbled upon a newsletter on MilesFranklin by David Schectman, where he seems to add fuel to the "debunking silver manipulation" side.
He writes:
"Whereas Ted Butler focuses on JP Morgan and “the Big Four Commercial Banks,” and their perpetual “short” position in silver (and gold), I don’t recall him ever suggesting that they actually own the physical silver to offset their short positions.
My friend Trader David R flatly states that this IS the case; he has seen the silver with his own eyes in London. In fact, he asked me to come with him last year and told me he would bring me to the vaults and personally show me the silver. Last winter he emailed me and said, “I will be going to London in May; if want to come along, I am sure I can get you a tour of a few of the major banks vaults (JPM included) and you can see all of the gold and silver for yourself ?”"
May I ask some comment on your part?
Thanks a lot
Jeff Nielson
...
written by Jeff Nielson, March 15, 2011
...which begs the question: "why are you here?"

Unlike other readers, you have concluded you have nothing to learn here. So why come back at all?

To "waste" your time AND be subjected to (what you claim is) unfair abuse on this site, and yet to keep coming back for more would obviously suggest that you are either a "troll" or an "idiot".

I was just trying to be kind...
colchure
...
written by colchure, March 15, 2011
A 'paid troll' eh Jeff?! Do you not realise how ridiculous comments like this sound. I wish i was paid to ask questions, I would be a rich man (and then i'd invest it all in Gold).

You however seem stuck in limbo. You don't ask questions. You don't answer questions. You just rant.
Null
...
written by Null, March 15, 2011
colchure, there is no question these markets are manipulated.

https://marketforceanalysis.com/articles/latest_article_081310.html
Jeff Nielson
...
written by Jeff Nielson, March 15, 2011
Coclchure, I responded in a hostile manner to your comments for two, specific reasons.

One, when I posted several links which provided DETAILED replies to your original points/questions, it was obvious you did NOT bother to read-through those links - since your follow-up remarks/criticisms clearly indicated that.

The second reason I responded in a hostile manner was your misrepresentation of the facts (whether intentional or accidental): that my commentaries "could not stand up to the scrutiny" of an audience such as that at Seeking Alpha.

In fact, as my LONG history at that site clearly indicates, I have responded to any and all challenges at that site - and emerged with an UNBLEMISHED record. Yet AGAIN you refuse to do any "homework" to verify this obvious fact.

Part of the reason I urge you to read previous commentaries is that you obviously have a "learning curve" ahead of you to catch-up to the other readers at this site - and elevate the level of your questions/comments.

If you continue to show yourself unwilling to do such "homework", then I can only include that my original suspicion is true: that you are a paid-troll.

P.S. The line about being a "long-term silver bull" really doesn't work around here - since I have already discussed (on many occasions) the "Nadler persona": the "long-term bulls" who (by remarkable coincidence) ALWAYS believe that silver is going lower in the short term...so you can stow the rhetoric about your "love" for silver.
Brian Boutilier
...
written by Brian Boutilier, March 15, 2011
Colchure, it seems that this topic holds your interest, and that you are capable of adding to the conversation. So far, it appears that a battle of wills has taken over a constructive exchange. My bit of sarcasm wasn't helpful. If your intention is educational and for the public good, then may I suggest another path?
At this point perhaps a personal message, and an exchange of information may achieve what you are looking for. You are right, publically discrediting each other isn't educational, nor helpful.
colchure
...
written by colchure, March 15, 2011
paxjds, thank you for your comment. At least someone on this website is able to comment in balanced language without 'catch-all' statements.

As I keep repeating, I am not arguing with Jeff's overall opinions/predictions, in fact I share a lot of them. What I am questioning is his methodology and how this is presented in the form of various articles. Look over my comments, i have asked him to explain a few concepts in his article (concepts which anyone writing such an article should be able to detail with ease) and he has simply thrown back a couple of cryptic comments and then told me to read more. With leadership comes responsibility and if Jeff wants to be a 'leader of opinion' then he also has a responsibility to ALL his readers (not just those who blindly accept everything he says) to explain his thinking in more detail when asked.

In the days of Galileo his concept that the earth was not the center of the solar system caused outrage. However Galileo was a talented astronomer and i am sure that anyone who challenged his methodology would have been richly rewarded with clear evidence and facts as to how he reached his conclusion.

As a side issue I am also questioning why Jeff seems to lash out with phrases such as 'troll' against anyone who disagrees with him. Such outbursts belong in the playground and only serve to make Jeff seem overtly insecure about his views.

Silver has dropped in price today. Is this because of 'banksters' and 'trolls' manipulating the market? Of course not. It simply reflects a loss of appetite for more volatile assets (such as silver) in the face of a geopolitical crisis in Japan. Does this mean Jeff is wrong about Silver's future? No it doesn't; I am sure silver will rebound and head upwards. But on its volatile journey many factors will affect it and these should not be grouped under the category of 'manipulation'. This is just lazy thinking, the world is bigger and more complex than that.



paxjds
...
written by paxjds, March 15, 2011
colchure, SA is a well read site, but to assume but dont put all its writers and blog responders on such a high pedestal, as most are out of the finnancial services industry. The term Banksters apply to many and most of them IMHO.
In the current go around 2008-2011 we can thank them for trillions in losses in the crooked CDO's to XYZ's financilm products you talk so much about. Least we not forget their influence in the trillions of bailouts and deficit spending by the governments around the world. If you pay homage to such aholes, then perhaps a web site like SA suites your personality and belief system correctly. SA does more than its fair share of praising the financial industry.
Let us not forget the Savings and loan fiasco, their real estate bubble, and on... back to 1913 when our Stupid politicians created the Federal Reserve Crooked Bank(I think I spelled that correctly).
By the way, when Jeff was writing a lot on SA, his thumbs up approval rating was around 90%. All you have done here is point out that you are one of the 10% at SA in critiquing Jeff.
Brian Boutilier
...
written by Brian Boutilier, March 14, 2011
Yes, Jeff, more balanced would be good...
Every now and then, you should say, Bankers are people too...
Perhaps backpedal, and put out: Derivatives(products) have been wonderful for the economy, and have created the bubbles we have all prospered in.
Or Gee, I wish I was an Options trader, so I could understand leverage better, and be more complementary when writing about institutions that are perpetuating Ponzi schemes.
You really should soften your message, you risk alienating the "sofisticated" financial sector folks.
Jeff Nielson
...
written by Jeff Nielson, March 14, 2011
...and yet another 'troll' slinks off with his tail between his legs.
colchure
...
written by colchure, March 14, 2011
I am a ling term gold and silver bull. I don't work for any corporate bank, nor have I in the past. I believe the printing of money will cause a collapse of fiat currencies the world over- hardly the views of what you term 'a troll'.

But, and it is a big but, you may be right about the future of silver and gold, but you expression of that belief in articles such as the above is clumsy, inaccurate in terms of basic financial concepts and expressed in cliches.

I suggest you read articles on seeking alpha by Avery Goodman. An analyst who shares all your views on silver and gold but has the intelligence and financial learning to express them in coherent and balanced way.

Many thanks for confirming that this is an unbalanced website and saving me form wasting any further time here.
Jeff Nielson
...
written by Jeff Nielson, March 13, 2011
Lol - Colchure!

I've had over TWO HUNDRED pieces published on Seeking Alpha - many of them with very similar content. Instead of shooting-off your mouth further, why don't you go there and do some READING, and SEE how much I get "ripped apart" by TROLLS such as yourself.

What you'll find is that even though I rarely send articles to that site to be published any more that I remain one of the TOP-RATED "commenters" on that site - with a large portion of that favorable rating coming from the troll-slaying I've done when I did visit that site regularly.

In one sense I'm "flattered": the fact that a "troll" has been dispatched to our site means we're obviously doing SOMETHING right!
colchure
...
written by colchure, March 13, 2011
Well in this niche website I am sure you attract readers who hang on your every word. i notice you sometimes publish selected articles on 'Seeking Alpha' a well respected, balanced, website that attracts professional investors/traders/fund managers who all understand the mechanics of financial products. I challenge you to publish THIS article on that site. If you do, i can guarantee that it will be ripped apart for its unclear sloppy reasoning, by people who understand financial products and are able to explain them clearly without resort to conspiracy/cliches/generalisations.

You still haven't answered my questions. Perhaps you are unable to? Telling me to read further is not good enough. You should be able to respond to questions about your articles without passing the buck.

Disclosure: Have worked on an options derivatives desk in a London market maker for many years.

As for all you readers, perhaps you need to challenge Jeff's arguments more- he doesn't respond well to it so far. Not a good sign.


Jeff Nielson
...
written by Jeff Nielson, March 12, 2011
Colchure, if you want your questions "answered" in greater detail, perhaps you should do more reading:

http://www.bullionbullscanada.com/index.php?option=com_content&view=category&id=49&Itemid=130

It is clearly you who does not understand this market if you cannot understand my reasoning - as it seems to be apparent to other readers.
colchure
...
written by colchure, March 12, 2011
Hi Jeff

thanks for responding so speedily, it shows a healthy website. As for your rhetoric, of course it doesn't automatically undermine your underlying message, but I feel it would be stronger without it. What does it add?

As for answering my other two questions, whilst I appreciate the attempt, your answers are too brief to be informative.

My first question asked about the motivations for JP Morgan to pursue a manipulation of the silver price downward. Why would they do this? You have answered cryptically " This allowed the banksters to DESTROY the global silver supply - the best way to get silver out of the hands of the ordinary person." Ok so if that is true, why did they do it? Why does an investment bank want to get silver out of the hands of ordinary folk? Surely they simply want to make money, why politicise their motives? Furthermore your logic seems flawed. If the global supply of silver is 'destroyed' then it would become rarer and according to supply and demand the price would rise. So JP Morgan would hardly want to destroy the global supply if their aim was to keep prices low.

More worrying is your answer to the second question as it is beginning to betray a lack of understanding to do with how financial products work. you write:


"First, it (JP Morgan) doesn't have nearly enough bullion to "cover" its short position AND its custodial obligations. This means it's facing large paper losses there, on top of the actual shorting losses.

Then, on top of that, it's leveraged this losing position by an insane level in the derivatives market. It's DIRECT losses on shorting alone will be in the $billions, and then MULTIPLIED by the 100:1 (+) paper leverage."

I have so many questions about your terms I don't know where to start. What do you mean by 'paper losses there, on top of the actual shorting losses'? You seem to be saying the same thing twice.

you then state 'it's leveraged this losing position by an insane level in the derivatives market.'

leveraged what in the derivative market? Its futures position? A future IS a derivative, the only derivative of a future is an option. Are you referring to options? Perhaps you are implying it has been leveraging its physical silver holdings by issuing futures against them.

You then state "It's DIRECT losses on shorting alone will be in the $billions, and then MULTIPLIED by the 100:1 leverage". Why do you think losses will be multiplied by leverage? Losses/gains are always stated in actual terms. Just because a company uses leverage to INITIATE a derivative this has NO multiplier effect on the losses/gains from that derivative. If JP Morgan have lost billions then they have lost billions- they haven't lost billions multiplied by leverage. Futures contracts don't work that way. The leverage is always in terms of margin, not P/L.


Whatever you are generally trying to say, it is not clear and I think you shouldn't write technical articles like the above piece with at best an inability to express financial mechanics clearly or at worst a lack of understanding of how these products work.

I admire your general passion for Gold and Silver investing but passion alone is not enough.

Jeff Nielson
...
written by Jeff Nielson, March 12, 2011
Hi Colchure.

The use of rhetoric is obviously a topic open to debate. I write "opinion pieces" and analysis, and I'm not a "news reporter". Thus the use of rhetoric does not AUTOMATICALLY undermine my message.

As for the particular colloquialism of "bankster", it is WIDELY used by the non-mainstream media, and is actually one of the least inflammatory aspects of my own rhetoric. These people are obvious criminals. Their "business" is obviously "organized crime".

In the Crash of '08 (engineered by these same criminals) we had a UN official noting that Wall Street had "increased" its laundering of drug cartel money dramatically. Note that he did not say "begun to launder".

When we have a group of banking Oligarchs with whom it is COMMON KNOWLEDGE that they have close "business" ties to international drug cartels (AMONG their criminal operations), then I have no hesitation in coining the phrase "bankster" to describe them.

1) Under-pricing of silver not only led to excessive demand (versus supply) but ALSO meant that very little "industrial" silver was ever recycled. This allowed the banksters to DESTROY the global silver supply - the best way to get silver out of the hands of the ordinary person.

2) There are two aspects to JP Morgan's silver liabilities: its 'straight' short position, and its RADICALLY leveraged derivatives (at least 100:1 leverage). JP Morgan's problems are two-fold.

First, it doesn't have nearly enough bullion to "cover" its short position AND its custodial obligations. This means it's facing large paper losses there, on top of the actual shorting losses.

Then, on top of that, it's leveraged this losing position by an insane level in the derivatives market. It's DIRECT losses on shorting alone will be in the $billions, and then MULTIPLIED by the 100:1 (+) paper leverage.
colchure
...
written by colchure, March 12, 2011
Hi Jeff

Just subscribed to this website. A couple of questions and points.

Firstly, do you not think your use of words such as 'bankster' is slightly silly considering you are presumably trying to be a serious financial commentator. Why use such emotive cliched words? JP Morgan are bankers- perhaps corrupt ones, perhaps ignorant ones, perhaps malicious, perhaps idiotic. Probably a little bit of all of these. But to define them by an umbrella term such as bankster seems lazy and blinkered. I Am a long term gold and silver bull, but the use of cliches such as 'bankster' only make valid arguments seem overzealous and unserious. Many of the public need to be educated about protecting their wealth through buying real money - ie gold/silver. I think any hint of zeal/conspiracy paranoia only weakens this education.

A few questions about this article:

1. Why were JP Morgan so keen to keep silver prices low? You state they began their short position at $4. JP Morgan are not stupid, obviously at this level the downside gain is far outweighed by the upside risk (for a short position) why were they so keen to go short? I am sure they only want to make money, so why the inference that they had an initial interest in low silver prices? If there is silver manipulation to keep prices low then we need a valid motive for the banks desire to keep silver prices low IN THE FIRST INSTANCE. Ie. not explained by the fact that they NOW have a large short position, therefore they need to keep prices low to protect the current short position. This is a circular argument and does not explain their initial or underlying motive for low silver prices.

2. Your talk of leverage and liability seem a bit confused. When a future contract is sold short it is sold for a specific amount of silver ounces that must be delivered at a future date. This amount of silver is static. It does not change whatever the price action. JP Morgan (if we accept they are short futures) owe a distinct amount of silver for delivery. Whatever the price at expiration will define their liability in $ but this is completely seperate from the amount of silver (in ounces) they owe. The leverage is only important in terms of a deposit. I.e the amount of money they have to have available to cover the future. As anyone knows who trades anything short, a persons $ liability is theoretically infinite but their liability for the quantity of the actual asset never changes (it is the same as when they took out the contract). Therefore your article confuses $ liability (which is NOT $1trillion as you state but infinite) with quantity liability, which is of course known (perhaps not to us, but to the future buyer and seller). The point of your article should therefore be: Will JP morgan be able to satisfy an ever increasing margin requirement (as silver prices move against them) and therefore keep rolling over the futures contracts (hence delaying delivery) or will they be forced to begin delivering their contracts and their subsequent demand to obtain PHYSICAL silver (to honour the contract) cause the system to collapse. Seen in these terms, ironically a high leverage (the amount of margin required to maintain a futures contract) DELAYS the day of reckoning for JP Morgan as it reduces the amount of money required to service their futures contracts. I feel in your article the tail is wagging the dog.

i look forward to your response.
Jeff Nielson
...
written by Jeff Nielson, January 02, 2011
Yes Steve, there was several layers of manipulation: a general assault on commodities + the collapse of Bear Stearns and Lehman Brothers allowed the surviving banksters to consolidate their stranglehold on metals markets even further.

So they did what they ALWAYS do when acquiring more leverage: drove the price so far below equilibrium that demand spiked immediately - and they have now totally screwed themselves because their physical bullion is gone, and you can't leverage PAPER.
steve555
...
written by steve555, January 02, 2011
Jeff,

What was the reason for silver's steep fall in 2008 financial crisis? Was it manipulation by JP Morgan?
Jeff Nielson
...
written by Jeff Nielson, December 24, 2010
Dlmaniac, I just thought it was very unfortunate to see commentators on "our side" basically just adding bullion and paper together, and then calling the total "bullion".

As I said in the commentary, that's how the BANKERS do their "math" in the bullion market. Sink down to their level, and then it is so much easier for them to brush-off everyone in the sector as "conspiracy nuts".
dlmaniac
...
written by dlmaniac, December 24, 2010
That 3.3B probably came from someone's guestimate off reading the BIS and OCC reports on over the counter derivative activities. I know Jason Hommel has been doing it for a while. Robert Kirby raised issues about it as well but the data is shrouded in secrecy so no one knows what's going on behind the door.
Jeff Nielson
...
written by Jeff Nielson, December 21, 2010
If my memory is correct, that was also posted on our forum a couple of days ago - but thanks for posting it here as well, since many of the people who read these commentaries don't visit our forum.

Yes, it's just a silly shell-game, EXACTLY what is being done with U.S. Treasuries when they trotted out "statistics" showing that "demand" for U.S. Treasuries had just (conveniently) spiked in the UK.

In the case of bonds, the U.S. government desperately needs to PRETEND that there are still "buyers" out there (whose name ISN'T "Ben Bernanke").

With gold/silver, these companies are FINALLY getting smart enough to move their gold and silver manipulation off of their OWN balance sheets (LOL!). In another indication of how stupid these bankers really are, apparently up until recently they had been keeping ALL of their games in the gold/silver market on their own balance sheets.

We KNOW this is the case, since otherwise the CFTC wouldn't be able to definitively point to the dominant short positions of "one or two traders".

So, since the banksters are now (desperately) trying to move what are now money-LOSING operations off of their own balance sheets, it obviously makes sense to set up FOREIGN dummy-entities as fronts for their operations.

It ALSO means that we will see these fronts operating in a totally 'Kamikaze' manner - since they have been CREATED to be vaporized when these sectors finally blow up. Thus, the "100:1" leverage which Jeffrey Christian told us about could easily become 1000:1 - and it won't matter in the slightest.

The bottom-line is that there must be SOMETHING for the banksters to leverage. 1,000,000:1 leverage is utterly useless to them if it's 1 million X zero. When the "physical" bullion has been cleaned out, there game is over. Period. Forever.
steve555
...
written by steve555, December 20, 2010
Looks like they have outsourced their manipulation game.

http://news.silverseek.com/SilverSeek/1292901558.php
Jeff Nielson
...
written by Jeff Nielson, December 19, 2010
Thanks for the comments.

We can't talk about "promoting truth" at this site, and then allow propaganda (from our side) to go unchallenged.

And as I pointed out from a personal standpoint, when such outlandish "analysis" is published, it makes my job that much harder - because I (and others) get lumped-in with the people spraying around such numbers.
Marcocruces
...
written by Marcocruces, December 18, 2010
Well done Jeff!

We in the outer worlds read and listen, and try to make sense of all the numbers, and most times we take what we hear or read as gospel. We have to, unless we've learned better in a particular case or hold such numbers suspect. But it's difficult, people tell you what you want to hear, or we tend to listen to people that tell us things we agree with.

Thanks for the analysis and clarity, it's excellent.
Mark
steve555
...
written by steve555, December 18, 2010
Excellent article as usual.

With so many people coming up with their own numbers it was getting confusing.

Thanks for putting the issue to bed.
Jeff Nielson
...
written by Jeff Nielson, December 17, 2010
Null, yes, a silver default is a VERY possible catalyst for U.S. hyperinflation. As you say, not necessarily an IMMEDIATE "trigger", but certainly a major event which could (indirectly) set-off a hyperinflation spiral.

However, the real point here is we could examine MANY different facets of the U.S. economy right now, and point to them as "potential triggers" for hyperinflation. In other words, it's not so much that silver and U.S. hyperinflation are so closely connected, but rather that the U.S. economy is already so close to that hyperinflation spiral that here is but yet another potential catalyst.

As for JP Morgan and the copper market, that is not rumor but fact. The only thing which isn't known for sure is precisely how big a chunk of the market it grabbed. Yes, if it's too late for them to protect themselves in the silver market, and too late too load-up in the gold market (and the other PGM markets are too small), then it's no surprise that JPM would try to hedge its GIGANTIC silver losses with the next best metal they could latch onto.

They certainly aren't going to "hedge" that silver position by holding any of THEIR OWN paper!
Null
...
written by Null, December 17, 2010
Oh the other thing I forgot to bring up is that apparently JPMorgan has been trying to protect itself by controlling 80% of the London copper market. Do you know what this is about?
Null
...
written by Null, December 17, 2010
Jeff, I am wondering if you think the default in the silver market will be the trigger which starts the panic spiral of US hyperinflation. This would spook the bond market and the government / banks would quickly lose control.

Beyond this, JPMorgan would go bankrupt as a result of its silver short position, as well as its long and short bond swap activities designed to keep rates low. This would trigger a collapse of the whole banking sector and the only way to prevent that would be for the government to bail them out, but with the bond market seeming to be on the verge of collapse right now with no crisis.... doesn't seem to be likely.

So the question is, when will the silver market default? I was reading the other day on Eric King that there are large Asian buyers demanding physical and when they decide the time is right, they will just take down the market. I also read that China has apparently entered into some paper gold / US dollar hedge position in London which means that it can get out of its treasuries holdings and even if the dollar crahes it can still collect its physical gold after the crash (I don't quite understand how this works).

The whole deck of cards is now standing on a very weak leg. All it would take is a default in the silver market, and that could be happening very soon, even in a month or two?

I

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments

Disclaimer:

BullionBullsCanada.com is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form

prescription diflucan yeast infection is bayer aspirin made in usa nitrofurantoin generic buy torsemide overseas biaxin 2 tablets once daily pharmacies generic online order amitriptyline ordering levaquin mexico voltaren for purchase tadacip limited india allegra hicks sale accutane lawsuit settlements order trazodone without rx skelaxin medicine ranitidine perth australia can buy maxalt online what is doxycycline used for in dogs advair noprescrition needed canada online pharmacy arimidex purchase in canada no prescription donde comprar clonidine can you health non generic buy aceon pariet cheap uk pharmacy online pharmacy viagra uk best site to buy zocor is there a generic substitute for nexium tetracycline dogs kennel cough what is adalat prescribed for buying seroquel online lamictal without a script dostinex uses in ivf etodolac reviews for men how to buy purim in london styplon dosage too high voltaren gel reviews 2010 diovan sales million times chloroquine lawsuit protonix no prescription buy canada no prescription for arimidex gouty arthritis symptoms sale cod hyzaar prescription buy dipyridamole online safely pariet tablets and alcohol mexico alliances elavil for pain treatment buy subutex online uk viramune canada prescription is there a generic for differin .3 how many mg does it take to overdose on zoloft methotrexate and misoprostol abortion brand compazine buy purchase tamoxifen lowest price prednisone buy no prescription buy emsam in uk desyrel brand order liquid dilantin review cost of lithium hydroxide reliable pharmacy rx reviews nolvadex 20 mg price hyaluronic acid daily use reviews evista pas cher what does yasmin mean in english is mail order ventolin safe without buy online cheap abilify mazda rx8 for sale cheap buy wild ginseng seeds indian pharmacy noroxin phenamax paypal what is flavoxate urispas cipro online pharmacy uk best place buy generic viagra online pay cialis paypal why has actoplus met been discontinued buy carbozyne bulk proventil online uk cipralex forum uk buy canada no prescription for dapoxetine discount cytotec of canada can you drink milk while on zithromax buy phenamax online usa order anafranil overnight generic prozac for dogs generisk cialis danmark levitra no prescription online where can i buy tetracycline drugs order zocor online uk biaxin prices cvs can i order antibiotics online sex and the city viagra episode shelf life of wellbutrin sr metoclopramide no prrescription generic zocor buy canada duphalac prescription coupon current price yasmin kamagra online kaufen paypal carafate suspension dosage yasmin buy online australia generic uk paypal prinivil viagra in india mumbai cardizem medication information canadian health and safety news lov cost robaxin free sample generic viagra online legal buy micardis online canada effectiveness of valtrex for cold sores cost propecia boots tamoxifen without insurance prazosin prix en pharmacie en france genuine levitra 100mg order zofran cheap overnight prescription aciphex cod buy strattera online from mexico where to buy online generic tamoxifen himcolin side effects uk to buy allopurinol in uk lisinopril and hydrochlorothiazide tablets usp 20mg 25mg does alli slimming tablets work ralista online usa no prescription target pharmacy zyrtec benadryl dosage too high fosamax prescription coupon suprax uses medication generic yasmin overnite shipping what is crestor medicine for entocort cr 3 mg budesonide flagyl antibiotic for kidney infection red pill blue pill lyrics where can i order lanoxin ibm spss stats 19 where can i buy qsymia in uk prescription cephalexin 500 mg lasix side effects on kidneys order viagra soft cheap purchase amoxil cheap penicillin where to buy propecia in uk acheter cleocin pas cher diakof drug class arjuna roche precio argentina where can i order nizoral comprar oxytrol portugal evecare syrup reviews differin online pharmacy uk metoclopramide canada no prescription what is the generic drug for aricept legal to buy acticin yagara medicine online diarex canada head office how to order viagra professional noperscriptionmeds kaiser mail order pharmacy phone number southern california buy tofranil from mexico online bactrim class action lawsuit over counter drugs avoid coumadin triderm na ukФ…szenia coming off fluoxetine dizzy what is the cost of accutane without insurance chloroquine price uk cheap dramamine no prescription purchase arimidex online house prices artane dublin buy order cheap generic arimidex ortho tri cyclen pills finast without insurance can taking diovan cause weight gain is abilify available as generic viagra new zealand online cefixime overnight shipping cheap buy toprol xl 40 lady era on line purchase arthritis care uk craigslist new york olympic tickets propecia pill canadian buying prescription drugs in mexico legally actonel risedronate sodium tablets buy lexapro 200 vente de floxin au quebec minipress with no rx generic lasuna switzerland abilify 5mg weight gain natural viagras men cheap tablets buy metformin viagra soft ships from india best online pharmacy generic kamagra gold paxil uk brand name medrol canadian no prescription purchase tamoxifen citrate cancer how to purchase brand levitra where can i get cheap plavix buy clomid for women online viagra soft canada prescription arjuna for sale adjusting synthroid dose emedicine compare prices vasotec kamagra sale london cytotec over counter medicine sibutramine 15mg buy best generic furosemide sites lopid refills what is prilosec pills used for cheapest paroxetine generic paxil can ventolin cause weight gain betnovate scalp application where can i purchase prazosin prescription anti nausea medicine medrol online pharmacy shipped to canada ranitidine delivery london keflex rx dosage nizagara to buy in australia bactrim online from uk nexium store interaction drugstore what if i miss a clomid dose buy allopurinol paypal chlamydia doxycycline treatment side effects of imitrex 100mg where can i get baby benadryl valtrex dosage for children purchase cymbalta canada online forum quality astelin pharm trental 100 review online rosuvastatin purchase purchase tinidazole cheap where to buy viarga lioresal bonus pills side effects of ic paroxetine hcl how long does it take for zyprexa to kick in female viagra india name no script nizagara mg get clomid no prescription how to buy exelon patch buy feldene online phentermine uk reviews current price trileptal buy trileptal in india online tofranil in the uk is there a generic pill for avalide trileptal liquid cost ultra low dose bactroban is alli better than xenical best generic ranitidine sites malegra dxt tablets online estrace cream from canada can you take imuran daily buy erythromycin online from canada metformin 1000 mg tablets celexa dosage for dogs buy actos cheap prescription pioglitazone levlen tablets price skelaxin without prescription miami prednisone medicine online cialis pills online in the usa cialis sublingual to buy in australia comprar detrol original flomax pills online in the canada xenical roche side effects order astelin lowest price propecia buy online europe femara online overnight buy hydrea capsules iui clomid or femara fincar refills is buying antifungal pills online safe erexor lawsuit compazine online coupon code max daily dose of augmentin plavix medicine tadacip weight gain requip online in us buy depo provera online uk lady era now co uk nexium 100 review allegra where to purchase doxazosin mesylate 2 mg tablet alesse from canadian pharmacy safe place order confido can you order kytril losartan-hydrochlorothiazide 100-25 mg per tablet ordering cialis super active levitra without a script buy allegra cod tinidazole fast india arimidex 40mg negative side effects of propecia unisom recommended dosage accutane lawsuits 2010 buspar without prescription pills Purchase 1 rx accutane mg eurax online usa allopurinol 300 mg prices buspar uk no prescription buy aciphex without rx order mobic medication by mail para que se usa el valtrex fosamax lawsuit canada how to take minocycline mg trazodone hcl 100 mg side effects ampicillin without a script cod perscription is there a generic form of benicar hct is there a difference between synthroid and levothyroxine 100 mg nizoral cost of levoxyl vs levothyroxine purchase lotrel purchasing combivent online can i get high on diltiazem cialis online free viagra acheter prandin pas cher buy micardis from india lincocin online order low thyroxine levels in children chlamydia nhs poster side effects after taking chlamydia pills premarin not generic safe to buy generic amantadine from canada pilex costco pokie paxil progress buy cytoxan from india augmentin prospect english generic name for allegra d 24 hour buy ugg boots online australia uses for ventolin hfa inhaler overnight pharmacy cod valtrex online cuanto sale el orlistat where can i get protonix pills what are the side effects of drinking promethazine ordering propecia online safe get pain pills your doctor without script allopurinol online pharmacy suhagra for discount price increase inderal walgreens pharmacy prilosec viagra sublingual overnight delivery buy cefixime online no prescription united states aib artane dublin 5 discount pet medications coupons levitra 20 mg walmart safe place order brand cialis nitroglycerin sublingual tablet dose where to ampicillin keyboard estradiol levels desyrel without a prescription rx forum costa rica do you need rx lopressor order ventolin online no presctiption speman western australia buy tetracycline ointment drugstore cipla ltd tadacip lotrisone cheap uk imitrex online canada cheap cipro 500 mg online buy testosterone cypionate from canada where can i get acai berry in nigeria propecia order canada what drug class is detrol la my arimidex coupons bleeding during ovulation clomid tricor recommended dosage loestrin fe 1/20 drug interactions get wellbutrin sr toronto will there be a replacement for primatene mist synthroid and over the counter medications order dostinex 0.5 mg online no prescription wellbutrin sr order on web side effects of zocor 20 mg how much does viagra cost in south africa what does amitriptyline hydrochloride do to you buy olanzapine from canada differin gel for acne reviews buy dostinex 80 mg online order feldene pills cialis sublingual uk boots maxalt for sale usa side effects of zofran odt cheap kamagra chewable pills buy amitriptyline online canada no prescription cicloferon spray varicela order zyvox buy generic cod robaxin online usa prilosec from zantac can you get high off allegra d colchicine dose pericarditis side effects of long term use of minocycline lasixs medicine atorlip 20 how much does sominex cost buy canada no prescription for dutas liv 52 order online quickest suprax pfizer viagra 50mg cheap tamoxifen pills cytomegalovirus infection in a patient with rheumatoid arthritis in low-dose methotrexate bupron sr australia pharmacy cheap shatavari free delivery overnight without aciphex online skelaxin shopping maxalt mg tablet buy minipress pills online buying robaxin from canada no prescription aetna rx online home delivery special care pharmacy san juan puerto rico ventolin shortage canada ordering low dose calan amlodipine besylate tablets spc buy plavix online with out prescription is deltasone available over the counter spc of albendazole tablets 400 mg pharm support group pharmacists costco pharmacy effexor xr price trazodone shortage uk keflex dosage for chest infection cheap generic femcare geriforte syrup generico italiano costco pharmacy lady era price where is the love lyrics busted lipitor echeck what does aricept do to the brain mexican-pharmacy-online-no-prescription what drug category is rhinocort overnight abana cod fedex voltaren canada topical buy over the counter remeron online where can i buy pyridium mg cheap antivert india arjuna exports dindigul india bactroban dosage nasal keflex dose for pediatric uti mometasone advair diskus on line in the india how to take ginseng royal jelly seroflo order in the us where to buy cordarone ointment obagi tretinoin 0.1 cream reviews coreg for dogs buy buy lukol perth australia where to buy dutas in canada safely stopping propranolol medication viagra 3-day delivery buy nitroglycerin greece actos with no rx phone in order for sumycin actos pioglitazone hydrochloride tablets full prescribing information sildenafil citrate tablet manforce cabgolin weight gain where to buy vpxl with mastercard generic lithium us cheap cozaar prescription buy cytotec online uk provera tablets 100mg kamagra est il vente libre como comprar alesse terramycin without can you buy brand advair diskus over the counter in germany where can i buy benadryl allergy and sinus price increase evecare triamcinolone side effects in dogs trazodone uk buy buy trileptal 10 buy minocin from canada is it legal to order prescription drugs from india viagra online micardis 20 mg preis celebrex cost cvs purchase generic antabuse online order aldactone cheap generic nike 95 air max top drug sales retino-a cream 0,05 order where to buy cheap generic accutane buying isotretinoin online rogaine foam results cheap allegra sale uk vermox for sale australia avodart hair loss pictures buy retino a cream 0,05 online aspirin overseas buy indocin 75 mg buy valtrex online no prescription valacyclovir high dose lasix in renal failure how to store nitroglycerin tablets can i buy aspirin over the counter in uk birth control pills indian brands alli weight loss tablets ingredients floxin generic brand glucophage xr price caverta refills cheap zanaflex online brand anafranil buy online vasotec india russian pharmacy usa online buy drugs doan;s back pain pills vpxl for sale australia generic equivalent for avalide paroxetine india olanzapine pharmacy prices list ceftin looking for buy torsemide with paypal buy zyban tablets uk cheap flomax sale uk can you do iui without clomid can you buy tamoxifen buy codeine cough syrup over counter himcolin for men in usa cvs pharmacy puerto rico shopper prilosec medication class what does a celebrex pill look like twitter search people is naltrexone available on the nhs where to buy nolvadex in the us mupirocin nasal ointment indication viagra professional online best price lynoral internet drugs without prescriptions can you get pregnant while taking birth control and metformin malegra fxt side effects metronidazole alcohol interaction zoloft 100mg price augmentin 1g x 7 glaxosmithkline tadacip overnight delivery cardizem western australia genzyme renagel tablets what is baclofen tablets used for will clomid prevent miscarriage proventil usa sale dosage for cialis and viagra syrup duphalac side effects zyban dose quit smoking baclofen dosage for children bupropion xl missed dose ceftin generic mexico cheapest sinequan tablets uk discount carafate mg buy xenical without minipress where to get cheap prometrium no prescription how long does it take inderal to kick in ditropan cheap mexico pharmacy proscar usa half price shatavari filagra super active reviews getting ampicillin in australia ciprodex discount card buy bupropion sr 150 mg best site to buy generic cialis how to get off paroxetine costo della vita a cipro nord buy cheap eurax hyzaar ds dosage estrace cream india us pharmacy online hoodia metformin price uk buy ceftin australia cafergot user reviews sinemet 100/25 what does bentyl brand cialis price buy liv 52 next day rumalaya liniment tablets price lov cost reminyl doxycycline hyclate dose for dogs cheap prices celebrex united supports for autism generic benicar hct pharmacy direct uk femara drugs canada best price for real micardis nitroglycerin cream canada what does lasix do for horses drug sales representative jobs is generic robaxin effective female cialis canada no prescription cheapest paxil levlen for sale philippines canadian pharmacy revia mirapex er dosage lov cost cafergot brand name lopressor online medication for severe anxiety and panic attacks is there a drug comparative to alphagan queen;s university pharmacy canada pariet rabeprazole sodium side effects compare cost of viagra cialis how to get off lipitor pfizer pharmaceuticals company profile drug market order valtrex cordarone tablets dosage what is the best post cycle therapy supplements lisinopril tablets on line to buy metoclopramide comprar diovan dosage info price increase mircette buy luvox quick my travel canadian affair zanaflex for sale philippines propranolol medication headaches does pamelor make you gain weight chloromycetin ear drops india cipro in italia ciplox no rx cheap seroquel no prescription doxycycline online without prescription prograf 10 mg cost my bf3 stats actos spain us pharmacy order cholestoplex cheap benemid online uk buy entocort hong kong cod 200mcg bactroban cream online pharmacy drinking on antibiotics myth premarin cream and weight gain aceon without insurance desyrel overseas online drugstore usa reviews cialis professional no prrescription zestril generic name buy ephedraxin 200 aristocort cost canadian can you use fucidin cream for thrush propecia 1 mg 28 comprimidos buy femcare online amazon viagraa mistУЄ order neurontin from mexican pharmacy buy antibiotics overnight vermox dosage liquid low cost overnight bupropion antivert generic release date physical symptoms of too much thyroid medication nizagara paypal revatio tablets online cheap zyvox free delivery buy online tadapox generic ivermectin horse wormer for goats revatio on line for sale no script betnovate cream betamethasone valerate brand cialis where to get a cosa serve la pomata fucidin cefadroxil side effects joint pain allopurinol online purchase order altace cheap buy vytorin online cheap bony acai usa llc what is staxyn 10 mg isoptin 40 mg plavix online purchase buy diclofenac 50 mg how much does lipitor cost at walmart lopid online overnight shipping paroxetine over the counter australia internal medicine alliance in tucker ga mexico allies axis acheter voltarene en ligne cheapest drug suhagra orlistat india brand does augmentin contain codeine online viagra with prescription norvasc amlodipine 5mg buy pyridium 200 mircette reviews side effects can you get high from taking lisinopril ethionamide rx luvox tablets on line to buy use zenegra coupon online buy cymbalta 50 generic nymphomax paypal length of accutane treatment altace online australia bupron sr shoppers drug mart adalat generic name lasuna prescription coupon acheter exelon brafix pas cher atacand maximum dosage trandate overseas online pharmacies located in india buy ephedraxin pills purchase colchicine 1mg online betnovate 20 mg can i order online generic accutane pletal australia price rogaine side effects in men sandoz fluoxetine 10 mg capsule reviews on cymbalta medication liquid ditropan review hydrochlorothiazide msds what types of beconase aq are there buy confido in india online noroxin shortage 2012 how often should a man ejaculate to have healthy sperm no prescription lady era sale tadacip drug schedule how to order viagra in uk what is atacand medication used for to buy actonel in uk buy lisinopril 20 lexapro without script low dose aspirin miscarriage what is ciprofloxacin eye drops used for pharmaceutical society of northern ireland paroxetine rx buy antabuse us zanaflex generic australia how to by anacin online how much will confido cost tofranil lawsuit canada red hot pepper spray coupon code trazodone from ambien sleep minocin on line what is mobic for zetia side effects liver pharmacy mexico sinemet fluoxetine on line purchase get luvox las vegas ceftin online pharmacy uk order malegra fxt online in usa buy arimidex without a prescription from canadian pharmacy buy aristocort from mexico online buy ditropan overseas can birth control pills cause liver cancer stilnox online order plavix dose missed buy prevacid pills in the mexico how to get zaditor in australia order effexor xr 75 mg lisinopril 40 mg cost hyzaar 50 12.5mg generico pills rx pharmacy exam net index azithromycin 250 mg buy effexor xr in india online innovative research tadalafil buyers of clomid canada lawsuits against nexium levaquin dose in renal failure buy cheap generic altace online order real hoodia coming off cipralex 20mg purchase finpecia online discount etodolac mg toradol from usa pharmacy buy hcg online pharmacy escrow orlistat uk nhs promethazine free shipping cheap us buy aceon generic aleve refills femara generic cheap costs elocon delivery uk oxytrol next day delivery baclofen over the counter spain levothyroxine sodium usual dosage zoloft discount program what is strattera prescribed for hyzaar no prescription canadian online buy zofran bulk is parlodel available over the counter how to take clomid after test cycle ampicillin drug card can you buy kamagra in ireland generic cheap what dosage does zyrtec come in furosemide now is mail order benzac safe to buy viramune allegra prices walmart amaryl for diabetes side effects cvs canada road memphis thyroxine side effects nhs where can i buy mebendazole boots xenical weight loss pills sale order clomid no prescription betnovate shelf life all types saw palmetto pills buy citalopram online uk overnight delivery cash cheap singulair can order quibron-t online buy decadron no prescription is generic viagra plus available in usa buy retin-a 0,025 in india online drug market order allopurinol voveran sr women buy cialis 2.5 mg price comparison cheap gasex pills prescription generic bayer vs indian drug company cipla mecobalamin gabapentin tablets fastest anafranil uk delivery shortage of alli weight loss pills buy aricept boots common side effects of prandin forzest generic release date where do i buy reglan proventil 100 pharmacies buy albendazole mg can you order zyrtec online how to buy ciplox purchase ranitidine 150 mg lozol express canada glyburide metformin saw palmetto refills can you take clozaril daily amitriptyline and alcohol side effects renova cream buy uk kamagra gold drug class diclofenac dosage for migraine generic amoxil price zyvox without inhibitor agents canadian pharmacy online paypal levitra cheapest price can you buy atacand lowest cipro generic usa amoxicillin europe buy bactrim online australia no prescription canadian pharmacy rx purchase brand viagra cheap can you get off nexium purinethol for men in usa celebrex 200 mg tabletki donde comprar finasteride en guadalajara what is the normal dosage for propecia hydrochlorothiazide shopping australia buy tamoxifen online all types benicar pills speman medicine prednisolone dosage for asthma desyrel prescribing information pdf aristocort online forum click here generic compazine pregnancy nausea buy cholestoplex cheap buy xenical online nz difference between 50mg and 100mg viagra maxalt sales buying ortho tri-cyclen in manchester is there really a female viagra cialis sublingual cheap price como se toma omifin 50 mg vermox cheap price nizoral max dose what is tamoxifen made of liv new zealand buy viagra online canada with mastercard cost of midamor without insurance what is meant by ampicillin resistance cheap mobic usa canadian benzac tablet suprax 200 mg tabletta does robaxin work better than flexeril fucidin pharmacy mail order generic blopress xenical diet pill weight loss mexican drugs online no prescription comprar tamoxifeno sin receta can we trust gyne-lotrimin online bactroban pharmacy prices list buy minocin astrailia sinemet weight gain most reliable place to buy speman online buy cozaar online no prescription us cipro wikipedia italiano buy brand pilex buy albenza with e check rumalaya 20mg tab alli pharmacy training pack floxin tablets uk zyban spain danazol tablets different types of arthritis hard sell the evolution of a viagra salesman plot erythromycin no rx how to get citalopram on line can you buy toprol xl in ireland effexor xr drug canadian pharmacy what does alliance mean ww1 does generic viagra work any good tamoxifen fertility male arimidex results forum glucophage now co uk viagra super active online uk indian pharmacy phenamax amantadine hydrochloride for dogs cialis sublingual tablets from buy switching from paxil to zoloft panic the online drugstore fincar vermox generico online viagra professional without a prescription from australia non prescription trial erection packs 3 what is biaxin 500 mg order triamterene canada nizoral shampoo tamoxifen dose in mice doxycycline for acne results celebrex 200mg celecoxib capsules zyrtec sale lithium discount medications buy lasix 40 mg where to buy cordarone in canada safely birth control pills remeron best price for real betnovate mail order levitra online pill cialis a~ vendre craigslist usa florida cars exelon at&t discount cheap urispas pills overdose on endep amitriptyline speman comprar en espaУБa atorlip-5 australia price glimepiride daily dose xenical over counter is it safe to buy accutane online acne protonix australia companies only order abilify no prescription online comprar lariam portugal valtrex cold sores dose where to anafranil prevacid usa cvs prices where can i buy acai berries in canada famvir herpes labialis calan by mail erythromycin new zealand what does metformin do for weight loss no prescription buy generic advair diskus can you buy albuterol proventil hfa female cialis uk free erection pill sample what is aristocort triamcinolone cream used for can i buy cialis over the counter in spain overnight viagra pharmacy overnight lipitor 4 copay card list participating pharmacies human medicine for dogs aspirin acyclovir discovery mechanism of action and selectivity discount pharmacy paris france proscar order pharmacy pre registration ireland buy online cyklokapron generic order allie finkle books meg cabot ranitidine medication alcohol purchase allegra cheap generic drug for zestoretic what is olanzapine 2.5mg used for buy alli 119 aciclovir kern pharma crema prospecto generic midamor uk paypal trazodone medication for sleep leukeran tablets online why did charles and alli go to spain shortage of methotrexate pills cheap pharmacy buy generic antivert prescription drug elimite pill identifier with pictures valium safe place order mirapex lasuna in croatia meloxicam 7.5 ingredients generic from zerit buy cialis online free shipping cialis 20 mg tadalafil cheap prometrium free delivery nymphomax direct pharmacy compazine tablets for purchase arimidex side effects dramamine discontinued ampicillin medication buy glucophage online no prescription us lisinopril drug canadian pharmacy where zoloft is made how much will augmentin cost over the counter chlamydia drugs cipro xr prices cheapest kamagra oral jelly in the uk can we trust capoten online ordering plavix uk buy cialis jelly 100 alli weight loss programme generic cialis garantito buy bupron sr 20 buy propecia online from australia buy celexa new zealand online quais os efeitos do remedio sertralina prometh with codeine cough syrup - cv weight gain after stopping fluoxetine which has less side effects viagra or cialis cheap viagra from india india sinequan price amlodipine 5 mg canadian drugstore how often to take aricept euro pharmacy liverpool can i buy viagra over the counter beconase aq without prescription buy nymphomax capsules buy tamoxifen no prescription canada cialis soft over counter uk order vasodilan where to buy cheap generic alli low dose accutane hair loss spironolactone aldactone reviews ortho tri cyclen lo buy online no prescription canada buy retin a gel 0.01 stromectol pharmacy prices list zyvox without inhibitor eldepryl shallaki uk buy discrete cialis online pharmacy uk rumalaya liniment viagra soft cheapest rate buying cymbalta cheap is aricept legal in uk mobic dosage adidas torsion allegra x black buying clomid with paypal bupron sr from europe order metronidazole online canada silagra over the counter drugs buy cleocin mg buy estrace estradiol tinidazole usa buy nexium online at canada pharmacy motilium cheap mexico pharmacy motilium cost canadian side effects generic elavil prescription drugs ukraine tinidazole online in us kamagra oral jelly suppositories buy buy toprol without prescription zyprexa discount medications chloramphenicol where can i buy it power slim acai berry diet pills reviews cipro paypal costco pharmacy artane price order danazol pill viagra sildenafil pfizer kann man viagra ohne rezept bestellen can physician call diflucan in to pharmacy extendaquin shortage diarex uk buy best herbal medicine back pain non persciption femara purchase premarin cream buy effexor xr canada ciplox pills buy cheap avapro using pay pal cozaar online canada buy generic betnovate with bonus how to buy chloroquine in london zantac coupons printable 2011 acheter buspar ranitidine canada online no prescription buy rumalaya liniment next day endep mist canada phone in order for ampicillin postgraduate pharmacy courses in ireland epidural clonidine mechanism of action what is rumalaya forte tablets best place to buy viagra from uk haldol 100 zentel sirop copii pret can you crush ceftin tablets purchase generic cialis soft viagra online secure tabs trazodone for insomnia user reviews what is clomid tablets moduretic bula efeitos colaterais buy zyprexa zydis 5 mg online generic ciplox where can i find albendazole roxithromycin generic for can you order periactin today;s date can you drink alcohol on erythromycin tablets research grade trileptal what is acai for generic for zetia ezetimibe purchase flagyl 500mg trental for sale vega 100 viagra can you buy zovirax online without cream buy lantus xr without prescription lansoprazole tablets in india side effects of nolvadex in men trazodone tablets us online januvia over the couter phenergan suppository side effects bactroban no prescription finax coupon code feldene online forum buy quibron-t mg purchase detrol online how to use advair diskus do you have to be 17 to buy alli pills can you buy alli at tesco detrol generic uk paypal citalopram best site for flomax buying viagra jelly from canada no prescription suhagra overnight shipping cheap how much will rumalaya cost flomax generic alternative lowest price seroflo domperidone motilium purchase how much gabapentin should i take to get high ordering diamox use sinemet coupon online quibron-t costco kamagra shelf life where can i get zyrtec pills can order reglan canada prednisone refills generic doxycycline 100mg buy lithium from canada buy toradol mexican pharmacies ordering prednisolone uk lexapro canada buy where to buy alligator meat in new orleans delivered compazine roche precio argentina minocin tablet sale non prescription estrace pharmacy generic lisinopril overnite shipping comed exelon company employment moduretic cost without insurance clonidine mg buy implicane sertralina 50mg nizoral 2 cream for acne online pharmacy quick zoloft mg usa ventolin uk boots wellbutrin online shipping coversyl plus side effects australia mirtazapine overdose symptoms buy xenical without prescription cephalexin suppositories buy target cheap prescriptions list cialis ed dosage cialis toronto canada periactin over the counter uk how do i get a prescription without a doctor buy doxycycline 50mg venta de viagra en lima peru cane you buy adalat canadian buy depakote 250mg blopress overnight muscle pharm cheap prices cheap mentax cipro india travel buy januvia visa medrol usage caverta prices at costco can you buy dulcolax in ireland etodolac italiano how long does paxil take to work for premature ejaculation suhagra discount voucher cialis daily use side effects treatment buy lipothin 20 how to use anafranil for premature ejaculation cost of lamisil prescription etodolac drugstore.com order non generic anafranil where to buy amaryllis in mn drugs medrol overnight buy levlen cod buy online prescription us pharmacy prozac no rx where to buy zithromax capsules cytoxan lawsuit settlements famvir 250 mg tablets ventolin online europe order sumycin 120 mg albuterol inhaler generic what is strattera 25 mg purchasing seroquel online uk amaryl m2 medicine best place to buy synthroid bactroban mupirocin side effects metformin tablets bp 500 mg buy over the counter effexor xr online buy innopran xl mg purchase azulfidine order trial erection packs 2 online no prescription with a mastercard cheap elavil 25 mg is generic trileptal effective does ginseng make you gain weight what does actos pill look like ezetimibe tablets cholesterol cheap torsemide pills seroquel without rx is it illegal to buy viagra on the internet long time side effects leukeran side effects of viagra jelly z pack side uses atorlip-5 canada overnight delivery benfotiamine refills over the counter liv 52 med cab lithium over the counter retino-a cream 0,025 where to buy clozaril online without rx buy advair diskus mg online delivery buy antivert what is lady era for purim tablets review zyban generic brand twitter stats 2012 valtrex without rx hoodia p57 customer reviews research grade zantac eltroxin dosage side effects what mg is prilosec otc maxalt 5 mg tabletten feldene d what is it for take pharmacy technician test online clonidine african american is orlistat approved in canada viagra soft pharmacy cialis mg canadian rx costa rica pharmacy jobs purchase sildenafil citrate online costco pharmacy lasuna price combivent on line no script danazol how to take viagra tablets for men tesco chesterfield road pharmacy isotretinoin 20 mg buy aap ki adalat watch online clomid ovulation day 22 price seroquel xr canada how fast did you lose weight on wellbutrin silagra for daily use canada combivent cheap price cheap avapro use actonel coupon online zoloft cost in canada can order femara online asacol shopping bupropion mechanism of action smoking cessation order retin-a 0,025 tablets arjuna shelf life himcocid shopping cost viagra tesco yasmin pill order amlodipine dosage maximum albendazole drugs online purchases aceon for men sale in uk buy arimidex online uk buy ampicillin online amazon effexor viagra citalopram to buy from europe 123a lithium batteries best price cheap metoclopramide pills online pharmacy prescription how to use acai berry pills to lose weight buy propranolol mg online topical lamisil cost delivery deltasone online overnight cual es el viagra para la mujer can you take meclizine to get high 6 Purchase aciphex 20mg tabs can you get mebendazole over the counter long term side effects of entocort ec trimix injection prices part time pharmaceutical sales jobs effexor xr pharmacy isotretinoin buy jogos friv 10001 recurrence of acne after accutane treatment strattera starting dose for children buy accutane cheap chinese erection pills best price minipress pariet discount zollinger ellison syndrome 20mg glucophage company low cost viagra uk exelon salem nuclear canadian online pharmacy for acticin buying trileptal using paypal extendaquin brands india water pill hydrochlorothiazide over the counter where to buy pariet with mastercard comprar viagra contrareembolso barcelona xeloda annual sales buy valtrex 200 1xtra live wellbutrin sr 100 reviews comprar sinemet en venezuela very cheap haldol how to order levitra plus nymphomax over counter uk how to order prazosin online bupropion usa sale is it legal to buy prescription drugs from canada rumalaya italiano better than dilantin aspirin without insurance zithromax 100mg cheep prescription buy finpecia pharmacy female viagra australia price lopressor sale prescription sale naprosyn buy zithromax powder nolvadex pct dosage m-drol why has betapace been discontinued beconase aq usa sale acticin discount zyvox dosage infection canadian prescription drug policy where to sinemet best site get penegra danazol medicine zyprexa 2.5 mg weight gain buying caverta for dogs vermox for kids alcohol and zithromax z pak what does evista insulin tolerance test results cardura pharmacy order percocet 512 abilify without prescription buy propranolol usa canadian betnovate tablet get nootropil toronto robaxin limited india generic uk paypal sarafem effexor xr generic coupons any other indian pharmacy ranitidine what is flomax used for kidney stones mail order drugs from india buy generic fucidin with bonus os 1000 jogos friv use zyprexa coupon online prescription drug motilium where parietal lobe buy lipitor singapore celebrex lawsuit wiki minocycline direct pharmacy what is codeine syrup effects fluoxetine generic equivalent where can i buy antivert side effects taking lipitor tablets arthrotec forte jak stosowaФ‡ hyzaar dosage dose max dose of desyrel buy seroquel 100mg acquisto clozaril sicuro online floxin looking for original l-tryptophan online saw palmetto medication interactions bupron sr billig kaufen online sale of coreg over the counter antibiotics for uti in children what is the difference between atacand and atacand plus celexa medicine how old to you have to be to buy alli pharmacy near mercy hospital admiral insurance legal buy brand viagra online canada conseguir viagra sin receta buenos aires order generic flonase pure acai berry reviews uk metoclopramide in veterinary medicine pramipexole depression bipolar how to use mobicents media server maxalt wafers australia buy sinequan online cheap convection-enhanced delivery of methotrexate-loaded maghemite nanoparticles vytorin generic equivalent colchicine dosage for chronic gout z pack antibiotics alcohol where to order cialis phone in order for digoxin clomid drug store online what is betnovate n for going from 30 mg to 60 mg cymbalta usa buy propecia without prescription brahmi to buy from europe ginseng pas cher italie strattera uk boots abana himalaya alternative medicine herbal what is vermox for vasotec medicine i missed my dose of celexa generic viagra care sildenafil citrate gel propecia medication online minomycin 50mg side effects sildenafil indian price nombre generico del danazol himalaya pilex tablets reviews cialis 2.5 mg side effects prescription reglan what is it how long to take fucidin is prevacid sold over the counter generic celexa recall side effects of emsam patch buying viagra online forum non prescription l-tryptophan jia yi jian buy cytoxan online cheap where to buy aciclovir bactroban what is it used for buy doxycycline uk no prescription coreg 100 costo viagra farmacia generic aceon what is lithium ion battery life trazodone cost canadian amantadine without prescriptions metoclopramide dosage forms alesse spain over counter kamagra gold online in us alli woldwide shipping cheap viagra japan betnovate cream nhs sale online purchase lotensin generic trial erection packs 3 india best price rosuvastatin can your order viagra online in canada how to use yasmin as emergency contraception stromectol cost comparison canadian generic risperdal 1 mg tablet glucophage 10 mg cost no prescription cheap adalat online dosage of erythromycin for chlamydia levothyroxine dosage for weight loss cheapest claritin where to buy livestrong bracelets in philippines motilium domperidone australia billig dipyridamole online kaufen benicar side effects in women how to by prednisolone online how long does it take abilify to start working purchase generic cabgolin costco online application not working worldwide pharmacy isoniazid cymbalta side effects in women weight gain avodart without a script what is meclizine 25 mg tablet quinine sulfate quantum yield lithium orotate for sale in canada online pharmacy no prescription needed noroxin neo-medrol acne lotion australia buyers of provera canada what is relafen tablets ciproxin 500 mg canadian online pharmacy for elocon cheap us overnight aceon online blue pill 100 ert can you order cleocin what dosage does coreg come in fincar suppositories buy generic atorlip-5 for sale on line maxolon tablets syrup metoclopramide medicine viagra online canadian no prescription indian allegra generic drug for lopressor prescription glucotrol xl trazodone weight gain dosage cheapest levaquin tablets uk allopurinol where to purchase what is the generic name for plendil saleonlinedrugs etodolac pharmacy order do orlistat tablets work billig lotensin online kaufen children;s motrin cost best online drugstore 120 pounds drug test buy leflunomide arava provera online canadian stromectol generic reviews cheap prednisolone india buy feldene australia where to buy myambutol with echeck generic canadian viagra chewable buy brand cialis online cheap keflex costo differenza viagra originale e generico canadian voveran tablet buy zyban online with mastercard evecare no prescription compare prices is there a generic for asacol albendazole suspension best place to buy cialis super active in canada lopressor in croatia what types of citalopram are there atrovent n cena 100 genuine toradol 100mg cialis sublingual canadian pharmacy cheapest hyaluronic acid gabapentin withdrawal syndrome buy hytrin 100mg online best place to order clozaril in us levitra 20mg cheapest price where can you buy claritin pharmacy has best price cyklokapron coversyl 4mg francais diclofenac lawsuit levothroid generic manufacturers generic levothroid india perchУЈ si usa prometrium can zestril cause weight gain online sale of fertomid relafen 500 mg dosage how to use estrace cream applicator ordering brand cialis online ibuprofen 400 mg how many to take yasmin tablets buy malegra fxt pharmacy coupons bentyl tablets on line to buy matrix red pill blue pill quote rumalaya gel for dogs buy unisom rxlist vardenafil dosage vermox 40mg rumalaya gel drug schedule lov cost benfotiamine zyrtec rx strength blood pressure medication side effects depression comprar kamagra soft original en madrid buy cheap prescriptions online keflex medication for dogs non prescription hyzaar prevacid otc strength cardura canada pharmacy where to buy bactrim ds online lexapro for sale usa i pill septilin website buy avodart 100 betoptic rxlist can buy atorvastatin how to order brand advair diskus online mirtazapine sleep apnea prescription digoxin can you buy prinivil online kamagra drug in usa pharmacy hytrin in canada canadian pharmacy online reviews lisa eldridge french pharmacie can we trust viagra super active online brand levitra online price doxycycline side effects itching gasex canada head office lincocin generic canada what is the drug citalopram hbr used for where to buy cialis soft online mexico rosuvastatin 10 mg tablets what is aleve used for how to order cafergot what is the difference between benadryl and claritin buy micardis without rx buy xeloda boots walmart discount drugs propranolol for migraines how does it work lasix prescriptions benadryl cost without insurance best place to buy amoxil in uk combivent mexico companies only tegretol 20 mg ordering low dose norvasc indian pharmacy neurontin digoxin online canada generic flagyl er us augmentin dosage for cats side effects of lithium use fucidin new zealand periactin with paypal payment clomid cycle days 4-8 arthrotec uk name generic doxycycline buy cheap generic cialis europe phenergan online no prescription how long until you see results from accutane side effects of viagra overdose buy glucotrol xl online no prescription us celadrin sublingual dosage acticin brands india mircette available uk brahmi gadi katha online movie watch buy cialis professional with paypal what is hyzaar medicine pictures of mirapex pills generic aricept available is it safe to order hyzaar evista online store cheap allinclusive holidays for the future solu medrol 40 mg prezzo cheapest place to buy prednisolone betoptic online usa actos medication coupons thyroxine hormone deficiency lov cost benemid id fete online calan bupropion india price eritromicina idi 3 gel buy levaquin from canada buy calcium carbonate without rx there generic pamelor side effects of minocycline 100mg no rx bupropion online bactrim ds price clonidine infusion icu nombre generico de cordarone adverse effects of hydrochlorothiazide esidrix premarin tablets 0.3 12 days of christmas parody viagra pfizer coupon top 10 online viagra jelly sites iv ciproxin dose buy celebrex online with out prescription renagel dosage instructions buy fluoxetine pills online overseas pharmacy no prescription doxazosin seroquel drugs forum com levitra professional.com avapro from canada seroflo 250 inhaler is used what purpose prograf costco advair diskus non perscription countries sertralina bula medicamento advare generic seroflo order strattera no prescription cialis with amex cheap revia usa where do i exelon in usa levothroid woldwide shipping zyvox iv package insert buy didronel in singapore over the counter inhalers 2012 how fast will i lose weight on wellbutrin how much is rumalaya gel tablets top 10 drugstore shampoos valtrex medication cost kamagra for sale in uk where can i get some etodolac donde comprar revia side effects of orlistat 60 lov cost cefixime erexin-v online legally vpxl india pharmacy buy ceftin with paypal иЊиЇиЋлŒиБ й‚иБиЕ finpecia indocin discount code where to buy orlistat in canada safely normal pulse rate healthy man ditropan xl coupons pharmacie de garde bruxelles dimanche post cycle liquid clomid dosage singulair side effects depression xenical roche precio argentina provera cheap uk propecia shopping is it legal to order nolvadex clonidine generico online azithromycin buy online uk glycomet india buy eldepryl online no prescription us ciprofloxacin alcohol side effects buy renagel with no rx carbozyne order in the us retin-a 0,025 delivery uk where can i get clomid from in the uk effexor xr canada head office zestoretic tablets us online cephalexin dosage for dogs generic risperdal us topamax without prescription canada retin a cream wrinkles tablete za hemeroide pilex cijena ralista shopping fast tetracycline deleviery mail order cafergot how to buy neurontin online what does nizoral do for hair loss buy yasmin contraceptive pill ponstel in croatia buy over the counter duetact online viagra capsule price in pakistan fertomid generic name seroflo where to get endep online store viagra tabs online pharmacy mexico celexa amitriptyline tablets 10mg information leaflet