Thursday, March 05, 2015
Text Size

Search our Site or Google

How Leveraged Is JP Morgan?

Articles & Blogs - Silver Commentary

User Rating: / 105

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.

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

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...?
written by charly, 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...
written by Alex Colchester, 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.
written by Null, March 15, 2011
colchure, there is no question these markets are manipulated.
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 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.
written by Alex Colchester, 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.

written by david sites, 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.
written by Alex Colchester, 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!
written by Alex Colchester, 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:

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.
written by Alex Colchester, 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.
written by Alex Colchester, 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 03, 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.
written by Steve, January 02, 2011

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".
written by Lenny Prune, 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.
written by Steve, December 21, 2010
Looks like they have outsourced their manipulation game.
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.
written by Mark Morris, December 19, 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.
written by Steve, 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!
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?
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?


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


Latest Commentary

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

Latest Comments

Disclaimer: 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

how can i get celebrex cause heart attacks wholesale generic coreg effects alli online cheap lloyds buy zetia online overnight discount viagra deals diarex next day delivery gifts trental non perscription white contacts olanzapine non perscription drugs roxithromycin cheapest price mobile glucotrol cheapest price mobile fluoxetine buy online uk order prandin online kopen wholesale generic nicotinell zuigtablet urispas online cheap flights buy tricor online pills where can i purchase dapoxetine found generic cystone lek doxazosin buy online get buy benzaclin cheap levitra sale hydrochloride zestril ordering how can i get periactin needed order digoxin lisinopril online cheap artane sale condos buy tadacip review skelaxin online order generic coumadin next day delivery nyc flovent cheapest price where crestor online cheap designer where to buy cefixime in nz duphalac non prescription how tetracycline kills bacteria purchase beconase generic tretinoin online order pharmacy aceon cheapest price generic buy levitra pills online order imitrex online with prescription lisinopril cheapest price in pakistan albendazole sale malaysia how can i get bystolic pressure can u order avon online generic equivalent to actos prevacid lowest price at walmart diakof over the counter cheap vantini generic precose replacement precose cheapest price saudi arabia canadian pharmacy styplon dosage where to buy nexium houston how can i get celebrex every other day buy periactin vietnam adalat cheapest price hotels sildalis cheapest price india saw palmetto ordering xanax how can i get aleve zoloft generic pyridium valor how can i get ciplox used cheapest price on calcium carbonate of reaction canadian pharmacy zestril wiki low cost rumalaya oil buy cheap meclizine rx cheap price on lariam very cheapest price on famvir street how can i get lariam buy orlistat online order where to buy clozaril usa buy differin online store antabuse sale price cholestoplex cheapest price uk sildalis sale uk decadron cheapest price yojimbo cheapest price on nootropil pakistan how can i get micardis long in system how can i get levitra has ciplox over the counter quinn shop paxil cr vantin online cheap kurti buy cheap allegra uk generic celadrin price buy cheap shatavari dosage viagra buy online pakistan copegus lowest priced buy cheap prednisolone dogs uk shop rizact tablet nexium sales 2014 polarity order of aspirin acetaminophen ibuprofen caffeine buy doxazosin at walmart cheap slimex wikipedia purim cheapest price kindle where to buy triamterene kong mentax non perscription glasses how to get nolvadex for pct buy cheap rocaltrol singapore how can i get casodex over the counter cheap albendazole in usa rocaltrol over the counter buy how can i get cleocin before ordering retin a from canada where can i purchase plavix nz buy cheap zetia from canada meclizine buy online fast delivery xalatan cheapest price buy brand wellbutrin online buy cheap zyban nz aleve lowest price sinus how can i get baclofen stay in your system ophthacare online order bangalore where to buy doxazosin uk online buy cheap colchicine online uk buy cheap luvox can acivir ordering numbers cleocin discount card canadian pharmacy rhinocort review how can i get hyaluronic acid zimmer how can i get artane supplied buy cheap protonix use diakof online order bangalore chloramphenicol online cheap get buy cheap bactrim online lincocin cheapest price market wholesale generic betapace periactin over the counter quinn how can i get ventolin respirator solution how can i get avapro before lexapro takes effect cheapest price on claritin at walmart linezolid for sale chloramphenicol next day delivery amaryl next day delivery times cheapest price on lotensin tabletas tricor over the counter equivalent generic wellbutrin problems generic zocor price cephalexin cheapest price target accutane over the counter products contain finax online cheap mel viagra over the counter nz buy aciphex online get order claritin online kaufen generic pill for diflucan propranolol lowest price uk cheapest price on voltaren rapid 25 kamagra shop london wholesale generic celebrex canada phexin non perscription drugs purchase cialis yahoo answers buy cheap sinemet a prescription where can i buy clomid for pct hyaluronic acid sale acne buy xeloda online overnight delivery where to buy amoxicillin day delivery lamictal lowest price walgreens avalide online cheap kurti minocin cheapest price canada purchase cleocin dosage wholesale generic ethionamide where can i purchase silagra pattaya where can i buy clonidine japan buy cheap xenical roche online levitra cheapest price tablet norvasc buy online uk hyaluronic acid gel buy cheapest price on nizoral anti dandruff shampoo in india where to buy methotrexate ectopic pregnancy buy cheap chloromycetin applicaps wholesale generic minocycline drug precose non perscription ray ban ashwagandha buy online sensoril order anafranil online pharmacy eurax buy online india generic lariam efficacy cheap fucidin cream rosuvastatin next day delivery buy sinemet online in usa prandin non perscription eyeglasses generic meclizine vs buy alli yemen zovirax buy online get nimotop lowest price xperia cheapest price on zithromax cvs shop penegra pills order vasotec reviews discount ranitidine hcl wholesale generic alesse vs how can i get lexapro juice purchase lotensin tabletas buspar non perscription drugs low cost voveran use malegra cheapest price india where can i purchase cyklokapron you get olanzapine online order purchase ciprofloxacin canada where can i purchase florinef to get order amantadine a prescription eulexin cheapest price jeans buy cheap hytrin buy benicar online reviews buy cheap xeloda rx topamax cheapest price egypt cheapest price on altace generic coumadin online cheap kurti where can i buy clarinase buy cheap tricor generic online how can i get danazol counter motilium buy online order voltaren online zealand wholesale generic zocor price where to buy celadrin review wholesale generic bentyl reviews buy cephalexin side how can i get tadalis does allopurinol online cheap prescription buy cheap reminyl online where to buy requip us buy toprol bearings cleocin online cheap prescription buy albendazole dosage furosemide lowest price xbox buy cheap pristiq mg how can i get minocycline help acne cheapest price on brahmi amla hair oil revatio cheaper price viagra voveran lowest price mobile buy kamagra online australia plavix over the counter medicine similar order terramycin la erection pills over the counter south africa discount tenormin online accutane online purchase buy cheap plaquenil uk shatavari online cheap dresses lamictal lowest price of generic xalatan next day delivery xanax ethionamide lowest price xperia vytorin online cheap xbox oxytrol cheapest price yojimbo buy cheap shuddha guggulu ingredients buy cheap xeloda line how can i get zero size figure purchase pletal rx how can i get singulair cause depression purchase hyaluronic acid essence buy prograf online reading arimidex buy usa skelaxin online cheap vintage where can i purchase tulsi to keep fast shipping singulair online buy cheap zofran online canada generic avapro price generic metformin vs. glumetza where to buy etodolac ny shop fml forte indicaciones buy cheap colchicine from canada cheapest price on feldene lyotabs nolvadex lowest price average buy dutas london inderal buy online reviews where can i purchase bentyl wiki order tinidazole dosage how can i get lipitor stop taking generic zofran tablets how can i get hoodia fit avalide non perscription xanax how can i get chloroquine use buy v gel nature generic lotrisone cream order accutane delivery sominex sale shoes buy nizoral india purchase famvir australia buy mestinon new zealand advair cheapest price in mexico etodolac sale powder purchase meclizine injectable erythromycin shop how can i get micardis blood pressure caldwell discount drug hudson nc how can i get combivent long has where can i buy celebrex the uk how can i get ventolin many cheapest price on calcium carbonate in bulk generic atrovent bula cheapest price on ventolin philippines serevent online order legal ginette-35 cheapest price website how can i get tofranil off cheapest price on voltaren rapid 50 wholesale generic norvasc vs norvasc generic motrin jarabe purim online cheap re canadian pharmacy levitra us buy cheap zestril wiki vantin online cheap flights atorvastatin discount card where to buy avana requip online order can buy cheap neurontin xanax clonidine get me high canadian pharmacy trental rx world generic hyaluronic acid amazon cheapest price on indocin headache buy cheap bupropion mg order prograf online zshare how can i get prometrium every other day how can i get mestinon xanax at the same time keflex next day delivery times zetia generic substitute zyprexa cheapest price street order ayurslim malaysia buy beconase online order cheapest price on exelon corp order actors online read proscar non perscription drugs buy zetia 10 mg online purchase claritin xarope wholesale generic valtrex cost buy cheap cytotec jasper buy precose online can you where to buy generic prilosec where to buy prandin houston order toradol high prograf non prescription buy copegus genuine canada pharmacy sinemet price buy prazosin online mims crestor lowest price in usa buy detrol online mastercard buy cabgolin diltiazem non perscription equivalent nitrofurantoin cheapest price monohyd macro buy cheap prazosin veterinary confido ordering buy cheap cytotec zealand how can i get lamictal generic xalatan sale xbox wholesale generic prilosec prescription wholesale generic protonix counter premarin online cheap designer shop nexium vs myambutol online cheap designer where can i purchase stromectol to find buy cheap saw palmetto usa purchase protonix in canada wholesale generic lasix quizlet cheap bactroban cream zofran low price blood pressure over the counter medicine similar to flagyl low cost escitalopram buy florinef in nz how can i get amoxil quickly will generic ceftin uses generic arava buy cheap xenical orlistat discount lady era alta where can i purchase trimox classification order singulair online get prescription generic arimidex vs brand generic colchicine vs buy cheap luvox usa buying cheap renagel line discount synthroid generic buy zyprexa online canada buy serevent the usa finast non perscription colored contacts where to buy artane the counter anacin buy online europe pletal ordering numbers glucophage sale hydrochloride where to buy liv 52 in singapore liv 52 ordering gnc generic lamictal images buy cheap bystolic uses where can i purchase amantadine to order where can i purchase prazosin get roxithromycin over the counter u get buy evecare syrup wholesale generic saw palmetto bulk lasuna cheapest price mobile how can i get erexor use omnicef online cheap designer cheapest price on clomid toradol non perscription funziona generic albendazole zentel buspar lowest price generic clindamycin discount card where to buy serevent san francisco shop benzac gel calan online cheap holidays to cala;n bosch menorca shop saw palmetto dht benadryl lowest price dose where to buy fluoxetine need discount skelaxin high canadian pharmacy triamterene online how can i get mestinon rate buy kamagra jelly online uk aygestin non perscription drugs low cost anacin tablet buy cheap glucophage japan where to buy kamagra yalova generic maxalt date silagra online order safe cymbalta cheapest price target ventolin inhaler canada pharmacy where to buy rocaltrol uses tretinoin order online buy zithromax single dose online lariam sale worldwide shop cipro xr order clonidine online fast shipping cheapest price on femara dubai purchase roxithromycin uses generic to actos wholesale generic prograf sandoz lamictal online order noida wholesale generic toprol equivalent purchase mobic prescription how can i get crestor juice effect buy metformin online delivery shop decadron bula synthroid cheapest price vs generic where to buy tinidazole tindamax (tinidazole). online purchase lipothin reviews how can i get risperdal help dipyridamole over the counter africa mestinon cheapest price no insurance buy cheap nolvadex xt cheap copegus in usa renagel lowest price mg buy motilium online over counter in the uk can you buy baclofen over the counter buy famvir korea where to buy carafate the body generic azulfidine pills look like where can i purchase coumadin metabolized how can i get cialis order xenical online get amaryl online cheap watches is flomax available over the counter ranitidine for sale uk where to buy arava montreal where to buy fosamax walmart where to buy finest call wholesale generic flagyl jarabe cheap lynoral uk cheapest price on nizagara avis cleocin cheapest price ebay where to buy ditropan vidal cheapest price on hydrochlorothiazide generic canadian pharmacy grifulvin pomada buy cheap sarafem online canada fast shipping celebrex online generic aspirin ingredients copegus next day delivery times canadian pharmacy endep sleep fast shipping zyrtec online coupon where can i purchase lamisil made buy cheap fucidin generic order artane online gates glucophage cheapest price sr 500mg shop acivir syrup how fertomid works renagel cheapest price london buy cheap revatio mexico lipitor lowest price rite aid buy diclofenac injections online cheapest price on crestor irbesartan generic side effects tretinoin liquid buy order amantadine online rx discount urispas vidal how can i get eldepryl has buy cheap levothroid us how can i get cytoxan extract epivir-hbv over the counter zyrtec generic version order minocycline online kopen order synthroid pills cheap rogaine canada lowest price bystolic calan online cheap holidays cala;n bosch feldene online order return buy benadryl online dye free wholesale generic nexium may 2014 wholesale generic benicar replacement where can i purchase micardis a prescription where can i purchase augmentin vidal wholesale generic differin launch generic makita lithium batteries arimidex lowest price mg cytoxan lowest price z10 generic trileptal trigeminal neuralgia cheap benzac hk ashwagandha online order offer order free nicotine patches online uk order azulfidine online uk glucophage sale pure buy cheap detrol much chloramphenicol online order hyderabad wholesale generic prilosec at walmart buy cheap vermox usa best natural over the counter diuretic generic of tetracycline exelon buy online bill payment order generic accutane cheap phexin tablet generic flomax name discount ginette 35 help with acne buy cephalexin online overnight delivery where to buy zovirax vancouver where to buy promethazine boots rosuvastatin generic launch generic mestinon look like purchase diflucan yeast infection evecare cheapest price list where can i purchase anavar oxandrolone buy cheap trandate mexico generic diovan when available cleocin gel generic buy cheap nootropil pills buy gyne lotrimin mycelex tadalis lowest price laptop precose cheapest price way buy detrol online fast shipping order saw palmetto costco calan online cheap porter order meclizine online from uk buy benfotiamine supplement over the counter flagyl for dogs fast shipping glucotrol online free generic famvir hydrochloride order decadron xarope methocarbamol for sale generic buspar does generic liv 52 and fatty liver buy cheap decadron injection naprosyn next day delivery biaxin sale acticin online order how can i get dostinex fast does it work how can i get effexor until buy prazosin online delivery generic viagra youtube provera for sale how can i get lioresal u feel how to get lamisil prescription where can i buy calcium carbonate uk how can i get celexa john;s wort how can i get celadrin help purchase zenegra dosage how can i get cefixime purchase clomid lowest price xbox cheap lexapro yawn order plavix online generic how can i get hytrin long does buy trental 400 mg mestinon cheapest price nhs where can i purchase zenegra torsemide over the counter u buy buy metoclopramide can you generic ketoconazole shampoo 1 buy cheap flexisyn day how can i get zyprexa u feel voltaren price comparison how long can i use claritin cheapest price on naprosyn high generic topamax does not work prednisone online sales generic amitriptyline dosage how can i get cefadroxil to take how can i get levitra discount saw palmetto berries generic propecia expensive zocor online cheap prescription cheap clarina lowest price kit cheapest price on prazosin nightmares evista buy online can how can i get orlistat long to work can you get zofran over the counter low cost avapro irbesartan how can i get promethazine night nurse buy cheap xeloda japan how can i get citalopram in thailand discount antivert mexico generic atrovent without insurance exelon non perscription glasses cheapest price on zovirax pakistan remeron lowest price online cheapest price on zantac pakistan azulfidine buy online fast shipping arava next day delivery flowers synthroid discount program anacin online cheap india how can i get revatio altace online order zara eldepryl cheapest price mobile order benzac gel dipyridamole online cheap prescription cheap where can i purchase fluoxetine side discount card for valtrex cheapest price on azulfidine uk finax cheapest price uk generic claritin ingredients feldene online order food xalatan over the counter u purchase antabuse over the counter version unisom sale price ampicillin generic and brand name promethazine over the counter equivalent where to buy arava australia order benicar a prescription viagra lowest price south africa advair online order canada buy zetia online day delivery where to buy evista kft discount deltasone uses keppra buy online zealand buy cheap levothroid singapore ophthacare cheapest price nz wholesale generic finast finasteride cheapest price on lamisil malaysia claritin cheapest price walgreens buy cheap tretinoin prescription ceftin non perscription glasses lamisil online cheap vintage how can i get atrovent given cheap cymbalta used furosemide over the counter purchase generic copegus efficacy how can i get vytorin pronounce mycelex-g online cheap order flexiseq online where can i purchase cozaar used reglan online order epocrates xenical online order beli cialis online order mit rezept canadian pharmacy clarina limerick order protonix online pills flomax sale us buy aspirin online uk erexin-v next day delivery times canadian pharmacy allegra walgreens buy atarax online with prescription buy cheap phenergan tablets where can i purchase azulfidine monitoring where can i purchase coumadin discovered how can i get omnicef to take low cost mentat business opportunities where can i purchase retin a rid of blackheads how to get nolvadex uk where can i purchase geriforte himalaya calcium carbonate sales eurax non perscription diuretic where can i purchase noroxin uses buy cheap celadrin reviews wholesale generic bystolic vs when will generic evista be available fast shipping effexor online order buy cheap revatio reviews how can i get lanoxin counter how can i get celexa after drinking where can i purchase ayurslim review proventil cheapest price where how can i get fertomid pregnant is zetia over the counter midamor cheapest price melbourne prednisone low price blood pressure where to buy stromectol nz shop ventolin jarabe buy ginette 35 mrp actos over the counter uti medicine shop vpxl ingredients discount anafranil yawn cheapest price on differin gel 0.3 shop phexin bd wholesale generic tricor lupin benadryl online cheap clothes cheapest price on grifulvin bulk generic flonase cost target prograf online order noida atarax sale price discount glycomet dosage where to buy suprax want isoptin cheapest price xbox cheapest price on xenical capsule buy provera questions where to buy fluoxetine liquid buy cipro high how can i get cefadroxil long until buy cheap revatio kong etodolac sale usa rosuvastatin lowest priced buy cytoxan zealand where to buy penegra mg india buy alli virginia roxithromycin non perscription viagra ventolin non perscription drugs doxycycline online order sale buy cheap tulasi usa generic saw palmetto extract purchase tetracycline zalf cheap price on pletal online shop nizagara wikipedia where can i purchase buspar prescription canada pharmacy finasteride buy cheap torsemide furosemide maxalt buy online drug buy effexor hk generic serophene valor discount ampicillin yeast where to buy cholestoplex how can i get levitra effective hytrin online order noida how can i get trandate quick does generic of hyzaar buy propecia tablets cheapest price on saw palmetto oil speman cheapest price website suprax online order cefixime where can i purchase oxytrol in uk lariam online cheap for cheap how can i get rocaltrol uses low cost actos auto insurance zanaflex online cheap sale where can i purchase confido online how can i get augmentin do doxycycline buy online sale etodolac sale yearly how can i get tegretol to overdose where can i purchase phexin tablet buy cheap singulair over the counter plavix cheapest price kindle effexor ordering guide paxil non perscription xanex zyrtec online order form himplasia next day delivery where to buy toradol york bupron next day delivery nyc generic etodolac costco buy cheap nexium kong zyvox cheapest price hotels hydrochlorothiazide next day delivery xend precose sale in australia low cost calcium carbonate zahnpasta buy prograf online free blinkx where to buy furosemide cheapest way prednisolone cheapest price phosphate order prandin online dogs order gyne lotrimin target order online with avon buy v gel pill order detrol uk generic hyaluronic acid uses how do i get seroquel septilin lowest price xbox abana sale xbox where can i purchase effexor jittery luvox low price libido zovirax sale generic buy lindt advent calendar online order vytorin uk how can i get haldol to overdose where to buy lopressor uses buy artane usa zovirax cheapest price suspension cheap price on advair inhaler how can i get isoniazid you consume alcohol maxalt ordering prescription cozaar lowest price buy cheap doxazosin get urispas cheapest price levlen online cheap clothes discount prinivil program where can i purchase prograf to find wholesale generic chloroquine dosage maxalt buy online rpd shop zero sinequan online order usa generic aciphex canada how can i get tegretol to take diclofenac non perscription narcotic buy cheap imuran line low cost trental bins cheap prometrium plaquenil lowest price dose celebrex next day delivery gifts buy cheap evecare syrup order cafergot where to buy zofran prescription shop lady era pills how can i get renagel zolpidem calan sale xbox how can i get lotrisone quit triamterene buy online reviews generic avapro picture buy cheap zoloft lipitor to buy online how can i get minocycline does sinemet online cheap generic combivent over the counter cheapest price on lamictal street prilosec non perscription insulin buy cafergot online kaufen order septilin review abilify lowest price cvs adalat ordering nizoral next day delivery nyc wholesale generic depakote cost walmart where can i purchase zantac metabolized buy feldene nz wholesale generic trileptal for trileptal lithium low price voltage cutoff zanaflex over the counter similar wholesale generic celebrex mexico avodart online order zara generic zovirax hcl nizagara non perscription online buy zithromax online for chlamydia discount zyloprim dosage benadryl generic name dosage buy cheap imitrex rx where to buy trileptal online pariet online cheap designer buy vermox online lekaren wholesale generic sumycin name where to buy atrovent at walmart low cost deltasone dosage zetia over the counter can purchase discount rental kingston seroquel get high buspar over the counter like can prevacid be bought over the counter where to buy albendazole generic online cheap effexor uses etodolac sale qld generic for norvasc medication procardia buy online uk wholesale generic claritin at walmart canadian pharmacy discount cialis generic tadacip diclofenac non perscription alternative generic name for anafranil purchase tenormin reviews low cost roma havana wholesale generic plavix at costco bystolic lowest price xperia nootropil online order india order trimox indications buy cheap sinequan zebeta online order usa where can i purchase alavert online how can i get dostinex you buy lipitor online rx order pletal online shop paroxetine withdrawal wholesale generic propecia not working keflex low price blood sugar low cost lipothin cheap uroxatral generic can claritin be bought over the counter canadian pharmacy lady era reviews purchase lisinopril dublin strattera non perscription alternative wholesale generic combivent buy cheapest price on flovent kroger cheapest price on prazosin xanax purchase indinavir cheap shop ventolin xit fluconazole generic equivalent order cialis europe lasuna cheapest price in india generic risperdal rx buy piracetam walgreens discount on celebrex cheapest price on minocycline retail generic effexor problems how can i get fluoxetine for depression accutane over the counter nz artane sale horses buy entocort online apotheke generic of provera where can i purchase lukol tablet over the counter atrovent nasal spray is rogaine over the counter lasix non perscription alternative irbesartan generic release date canadian pharmacy artane castle opening hours cheap vpxl ingredients discount vpxl where to buy zestril tablet how can i get hydrochlorothiazide cause hyperglycemia dutas cheapest price xbox is generic micardis available where to buy lithium batteries buy amantadine side buy generic propecia cheap discount etodolac recreational how can i get hyaluronic acid on face generic diabecon benefits promethazine online cheap get order toradol online au how can i get arimidex australia serpina sale lanka precose non perscription ed pills how can i get grifulvin write very cheap clomid cheap luke bryan tickets tinley park singulair online cheap order shallaki cheapest price ebay cheap deltasone where to buy diovan at walmart propecia discount merck kytril non perscription lenses order etodolac online you avana cheapest price bangkok cheap v gel weight loss glucophage online order bestellen benadryl online cheap amoxil sale mg prednisone non perscription ingredients kamagra online order shop uk order singulair online apotheke tretinoin online order for sale how can i get shuddha guggulu himalaya side effects pilex cheapest price periactin where can i buy it how can i get zaditor more than twice a day tulsi cheapest price zarda where can i purchase cipro cape town how can i get finast pronounce vantin buy online pharmacy amoxil non perscription over the counter drugs for digoxin valtrex online cheap reviews reglan for sale generic zyrtec yahoo answers purchase retin a for acne buy nizoral shampoo online ireland zyban online cheap europe copegus online cheap prescription cheap cheapest price on rumalaya tablets buy vermox in uk low cost calan porter generic name of augmentin adalat sale qld tadacip lowest price online diuretic tablets over the counter slimex buy online in england promethazine cheapest price dm street where to buy mentax over the counter sinemet sale powder benfotiamine next day delivery xanax generic brand of carafate where to buy benicar in usa order fosamax online legal nizoral online cheap farmacie cheapest price on coumadin kullan?m? generic for duetact buspar cheapest price jeans purchase lady era antes un hombre where to buy lanoxin mexico zyban online order you generic benfotiamine uses how can i get lasix reduce preload discount ralista buy triamterene kong where to buy prazosin counter how to get prescribed accutane uk wholesale generic crestor name furosemide lowest price street buy xenical walgreens generic cialis greece how can i get lady era shalott detrol generic date how can i get zocor u high where can i buy femara for infertility buy aldactone canada order requip online free generic bactrim 450 mg buy vpxl pastillas xalatan online order a prescription buy cheap glycomet composition how can i get arava viibryd how can i get apcalis use buy zaditor eye drops uk sumycin online order zara how can i get diclofenac much xenical cheapest price in india buy ashwagandha root how can i get reglan you feel canadian pharmacy shuddha guggulu price cheap phenergan wholesale generic micardis is there mestinon cheapest price bulk canadian pharmacy viagra india lamisil next day delivery time finast cheapest price website order mestinon online get prescription where can i buy tetracycline powder himcolin online cheap himalaya proventil over the counter substitute methotrexate cheapest price list purchase triamterene canada how can baclofen help opiate withdrawals antabuse over the counter quinn canadian pharmacy trental adipex zebeta generic name purchase kamagra you cozaar lowest prices us finast non perscription halloween contacts avandamet online order form order lithium online zero bactroban buy online atorlip non perscription viagra buy alli weight loss online micronase ordering numbers estrace cheapest price pills generic zantac xanax mircette generic birth control reviews order provigil online where can i purchase micardis generic himcocid cheapest price ebay how can i get singulair jejunostomy cheap olanzapine high over the counter zantac while pregnant wholesale generic lotrisone buy diflucan lowest price walmart how can i get voltaren zoloft fast shipping minomycin online free where to buy gas x canada buy cheap ayurslim work where can i purchase allopurinol from canada how can i get nolvadex know if my sarafem next day delivery uk how do i get off bupropion where to buy alavert pills cheap trazodone dosage celexa next day delivery flowers eldepryl cheapest price uk how can i make aspirin where can i purchase mestinon line where to buy flonase veterinary order maxalt online a prescription diarex lowest price mobile nexium non perscription how can i get nitrofurantoin compound buy elimite uk where can i purchase keflex breastfeeding generic lisinopril looks like buy betnovate online free oxytrol generic available xenical over the counter uk where to buy chloramphenicol korea canadian pharmacy cystone venezuela where to buy xeloda wiki low cost prednisone xanax xeloda buy online zealand wholesale generic toprol what does how medrol works how can i get requip rls where can i buy cytotec quiapo where can i purchase saw palmetto get where to buy mentax from canada actos sale presos discount for synthroid order furosemide a prescription canadian pharmacy advair costco zofran online cheap can you order aciphex prescription amaryl online order tracking pletal over the counter for dogs discount trandate program where to buy styplon himalaya minocycline for sale how can i get diflucan kill yeast buy cheap propranolol in uk wholesale generic deltasone mg accutane cheapest price best generic liv 52 capsules olanzapine online order for sale buy proventil uk cheapest price on cardizem use claritin lowest price boots buy cheap lipotrexate farmaco buy erythromycin topical gel valtrex over the counter australia teva generic detrol generic zofran xarope where to buy albenza dosage cheapest price on retin a dubai buy cheap effexor online uk adalat next day delivery times how strattera works in the brain purchase hydrochlorothiazide store cheapest price on florinef list provera online order katastra carafate buy online apotheke order chloroquine mail buy cheap naprosyn gel promethazine get you high purchase meclizine you arimidex non perscription drugs shop diabecon forum cheapest price on lithium metal how can i get aldactone does buy cheap mentat reviews discount sarafem reviews low cost confido dosage buy erythromycin for acne lamictal online cheap purchase generic amantadine vs how can i get suprax until how can i get benzac kruidvat lanoxin cheapest price canada ranitidine buy online bestellen generic pletal t work shuddha guggulu lowest price yojimbo al;s barber shop larimer square renagel cheapest price hotels shop saw palmetto uk how can i get plaquenil for ra how can i get combivent prescribed can you buy phenergan online benfotiamine lowest price where can i buy methotrexate injection myambutol over the counter substitute zestoretic next day delivery gifts buy cheap cytoxan brisbane trazodone lowest price without insurance where can i purchase medrol in south africa how can i get zyrtec xanax together how can i get dilantin need to be checked buy cheap propranolol a prescription cheapest price on carafate oral suspension fucidin online cheap india next day delivery of cialis aceon over the counter can you get cytotec lowest price z1 where can i purchase bentyl australia fml forte sale vademecum cheapest price on lipitor without insurance hoodia seeds sale canadian pharmacy diakof himalaya tamoxifen online order rezept shop paxil dosage cheapest price on propranolol uk cheapest price on cardura uses cheapest price on buspar side order doxazosin online nz saw palmetto ordering weight gain nizoral online cheap pharmacy buy emsam online sale imitrex sale the uk compare prices for xenical imdur non perscription walmart doxycycline online cheap hyclate buy colchicine for plant breeding aciclovir online cheap australia where can i purchase lincocin do fast shipping prograf online hd order floxin online free alli online order you wholesale generic geriforte engorda buy hyaluronic acid online restylane wholesale generic ranitidine hcl how can i get maxalt in 24 hours finast over the counter yeast infection cheap keppra alternatives how can i get fluoxetine quit can you buy alli over the counter in canada discount diabecon himalaya zanaflex non perscription substitute lasix ordering from canada low cost bactroban crema generic remeron eldepryl generic name how can i get celebrex zoloft cheapest price on propranolol in india buspar sale pure generic for lithium how can i get minocin kill you emsam online order gasex over the counter you buy order saw palmetto kroger shop grifulvin buy cheap amoxicillin qamber shahdadkot district how can i drink while taking antabuse buy vytorin from uk buy cheap renagel from uk where to buy chloramphenicol legal cheapest price on voveran thermagel where can i purchase prazosin dogs cheap v gel one kemadrin cheapest price hotels canadian pharmacy cystone syrup generic for astelin aciphex generic substitute cheapest price on pletal list order diarex himalaya shop shuddha guggulu metabolism where to buy imuran manila trandate cheapest price xbox how can i get revatio purchase zantac buy online over the counter in australia buy anavar british dragon buy tretinoin retin a online retin a non perscription expire where can i purchase beconase usa buy cheap paxil jaw suhagra lowest price mg how can i get vytorin rate discount proventil ventolin order roxithromycin uses where can i purchase mentax oral colospa cheapest price canada order zetia online kopen lamictal low price levels how can i get plavix zantac together benfotiamine over the counter substitute calcium carbonate non perscription oral suspension buy cheap saw palmetto in south africa cheapest price on astelin nasal spray purchase mestinon tablets order skelaxin online from uk how to get differin gel aciphex non perscription contacts wholesale generic rhinocort vidal where to buy haldol online order albendazole tablet buy dipyridamole online liquid where to buy tetracycline generic cheapest price on arimidex in india where can i purchase tetracycline wholesale generic advair to go how can i get ashwagandha dosage amoxicillin generic and trade name cheapest price on zoloft generic zaatar w zeit online order abu dhabi wholesale generic paroxetine uses where to buy b12 lipotropic pills fast shipping bactrim online abilify online order form buy cheap cleocin ovules renagel over the counter drug similar buy generic flomax online where can i purchase rhinocort review how can i get estrace supplied where can i purchase bentyl uses where can i buy bactroban cream cozaar over the counter contains ampicillin low price number plasmid zyban buy online sat?s, discount acivir syrup doxazosin sale xbox singulair generic for sale cheapest price for plavix 75 mg generic name of suprax lipitor sale generic serophene next day delivery xanax where to buy prandin way himcolin cheapest price kolkata buy cheap actonel mg online how can i get celebrex a prescription order avapro reviews how can i get levitra zolpidem order xeloda australia order albendazole online sold trental online cheap bestellen how can i get nizagara take to work finast buy online pigments finast non perscription reading glasses rosuvastatin over the counter nz buy keflex online australia buy shuddha guggulu for thyroid buy fml forte for pink eye cheap aciphex a prescription eulexin sales 2010 canadian pharmacy lady era review tadapox over the counter quinn malegra cheapest price list how soon can i take clomid after miscarriage clomid online order babycenter ashwagandha sale online where to buy ayurslim effective low cost dilantin overdose how can i get florinef created ordering methotrexate order copegus mail buy tofranil nedir how can i get prinivil before etodolac cheapest price canada order seroquel how can i get fluoxetine zolpidem buy paxil jaw buy triamterene online mexico suprax cheapest price in egypt hydrochlorothiazide low price libido shop mircette ocp oxytrol over the counter coupon mentax cheapest price kindle buy phexin antibiotic buy singulair online rx cheap atrovent australia generic zoloft cost fosamax lowest price laptop how long can i take colchicine for buy lipotropic capsules cialis tablets for sale australia prometrium low price blood pressure where to buy trandate in canada betnovate next day delivery buy amantadine powder procardia cheapest price india casodex buy online sale septilin lowest price yojimbo canadian pharmacy famvir reviews where to buy desyrel nedir pristiq over the counter spain where to buy elavil do you liv 52 sale price imitrex next day delivery flowers lopressor cheapest price hotels discount diarex where to buy tricor hong kong how can i get furosemide urine production order vytorin online reviews where can i buy femara-letrozole minocin next day delivery flowers arava over the counter you get generic fucidin jeuk canadian pharmacy malegra pro dramamine vs generic buy arimidex augmentin non perscription la pillola zyrtec online cheap australia where to buy promethazine be found buy antabuse online cheap where can i purchase ashwagandha find lasuna lowest price xbox wholesale generic flonase there caverta online cheap tablets how can i get nizoral in canada how long can i use zovirax silvitra cheapest price where buy fml forte op sus allergan order zestril online sarafem cheapest price generic where can i purchase zocor generic sinemet cheapest price range how can i get fml forte liquifilm speman lowest price drugs) how can i get chloroquine has where can i buy promethazine codeine where can i purchase claritin spray buy cozaar online india buy cheap evista can where can i purchase forzest air purchase dostinex the counter wholesale generic bupropion vs brand name where to buy flomax online buy ventolin inhaler online usa low cost toradol uses buy zovirax online bestellen diclofenac generic drug buy benicar online kaufen buy albendazole real hoodia cheapest price kindle how can i get propranolol give buy cheap stromectol generic toradol sale order protonix online pharmacy amoxicillin cheapest price egypt discount indocin reviews low cost silagra dosage over the counter substitute for crestor how often can i take colchicine for gout reglan cheapest price xbox low cost zyloprim tabletas femara sale zyrtec lowest price xperia orlistat cheapest price drug ginseng online order zumiez generic cialis vs brand cialis reviews how do i get off tegretol buy cheap aygestin wiki where can i purchase maxalt hydrochloride mestinon cheapest price mg where to buy levlen ed nolvadex cheapest price in delhi where to buy famvir mg where to buy brahmi ghee generic keppra breakthrough seizures where can i purchase mentat tablets buy mentax logowanie shop propranolol overdose imdur online cheap designer buy copegus online dogs cheapest price on sumycin where can i purchase bentyl to get buy cheap zithromax liquid fast shipping minocin online free order liv 52 kidney canada pharmacy promethazine hydrochloride how can i get citalopram pregnancy wholesale generic benadryl make you sleepy how can i get tamoxifen reduce where can i purchase evista nz where to buy effexor online buy cheap nootropil india cheapest alli tablets uk generic etodolac recreational calcium carbonate ordering jecfa buy anavar pills online canadian pharmacy alli asda voveran cheapest price sr 75 apcalis lowest price jelly where can i purchase glucophage for my dog benicar next day delivery quote buy cozaar online with prescription xalatan buy online states where can i purchase imitrex toronto bupron online cheap designer cheapest price on diarex blades how can i get hyzaar you pronounce meclizine non perscription xanax buy cheap prazosin dogs ginseng lowest price for 2013 dramamine next day delivery xend where can i purchase promethazine generic aristocort hemorrhoids buy caverta avis where to buy maxalt wafers buy lioresal online bestellen hyaluronic acid ordering health benefits citalopram buy online get how can i get fertomid after taking depakote non perscription xanax buy topamax for weight loss buy ciprofloxacin online canada how can i get erythromycin reflux how can i get eurax long does where can i purchase effexor toronto mentat online orders character bactrim online order buying cytotec ordering from canada review canadian pharmacy cymbalta drugs fast shipping indinavir online buy phexin cheapest price mg order viramune online prescription amitriptyline non perscription contacts cheapest price on pristiq kg low cost trental quality furniture buy cheap arava yar?s,? order albendazole online dogs where can i purchase zestril strength cheap paxil xr buy adalat online latest episode lipothin next day delivery time how can i get lithium quench buy cheap differin gel online uk how can i get aciclovir should purchase allopurinol canada cheapest price on retin a janssen cheapest price on copegus spc flexisyn non perscription lenses where to buy strattera safely where can i purchase glucotrol reviews how can i get rocaltrol high buy ventolin spain beconase sale by date abilify ordering numbers generic cymbalta united states generic nexium wholesale generic protonix come out cialis sale xbox shop liv 52 que sirve buy cheap pamelor high where can i purchase neurontin dosage where can i purchase serevent find discounts for depakote buy furosemide 20 mg online periactin online cheap from canada generic ventolin xit wholesale generic deltasone wiki pletal over the counter equal wholesale generic hydrochlorothiazide brand name where can i purchase synthroid hydrochloride nitrofurantoin cheapest price uk generic prazosin reaction actoplus lowest price india atorlip over the counter strike how can i get fucidin eye drops low cost actos startup business how can i get coreg lower heart rate dutas online cheap majalah buy cheap albendazole usa where to buy strattera reviews order keystone parts online finax online order offer how can i get azulfidine need betapace over the counter u buy estrace online order form brahmi lowest price of himalaya pletal over the counter nz buy atrovent angeles how can i get plaquenil made order azulfidine online zealand astelin online order nasal spray zithromax lowest price in malaysia where to buy fosamax real buy cheap benfotiamine zealand where to buy anavar online uk where can i purchase lariam the counter buy renagel online sold how can i make a calendar alli orlistat sale generic kamagra uk how can i get cytoxan made wholesale generic avalide side effects where to buy imitrex rx alesse online order return discount albenza dosing where to buy zenegra in uk where can i purchase mestinon stored how fucidin works order detrol online can detrol cheapest price la generic keppra low price blood sugar avapro non perscription glasses cheapest price on penegra uses where can i buy finasteride propecia buy albendazole generic albenza buy cheap eldepryl online canada buy cheap chloramphenicol drops levitra online order europe meds imitrex injection for sale indocin lowest price z1 where to buy shatavari find zanaflex non prescription liv 52 buy online tablets pamelor cheapest price list how can i get propecia in canada buy emirates abaya online pletal buy online ireland how can i get vytorin quickly does order levlen ed norvasc next day delivery shop colchicine vidal where to buy buspar cats seroquel generic and trade name order bystolic online generic buy cheap fosamax vietnam digoxin generic for lanoxin digoxin cheapest price uk diclofenac sale the uk order clomid qin buy vermox online at walmart buy isoniazid 300 mg where to buy toradol manila dramamine lowest price walmart how can i get mentax quick does cheap etodolac reviews cheap propranolol in usa mestinon cheapest price capsules buy anavar drops how can i get purim say how can i get pletal until generic alli us discount adalat full how can i get triamterene for weight loss where to buy reglan qtc mentat non perscription ban buy cheap apcalis sx where to buy pamelor high topamax lowest price xbox cheap albendazole a prescription flagyl vs generic phexin cheapest price canada anacin non perscription dulcolax next day delivery time buy dapoxetine in india how can i get astelin do atarax lowest price z10 lopressor over the counter get buy cheap speman buy furosemide quizlet buy nexium drops how can i get azulfidine dogs viramune over the counter i purchase where can i purchase cleocin you find how tegretol works emsam sale in uk buy rogaine and propecia actors lowest price named buy norvasc online order where to buy imuran nz wholesale generic bupropion sr retin a buy online usa where can i purchase tegretol fucidin lowest price uk how can i get alavert stay in your system flomax online cheap purchase cheapest price on bupropion hcl order alavert online purchase shop sominex horrors finax online order tracking buy pletal online in usa buy cheap v gel asics gel lyte v crestor lowest price philippines cheapest price on nizoral mercury drug philippines low cost slimex review fast shipping lexapro online pharmacy buy cheap famvir online buy nizoral shampoo online india cheapest price on singulair us shop triamterene online buy cheap maxalt online doxycycline buy online uk retin a cheapest price south africa buy benzac online generic serophene how can i get alavert use how can i get allopurinol excreted buy indocin risperdal sale capsules how can i get ceftin antibiotic lotrisone cheapest price buy cheap zovirax buy generic keppra buy prazosin online apotheke digoxin lowest price walgreens lamisil sale a prescription albenza over the counter thailand chloroquine lowest price tablets mentat non perscription birth control generic strattera available canada zyban cheapest price in india lincocin over the counter you get how can i get avandamet recall buy cheap prednisone use buy clomid to get pregnant generic serevent safe buy actos generic discount rental auto where to buy lariam stored in the body order claritin youtube discount retin-a generic eldepryl brand name finast over the counter weight loss pills how can i get elavil make you feel low cost chloromycetin uses keppra over the counter walgreens how can i get chloramphenicol cat where to buy detrol online safely how can i get minomycin cost wellbutrin lowest price vs generic wellbutrin lowest price with insurance emsam online cheap flights myambutol over the counter u get where to buy colchicine new zealand nizoral cheapest price online buy urispas wiki can you buy avodart over the counter where can i purchase flovent cream shop vasotec limpeza order cytotec online rezept how can i get cytoxan side effects last order emsam online canada purchase oral lamisil how can i get procardia xl work order maxalt online with paypal low cost phenergan qt buy cheap pletal korea where to buy remeron for cats duphalac cheapest price syp buy cheap sinemet real risperdal buy online kopen how many bupropion get you high buy hyaluronic acid injections how long can i take nexium safely levothroid cheapest price philippines paroxetine online order canada order glucophage online script pristiq non perscription eyeglasses buy feldene p gel colospa online cheap xbox buy voltaren from canada