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Fifty Years of Suppressing Silver

Articles & Blogs - Silver Commentary

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Sophisticated precious metals investors are well-aware of the rampant manipulation of the gold and silver markets. They are also generally aware of the reason for such manipulation. A rapid rise in the price of gold and silver is like an economic “warning siren” - alerting savers that their wealth (i.e. the purchasing power of their currency) is being rapidly eroded by the monetary depravity of bankers.

 

In a world with a “gold standard”, this isn't a problem. With currency which is redeemable in gold (or silver), the value of a currency (i.e. its purchasing power) is anchored by the gold and silver backing it. However, in a world of nothing but “fiat currencies” (i.e. money backed by nothing), a loss of public confidence in paper “money” is the worst nightmare of bankers.

 

This fear can be most easily illustrated by simply looking at the example of Alan Greenspan. In 1966, Greenspan was a respected academic, who wrote a famous essay extolling the virtues of a gold standard, where he simply stated the evils of “fiat money”:


In the absence of a gold standard there is no way to protect savings from confiscation through inflation.”


I explained this concept of banker-stealing, in great detail, in a recent commentary – so any readers who are interested in a thorough discussion of this should refer to that piece. A quarter of a century later, after “Easy Al” had sold his soul to the bankers, and become Chairman of the Federal Reserve, he was asked directly what he would do if/when people lost confidence in their “fiat” U.S. dollars. His response to that question is even more famous:


We stand ready to lease gold in ever-increasing amounts.”


Several obvious, observations flow from this. Not only are fiat-currencies a tool which bankers use to directly steal our wealth, but this “tool” is, in fact, nothing but a scam by a bunch of con-men – and (like all scams) it collapses as soon as those being scammed “lose confidence” (i.e. understand that they are being 'conned').


What highlights the illegitimate (and ultimately illegal) nature of this scam is that the primary mechanism which the Chairman of the Federal Reserve would (and does) use to “restore confidence” to the world's “reserve currency” is to (illegally) manipulate the gold market. Put another way, because this is a scam, there is no way to directly “restore confidence” to paper currencies. Instead, all the bankers can try to do is to (temporarily) destroy confidence in gold – by suddenly dumping vast quantities onto the market, in order to cause the price to drop.


Manipulation of the gold market actually began (on a small scale) in the 1960's, while the U.S. (and the world) was still partially on a gold standard. The U.S. government was “cheating” with its accounting, to hide the obscene amounts of money it was borrowing (and squandering) in its doomed war-effort in Vietnam. Thus, this manipulation is a coordinated scheme by Western bankers which is now nearly 50 years old.


Like gold, the silver market has been manipulated for roughly the same amount of time. However, in keeping with silver's modern “identity” as an “industrial metal”, the evolution of silver-manipulation, and the mechanisms used to manipulate the silver market are vastly different from the gold market. To begin with, back in the 1960's when we were officially said to be on a “gold standard”, in fact, it was only silver money which was widely circulated in our economies, in the form of small-denomination coins. In other words, while our monetary systems were anchored by gold, it was silver which was used as money in an “industrial” sense – as an indispensable tool of basic commerce.


Indeed, at the same time that the bankers were trying to prop-up the U.S. dollar while on the gold standard (due to their reckless money-printing and debt-creation), these same bankers (and their allies in government) were making their first efforts to defuse a “silver supply crisis” - caused by pricing silver at only a fraction of its true worth.


In the 1960's, the U.S. government had kept the price of silver frozen at $1.29/oz. However, whenever an asset is under-priced, there will always be a group of investors who will identify such an under-priced asset – and then accumulate it. Thus, the U.S. (and other governments) were rapidly squandering their entire stockpiles of silver, as they had to dump ever-increasing amounts onto the market to maintain the artificially low price.


Ultimately, the bankers capitulated, and the U.S. government ceased its efforts to keep the price of silver frozen at $1.29. However, as is usually the case with any illegitimate scheme, every time the schemers take action to deal with one flaw in their plans, that produces unintended (and undesirable) consequences – which then require further acts of manipulation.


Once the price of silver was allowed to rise, very quickly the actual value of the silver contained in our small denomination coins (primarily the 10-cent and 25-cent pieces) greatly exceeded their face-value as legal tender. This created a huge incentive to melt-down these coins and make a very profitable arbitrage trade of “buying” these coins at their face value, and then selling them for their metal-content.


The U.S. government responded in two ways (and was quickly copied by the Canadian government). First, it changed the composition of all newly-issued coins – removing all their silver content. U.S. dimes had 90% silver-content up until 1964, while Canadian dimes contained just over 80% silver. The table below provides the evolution of the Canadian dime.

 

History of Composition

Years

Mass

Diameter/Shape

Composition[1]

2000–present

1.75 g

18.03 mm

92.0% steel (unspecified alloy), 5.5% copper, 2.5% nickel plating

1979–1999

2.075 g

18.03 mm

99.9% nickel

1969–1978

2.07 g

18.03 mm

99.9% nickel

1968

2.07 g

2.33 g

18.03 mm

18.034 mm

99.9% nickel (172.5M)

50% silver, 50% copper (70.4M)

1967

2.33 g

18.034 mm

50% silver, 50% copper (30.6M)

80% silver, 20% copper (32.3M)

1920–1966

2.33 g

18.034 mm

80% silver, 20% copper

1910–1919

2.33 g

18.034 mm

92.5% silver, 7.5% copper

1858–1910

2.32 g

18.034 mm

92.5% silver, 7.5% copper


 

Meanwhile, the U.S.'s 1965 Coinage Act made it a crime to melt-down any legal tender coins (in order to profit on their metal-content), and a duplicate measure was passed in Canada. Consider the true dynamics of this measure.


First the bankers abolish the gold standard, to allow them to rapidly accelerate the speed at which they steal from us through currency-dilution. This, in turn, requires them to (illegally) manipulate the gold and silver markets – in order to hide the true value of these metals from being expressed in the bankers' diluted paper. The government then makes it a “crime” for its own citizens to make a profit on their own money. In the bankers' scam of money-dilution, only the bankers are allowed to profit on their crimes.


It was at this point in history that the bankers were able to largely forget about manipulating the silver market (for many years), and to focus their energies on gold-manipulation – because basic market fundamentals created conditions which depressed the price of silver, with only minimal “assistance” from the bankers (and their servants in government).


In this respect, I'm indebted to Adrian Douglas of GATA, for drawing my attention to the true significance of silver as a modern “industrial” metal first, and a monetary metal second. While many media talking-heads erroneously state that “silver is an industrial metal, not a monetary metal”, in fact silver is both an industrial metal and a monetary metal – while gold is almost exclusively a monetary metal. Since few mainstream pundits understand what is “precious” about precious metals (i.e. it is the best money our species has ever devised), they don't understand the simple logic that silver's enormous industrial versatility and importance can't make it less “precious”, but only more so. Indeed, it is Mr. Douglas' position that silver has become too important industrially (i.e. too “precious”) to be widely used again as money.


Putting aside that separate issue, clearly the price of silver has been driven in recent decades mostly by its industrial demand. And it is this industrial demand which (with a little help from the bankers) kept the price of silver well below its true value for more than thirty years (until early in this decade).


How does industrial demand depress the price of silver? Ironically, it is due to how the brains of bankers functions. If a mining company went to a bank for a loan to build a new silver mine with the sales-pitch that silver was grossly undervalued, and they wanted to produce this valuable commodity in order to capitalize on this investment opportunity, the reaction of the banker is totally predictable.


The banker would burst into laughter, and (if he was polite) would warn the mining executives not to let the door hit them on their way out. While bankers see nothing wrong with taking our money which we deposit with them, and gambling it on any and every “investment” which tickles their fancy; these hypocrites would never dream of allowing ordinary people (i.e. non-bankers) to do the same thing with their money.


Conversely, if this same mining company approached the bank for a loan, and provided them with statistics on the amount of silver being consumed in various industrial applications (old and new), the bankers would behave in a much different manner. Assuming that the mining company demonstrated that they could mine their silver at a cost below the current price, the banker would happily reach for his cheque-book.


This leads us to a fundamental “truth” in the precious metals sector: investment demand (i.e. “speculative” demand) does not stimulate mine production (except in a very belated manner – only after inventories have been exhausted), while industrial demand does stimulate higher levels of mine production, because the bankers will finance new mine-production based upon that level of industrial use. As an aside, it was because gold is not used to a great degree "industrially" that the bankers had to "persuade" the world's largest gold miners to enter into vast "hedging agreements" - which simulated the same market conditions for gold: maximizing production at the lowest, possible price.


In a true “equilibrium”, this industrial production and demand would not cause silver to trade at a price well below its fair-market (equilibrium) value. However, the bankers ensured that the silver market could never reach such an equilibrium by continuing to dump their waning stockpiles of silver onto the market.


Here I am sure there are a few astute readers who will question my characterization of the “demand model” for silver. They will point out that most of the world's silver is still produced as “byproducts” of other mining. In other words, it is a secondary product of mines which primarily extract gold or copper or lead/zinc. Thus, others will argue that industrial demand for silver could not directly stimulate silver mining, and therefore total silver production.


In fact, while that argument has theoretical merit, in practical terms it is incorrect. To begin with, if silver was properly priced, many of the mines where silver is currently produced as a “byproduct” of other metals would instantly become “silver mines” - with the other metals becoming the “byproducts”.


Regular readers know that the long-term gold/silver price ratio averages roughly 15:1 (over a period of nearly 5,000 years). Given that silver occurs in the Earth's crust at roughly a 17:1 ratio versus gold, there is obvious, objective validation for such a ratio. In addition, given that most of the world's stockpiles of silver have (literally) been consumed, any rational valuation of silver would have to be at a ratio of 15:1 or less.


With the price of gold currently at $1200/oz (and with that price being the result of market-manipulation), clearly the fair-market price for silver would have to be a minimum of $80/oz today. In addition, in mines where silver is currently produced as a “byproduct”, the industrial demand for silver (i.e. the silver “credits”) is still fully considered in determining whether any particular mine will be financed to go into production – but with those decisions also being based upon demand for the other metals.

 

Given that the price of silver has been highly correlated with most of those other metals, my analysis still holds true. However, even in a world where the gross under-pricing of silver means that there are few (official) “primary” silver mines, there are still “mining companies” able to obtain financing only for silver, but based upon polymetallic mines, where silver is officially a byproduct.


Silver Wheaton (SLW) is officially classified as a “silver mining company”, however what it is really is a “silver marketing company”. What Silver Wheaton does is to buy-up the future production-streams of silver from other miners (where silver is a mine byproduct), and then as that silver is produced, it sells this silver onto the market at the prevailing “spot” price. Apart from the ingenuity of this business model, what is relevant is that Silver Wheaton goes to a bank for financing, to buy-up the production-stream of a particular mine – and Silver Wheaton obtains that financing based upon industrial demand fundamentals for only silver.


Thus, even in a market which has been horribly distorted through manipulation, the principle which I articulated earlier is still applicable: the industrial demand for silver is an important factor in helping the bankers suppress the price of silver. Obviously, the limiting factor in the bankers' game of market-manipulation is the amount of bullion they have to dump onto the market.


As I have pointed out on many occasions, between 1990 and 2005, official silver inventories plummeted by approximately 90%. It is simple economics that any good which is grossly under-priced will be grossly over-consumed. Faced with the abrupt end to their silver-manipulation (which would make it much more difficult to continue to manipulate the gold market), the bankers fell back upon their oldest and most-favorite swindle: they sold paper to people, and pretended that the paper represented actual silver – and thus “SLV” was born.

 

This is such an obvious sham that I simply lack the space to go until all of the clearly fraudulent implications of this fund, so I will restrict myself to just a couple of facets. From 2005 to the end of 2008, after silver inventories plummeted by 90% in just 15 years (due to being grossly under-priced), we are supposed to believe that inventories suddenly 'made a U-turn' – and tripled over the course of just four years.


Regular readers will be familiar with the following chart, which shows the progression of “official” silver inventories – along with the small caveat attached to the graph. These official inventories include every ounce of ETF-silver, and SLV (by far the largest silver-ETF) was created at the beginning of 2006. As of the beginning of 2009, ETF-holdings represented roughly 2/3 of total “official inventories”.

 

Anyone with even a slight understanding of markets should recognize the obvious sham here. An “inventory” is the amount of a particular good warehoused and ready-for-sale. Conversely, the units of SLV (and all other bullion-ETF's) represent privately-owned silver which has obviously been taken off the market. As a matter of elementary logic, it is impossible for even one ounce of silver to be both an “inventory” and an “ETF”. It can be one (silver-for-sale) or the other (privately-owned) but not both.


Thus, at the end of 2008, two-thirds of official, global inventories of silver were nothing but an obvious paper-sham. Of even greater interest, I have been unable to find any more-recent statements of official inventories. Apparently the quasi-official “consultant” (none other than the infamous Jeffrey Christian and The CPM Group) who produced this data has decided that it's better to simply hide all inventory data – rather than to attempt more clumsy shams of this nature.


Making this massive fraud potentially much more egregious, the supposed “custodian” for most of this silver is JP Morgan, which holds the world's largest “short” position in silver, the most-concentrated position in the history of commodities markets. In what is obviously not a “coincidence” the total size of the global short position has stayed roughly equal to the (supposed) total holdings of “bullion-ETF's”. However, those massive short positions are never audited, meaning that JP Morgan (and the other bullion-banks) have never been able to show they have more than half the silver necessary to cover both their short-positions and “custodian agreements” with the ETF's.


What this directly implies is that as of 2009, as much as 2/3 of total global inventories of “silver” was literally nothing but banker-paper – and we can only assume that their massive fraud has expanded in the time that has since elapsed. While industrial demand for silver helped the banksters in their nefarious (and illegal) schemes for many years, it is now industrial demand which is certain to destroy the bullion-banks.


While a gold-investor might be capable of being duped into buying banker-paper, and mistakenly believe that the banker-paper is “as good as gold”, you can't use banker-paper to make silver bearings, or silver mirrors, or silver batteries, or silver solar cells, or silver anti-bacterial products. The bankers market-manipulation has progressed from merely dumping the silver which they held, to the much more fraudulent practice of passing off their worthless paper as “bullion”.


In doing so, they have eliminated the possibility of the price of silver merely “correcting”. What has become totally inevitable after 50 years of constant manipulation of the silver market is that this market is poised for the most spectacular default in the history of commodities markets – even more so than in the gold market. Companies which require silver to continue the existence of their businesses will be ready to bid-up the price of the commodity to multiples many times greater than an investor merely making a discretionary purchase.


We can only assume that when a silver default occurs that it will bankrupt JP Morgan. Keep in mind that while the nominal value of JP Morgan's silver, short position is in the billions of dollars, thanks to the testimony of Jeffrey Christian at the CFTC hearings we know that this short position has been leveraged by somewhere around 100:1. Furthermore, the potential loss on any/every short position is infinite – since there is no “maximum price” which silver could not (theoretically) surpass.


As the old saying goes, “For every winner in a trade there is a loser.” There must be a few investors out there who would like to get on the “winning side” of a trade with JP Morgan?

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written by ultarnerd, June 22, 2010
Last part of my last post I did not mean tim I meant time and forgot to mention it was for a web site.If anyone asks it will have my assays of everything I can get my hands on to test how much silver and gold they contain.Do it up like a catalog.Even get some silver off of the silver solder on old refrigerators.Washing machines, some of the older ones give me about 3 grams of silver total from all the switches.This is all about the silver that we have all been throwing away, so no wonder we are running out, when common items have that much each it adds up over time.
Should also have also pointed out how important it was to keep gold and silver looking like poor investments to help make the treasuries scam work.
ultarnerd
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written by ultarnerd, June 22, 2010
I agree with you Jeff.
There has to be some sort of balancing act where eventually it will no longer
work.But it appears that so many people are willing to take the paper and
probably in increasing percentages that its lasted this long.
This is my suspicion ,get more and more people to buy the paper while the big
guys scoop up the real thing.
I do not think the game can last much longer as gold and silver gain in
popularity there comes a time even with an increasingly larger number of people
are willing to take paper there is also more demand for physical too and since
you can not print physical it will come to an end.Provided the economy dose not
actually get better because if it dose the whole game may never end.Remember
Mnadoff's ponzi scam only ended when he was almost ready for retirement and or
death from old age anywise.Why would you expect this gold silver or fiat dollar
thing to be any different.
The whole public is remarkably dumb.
I read recently that economists and fund managers are not taught much monetary
history and I am suspicious, if this is really true, it may be as a way of
making sure a fiat monetary system would work for as long and as well as it
has.I believe it would be very difficult if people were too informed.For
example if and I am using inaccurate numbers to simplify but people were
unaware that the government was lying about the inflation rate and for example
if it was really 10% but the government said it was 2% then all the government
would need to do is print an extra 10.00 for every 100 that's owned in
treasuries and just give you the 2.00 while keeping the 8.00.Its actually very
profitable for a government to do this and its actually quite profitable too.It
would be ironic if this were so and that the very dept was actually remarkably
profitable.That's one very good scam especially if you are the reserve currency of the world and you have everyone paying you a percentage of the wealth, just to loan you money, for the privilege of, and use of, US dollars.That's wildly clever.With a gold standard you can not do that sort of thing.Also there is very
suggestive evidence that government does not like competing currencies.My own
experience with e-gold and another US located one that I forget the name
of,were also put out of business under conditions that are highly suggestive if
they were not US centered they might still be around.I like c-gold best and
goldmoney is good too.Note that if others were set up to receive gold payments
then not only is it cheaper and more convenient than wiring money it can avoid
currency exchange fees.Its actually better than pay pal no wonder the
government hates them.
Like I say ,cash is for fast local spending but gold is for savings and
international spending.
Book the Manufacture of consent is supportive of this hypothesis.There has been
a lot of really bad science, and horrible math involving anything
environmentalists, so much so that I plan to include pages of info on the truth
about recycling and the logical alternatives,when I find tim
Jeff Nielson
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written by Jeff Nielson, June 22, 2010
Here's the dilemma for the banksters in order to perpetrate the sort of scam which you're envisioning: it only works if they have a large, secret stockpile of bullion.

However, the problem is that the only way they could have a "secret stash" is to take bullion off of the market - reducing inventories. And since reducing inventories increases upward price/pressure, tucking-away large amounts of bullion would sabotage their sabotage of the bullion market.

It's really not a plausible long-term scheme, and we wouldn't see the banksters creating this quadrillion-dollar stack of banker-paper IF their long-term plan was to bet on bullion.
ultarnerd
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written by ultarnerd, June 22, 2010
Hi Jeff
A little more thought on what you said.
Where you say they wont default as long as they have gold bullion.
I think that really depends on how well they can scam and when its no longer any way to gain and I have no idea when that would be.There must be a point where keeping up with physical deliveries exceeds the number of new investors that will take the paper and there is no longer any way for the bankers to gain more gold than they must deliver. I have heard there already is starting to be defaults since some people have been waiting since March for delivery.But its to be noted that its easier to cover up and hide the information of shortages with only a few customers showing up at the Comex for metals compared to all the stuff sold by all the small mints to a much greater number of people, even while the quantities to each is usually much less.How would you hide a shortage if all those extra many people were involved.Being able to call a small mint and ask if they have metals, and they do, will quickly dispel any fears of a real shortage.
So its a good guess that the small mints will be supplied as a priority while the much smaller number of people that buy directly out of the COMEX will be delayed etc.
Its not just a mater of having hidden bullion its also a mater of being able to gain more bullion than you must delver to keep the game going.
ultarnerd
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written by ultarnerd, June 22, 2010
I meant:
I was just about to post another message--
and then lost it
ultarnerd
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written by ultarnerd, June 22, 2010
I was just about to post another message on why you should never trust any ETF or COMEX storage of precious metals or anyone else for that mater that does not charge an actual storage fee based on actual grams.
Stuff about never trusting someone that offers free rent comparing them to roach hotels and vampires and how to get a clue if they might actually be honest.There are honest ones but even when paying an actual storage fee, will not guarantee they are legit, because recently a major bank has been sued for charging a storage fee for gold it did not actually keep.
If not for day trading, avoid all ETFs if you are not paying an actual storage fee, after all they need to make money and you can guess its by shenanigans with yours and or some else's gold and silver and no a membership fee or etc wont cut it.Make sure they are not in the US or London either.No reason to take extra chances if you are still paying the same price anywise.

So many people now have invested in gold as an economic insurance unknowingly in a way that no different than buying a fire insurance for the purpose of buying and selling fire insurance and not to actually protect you in a fire.

Note my recent posts here reflect my cynicism on gold and silver, paper investing. Note I said paper.No mater how convincing they appear, do not trust them just to avoid the cost of a small storage fee.
ultarnerd
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written by ultarnerd, June 22, 2010
Still wish I could edit.
I probably should have said that I still believe they are hording gold but are smart enough to not keep it in the very ETFs or etc that are planed to fail.
It could be just the individual bankers involved and so keep the gold detached from anything likely to go bankrupt.
All the possible shenanigans are vast and probably very profitable.
Do not underestimate the amount of cleverness possible for these people that have had years of experience.
ultarnerd
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written by ultarnerd, June 22, 2010
There is ZERO possibility that the banksters could default on their short positions when they were actually still in possession of large amounts of bullion.

That's one of the main points they do not necessarily actually own or have the actual gold bullion and if they do its probably hidden or at least what they actually do own.That's why its probably almost all naked shorting.
Its all win win for them if they play it right.
Remember these people have armies of lawyers and etc and can out play us all.

Similar stuff happened in the 1980s and to keep it short and simple so leaving out a lot of info here but is when the Hunts went to actually collect the silver and the sellers actually had no silver and were forced onto an open market, to get silver they did not have, no mater the price.That's when it went close to 50.00 in 1980s dollars.
It was different then there was lots of stockpiles of silver and its was not big banks, too big to fail,but smaller individuals selling what they did not have, illegally too.Noted an article somewhere that pointed out that all the illegal naked shorting did not result in much legal responses. I suppose if your not part of the club its different.

Today its big banks that are too big to fail and the government is encouraging it, if not directly, then by extreme tolerance of the illegality of naked selling.i.e. selling what you do not have.This time the paper price will not go up, reaching to infinity, but this time its goint to be the stock market losing credibility and its pricing too.
This time the paper price will collapse due to lack of trust and they will stick everyone with cash settlements a fraction of the new physical gold price or even of the money they spent originally.
But in reality most of the people that are playing attention know most of the stock market is likely to collapse anywise, eventually.

Not sure whos quote but.
History may not repeat but it rimes.
ultarnerd
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written by ultarnerd, June 21, 2010
Wish I could edit
Really sorry about the bad sentience structure.The forums I am used to allow me to edit and I keep forgetting here.
Jeff Nielson
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written by Jeff Nielson, June 21, 2010
Ultranerd, in fact the banksters have already tossed out the idea of using "cash settlement" for any LONG defaults, as well.

They can SAY whatever they want, once a default occurs, PAPER silver goes to zero. And, no, the short positions are NOT "paper silver" any more than long positions. There is ZERO possibility that the banksters could default on their short positions when they were actually still in possession of large amounts of bullion.
ultarnerd
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written by ultarnerd, June 21, 2010
That,s the thing you do not lose on short positions no mater how many or the how much.That's because its paper and if you collapse the silver paper price it will eventually go to zero and you cash settle well with zero paper price you do not have to pay much.The actual physical metal price is very different and could easily go astronomical in price but these ETFs deal in paper stock market prices on silver and gold.
This is called backwardation where the two prices separate and physical goes higher than the stock market spot price, but usually its only a tiny difference but this time it can go biblical, epic,get the point.

In the end I really do not need much proof to be very,very, suspicious after all just look at the behavior and ethics of the banks accused of these manipulations and just ask myself what would you do if I were as clever and unethical.Its exactly how I would do it if I were them.
Jeff Nielson
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written by Jeff Nielson, June 21, 2010
Hi Ultranerd.

It's only natural that after being exposed to years of manipulations in the precious metals market, that we would begin to suspect conspiracies-within-conspiracies.

Personally, I don't find theories that the bankers are "closet longs" in precious metals to be persuasive. Yes, they WILL hold some precious metals since they covet all wealth), but they cannot be rigging the markets to (eventually) PRODUCE some monster-spike because they not only sitting with a gigantic short-position, but a short position leveraged somewhere around 100:1.

The idea that they would absorb TRILLIONS in losses on their short positions as part of some larger scheme does not seem plausible to me.
ultarnerd
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written by ultarnerd, June 21, 2010
My first time to post here.
Hope I did not accidentally post twice.If so ignore the first one.

This could be a really big point.
It should be mentioned, some recent talk by me and others on one of the forums I visit
http://marketwatching.freeforums.org/index.php?sid=eb8542eb3dbaa67093674612f9fcbdf4
That the predominance of paper gold and silver, might not just be part of a plan by the powers that be, to not only keep the price of silver down but to actually eventually totally collapse the paper prices as well.At the same time scoop up all of the physical gold and silver at a cheaper price, while they can, and then by collapsing the paper prices profit even more.They will draw this out for as long as possible remember here the, longer the game the greater the gain, but somewhere it must eventually end and they know this, but probably have little real reason to care.Then when the paper prices finally literally collapse,
and here is the biggie, they will force you to take the much cheaper paper
prices giving them an even better super bargain by having to pay you back less of your cash money, while the physical price goes to the moon.That's the thing they can gain on both sides.I sometimes like to explain this by analogy, with a guy selling gasoline real cheap but if every time you pay him he runs into the woods with your money and you get no gas.Would you still but from him no mater how cheep he was to sell his gas.Same with the COMEX selling silver etc.I have read that many ETFs and etcs have out of foresight, have in small print, that they can cash settle, but seriously it probably would not really mater when you are that powerful anywise.
Keep the sheepole buying the paper while you gather up all the real gold and silver while you can and then stick the people with holding an empty paper bag with gold,silver, written on them.Besides leaving some no longer trusted ETF bankrupt wont mater anywise, if you are a clever banker having hidden the actual gold away.
Seriously I am seriously starting to believe they really have figured out to gain either way.Even the justice we envision for them may be just a clever illusion .

In gold we trust
In god we pray
In paper we be @#$%^.
smilies/angry.gif
ultarnerd
...
written by ultarnerd, June 21, 2010
My first time to post here.

This could be a really big point.
It should be mentioned, some recent talk by me and others on one of the forums I visit
http://marketwatching.freeforums.org/index.php?sid=eb8542eb3dbaa67093674612f9fcbdf4
That the predominance of paper gold and silver, might not just be part of a plan by the powers that be, to not only keep the price of silver down but to actually eventually totally collapse the paper prices as well.At the same time scoop up all of the physical gold and silver at a cheaper price while they can and then by collapsing the paper prices profit even more .They will draw this out for as long as possible remember here the longer the game the greater the gain, but somewhere it must eventually end and they know this but robably have little real reason to care.Then when the paper prices finally literally collapse,
and here is the biggie, they will force you to take the much cheaper paper
prices giving them an even better super bargain.That's the thing they can gain on both sides.I have read that many ETFs and etcs have out of foresight, have in small print, that they can cash settle, but seriously it probably would not really mater when you are that powerful.
Keep the sheepole buying the paper while you gather up the real gold and silver then stick the people with holding an empty paper bags with gold written on them.Besides leaving some no longer trusted ETF bankrupt wont mater anywise, if you have the actual gold hidden away.
Seriously I am seriously starting to believe they really have figured out to gain either way.Even the justice we envision for them may be just a clever illusion.

In gold we trust
In god we pray
In paper we be @#$%^.
Jeff Nielson
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written by Jeff Nielson, June 19, 2010
Hi Brian. Every now and then I come up with a piece with good content AND a "catchy" title - and when I do, our audience rewards us!
Brian Boutilier
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written by brian boutilier, June 19, 2010
6000 reads for this article. My my, must have stuck a nerve. Nice article Jeff.
Jeff Nielson
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written by Jeff Nielson, June 18, 2010
True, InformedSpectator, while the losses may bankrupt them technically, that's not the same thing as saying that they would be "out of business" - especially given that the losses ALREADY hidden on their books would probably be enough to bankrupt them (using honest accounting techniques).

At the same time, these predators are doing a very good job of making themselves political and economic pariahs...and no matter how much they stuff into the campaign coffers of U.S. politicians to try to buy their favor, we KNOW that ultimately these politicians will place their OWN political survival ahead of the banksters' economic survival.

The pattern of history is generally the ultra-rich/ultra-powerful destroy themselves, rather than succumbing (directly) to their "enemies". Whatever flesh is left on the bones of the bankers will ultimately be picked-clean by the lawyers.
Informed Spectator
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written by Informed Spectator, June 18, 2010
Nice article. But there is one mistake. It assumes that JPMorgan can be bankrupted by its position in the Silver Market. No way! This can happen only if the market is HONEST! All JP has to do, is be sure that when they sell a short, that the long is ANOTHER CARTEL BANK, that will never ask that the position be closed BECAUSE THAT WOULD REVEAL THAT THEY HAVE BEEN ILLEGALLY MANIPULATING THE MARKET. I'm sure that there is a "back door" route by which whatever JP gets for selling the short, goes back to the "buyer" so that they can make another fake sale tomorrow. This is why JP has such HUGE outstanding derivatives--- just prior "sales" that will never close, and will NEVER bankrupt JP.
Jeff Nielson
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written by Jeff Nielson, June 18, 2010
Hi Trussguy. Healthy skepticism is always welcome here - as there is far too little of it in our societies!

Here's the point: manipulating the market when they had LOTS of bullion to dump AND demand was relatively low was child's play - so they deserve no "credit" for being able to (illegally) bully these markets (thanks to regulatory complicity).

NOW we are at a point where these clowns have become so desperate (due to having squandered all their bullion) that are engaging in an obvious, massive, paper-sham - leveraged somewhere around 100:1 according to Jeffrey Christian (who describes himself as "the world's foremost expert on precious metals").

There is only one way this leveraged house-of-cards can end: through a massive default - leading to losses in the $100's of billions of dollars (if not more). So I ask you: how much "credit" do these criminals deserve?
trussguy
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written by trussguy, June 18, 2010
nice article, but since I've been reading this kind of thing for twenty years I would think you'd give the manipulators slightly more respect. Don't forget: they're the ones atop the global financial garbage heap. They've shown their control knows virtually no bounds - and is sealed in place politically. Why, they could confiscate silver if they really felt like it - and there would be less ramifications than some of the other boondoggles that have already taken place. Then silver could be allocated to real users as required. You write as if the free market can come back from the dead. Those in power don't want to see that - so it won't happen! Eventually, China will ascend to their rightful place on the scene, and perhaps THEN "precious" metals will become precious again.
Bryan
in full disclosure: I'm sitting on a pound of gold and 35 pounds of silver, and maybe my actions speak louder than my words - and still reading yours
Jeff Nielson
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written by Jeff Nielson, June 18, 2010
That's a very interesting quote, Thinkiam. It's certainly not out of line with Jeffrey Christian's 100:1 remark at the CFTC hearings.

What I like to say when people toss around these numbers is that with ONLY 2:1 leverage, GLD and SLV are potentially worthless - as we know the bankers will cover their own short positions first.

Anything higher than that, and you really have to scratch your heads about the people who still hold units in those funds.
thinkiam
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written by thinkiam, June 18, 2010
Thanks Jeff, great commentary.

It seems like your estimate of the amount of bullion held by the ETFs is actually a bit high. Leave it to Mr Lewis to let the cat out of the bag!

Deutsche Bank's Lewis Says "Gold ETF is 80% futures".....

http://www.businessweek.com/news/2010-06-04/deutsche-bank-s-lewis-says-gold-may-rally-past-record-on-crisis.html

As Bugs Bunny would say, "What a MAROON"
Jeff Nielson
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written by Jeff Nielson, June 17, 2010
Thanks for the "heads-up", Ikearns!
ikearns
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written by ikearns, June 17, 2010
Great article Jeff!

There is on Zero Hedge today a great article destroying the credibility of GLD/SLV.

Did you see the assertion from Harvey Organ on his blog that 21 million ounces for the March Comex silver delivery came from the SLV? That if true certainly backs up your claims.
Jeff Nielson
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written by Jeff Nielson, June 17, 2010
That's exactly correct.

Keep in mind that if the banksters could DEMONSTRATE that real inventories are much bigger than the pessimistic analysis of myself and others suggests, that they would do so - as there is nothing more bearish for a market than large inventories.

So given where the financial incentives of the bullion-banks lie (in covering their own asses), and given that we have no reason to believe they can cover ALL their obligations, the retail-chumps buying bullion-ETF's are obviously going to be the ones sacrificed.
asfhgwt
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written by asfhgwt, June 17, 2010
I believe you're saying that the SLV bars may be there, but when push comes to shove, JPM will cover its shorts by essentially stealing those bars. Well, it's almost impossible to dispute that....

Thanks again for your excellent commentaries! Never stop!
Jeff Nielson
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written by Jeff Nielson, June 17, 2010
Thank you for the high praise. However, perhaps I didn't make one of my points clear enough. Remember that the ETF's "hold" no bullion themselves - not one ounce.

Instead, they have "custodian agreements" with the bullion-banks. In the case of SLV, most of the silver it CLAIMS to own on behalf of its unit-holders is held by JP Morgan - which ALSO has the largest short position in the history of commodities.

The short position is never audited. The short position and the ETF custodian agreement are virtually the SAME SIZE, but JP Morgan has NEVER shown it has enough silver to cover more than ONE of the two positions.

JP Morgan could suffer potentially INFINITE losses on its short position - if it had to go out and buy the silver to cover it, while if it defaults on its custodian agreement, it faces a (relatively) small fine.

No court would EVER order JP Morgan to go out and buy the silver to cover its custodian agreement (a remedy known as "specific performance"). Thus, we KNOW that if JP Morgan can only cover one of the two positions that it will back its own in-house short positions - and leave SLV unit-holders with nothing but paper.

One final point, the custodian agreement is NOT an "allocated" account - where SLV can claim title to specific bars. Rather, all that JP Morgan (supposedly) guarantees is to have a total quantity of silver large enough to honour the agreement - this is no different than the "promise" the banks make with their own clients who hold "un-allocated" accounts.

If you have any doubts about whether the bullion banks can be trusted, read this:

"Morgan Stanley pays damages for Precious Metals Fraud"
http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=758:morgan-stanley-pays-damages-for-precious-metals-fraud&catid=48:gold-commentary&Itemid=131

This is precedent for two facts. First, the bankers won't hesitate to cheat their own clients when it comes to bullion - it's what they have been doing for thousands of years.

Second, it also establishes the precedent that WHEN they cheat their clients that they will ONLY have to pay a (paper) fine - and NOT have to make-good on their bullion obligations.

This is WHY these thieves are leveraged 100:1 in the gold market - because they know the profits they make from their crimes always exceed the fines they pay when they are caught.
asfhgwt
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written by asfhgwt, June 17, 2010
Jeff N. is one of the best writers in his field on the web... and I DO believe in the manipulation of silver/gold. However, a while back Ted Butler published a PDF inventory of silver bars supplied by the SLV ETF, and it looked legitimate and covered all the silver they claimed to have held at the time. The bars had serial numbers and places of origin. I found it convincing.

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