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In the past six months, the value of the precious metal has increased nearly 80 percent, to more than $34 an ounce from around $19 an ounce. In the last month alone, its price has increased nearly 23 percent. This kind of price action in the silver market is reminiscent of the fortune-busting, roller-coaster ride enjoyed by the Hunt Brothers, Nelson Bunker and William Herbert, back in 1970s and early 1980s when they tried unsuccessfully to corner the market. When the Hunts started buying silver in 1973, the price of the metal was $1.95 an ounce. By early 1980, the brothers had driven the price up to $54 an ounce before the Federal Reserve intervened, changed the rules on speculative silver investments and the price plunged. The brothers later declared bankruptcy.
The Hunts may be gone from the market, but there are still plenty of people suspicious about the trading in silver, and now they have the Web to explore and to expand their conspiracy narratives. This time around — according to bloggers and commenters on sites with names like Silverseek, 321Gold and Seeking Alpha — silver shot up in price after a whistleblower exposed an alleged conspiracy to keep the price artificially low despite the inflationary pressure of the Fed’s cheap money policy. (Some even suspect that the Fed itself was behind the effort to keep silver prices low, as a way to keep the dollar’s value artificially high.) Trying to unravel the mysterious rise in silver’s price is a conspiracy theorist’s dream, replete with powerful bankers, informants, suspicious car accidents and a now a squeeze on short sellers. Most intriguingly, however, much of the speculation seems highly plausible.
Since Zero Hedge posted (unsolicited and uncompensated) the "Crash The JP Morgue" now-viral video late last night , it appears that among the tens of thousands of viewers who have subsequently gone to the goldsilvergold.com website, there have been quite a few conversions. So much so that as of today, the company is not taking any orders and is sold out of all products. The company goes on to say that it will not be accepting any new orders until December 6. We can only hope that the profits JPM will make in its copper market manipulation will be sufficient to offset the ever increasing pain it will experience courtesy of what is gearing up to be a massive margin call.
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Gold Silver US Forum > General Topics > General Discussion > Tinfoil at APMEX?
Originally posted by Xcathdra
reply to post by v1rtu0s0
Ive thought about this for some time as well.. However I was looking at it from the angle that the US may have a massive surplus of silver, more so than we do gold. Since the Gold Market is what it is, and long term does not help the US out of its fiscal mess because of the amount of gold the government has, maybe silver is the answer.
Run up the price of silver while everyone else is worried about Gold, and cash out.
Originally posted by SlovenlyGhost
God bless conspiracy theorists!
Thankfully someone is keeping an eye on these criminals. I have been wondering about this since I was keeping an eye on the rising prices of gold. Now it seems they've moved over to silver. Probably gold never payed out as much as they hoped.
Hopefully someone will intervene before we find ourselves in another economic crisis.
First my rant:
Aren’t you tired of looking to the educated and knowledgeable world like impotent helpless bought officials? You know, at some point this charade of a “legitimate” futures markets will be exposed for what it is, and all of you and the CFTC will be shown to be just what you are, bootlickers of the banks. Doesn’t anyone have the courage to break this and be shown by history as a good person who saw the light and lifted the veil off of the corruption? You know, when the world finally sees this and demands punishment, I doubt you will be able to find jobs in this sector.
Someone. I’m searching for one honest person.
Citizen and Taxpayer of the USA.
You can’t possibly expect a reply to such an email. Against my better judgment, xxx, I will, however, respond...
Like you, I remain concerned about financial markets and how they have morphed. Massive passive traders (see my speeches if you’d like more on these) and the high frequency traders (those I call cheetahs, due to their speed) have at times moved markets in ways that I think nobody anticipated. Still, some disagree that they may have an impact. That is why, since 2008, I have supported the improvisation of mandatory position limits. They are the law of the land now and I am hopeful that my colleagues will agree that we need to implement them soon. In this regard, I am hopeful that we will approve such a position limit rule within the next 6-8 weeks. That doesn’t mean it will actually be implemented as you and I would like (it may not be effective for another few months). However, the passage of a position limit rule is a key step to actually having such limits implemented soon.
With regard to the cheetahs, I think they need to be tested, registered and potentially limited. On May 1st, as you know, the price of silver dropped 12% in 13 minutes on a Sunday evening in electronic trading. That certainly seems suspect. By the way, on June 7th in the evening, the price of natural gas dropped 7% in – get this – 14 seconds. Seconds! I mentioned to a reporter the other day that I think the cheetah trading is parasitical. I’m not sure of the value to the markets of such trading. I think when there is sparse liquidity (like on those two dates) that a cheetah or just a few other traders may be able to move markets significantly. I will continue to work on how to best handle this circumstance. The new financial reform law (Dodd Frank) does not require the agency to regulate the cheetahs, but here is an example where I believe the regulator needs to be proactive and do something positive.
Finally, I wanted to let you know that I while I am disappointed in the pace of our silver investigation (as I said last October in a public statement), that it is still ongoing. I meet on silver regularly. A day does not pass when I don’t have a conversation about silver. If the agency does not say something publically by the third week of September, I will do so (yet again).That may not be an comfort to you, which is understandable, but I am doing what I can as one of five commissioners at the CFTC.
I did want to included the graph below showing the price of gold and silver. I thought you might be interested. Furthermore, this week’s Commitment of Traders data was just released – as of Tuesday, August 9, the four largest longs in COMEX silver (all futures and options combined) accounted for 16.1% of open interest, with the four largest shorts accounting for 30.4% of open interest. This data covers both commercial and non-commercial traders together. No longer do we see one trader with a huge concentrated short, although it does go over 10% of the open interest at times….why we need limits.
BTW, I’m not interested in using my position to get another job in the private sector. - Link