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JPM reported better than expected earnings this morning,,,making $25.8 Billion for the 1st Quarter. Maybe a) they are not as short anymore as traders assumed or b) they have hedged those futures shorts via forward cash contracts and other derivatives (ie exchange traded options). Either way they dont appear to be going broke.....
Q1 2011 versus Q1 2010 shows sales declining 8.8% and net income before provisions down an even larger 20.1%. Bottom line the bank’s ability to absorb future losses is deteriorating.
One man reported that his company owned 4,000 long March contracts (20 million ounces of silver) for which delivery of physical silver was demanded. The counterparty was JPMorgan Chase. Instead of silver, the bank offered cash.
After the first offer was refused, the bank offered more than $40 per ounce. When the company turned down that offer, JPMorgan Chase apparently threatened the company that the bank would deliver physical silver against other contracts, then declare a “force majeure” inability to deliver all the silver to this particular party. After this, the company accepted a cash payment, reported to have been for more than $50 per ounce!
Originally posted by stirling
he few siver ounces i have pure bars, how do yall think this is gonna spend?
Carry a hacksaw around and chunk off pieces?
8) In 2010, the total U.S. mined Silver Production was 38.6 million ounces. 89.6% of all silver mined in the U.S. in 2010 was consumed JUST by the American Silver Eagle program of the U.S. Mint, leaving only 10.4% of all U.S. mined silver for all other investment use (bars, ETFs, privately minted coins), all industrial use, jewelry, photographic use, medical use, etc. (source: silverinstitute.org)
Originally posted by Skerrako
A bump for my own thread, Silver has been heating up recently, at $46.85 now.
As I said before the $47-50 range is the Jp Morgan destruction range, when we hit those levels in mid may, the for SLV will be at hand. I stand by my prediction 100%, things are happening even faster than I expected.
Originally posted by Skerrako
Any way it goes, silver is going up. The only question is how drastically it will move
The reason then given was: "due to a reporting reclassification, 5,287,142 t oz was moved from Registered to Eligible." To our (lack of) surprise, a quick glance at today's silver holdings at the Comex confirms that the trend of reclassification is continuing unabated, and total "physical" silver across the entire Comex universe has now plunged by almost 20%, or from 41 million ounces to 33 million ounces, in the span of one week!
Let us reiterate a COMEX default on delivery of precious metals and specifically of silver bullion bars is far from “noise”. It is of significant importance and that is why we have covered its possibility for some months. A COMEX default would have massive ramifications for precious metals markets, for the wider commodity markets, for the dollar, fiat currencies and our modern financial system.