At MAX: JP Morgan will default on silver within two months LIVE UPDATES

reply to post by CosmicCitizen

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.....

I was reading this as well and knew that there must be a back story so I ran into this article:

JP Morgan Q1 2011

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.

It seems to me they're doing exactly what our government is, living for the short term and casting all long term problems aside. With the second round of adjustable rate mortgages resetting were going to see even more stress on JPM. But like I said, a siler default doesn't mean that JPM will go bankrupt, just incur billions of dollars in losses as it will have to buy silver on the open market.

JP Morgan Shennanigans continue! They are out of silver and this proves it:

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!

LINK

The are threatening anyone who wants large delivery of silver that they will not give it to them and declare themselves unable to pay!!!! This is huge and the game cannot go on for much longer, look for the breaking poing to be between $47-50

Why cant the average Joe ask for delivery and call there bluff? take out a small loan buy a dilvery, call there bluff and get your money back pluse 20%?

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?

I heard the suggestion a long time ago that the most sensible manner of hoarding silver...I mean if you are really anticipating a SHTF scenario, is in silver dimes. Easier than shaving a sliver off a 20 oz bar.

Turning in SLV for physical silver rush. People are figuing out that the silver they pay for and pay to have stored may not be there.

Darly Bradford saying that JP morgan will default!!! He saying the same thing I have been! If silver hits $50 they will owe $600 Billion in short position

Why silver demand will continue to grow and out preform gold

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)

LINK

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 end for SLV will be at hand. I stand by my prediction 100%, things are happening even faster than I expected.

Check out this three part series: The End of silver manipulation

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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.

Silver is already over JPM stock price. Margin hike just went up 9% for silver on closing bell.

How do you know $47-50 is the range they go bust? what will it look like?

reply to post by camaro68ss


Well at $50/oz very few people will sell, because once it is in that range nobody has any Silver above that price to sell back into the market to cause pullbacks. So silver will find a new bottom level (maybe around $100/oz) and will never go below that in the forseeable future.

Because of backwardation, that level can be anywhere between $47-50. Here is the important part: Once we are there, people will continue to buy silver until JP is forced to do one of three things. (1) To buy silver on the open market (driving the price up and taking losses), (2) Force people to take cash settlements instead of silver (causing massive dollar losses to JP, and jump in silver once people buy from other sources), or (3) Tell their SLV holders that they will not be getting anything (leading to Class Action lawsuits and a huge jump in silver).

Any way it goes, silver is going up. The only question is how drastically it will move

Hope that helped

To day Bob Chapman of the International forecaster said that
the bad number could be as high as 65 dollars US...

but it is coming
and they can't get out of it..
he said there are Basically three choices:
1 partial default
2 Full default
3 Bailout

reply to post by Skerrako


SLA all the way..!!

Buy Silver....Crash J P Morgan.

Cosmic...

Silver is where the bigger profits are now.

$5000 spent on Silver will generate greater returns than $5000 spent on gold.

I think Silver will go to $75 an ounce or higher very soon....bye bye J P Morgan.

Cosmic...

And add too the equation that the U.S of A govt. is the "insurer" for nuclear reactors,, as no other insurance companies will touch such a crazy scheme,, but point being they are on the hook for 300 billion in insurance claim from Japanese Govt. as soon as they submit a claim. Or at least G.E will be and that can't be good financially.

Originally posted by Skerrako
Any way it goes, silver is going up. The only question is how drastically it will move

To think I felt like a schmuck when I bought bullion at $8 and it promptly fell to $5. Good thing I did a file and forget.

reply to post by JohnnyCanuck


Wow Johnny I wish I got in that early.

I got in around $34 and get so mad I didn't do it earlier. Im waiting for my 44.50 target to buy more

Not to sound cocky, but my silver predictions have been dead on the last three weeks

SMOKING GUN!!!

The comex loses 20% of it's registered silver in one week!

I was surfing around and came across this zerohedge article

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!

An amazing find! Is the billionaire physical run on? The JP Morgue short squeeze is basically a noose right now, slowly getting tighter and tighter. There is only so much longer this can go on until the illusion is gone.

We are getting quite close!

Yep this is getting juicy

The Peoples Bank of China and several wealthy figures in Russia may be buying silver and forcing JP Morgan to show it's hand.

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.

ARTICLE HERE

Comex in de facto default!!!!



Now when will we see it?

Hey I have a question for you silver experts out there.

I have a ton of Sterling flatware, and have sold off a tiny bit of it to pay some bills. I sold it at a jewelry/loan place, and was paid only about 60% of the worth of the silver in it.

Does the fact that you have to melt it down and refine it back to 100% purity make sterling worth a lot less? Or is it just the place I'm selling it? It just seems a bit ridiculous because LESS than 1% of sterling isn't real silver, that it would be worth HALF as much.

Anyone know of a way to sell sterling and actually get a decent deal?

Thanks!