The Silver Bullet

 

…the Bank Participation Report data show that one or two U.S. banks (JPMorgan) make up 96% of the entire commercial net short position in COMEX silver futures. Not the 4 largest traders, as in gold, but the one or two largest traders. And we know it is a U.S. bank or banks. That should have your head spinning. The big U.S. banks have masterminded the financial disaster impacting us all, and should be barred from trading of any sort. Yet one or two of them hold the entire commercial net short position in COMEX silver futures.

The next time the CFTC tries to tell you that concentration isn’t the only issue proving manipulation, you should laugh in their face. One U.S bank, JPMorgan, holds perhaps the entire commercial net short position in COMEX silver and that’s not proof of manipulation? What is? To claim they are legitimately hedged is a joke. All the world’s silver hedging must go through one U.S. bank? Get serious.

 

I find it amazing that one bank can be short the entire silver market. It will be interesting to see what happens in the weeks and months ahead as the Silver chart unfolds. I’m currently rather bullish on silver and I think we’re in for a proverbial shit-storm of inflation in the coming months. As of today I’m currently long multiple contracts of SLV options with a January 2010 expiry date across various strike prices.