(Or
Brokerages, not just JP Morgan!)
Not even the Swiss banks are safe!
Dec. 7, 2010, 5:49 AM
Jim Rickards: At Least One Swiss Bank Has Started
Refusing To Hand Over Physical Gold To Clients
http://www.businessinsider.com/jim-rickards-take-gold-out-of-the-bank-2010-12
Jim Rickards of Omnis has an interesting
anecdote about global gold mania.
He tells King World News of a client of a major Swiss bank who was
refused access to his one ton of physical gold ($40M) and was forced to make
threats to convince the bank otherwise:
“Correct, and through all of that eventually
the individual did get his gold -- it took lawyers, it took threats of
publicity, it took a lot of pressure to do that, which my inference is that
that gold was not there. The bank had to scramble, go out and find it
somewhere before they could make good delivery.”
To be safe, Rickards says you should take
out your gold out of the banks before governments freeze physical holdings.
The risk isn't unfeasible. Gold is already treated as a paper asset,
sold in futures, options and ETFs. All you need is a government order and
"gold" becomes something that isn't to be backed by real gold. At
which point you'd be wise to have real gold in a treasure chest at home.
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Some banks unwilling to hand over client-held physical gold and
silver?
Anecdotal evidence, so far, suggests some banks may be having trouble
laying their hands on client-owned bullion in their own vaults.
Author: Lawrence Williams
Posted: Thursday , 09 Dec 2010
http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=116632&sn=Detail&pid=92730
=====
JP Morgan's short position made the news for sfgate,
Home of the San Francisco Chronicle.
http://www.sfgate.com/cgi-bin/article.cgi?f=/...zinga668905.DTL
The article notes:
An article by Max Keiser which appeared in the Guardian on December 2,
2010 claims that the size of the short position is 3.3 billion ounces of
silver.
Max Keiser's 3.3 billion oz. number was my 3.3 billion oz.
figure, from my Nov 13th article:
http://silverstockreport.com/2010/shareholders-jpmorgan.html
I wrote:
See, the problem is that the silver price will hit $500/oz. just for
starters, by the time only 1% of people in the USA alone try to protect their
wealth from inflation by buying silver and gold, and the way things are going
in government, that's nearly a given by now.
If my reading of the OCC report is any indication, then JP Morgan's
short position in silver could be as high as 25% to 50% of the entire world
banking system's short position of $200 billion in silver (and that was when
silver was $15/oz.)!
JP Morgan's short position in silver could thus be as high as 3.3
billion ounces if we are conservative, and estimate their position at only
25% of the BIS report numbers. By $500/oz., JP Morgan's short
position could be worth a negative $1.5 trillion, and that's just for
starters. It could grow worse if they add to their short position, in a
misguided attempt to manipulate a market that is clearly moving against them.
=====
Rob Kirby tries to look more closely at JP Morgan's silver short
position by looking at the BIS report and comparing to the OCC report.
Something’s Wrong in the Silver Pit: But It’s Much Bigger
than J.P. Morgan
http://www.kirbyanalytics.com/
Rob Kirby analyses the BIS report and the OCC report of derivatives,
and notes that JP Morgan and HSBC, together, might only be responsible for
10% of the world banking short position in silver!
(Must be a member to read the full report.)
In sum, the OCC (US, such as JP Morgan and HSBC) silver derivatives
are about 13 billion, but the BIS silver derivatives are about 127 billion.
The total open interest in silver paper vs. gold paper ranges from 3:1
(world BIS Report), to 10:1 (COMEX and OCC reports), suggesting that those
might be more appropriate price ratios for the metals, suggesting that silver
prices should rise to anywhere between $150 to $500/oz. without gold moving a
bit.
=====
I looked at the BIS report numbers again, and noted something
changed! They changed prior numbers in their reports, perhaps due to
the increased scrutiny that the reports are getting! But I recorded my
notes on their report in my archives!
I note that I started quoting the BIS report over a year ago. I
noted recently as of April of 2010, that the June 2009 column listed the
notional value of silver derivatives as $203 billion, at which point, the
heat on JP Morgan started turning up.
http://silverstockreport.com/2010/doj.html
"The BIS, the Bank of International Settlements indicates that
the notional value of "other precious metals" (silver) in the
"over the counter" category increased to $203 billion by June of
2009.
http://www.bis.org/statistics/otcder/dt21c22a.pdf"
At some point since then, the data was changed! It now
lists the period of June 2009, as only $93 billion!
So, either the BIS report is lying, or someone, or many banks, who
reported numbers to the BIS changed the numbers for
the prior period!
=====
If you have had, or are currently having, trouble getting delivery of any
precious metals from any bank, and want to publicize it, please send me your
name, phone number, and the bank you are dealing with, and I will gladly
publish that information. Email: j@silverstockreport.com
Unfortunately, most gold and silver investors desire privacy, and so,
obtaining that data might be difficult.
=====
It appears to me that banks don't know where to get silver or gold
anymore, or they don't want to have to go into the market to buy it, as they
know that would bid up the price that they are actively suppressing!
Their monopoly on printing paper money is in danger of collapsing and is
rapidly coming to an end as people wake up.
As I see it, if the banks were short $203 billion of silver in June of
2009, when silver was $15/oz., then they are probably more like $400 billion
short now that silver is $30, or perhaps they are short even more!
Yet, physical silver is being purchased at only a mere 100 million oz.
per year, worldwide, which is only a $3 billion worth!
Yet, the banks typically charge a 1% storage fee on silver that does
not exist, which may range from $200 to $400 billion.
THE BANKS ARE LIKELY CHARGING STORAGE FEES OF ABOUT $3 BILLION PER
YEAR, ON UP TO $300 BILLION OF SILVER THAT DOES NOT EXIST, WHILE PHYSICAL
INVESTORS ARE ONLY BUYING ABOUT $3 BILLION PER YEAR OF PHYSICAL SILVER!!!!
I'll say that again, in another way!
99% of "investors in silver" do not own any silver, but only
a promise of silver from a bank that has no silver.
The "world" of silver investors are
paying about the same in "storage fees" for silver that does not
exist, as they are actually paying for in total physical silver that they are
getting for deliver!
=====
The "world" continues to remain utterly clue less about
silver.
Foolish Forbes acknowledges JP Morgan's silver short position and CFTC
investigation, but recommends SLV, where JP Morgan is the custodian, anyway!
http://blogs.forbes.com/robertlenzner/2010/12/06/silver-about-to-begin-new-sustained-uptrend/
=====
The "world" continues to remain utterly clue less about
silver.
In these markets, silver wins by default
By Tim Shufelt and Peter Koven,
Financial Post December 6, 2010
http://www.montrealgazette.com/business/fp/these+markets+silver+wins+default/3936245/story.html
"The fundamentals of the silver market certainly don't support a
spike that on Monday surpassed US$30 an ounce, the highest price since 1980
and an increase of more than 75% this year alone, analysts say."
Analysts say? Analysts say?! What analysts?
Names? None mentioned! Nadler? Christian?
Maybe? Insane.
The fundamentals of silver are that $3 billion is being purchased per
year, out of $300 billion in demand, because most banks are defrauding
people! Because, at $30/oz., 700 million new oz. per year of new mine
supply is only $21 billion, which is not nearly enough to satisfy all silver
investors without the price rising sky high,.
=====
Mainstream analysts remain clue less about silver, and admit ignorance.
$30 silver is it a buy or a sell?
http://www.mineweb.com/mineweb/view/minewe...tail&pid=31
"I am not sure what has moved this market to this 30-year high.
To the best of my recollection, the use of silver has diminished over the
years for different products such as photography and in the X-ray
field," said George Nickas, a broker of FC
Stone in New York."
Not sure what has moved this market? Insane.
Years ago, back in 2003, in nearly every article, I wrote the
following, in large print, in every "issue" of the silver stock
report, so nobody could miss it:
http://www.silverstockreport.com/reports/silverstockreport15.htm
Long before 1% of U.S. paper dollars tries to buy gold, gold will be
going up well over $1000/oz., and silver will be headed up over $50/oz.
Back then, that was unthinkable, laughed at. Back then, silver
was about $5-6/oz., actually, $5.76 in that report.
Here, today, at $28/oz. for silver, we see the supply/demand
numbers. Only $3 billion of silver purchased by investors per year,
about 100 million oz. That's 1.6% of 1% of the paper money supply of
$18,000 billion!
We are still a long way away from, and well under, when 1% of paper
money tries to buy silver. Our store will have 50 times as many
customers by then! By then, silver will probably exceed $500/oz.
How else can $180 billion fit into a $20 billion market???!!! It's no
surprise. Not sure what has moved this market? Please! How
dumb can the analysts get?
Such writers must have fried eggs for brains!
=====
Did I mention yet that he "world" continues to remain
utterly clueless about silver? They probably think it's only a color,
not a metal.
Silver - 2010's most popular car color
http://www.independent.co.uk/life-style/motoring/silver--2010s-most-popular-car-color-2156495.html
=====
MUST WATCH: The Curious Case For $936 Ounce Silver
http://www.youtube.com/watch?v=Bru2tVghbqw
Silver at $936 per ounce? Believe it. GATA's Adrian Douglas makes the
case for bullion bank metals price suppression, and for the TRUE value of one
ounce of gold.
=====
www.OneOverSpot.com is listing
more and more silver and gold for sale. But our prices at www.jhmint.com are
currently cheaper, and we have more available! But if we begin to run out, we
may start listing our bullion for sale on their platform more and more!
=====
Follow Max Keiser's latest on "Crash JP Morgan, Buy Silver"!
http://maxkeiser.com/
=====
Insider Info on Silver on "the JP MORGUE"
Hilarious! (A bit dirty, but funny.)
http://www.youtube.com/watch?v=Gl47z2g2EvI
Jason Hommel
Silver Stock
Report
I strongly advise you to take possession of real gold and
silver, at anywhere near today's price, while you still can. The
fundamentals indicate rising prices for decades to come.
Price Board:
http://hommel.name/cgi/priceboard?store=jhmint.com
Our Coin Shops are open 10AM to 5PM Pacific Time, Monday to Friday, closed
weekends.
JH MINT & Coin Shop, Grass Valley, CA -- our largest store, minimum $1500
to ship, USA shipping only, free shipping.
(530) 273-8175
Kerri: 530 273 -8822 silver_support3@hotmail.com
www.jhmint.com
Rocklin Coin Shop, CA -- 15 min north of Sacramento on HWY 80
www.rocklincoinshop.com
Mom's Silver Shop, Sacramento, CA
www.momssilvershop.com
3510 Auburn Blvd., #12
Sacramento, CA 95821
(916) 481 5656
(Mom will ship with no minimum order size, and overseas, and take credit
cards and paypal.)
Oakland Silver and Gold
www.oaklandsilverandgold.com
3929 Piedmont Ave.,
Oakland, CA 94611
osg2010@gmail.com
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