This is the problem. JPM has a corner on the gold market with 85,000 long gold contracts. JPM also owns the corner on the silver market with a 13,000 contract silver short position. In gold, they own 23% of the long contracts which is manipulation. In silver they own 16% of the short position in silver.
From Ted Butler yesterday.
As I indicated earlier and as of the cut-off, JPMorgan was net long 23% of the COMEX gold futures market (once spreads are removed). On that same basis, JPMorgan is short 16% of the COMEX silver futures market. This is down substantially the 40% net short position in COMEX silver that JPMorgan held a couple of years ago, but is still outrageously high and also qualifies as a short corner on the market. Whereas JPMorgan is likely decreasing its gold long corner on the market, it is increasing its silver short market corner. Our nation’s most important bank has two market corners going at the same time; all while the regulators pretend not to notice.
So did JPM fall on the sword to cap silver from running much higher last week with their 100 million profits on the gold calls they sold? I think so.
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