Eric Sprott, the Silver Bull, on KWN yesterday:
….”There could be an attempt to knock the price into the mid 20s before the next leg higher begins. That’s entirely possible. When you are dealing in a market that is this manipulated on the paper side, anything is possible. If that were to happen, it would be an even greater buying opportunity. I’m always nervous when I see massive blowouts in open interest because generally they are setting the market up to take it to the cleaners.” ….
Amp it up Sprotty boy; serve us up some major heat
Yer Sprotty, take it to setting 11-we can handle the extra power,
Imagine a world where theres a number 12 setting, now that would be really something.
Imagine that you control two companies or hedge funds, one is long silver and the other is short silver.
You would not be unduly disappointed if the market moved massively to the upside and the short company plunged into bankrupcy because you would gain on the upside in the other company or fund and lose other peoples money on the short side.
Now lets sit back and watch and see if that a dynamic yet to be revealed.
I think Silver will Slingshot.
“The historic silver to gold ratio is 16 to one. The geological silver-gold in situ reserve ratio is 17.5 to one. The current silver-gold ratio is 51 to one. ” Well Mr Sprott my Mexican silver miner production is 41m oz silver v 0.46m oz gold. That’s er.. 90 to 1.
I have noticed an increase in the volatility of silver price tonight, unlike anything I’ve noticed since the drive by shooting on May 1, 2011…. Silver is going up and down like a yoyo…. Started yesterday, expanded today… Almost as if the London trader is correct in saying the others have figured out the bankers’ algo trading, and are trading on all the best prices. We might have something here, where the other side has figured out how to keep the price up and take silver in short incremental movements – up and down – from the bankers, take away their profits, and make it a losing trade, all in one shot!!! Could be game changer… Will need to watch it for a few days… But VERY odd movements indeed !!!! (from a letter sent to Ranting Andie Hoffman)
is JPM pillaging that last bit of physical silver out of the COMEX?
registered ounces equals LESS THAN 30 million !!!
You just described JPMorgan 🙂
Firstly, thanks for making me take a good look at the facts and statistics again. Your post prompted me to get some data to check what you just said.
Maybe at YOUR silver mine in Mexico you’re correct. However, in terms of world production, you’re wrong.
Gold 2010 production was roughly 82MOz (http://www.kitco.com/ind/Chaize/may112010.html)
Silver 2010 production at the top 6 silver mines was around 140MOz
Therefore, assuming the rest of the world’s silver mines produced another 1090MOz (that’s quite a lot of silver) we are at the ratio of 15:1
Your proposal of a ratio of 90:1 would mean the world’s production of silver would be 7240MOz! An unbelievable figure.
JP Morgan Silver Manipulation
(And why you need to know why silver is headed up beyond $500/oz.)
Silver Stock Report by Jason Hommel, April 11, 2012