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Old 07-20-2012, 07:35 AM   #1
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Doodoo JPM and silver (hearsay and speculation)

Quote :
...
Murphy’s source also states that JP Morgan’s CIO derivatives losses are actually tied to the Bear Stearns short silver positions JPM inherited from the Fed in 2008, and that the LIBOR scandal will soon engulf JP Morgan in a SILVER MANIPULATION scandal- likely when the CFTC releases their findings on their silver manipulation in the next 30-60 days!
...
The bottom line here: my well informed source tells me that the Jamie Dimon lament is about a derivatives problem that also involves the silver position JPM took over for the Fed when Bear Stearns went belly up. I hope to have more particulars on this declaration in the near future. The main point is that JPM has some serious issues with their present short silver position and is having difficulty extricating itself from that position. Whether it has to do with coming up with a large amount of borrowed physical silver, I am not sure. We will stay on the case and report on any new developments.
...
http://www.silverdoctors.com/bill-mu...-june-of-2011/

It is widely speculated that JPM essentially stole the 1.4MM ozt of physical silver that was due to MF Global clients. I wouldn't be surprised to discover JPM managed to abscond with whatever physical silver was due to PFBest's clients too.

Seems like a bit of smoke hanging in the air.
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Old 07-20-2012, 07:38 AM   #2
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Bill Murphy's London Source: "Big Gold & Silver Moves Coming in August"

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Old 07-20-2012, 07:44 AM   #3
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Off topic:
It is creepy the number of times I read an article elsewhere, flip back to this website and see PMbug just posted a thread about the same article.

Back on topic:
While some seem to think this will sink JPMorgan and cause prices to jump in the fall, I would not be suprised if JPM gets out of this with a fine.
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Old 07-20-2012, 08:23 AM   #4
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...I wouldn't be to surprised, if we witness another attack(s) on silver instead, why the hell not - if "your shorts are not in order", well, you double down on them - sounds familiar in JPM's case, no?

EDIT: time to play volatility in silver using that "saddle" technique in options, that Swissaustrian have described?? It seems that either they win, and silver goes significantly down, or they loose, and silver goes significantly up.
http://www.pmbug.com/forum/f3/how-tr...g-options-343/
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Last edited by bushi; 07-20-2012 at 08:29 AM.
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Old 07-20-2012, 08:59 AM   #5
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Originally Posted by bushi View Post:
...I wouldn't be to surprised, if we witness another attack(s) on silver instead, why the hell not - if "your shorts are not in order", well, you double down on them - sounds familiar in JPM's case, no?

EDIT: time to play volatility in silver using that "saddle" technique in options, that Swissaustrian have described?? It seems that either they win, and silver goes significantly down, or they loose, and silver goes significantly up.
http://www.pmbug.com/forum/f3/how-tr...g-options-343/
Options price increases as the underlying asset's volitility increases, but it would be interesting to look into. I know people that bet against silver on fridays due to their belief that silver tends to drop most Fridays.
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