Silver just jumped over $20
Steve27
Posts: 13,274 ✭✭✭
Anyone know why?
"It's far easier to fight for principles, than to live up to them." Adlai Stevenson
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is, but it's interesting and gives a possible reason for the steady increase.
JPMorgan silver
Here's a snippet.
Bear Stearns previously held the silver short position that is now controlled by JP Morgan. The very day that Bear Stearns failed in March of 2008 was the day that silver reached its multi-decade high of $21 per ounce. Although nobody in the mainstream media has ever reported this, the real reason the Federal Reserve was so eager to orchestrate a bailout of Bear Stearns is because Bear Stearns was losing control over the price of silver. If they were forced to cover their shorts, silver could have quickly risen to $50 per ounce. A breakout of this size in the price of silver would signal a loss of confidence in the U.S. dollar and trigger a currency crisis.
In just the same way that it wasn't a coincidence that silver reached its high of $21 per ounce the same day Bear Stearns failed, it might not be a coincidence that silver is now at its highest level since March of 2008 with JP Morgan claiming to be exiting proprietary trading of commodities. JP Morgan has been slowly starting to cover its silver shorts in recent months, but still holds the majority of its silver short position. In recent weeks, silver's rise has come with very low volume. JP Morgan isn't rushing to cover their shorts, but at least they aren't increasing their shorts like they normally would at this time. Now is the time that JP Morgan would normally act to slam the price of silver down. If we don't see JP Morgan make a noticeable attempt to manipulate down the price of silver within the next couple of weeks, it could be a sign that their manipulation is over.
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Come on $21........
One of these days, Silver is going over $20 and staying over.
Is today the day? Duh'no..... butttt very soon $20 will be the floor -- not the ceiling.
Just like the folks who said they would get back in when gold goes under $1k ....
Keep on Stack'n !!
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Silver is the mortar that binds the bricks of loyalty.
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
<< <i>Just my $20+ worth .......
One of these days, Silver is going over $20 and staying over.
Is today the day? Duh'no..... butttt very soon $20 will be the floor -- not the ceiling.
Just like the folks who said they would get back in when gold goes under $1k ....
Keep on Stack'n !!
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Because it's been building a base since March of 2008?
roadrunner