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In 6 Days, JP Morgue Has 41% More Physical Silver.

Comments

  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    Let them play their games, I got nothing but time to add to my stack before even entertaining the notion to sell any.
  • cohodkcohodk Posts: 19,102 ✭✭✭✭✭
    The Hunts were stupid and greedy. They bought it at 3-4 and didnt even think about selling it in the 40's. I do see many similarities.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Story of the Hunts

    The Hunts would have been ok if they stuck to physical. They had 130 MILL ounces of it averaged in at around $10/oz with most of it kept over in Switzerland.
    It was the 90 MILL+ in margined futures contracts at an average price around $35/oz that got them. I suspect they never thought the boyz would change the rules
    so drastically. Even after silver peaked in January, they were still buying more silver well into March thinking they could boost the price if they could find more buyers.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • derrybderryb Posts: 36,793 ✭✭✭✭✭


    << <i>The Hunts were stupid and greedy. They bought it at 3-4 and didnt even think about selling it in the 40's. I do see many similarities. >>


    Reckon many of us here are more stupid and more greedy. image

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • cupronikcupronik Posts: 773 ✭✭✭
    What's the truth about the Hunt Brothers?

    I was told by an 82 year-old coin dealer recently that back in 1980 the boyz of the CFTC changed the rules denying the Hunts further silver future purchases i.e. the only action the Hunts could take was selling (no new buying.) That's different from raising the margin requirements of today.
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    So they added 190,000 ozs. One phone call to Tulving and they could add 450,000 according to thier website (yes, I realize it's not all COMEX deliverable).
  • ttownttown Posts: 4,472 ✭✭✭


    << <i>So they added 190,000 ozs. One phone call to Tulving and they could add 450,000 according to thier website (yes, I realize it's not all COMEX deliverable). >>



    I realize that. I'm not sure how much you've been following JPM but they now have a vault. They have been purchasing all the platinum they can get a hold of the last 2 years. GS recommended to their clients to sell platinum, it all seems to me like a way to cover their shorts with the real thing. When JPM is buying physical anything and storing it instead of paying the paper markets I take note. JMO

    BTW I think I posted the JPM / Platinum article in a thread two weeks or so ago if your interested.
  • WingsruleWingsrule Posts: 3,010 ✭✭✭✭
    Thanks. I will have to look for that platinum thread because it doesn't sound familiar.

    Yes, I am aware they they have their own vault. Seems to me I recall hearing on how quickly it went through the approval process here on the boards. But 190,000 oz x $50 oz = $9.5 million. That's rounding error to a company of their size. Perhaps they couldn't take delivery of any more in that period? I don't know.

    And I agree - if they're buying, perhaps I had better contemplate the same.

  • jmski52jmski52 Posts: 22,824 ✭✭✭✭✭
    The Hunts were stupid and greedy.

    I'm not sure how stupid they were, since 1) CFTC jacked up the margin requirements on their existing positions, 2) prohibited new long positions and only allowed selling, and 3) the Fed tightened significantly, with the stated intention of making credit much more expensive & harder to get.

    It's like holding a straight in a game of 5-card draw (with nothing wild) and having the house change the rules after your bet - to allow both wild cards and a draw to 7 cards, on the last draw of the last hand - with a full pot.

    That's not stupid. That's getting screwed by the house.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,793 ✭✭✭✭✭
    Rule #1 - the rules can be changed.
    Rule #2 - Maintain adequate risk assessment (what can go wrong?)

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭


    << <i>The Hunts were stupid and greedy. They bought it at 3-4 and didnt even think about selling it in the 40's. I do see many similarities. >>



    Agreed. Someone who only buys and never sells, and keeps buying even when he has enormous unrealized profits... that's just nuts.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • streeterstreeter Posts: 4,312 ✭✭✭✭✭
    Agreed. Someone who only buys and never sells, and keeps buying even when he has enormous unrealized profits... that's just nuts.

    The silver game is not for the weak of heart. Those who think they have it all figured out just haven't seen the whole enchilada thrown at them.

    Buffet didn't ,,the Hunt boys didn't,, this reversal is still shakin out weak players and it seems if you like it this way, you'd love Vegas.

    Silver right now is not an investment....it's a gamblers paradise.

    I believe in my gut that it will settle down to 20...maybe not right now but within a respectable time and if it can hold 20 for awhile...that will drive it to 15.

    I think they'll keep changing the game to get it down to 20. At 15-20, I'll buy tubes of SAE again. Not before. I loath Vegas with my money.
    Have a nice day
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