why silver can't get over 29

bronco2078

An article from ted butler claiming JPMorgan has been the sole net short seller in silver over the past two weeks.

25 million ounces give or take

sbeverly

Thanks for the link...

cohodk

Had JPMorgan not sold short 5,000 or more net additional contracts in COMEX silver over the past two weeks, the price of silver would have climbed even higher. Why? Because without JPMorgan selling, someone else would have had to sell in their place. Those sellers would have demanded a higher price


What would they have demanded? $50? LOL The lengths some people will go thru to twist facts and interject supposition is what is "outrageous".


Gold hasnt exactly gone up, so why should silver?


Must be manipulation. Yeah, thats it. Manipulation.


Sorry OP, but dont these "stories" become tiresome?

piecesofme

So, respectfully asking, what the hell is/are the reason(s) why Silver can't break $30 this attempt?

cohodk

<< <i>So, respectfully asking, what the hell is/are the reason(s) why Silver can't break $30 this attempt? >>



Obviously the sellers outnumber or are equal to the buyers.

From the lows a few weeks ago, gold is up 7-8%. Silver is up 6-7%. So whats the deal with $30? To say that silver would be north of $30 if JPM wasnt "illegally, or with the blessing of the Govt" manipulating the market is just a comment from a sorry whiner who has very little knowledge of markets.

When buyers outnumber sellers then the price will go up. Its simple. But for those concerned, if JPM was shorting silver, wouldnt you think they thought it was going down? Are they in the business of losing money? Are you smarter or bigger than JPM? If not, then stay away from markets you dont understand.

piecesofme

Geez! What's with the f'in attitude? I just RESPECTFULLY asked a question.

cohodk

And I answered. I wasnt directly speaking to you however. Just wonder why everyone buys into all these manipulation and conspiracy theories.

If you remember, I mentioned that $28 was an important number for SLV. Thousands of traders across the globe are looking at the same info. Once it broke 28, that becomes resistance. Sellers will come in at that level which prevents the price from going higher. Once the buying becomes strong enough to overwhelm the sellers at 28, then the price will go higher.

But to say if all JPMs fault is just plain ignorant. But then again, preying on ignorance is what pays the bills.



edited----Oh yeah, and i'm in a fightin mood!!!

piecesofme

Oh yeah, and i'm in a fightin mood!!!

Sorry to hear that for you, not good for ones health. I prefer to discuss matters in a civil manner. I'm not your guy, this time

bronco2078

I don't get tired of them I don't necessarily believe them either I think its bounced off of 29 pretty hard and people like to act as though they have all the answers.

I think ted is saying JP morgan is acting as a seller of last resort . So if buyers are bidding say 28.75 and sellers want 29.25 morgan steps in and sells at 28.75 with silver created out of thin air. If you look at a thinly traded market like nucleo exchange I think you could do something like that with physical metal , of course if you sell there you actually have to deliver so you would run out . You couldn't have a lasting effect.

I can't find a website where I can lookup these sales to confirm what he says is true. It isn't in the free data thats on the COMEX site.

renman95

I like her at 29. She seemed a bit old for me at 50.

NumbersUsacom

The Weekly and Monthly December Silver Contract still look very promising. The daily is sweating it out. The hourly is peaking above the 72 ema again, there is certainly a struggle of wills at this juncture. This is like the 8th round, bloody but resilient, with neither contender landing a knock out punch Yet!

cohodk

think ted is saying JP morgan is acting as a seller of last resort


Not sure what this "seller of last resort" thing is. Maybe there just arent enough buyers to push it higher? Not everyone believes silver is a salvation. Most BIG investors view silver as an industrial metal. The European situation is causing a slowdown all across the planet. If industrial usage is not going up, then neither will the price.

cohodk

Or maybe Pan Am Silver is hedging against their mining operations. Maybe they dont think silver is going higher so they are selling contracts against their expected production. And maybe they are using JPM as the broker. This would make it look like JPM is purposely "naked short selling" the market, when in fact they are only acting on the behalf of a customer.

Nah, that makes too much sense.

joefro

Amigo

I wonder if the 3/4 billion in JPM shorts has anything to do with unwinding the supposed elephant hedge somehow. I doubt it, but that's a lot of activity for 2 wks

TwoSides2aCoin

I tend to buy more silver as it goes up and sell more silver as it goes down. Who's causing that ?