What if JPM and others just don't actually HAVE the physical silver to cover their various notes etc. Are they going short because they just can't cover their outlays. Has the look of a Ponzi scheme big enough to make Madoff look like a school kid. Other wierd things are happening in gold too, with China encouraging people to acquire physical gold (1.3billion chinese is a lot of little bits of gold), Belarus refusing to exchange the rouble for gold, and some Texas university taking delivery of a billion $$ worth of gold bullion. Apparently no one has inventoried Fort Knox for years either.
Silver and gold in a physical form can back up a currency, and the US may well be told by creditors that its USD is worth so little that debts need to be repaid in gold or silver. Would be interesting to know how much they actually hold in physical form in their various vaults. My only worry is that if it comes to the crunch, governments may try and confiscate gold, much as the USA did in 1933 (and kept it that way until the 1970s, when it again became legal to own physical gold). That's not really so long ago when you think about it. Just something to ponder.
