We haven't seen a true spot price for silver for a decade given JPM's & HSBC continued heavy manipulation/ suppression of silver & gold through massive naked short selling.
This heavy price suppression of silver doesn't seem like it is going to end soon either as the CFTC refuse to act on whistleblower information and the obvious naked shorting. Even one of its commissions has admitted their is considerable funny business going - Childer? Chilton?
The latest reports out of people like 'Harvey Organ' is that some buyers of JPM shorts have demanded delivery causing JPM to pay a premium to make them go away. This has become a new mechanism for some Asian traders to make money out of JPM. Buy their shorts, demand delivery and get a premium to not take delivery.
You would have to say then the genuine spot price of silver is - the market spot price PLUS whatever premium JPM is paying to buyers to not take delivery. If buyers wont take cash settlements then JPM has to go to the market to buy real silver to deliver and that would skyrocket the price.
THere was the campaign - crash JPM buy silver. I reckon the campaign should be ...crash JPM demand delivery. If JPM had to make delivery its premiums on cash settlements (illegal) or its short covering getting the real stuff would bankrupt it.
The latest rumour was now that China has joined the shorting of silver to lower the price for which is then loading up on physical silver.
The problem is whilst these corrupt banks and LBMA are supressing gold and silver the likes of China and Russia are laughing and loading up at below true market prices.
The latest take down of gold and silver may be an attempt by JPM to start clearing its short positions and covering at lower prices. Wait and see. Either way Silver is the long term play.
CCU Price at posting:
63.6¢ Sentiment: Hold Disclosure: Held
