Monday, December 13, 2010

Has the Evil Empire, JP Morgan, Fallen?

JP Morgan, alias the Dark Side, seemingly has been beaten by the Jedis led by Max Keiser, fighting for a manipulation-free silver market. Mr. Keiser's campaign to bankrupt JP Morgan by prompting investors to buy at least one ounce of physical silver has been gaining steam steadily. JP Morgan has been widely believed to hold a large naked short position in silver, that has in the past acted to depress the market price of the precious metal.

Some commentators have ridiculed the belief that JP Morgan has been largely responsible for a long term, sophisticated scheme to manipulate the prices in the silver market netting billions in profits. At any rate, the bank's outsize role in the commodity was definitely controversial, and it seems the bank has caved. It has told the Financial Times that it has meaningfully reduced its role in the market, and that its new position was "materially" smaller, though whether that position is net-short or neutral is unclear. The bank says the decision was purely the result of it wanting to reduce controversy, though skeptics would obviously note that if it were short the metal, then the fact that silver continues to gravitate towards $30/oz would make for a good time to get off that train.

For my money I think we're just at the end of the first Star Wars movie. The Death Star is blown to smithereens, but the Empire can still Strike Back! After all, the evil emperor, Bernanke, is still safe and sound and plotting his evil plots!

Time is running out fast! Hyperinflation seems unavoidable as fiat paper money is being printed as fast as the US presses can run. To protect your wealth and your family, buy gold and silver now from these top companies, APMEX Gold and Silver and Silver American Eagles.



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