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| USD Daily Since Oct. 2008 |
The past few days have seen major volatility in a market that is small. The commercial banks have been taking advantage of their concentrated positions to try and cover their asses for the positions they got stuck holding...way to go Harvard. Since yesterday the banks have added large amounts of silver. JPM added 142% more silver to their growing dark pool of Eligible holdings. Scotia Mocatta added more to its dark pool, 4.69%. Keep your eyes on the physical metal market. The price is fiat and with these banks as Market Makers they have access to free capital through the Fed. The price has tanked and these banks are CLEARLY buying up the physical to cover themselves. The pressure is on and people ought to be buying up as much physical as they can if they have very large net worth denominated in USD.
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| Silver June Futures Since Last Wednesday |
RANsquawk was giving updates that suggest San Francisco Fed Chairman Williams hinted that QE2 exit singles will be hinted at in regular policy statements. The Fed will plan its exit from the practice of just injecting money at will and when it does, equities will fall and hopefully Dollar will have corrected. As for Silver, I'm losing hope that anyone cares enough to actually stop JPM and the banks from manipulating this market. If you are in game, stay protected and keep your eyes on the metal market inventories and follow the physical, ignore the SLV contracts and the paper garbage.
Posted Today May 4
Posted Yesterday May 3
Posted Monday May 2
