Click here for the JP Morgan’s announcement that it will reduce its silver short position.
A victory, but groovygirl doesn’t quite believe JP Morgan and suggests to continue to buy silver to break JP Morgan. JP Morgan could do a couple of things, sell some short positions to another fund they control or just announce they are selling and really do nothing and jam the market in the meantime. Click here.
We will keep an eye on this. Whatever the outcome, still a great victory for Max that JP Morgan has to respond in some way. The power of the internet.
Speaking of Max, great interview via his website with Harvey Organ. Click here. This is a very important interview! Lots of info on the precious metals market and the bond market and the coming derivative blow-up (part 2). Rob Kirby says: a 1% rise in interest rates costs JP Morgan a half a trillion dollars and wipes them out. So, Fed either bails out JP for another trillion or they let them fail. Either way, derivatives will implode the global banking system either slowly or quickly. There is no turning back now.
Click here for more info from Mr. Kirby on the bond market derivative scam. Take a look at that derivative chart and note the huge gap between total assets and total derivatives for every single US Bank. The only reason these banks have not failed is creative accounting by law and Fed bailout money (your tax dollars). At some point those issues must give. This is the loss of confidence we, as gold holders, are looking for.
Groovygirl also wants everyone in the first world to take note of this mountain of derivatives. When the governments try and blame taxpayers for too much debt and not enough sacrifice, show them this chart (it will be so much worse by then). It displays very clearly who is responsible for the global debt problem and implosion.