>>5372879
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Under the directive of Charlie Munger & Warren Buffett, Berkshire Hathaway bought their then record sized 129.7 million ounce silver stack in 1998 only to sell later in 2006 (allegedly to begin the underlying silver position of SLV, the still most popular silver ETF traded today).
Since 2006, JP Morgan has been both an active SLV Authorized Participant (one of only a few financial institutions able to withdraw physical silver bullion from SLV's London warehouses for equity shares). As well also, JP Morgan is the sole SLV Custodian since the exchange traded fund began in 2006. This means they are in charge and ultimately responsible for overseeing all the physical silver being held in SLV.
JP Morgan Chase
2011 / 2018: +133.1 million oz Silver
This latest record silver bullion acquisition saga stretches its alleged start back to the Global Financial Crisis. In March 2008, Bear Stearns (a then large trader in silver futures derivatives) collapsed and was taken over by JP Morgan.
Only a few years later JP Morgan began adding silver bullion to its COMEX coffers, coincidentally following the near $50 oz price high of silver in April 2011.
This same firm, whose namesake once testified before the US Congress over a century ago stating “Money is gold, and nothing else”, now has a record high 133.1 million ounces of physical silver in its COMEX warehouse inventory.
Why?
JP Morgan Chase
2011 / 2018: +133.1 million oz Silver
This latest record silver bullion acquisition saga stretches its alleged start back to the Global Financial Crisis. In March 2008, Bear Stearns (a then large trader in silver futures derivatives) collapsed and was taken over by JP Morgan.
Only a few years later JP Morgan began adding silver bullion to its COMEX coffers, coincidentally following the near $50 oz price high of silver in April 2011.
This same firm, whose namesake once testified before the US Congress over a century ago stating “Money is gold, and nothing else”, now has a record high 133.1 million ounces of physical silver in its COMEX warehouse inventory.
Why?
The start of JP Morgan’s COMEX silver bullion stacking began only a few months removed from outspoken financial commentator Max Keiser's November 2010 public plea to ‘Buy Silver, Crash JP Morgan’.
This was broadcasted across the world on Russia Today (RT is funded in whole or in part by the Russian government).
As a quick aside, the Russian government has been actively acquiring physical bullion heavily over this same time. Here you can see their pictures to prove it.
Perhaps an early 2009 silver price of $9 oz to a 2011 spring $50 oz high, gave JP Morgan a long silver trade idea which it has since acted upon?
The COMEX is the most important price discovery mechanism for world silver prices. Even its parent company’s CEO is on record stating current bullion prices are too low.
Why does JP Morgan now hold over 50% of the total COMEX physical silver bullion holdings?
For years now, hosts of silver market analysts have explicitly defamed JP Morgan’s activities in the world silver markets. They publically allege continued fraud and market manipulation by JP Morgan in silver without any defamation or libel lawsuits as repercussion (perhaps JP Morgan has discovery process fears). Regardless assertions remain that JP Morgan actively engages in a concentrated silver price suppression scheme (on the COMEX) whilst simultaneously acquiring physical silver bullion ounces on the cheap.
And not merely the current record 133.1 million ounces of silver that is transparently published in JP Morgan’s COMEX silver warehouse data (which could of course have their client interests attached), but also alleged are additional 100s of millions of more silver bullion ounces that have been withdrawn from SLV and potentially purchased through other sovereign silver bullion coin mint programs (specific estimates are as high as +675 million ounces in total).
Why allegedly acquire about 75% of a commodity’s annual global mine supply over a seven year timeframe if not for speculating on substantially higher prices in the medium to long term?
Maybe by acquiring large bullion positions JP Morgan is hedging higher ‘capital buffer requirements’ mandated by the BIS’ Financial Stability Board who explicitly cites JP Morgan as the most risk-laden global systemically important bank today (G-SIB).
Perhaps it’s simpler than that, mere future profits.