JP Morgan’s Massive Paper Silver Naked Short Position

In A Critical Update, Eric Sprott Dissects This Week’s Mauling of Silver:
What They’re Really After is Silver.  The HUGE Short Position in Silver, if it Ever Got Out of Control, Every Dollar Up is $1 BILLION in Losses. They’re Trying to get it Under Control.

But They Can’t Get the Longs to Capitulate! 


JPMorgan’s Imaginary ‘Physical Silver Hoard’ Is Explained – Jeff Nielson

Over the past couple of months, several respected commentators and (of course) the mainstream media have been reporting that JP Morgan has supposedly amassed a gigantic hoard of “physical silver”, roughly twice as large as what was amassed by the Hunt Brothers (and their cartel) back in 1980, when the Hunt Brothers were formally charged and convicted of “cornering the silver market”.

This report was previously greeted with extreme skepticism in a previous commentary, for a multitude of reasons. When the Hunt Brothers were charged/convicted of cornering the market; their hoard accounted for less than 20% of total global inventories, yet this “squeeze” on the market resulted in the price of silver soaring by a factor of ten (i.e. 1,000%).

The JP Morgan “silver hoard” is supposed to be twice as large as that of the Hunt Brothers; yet it comes at a time where global silver inventories are at best one quarter as large as back in 1980.

In other words, the JP Morgan silver hoard (if it existed) would represent a market concentration of at least eight times as extreme as that of the Hunt Brothers.

Morgan Obelisk
“Millionaires do not use astrology, billionaires do.” -J. P. Morgan

Yet while JPMorgan has been accumulating this supposed hoard; the price of silver has been falling.

Let me repeat this point, to ensure that it is clearly grasped by readers.

We have a supposed market concentration today in the silver market by JP Morgan which is eight times as extreme as that of the Hunt Brothers (when the price of silver increased by 1,000%); yet, today, the price of silver has been falling, not spiking higher.

How is this possible? It’s not.

There is no rational/legitimate market (or universe) where a market concentration of this supposed magnitude could not result in a dramatic, upward spike in price. Period.

Certainly if this much silver was ever dumped onto the market (rather than supposedly withdrawn from the market), we know what would happen to the price of silver: it would plummet lower.

Newly Discovered Secret Stash Of Silver From The Manhattan Project ~ Nope!

Secret Stash Of Silver From JP Morgan 350 Million Ounce Hoarding

~ Nope!

[FYI => All silver used in the Manhattan Project was absorbed back into the market 47 years ago in fact, all the way back to May 1970 ~ see page 67.

So when you read commentary about Greenspan and others allegedly wondering since 1990 where all the alleged silver is coming from, I posit that it is a specious red herring and in reality, the “all” is coming from “PAPER DERIVATIVES” aka; IMAGINARY SILVER without any physical component.

Here’s the FACTS from the Office of the Comptroller of Currencies (OCC)

(Table 9) Precious Metals = Mostly Silver JP Morgan = $16.7 Billion Citibank = $8.3 Billion

The U.S. Supreme Court also was not convinced 2017 that there was a physical component and reversed an appeals court decision sending JP Morgan back to stand trial on silver market rigging and violation of antitrust laws. Supreme Court Of The U.S. Ruled 2017 JP Morgan Chase To Stand Trial For Violating Antitrust Laws & For Rigging The Comex Silver Market ~ Volubrjotr]

Obviously “markets”, by definition, move in two directions. If dumping massive amounts of silver (and even paper-called-silver) onto the market causes the price to crash, always, then withdrawing massive quantities of physical silver from the market must cause the price to soar. Always.

This brings us to the explanation of JP Morgan’s latest gigantic silver-fraud, and the purpose behind that fraud.

Further enlightenment comes via the interesting observations of Bill Holter (from June 26th):

First, we have an insane situation brewing in Comex silver. The open interest finally exceeded 200,000 contracts (1 billion ounces). I believe the only other time this much open interest existed was back in 1980 or ’81. This makes no sense whatsoever, the price is again plumbing 4 year lows yet open interest has moved to record highs…?

In other words; we have Mr. Holter reporting a market-insanity precisely parallel to what was just noted before this, where JP Morgan has purportedly accumulated an extreme, long position in the silver market (larger and more extreme than in 1980), yet the price has gone down rather than up. Holter continues:

  1. The fact open interest has expanded while price has declined is proof positive the “initiation” of this expanded open interest has been by “shorts” but absorbed by “someone” on the other side of the trade.
  2. Total global production of silver is only 800 million ounces or thereabouts so Comex shorts have contracted to deliver 25% more silver than will even be produced globally over the next 12 months.
  3. Silver available for Comex delivery only totals 57 million ounces so they sit on a naked short time bomb of more than 950 million ounces! [emphasis mine]
The offices of JP Morgan in the Canary Wharf district of London, January 28, 2014. Police said they are investigating the “non-suspicious” death of a man who fell onto a ninth floor roof at the European headquarters of investment bank JP Morgan in London’s Canary Wharf on Tuesday morning. REUTERS/Simon Newman (BRITAIN – Tags: BUSINESS) – RTX17Y9Y

AGAIN ~Here’s are the FACTS from the Office of the Comptroller of Currencies (OCC)

(Table 9) Precious Metals = Mostly Silver JP Morgan = $16.7 Billion Citibank = $8.3 Billion

Enter JP Morgan:

Obviously one does not have to be Sherlock Holmes to deduce who is the “someone” on the “other side of the trade.”

They are the facilitator for the construction of this gigantic, illegal short position.

In an ironic example of role-reversal;

  1. we have JP Morgan playing the part of the patsy-long,
  2. absorbing all of the bets of “the other side” in this serial shorting –
  3. by other Big Bank tentacles of the One Bank (such as Scotia Maccotta and HSBC).

While undoubtedly many reader questions still remain about this malevolent “super-entity”, certainly one question rises above all others.

Can we put a specific name to this “one bank”?

Apparently so:


Simultaneously; we have JP Morgan claiming to have accumulated a massive hoard of “physical silver”, when the market tells us that this could not possibly have occurred. Hence we know that the JP Morgan silver hoard is imaginary silver.

But this begs an obvious question: why would the most-notorious silver short in the history of the silver market pretend to accumulate a massive long position – while still holding a large short position, itself?

To say that this makes absolutely no sense is the greatest of understatement.

Obviously there had to be an ulterior motive to this sham, as JPM would certainly never engage in any behavior to deliberately drive-up the price of silver, which is precisely what it seemed to be doing here.

So, why hasn’t the price of silver risen from $20/oz (roughly where it was when JP Morgan supposedly began covering its shorts, and supposedly began massive “long” buying) [of 350 Million ounces] to more than $200/oz (USD), which would be an absolute minimum price gain, given that the parameters here are much more-extreme (in every way) than the Hunt Brothers episode?

Now, via Bill Holter, we see this “ulterior motive”, plain as day:

they [i.e. the One Bank] sit on a naked short time bomb [JP Morgan’s Imaginary Silver] of more than 950 million ounces!

[What is ‘Naked Shorting’

  1. Naked shorting is the illegal practice of short selling shares that have not been affirmatively determined to exist.
  2. Ordinarily, traders must borrow a stock, or determine that it can be borrowed, before they sell it short.
  3. Due to various loopholes in the rules, and discrepancies between paper and electronic trading systems, naked shorting continues to happen.


How do you defuse an absurdly gigantic, naked-short, time bomb in the silver market?

With an absurdly gigantic “hoard” of physical silver, conveniently delivered to the market, as needed, to prevent implosion of this time bomb.

And in our criminalized system, if you don’t have a hoard of real silver available for this defusing;

imaginary silver will be a perfectly good substitute.

Orgy Of Rothschild Bankers: No Such Thing As Conspiracies


Let me refer back to the commentary which first scoffed at reports of JPM’s imaginary silver hoard:

…The purpose of JP Morgan pretending to hold “a massive long position”?

That’s an easy one.

Jaco Rothschild “Is The Poster Boy” ~ “The World Is Not Enough”

To Destroy Physical Silver As Money

  1. To Fabricate A Dump Using Imaginary Silver
  2. To Prevent An Explosive Rise In Physical Silver
  3. To Protect Rothschild’s “One Bank” needing to cover their 950 million ounces Of illegal naked shorts
  4. To Prevent Silver’s Competition Against Rothschild’s Fiat Digital Currency Scheme Where He Controls Your Life
  5. The Dollar Is Coming Home To Die: Dumped By The World
  6. Rothschild’s Federal Reserve Printed Fiat Dollars 4Xs The Value Of The Global Gold Supply

If JP Morgan pretends to be holding a 350-million ounce hoard of silver and its criminal accomplices who operate and (supposedly) police these markets go along with this massive sham; that is 350 million “ounces of silver” which this fraud-factory could claim to dump onto the market – as part of some future operation to crash the price of silver.

This is exactly what we seem to be seeing now, except with one, different wrinkle.

Instead of JPM’s imaginary silver hoard being used to drive-down the price of silver still further (from already extremely depressed levels); this imaginary silver hoard will be dumped onto the market to “cover the shorts” – to prevent an explosive rise in the price of silver when these naked shorts would (otherwise) implode.

All that remains is to put this latest “operation” in the silver market into the overall context of the looming economic catastrophe which approaches.

What happens in sane, legitimate markets, when some economic disaster, and/or panic occurs?

People seek shelter in humanity’s most time-tested “safe havens”, gold and silver.

What happens when populations collectively move into these safe havens?

The price for these precious metals explodes higher.

However, as we have seen for most of the last 40 years, and all of the last 25 years; this is the one thing which the “One Bank” seeks to prevent, with literally all of its criminal might.


When you are planning to crash global markets (in order to profit from your foreknowledge of that scheduled crash); you know that doing so will put tremendous upward pressure on both gold and silver prices, and gold and silver demand, in markets already (criminally) stretched to the breaking-point.

How do you blunt such a price-spiral, and hopefully the explosion in demand which would/should accompany it?

By scheduling a price-crashing operation in the silver market simultaneous with, or slightly after your other, larger “operation”.

If Niccolo Machiavelli were alive today, he would be carefully taking notes, as he observed the schemes and crimes of the One Bank. [He died a Christian]

Sprott Money

Here's the FACTS from the Office of the Comptroller of Currencies (OCC) (Table 9)Prec Metals= Mostly Silver JP Morgan = $16.7 Billion Citibank = $8.3 Billion

Here’s the FACTS from the Office of the Comptroller of Currencies (OCC)

(Table 9) Precious Metals = Mostly Paper Silver JP Morgan = $16.7 Billion Citibank = $8.3 Billion

JP Morgan’s Imaginary ‘Silver Hoard’ is just another gigantic paper silver-fraud, and the purpose behind that fraud

Supreme Court Of The U.S. Ruled 2017 JP Morgan Chase To Stand Trial For Violating Antitrust Laws & For Rigging The Comex Silver Market

Demystifying Precious Metals Propaganda:

andy hoffman

In March 2010, Andrew Maguire came forth as the first – and to date, only – whistle blower from the London bullion trading community, where the hideous collusion’s to suppress prices we learned of last week – in both gold and silver, for at least the past decade – are more the rule than the exception.

Which I cannot emphasize enough, were only able to occur -still, to this day – due to the implicit; and in some cases, explicit; government “backing” of such manipulations.

If you continue to succeed with the same strategy each day – like, for instance, naked shorting paper gold and silver at the “2:15 AM” open of the illiquid London “pre-market” session; and it subsequently declines on 753 of the next 868 trading days (the current “streak,” as depicted below); nearly always, via the Cartel’s prototypical “Cartel Herald” algorithm; and of course, with no one so much as chastising you (that is, until the recent Deutsche Bank lawsuits – which I assure you, are just getting started); why not continue doing so every day? gold-december-19-2016

At the time, Maguire’s shocking CFTC testimony regarding blatant gold and silver price manipulation (read: suppression) was mocked, particularly given the “fake news” propaganda that attempted to portray him as having an alternative agenda.

However, it turns out he was 100% correct; and after meeting him at GATA’s 2011 London Conference, I could not be more confident about his background, knowledge, or motivation. To that end, I wrote “demystifying Andrew Maguire” on the flight home, describing my expectation that he would become a great asset to the Precious Metal community in the coming years.

Bill Holter 2017

Lo and behold, whether by coincidence or otherwise, gold and silver parabolically surged in late 2010 and early 2011, hitting new all-time highs in U.S. dollar terms in May and September 2011, respectively – before being viciously attacked in the May 1st “Sunday night paper silver massacre“; September 6th, 2011’s “Operation PM Annihilation I”; and countless other “named storm” attacks when the Powers That Be passed their respective “points of no return“; after which, financial markets became permanently manipulated, on a 24/7 basis.

Since then, Maguire’s commentary, posted via periodic interviews with King World News, has been invaluable – in continuing to be the lone voice describing real-time changes in global physical bullion trading, and issues affecting investors of all time frames. No more pertinently than this weekend – when in this interview, he helped “demystify” the belief that Indian gold buying has slowed due to the insane, soon-to-miserably-fail “cash ban” that may well provide a major catalyst for the global monetary crisis that must inevitably arrive.

Of course, such buying now occurs primarily on the black markets, which were inadvertently created by the historically hubristic 10-plus percent gold and silver tariffs India’s prior government enacted three years ago – under the comically flawed logic that it would improve the second, bordering on third world nation’s “trade deficit”; which it decidedly hasn’t, as evidenced by the fact that the Rupee, as we speak, sits right around the same all-time low level as the day said tariffs were instituted.

Not only that, care of the cash ban, the Indian economy is likely headed into a major recession in 2017, at a time when essentially all emerging market currencies are already in free-fall mode.

If you truly want to “demystify” the Indian situation – or as I deemed it in my June 2013 article, “Indian Implosion“; as well as December 2013’s “upcoming Indian catastrophe” and April 2015 “world’s worst government“; “financial Apartheid,” there’s no better person to pay attention to than Jayant Bhandari, whose most recent interview describes the rapidly devolving Indian economic situation, and evolving police state.

Clearly, many people are terrified of buying gold due to the “implicit” capital controls that have been instated; and potentially, explicit ones to follow. However, as roughly 1.0 billion of the nation’s 1.3 billion citizens are effectively impoverished, living on perhaps a dollar or two per day, only a small portion of Indians actually purchase Precious Metals to start with.

And after the short-term disruption caused by the initial cash ban chaos – during which, Andrew Maguire says Indian import demand has, contrary to anti-gold propaganda, been enormous – it’s highly likely the 300 million Indians with the financial means to protect themselves will rapidly learn how to utilize the burgeoning black markets.

Russia China Gold Monetary System
  1. Shanghai Shock April 19, 2016: Yuan Based Gold Standard.
  2. China Turns Currency War Nuclear: Silver Gold Demand Outpaces Supply.
  3. Russia & China Counterbalance Rothschild’s U.S. Federal Reserve Hegemony!
  4. Moscow & Beijing Establish BRICS Monetary Transactions In Gold: It All Begins
  5. Russia And China Underway In Pricing Of Precious Metals: End Of The COMEX And London Mafia Markets.
  6. China Escalates Crackdown On Corrupt Banking: 370 People Arrested In Illegal Foreign-Exchanges Totaling $64 Billion.
  7. Russia’s Landmark Speech: New Centers Of Economic Power ~ As China, Japan, Belgium, Switzerland, & Saudi Arabia Dump The Rothschild Fiat U.S. Dollar.

Nearly 100% physical premiums should tell you all you need to know about how desperate Indians are to acquire gold – and if you see such premiums start to weaken, you can bet it’s because the black markets are more efficiently operating.

The giant pink elephant in the room – of silver – which is not even on the government’s radar; and, as described in last week’s “silver demand about to explode“; likely never will be, given how scarce it is to start with; and vitally necessary to so many industrial processes.

To that end, even many of Indian’s poor can afford silver at its current, historically suppressed price. And thus, yet again, the Cartel’s “Achilles Heel” – silver – is ripe to wreak havoc on its increasingly desperate attempts to maintain the dying [NWO] fiat status quo by suppressing it with [counterfeit] paper naked shorts.

In today’s “demystification” exercise, this interview with Egon von Greyerz – a long-time gold advocate, who was one of the key architects and supporters of the 2014 “Save our Swiss Gold” referendum movement. In it, he discusses how Swiss gold refinery demand is as strong as ever – to the point that in some cases, they are actually paying atypical premiums over the fraudulent paper “spot price” to get dore, given how strong demand for refined product is in China and other parts of the world.

Maguire also notes that it’s very likely that rumors of Chinese gold “import quota restrictions” are overblown, given how many ways gold can be imported into the country; and, of course, how strong demand continues to be – not just from private citizens, but the government itself, which continues to overtly buy hand over fist.

Frankly, in light of the utter explosion of Chinese foreign exchange outflows, resulting from the 13% Yuan devaluation that may well push its value below the key psychological level of 7.0/dollar any day now; and the coincident paper gold crash, care of the Cartel; the odds of Chinese demand NOT surging in 2017 are slim to none. Let alone, as worldwide production is starting to cliff-dive – as connoted in last week’s “most important, and gold-bullish, chart you’ll ever see.”

Look, there’s no question the “war on gold” has been launched; as has the war on cash; and the “final currency wars” – against both sovereign nations and you. Not to mention, on personal civil rights – both here and overseas; which are violently being fought back against, both at the polls and otherwise.

Unquestionably, 2017 will yield a whole new set of challenges – in what I believe will be the year of money printing and draconian government decrees. However, as noted in last week’s “how to win the war on gold,” if you just sit tight holding physical metal – and use the opportunity the “post-Trump destruction” Cartel raids have given to buy at prices at or below the cost of production, the odds of surviving and thriving what’s coming could not be higher.

Andy Hoffman

Miles Franklin

Silver Certificate Fiat Dollar

What They’re Really After is Silver.  

The HUGE Short Position in Silver, if it Ever Got Out of Control, Every Dollar Up is $1 BILLION in Losses.

They’re Trying to Get it Under Control.

But They Can’t Get the Longs to Capitulate! 

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