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Re: tech funds in silver cleaned out
Mar 15, 2009 07:53AM
What do you think would happen to the price of paper gold - COMEX - if JP Morgan goes bankrupt? JP has been downgraded today and quite often you get shorts going after a wounded financial entity (JPM is down 14 % today and down from 50.63 a year ago to 16.60 today)
gold (and silver) will go much higher if and when jpm goes under. jpm is ground zero for the gold suppression scheme, on the hook for $100+ trillion nominal value of derivatives. morgan's price share has mirrored the banking index (bkx) whose chart looks like an iron being thrown off a bridge.
of course jpm is firmly in the "too big to fail" category so i expect its share price will be driven down to 1, like citigroup. the government will come up with some kind of scheme to nationalize it without actually using the word nationalize. but its derivative positions will have to be unwound, including its huge short positions in silver and gold. at that point, the difference between paper metal and physical bullion will become clear.