December 28, 2010
In December of last year (2009) I reported that the silver market was being manipulated, this came after the Federal Reserve’s eagerness to bail out Bear Stearns and the coincidental rise in price of silver to $21 an ounce the day that Bear Stearns eventually collapsed, I believe this was a direct consequence of Bear Stearns having to cover their short position on silver.
The contracts that Bear Stearns once held on silver have now been taken over by J.P Morgan, allowing them complete control on the paper price on silver which was illustrated weeks after the acquisition when the price in silver dropped to only $9 an ounce, which I believe was manipulated using the technique known as ‘naked short selling’ – this is when a company sells a security in a hope to buy the same security back at a lower price when all the while, never actually owning the security.
In this case JP Morgan were selling paper contracts that were not backed by any physical silver, it is completely fraudulent, yet the mainstream news publications have not once picked up to it until now, and even still they are not grasping the full extent.
This article was posted: Tuesday, December 28, 2010 at 12:11 pm