Reason for Silver drop!
Posted:
Mon Feb 18, 2013 6:06 pmby OtusLotus
Thought this might be interesting!
Looks like the shorts are now long silver!
http://www.silverdoctors.com/200-million-ounces-of-paper-silver-traded-in-1-minute-friday-during-cartel-silver-raid/Although, can someone explain to me who the cartel is?
Re: Reason for Silver drop!
Posted:
Mon Feb 18, 2013 7:24 pmby theo
Interesting article. I believe the cartel is a group of large banks whose goal it is to suppress to price of silver and, to a lesser extent, gold. The group's most prominent member is JPM who, while being the custodian of SLV, has a large short position in silver (conflict of interest?). At least this is my understanding. I'm sure others can provide more specifics.
The article also said that the total amount of available silver is 762 million ounces. This number seems a little low considering that 300 million ASEs have been minted. Add in all the other government coins (maples, phils, libertads etc) and the privately minted rounds and bars and you would likely have at least 762 million oz. Apparantly this number does not include 90% U.S., 80% Canadian along with all the other circulated silver out there. It is my uneducated guess that these coins represent 500 million to 1 billion additional ounces of AG