Do Not Get Caught With Your Pants Down

[stateofmind]

http://online.wsj.com/community/groups/ ... aught-your

Do Not Get Caught With Your Pants Down
The markets jumped higher today at the open, rallying on a sharp drop in the Dollar once again. Commodities were off to the races, with gold and silver leading the charge. The SPDR Gold Trust (ETF) (NYSE:GLD) hit a high at the open of $139.54 while the iShares Silver Trust (ETF) (NYSE:SLV) hit a high of $30.00. This move was driven by the hype over the last week and yesterday. Amateur traders and investors were buying with reckless abandon, after hearing rumors that JPMorgan Chase & Co. (NYSE:JPM) was caught short and an inevitable short squeeze on silver was looming. Even the media and talking heads on TV were all over the squeeze.

When I hear this nonsense I start to salivate on the short side. Always go the opposite way of the crowd. That was all hype on JPM being caught short. The average investor who bought this morning was plainly fooled and took the bag from institutional smart money. Please, do not be so dumb average investor! It drives me crazy. Learn the game. As an expert trader and Chief Market Strategist, I implore you all, do not get caught in the hype.

Like clock work, these commodities jumped higher at the open in a frenzy of buying by amateurs, while institutions gladly sold to them. This marked the high of the day. Since the GLD hit its high of $139.54, it reversed and turned negative, dropping to a low of $137.32. The SLV collapsed from a major gap higher to turn negative. It went from $30.00 to a low of $29.12.

Never fall into these foolish tricks. Trust me, if JPM was truly short, they are powerful enough with powerful friends to push it in the direction they wanted. I would dare say, now most institutions are short silver and a small pull back has begun.

Source:
Gareth Soloway - www.InTheMoneyStocks.com

[Beau]

.
OK Guys pull your pants up and get ready to buy. J P Morgan

the price is still falling on the foreighn market? as of 9:30 CST.

How Low will it go Limbo?

How long will it stay down?



.

[stateofmind]

Silver's up $0.01 here and gold is down $11.40, or nearly 1%. Hm...
The price will either go up a large amount, stay about the same, or go down a large amount. That's my official prediction for tomorrow.

[Copper Catcher]

I find it laughable that folks are acting like this is new news!

The OCC reports prove that JPMorgan not only inherited from Bear Stearns the massive COMEX silver short position in March of 2008 (as well as a COMEX gold short position), it also inherited from Bear Stearns a much larger OTC silver and gold short position. From December 31, 2007 to March 30, 2008, JPMorgan’s OTC silver short position grew from $4.9 billion to $12.5 billion. Adjusting for the 16% price increase in silver between those dates, JPMorgan’s silver short position grew by more than 400 million ounces to as much as 735 million ounces, from 335 million ounces. This is separate and distinct from and in addition to their COMEX silver short position.

On December 2, 2010 it was claimed that the size of the short position is now a staggering 3.3 billion ounces of silver!

Keep in mind that the Treasury Department and the Federal Reserve arranged the JPMorgan/Bear Stearns takeover to begin with so it should be obvious that the government was in on the deal from the start.

JPMorgan is trying to hedge themselves by buying $1.5 billion worth of copper. According to the London Telegraph, the bank has bought "between 50% and 80%" of the 350,000 tonnes in reserve at the London Metal Exchange...

[AGCoinHunter]

Copper is really busting onto the market with the JPM purchase in London. This really has raised some eyebrowes. Not only China's.