In Ted Butler's Archive


Nearly one million ounces were deposited into JPMorgan’s COMEX warehouse this week, on top of the 2.9 million ounces that came in over the prior two weeks. JPMorgan’s COMEX silver warehouse now holds in excess of 80 million ounces, towering over any other warehouse’s holdings. JPM opened its COMEX silver warehouse with zero silver ounces at the same time I allege it began its silver accumulation, yet few make the connection to this day. Wouldn’t the most logical and plausible explanation for the growth in JPM’s COMEX silver warehouse holdings be that the bank was acquiring physical silver?

Perhaps the key data point of the week was the 5.7 million ounce reduction in the holdings of the big silver ETF, SLV. A large entity (I’ll let you guess who) has accumulated shares stealthily, which then results in a conversion of shares to metal to avoid reporting requirements. The most remarkable thing is how so few have commented on this. These large deposits and withdrawals should be the talk of the town. They are proof that JPMorgan has been accumulating massive amounts of physical silver for years.

Based on the methods the bank has employed in its acquisition of metal (COMEX deliveries and warehouse movements, Silver Eagle and Maple Leaf buying and conversions of shares for metal transactions in SLV), I would now estimate JPM’s silver holdings to be around 550 million ounces, and if I’m off, it’s likely to be that the bank owns even more silver than I claim. On that basis alone, JPMorgan’s physical ownership of silver is, by far, the key feature for silver and as such is bullish beyond description.

I also maintain, based upon the public data, that JPMorgan has been the largest short in COMEX silver futures for nearly every day of the past five-and-a-half years that it has been acquiring physical metal. As I have long maintained futures positioning is the main price driver. This has enabled JPMorgan to suppress the price of silver via its dominant COMEX short position for the express purpose of buying as much metal as it could as cheaply as possible.

What could be more plausible than JPMorgan depressing the price of something it wants to acquire to make an obscene profit? All the available data out the past five-and-a-half years confirms JPMorgan’s silver accumulation. Few people see what the bank is up to, giving JPM an advantage in continuing what is destined to be the market swindle of the ages. As the bank continues to accumulate silver it raises the question of how much is enough, even for JPMorgan?

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