Is JP Morgan the Reason for Crazy Silver Prices?

Discussion in 'Bullion Investing' started by fretboard, Jun 28, 2020.

  1. Nolan Workman

    Nolan Workman Well-Known Member

    2018, JP Morgan held 139 mil oz of silver, 53% of all silver held in vaults, two years ago and has been buying since, a million oz here, a million there, pretty soon we're talking serious money. A banner ad for bullion popped on my email last night, silver at $17.87; you could buy 100 oz for $2200! Where can I get one of those couches?
     
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  3. 1776

    1776 Member

    https://www.bloomberg.com/news/arti...n-metals-spoofing-is-under-u-s-criminal-probe
     
    Nolan Workman likes this.
  4. harrync

    harrync Well-Known Member

    "Spoofing" is placing an order with the intent of cancelling it before it is filled. Since the order is cancelled, I don't see how this can affect ones holdings. J P Morgan may or may not be amassing silver futures contracts, but the spoofing charges don't seem to be related to that.
     
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  5. 1776

    1776 Member

    I wasn’t trying to make a argument one way or another but this seems pretty clear cut as for market manipulating “ part of a wide-ranging federal clampdown on market manipulation“
     
  6. losthomer

    losthomer Active Member

    $18 spot is not what I consider crazy. Premiums are high but silver can be readily gotten for $22 an ounce. Call me when prices breech $40 again.
     
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  7. GoldBug999

    GoldBug999 Well-Known Member

    Goldfinger - I'm still laughing - that is a great quote! Many thanks!
     
    GoldFinger1969 likes this.
  8. GoldFinger1969

    GoldFinger1969 Well-Known Member

    It's manipulating the price between strike prices for futures or options....unless JP Morgan Chase wants to spend billions of dollars going long (or short) silver, it doesn't affect the overall market price.
     
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