Silver Prices Set to Soar

[bobbyw24]

Contributed by David E. Levenstein (Reporter)
Tuesday, April 06, 2010 7:05
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Like gold, silver has been in a consolidation phase during the last few months. However, I believe that silver has the most potential out of all the precious metals (gold, silver, platinum and palladium). And, like gold, patience is the key. "Silver, like all investments, will reward those who are patient and who have a long-term view," said Mark O'Byrne, a director at GoldCore, an international bullion dealer.



As the fundamentals in silver are very encouraging, it is rather puzzling why the price of this metal is not already much higher. But, things may change very soon. Recently, an independent metals trader based in London, Andrew Maguire sent numerous e-mails to the Commodity Futures Trading Commission (CFTC) which is the regulatory body for futures trading in Chicago. In these e-mails, Maguire has exposed what has to be the potential of one of the largest financial frauds in history. And, a lot of this has to do with the manipulative trading tactics used by the large bullion banks, in particular JP Morgan. In his mails, Maguire explains in detail the trading techniques used by traders at JP Morgan in which they continually suppress the price of precious metals by trading gold and silver futures from the short side. These positions, especially in silver have become so large that they are practically equal to the annual supply of silver. The interesting thing is that if this is the case, then these bullion banks have all traded way in excess of the position limits, and one can only assume that they were granted exemption by falsely claiming they were hedging. The London trader also revealed the huge naked short positions in the precious metals markets alleging that the futures figures out number the physical contracts some 100:1. If these allegations are true, and if these bullion banks need to scramble to cover their short position, then the prices of silver could easily sky rocket.





But, the story does not end here. The day after Maguire had accused JPMorgan Chase of manipulating the gold and silver markets he was involved in a bizarre car accident that triggered a police chase before the suspect was nabbed. Evidently as he and his wife were traveling in their car a second car coming out of a side street struck their vehicle. That car then hit two more vehicles before fleeing. London cops using helicopters and patrol cars chased the hit-and-run driver before apprehending the driver whose name has not been released by authorities. Maguire and his wife were released from the hospital and London police would not comment on the accident investigation.

What is interesting is that over several years, there have been numerous analysts who have made direct comments about this price manipulation, but up and until now, they have been totally ignored. Hopefully justice will prevail and the cartel involved in suppressing prices will receive the appropriate punishment. It reminds me of the days when the Hunts tried to corner the silver market in 1979/1980. The problem was that as they ran prices upward, too many “people of influence,” were caught on the wrong side of the market. And, these people were able to extricate themselves by forcing the Hunts to liquidate all their long positions. This time around there is a new “cartel” that are once again on the short side, but luckily for them there is no short squeeze at the moment.


http://beforeitsnews.com/story/30713...t_to_Soar.html

[Original_Intent]

I'm tired of being patient!!!!

[bobbyw24]

I'm tired of being patient!!!!

I know, but I didn't buy two months ago when Silver retraced back to under $15/oz and wish that I had stocked up