More "Source" Input On Coming Precious Metals Price Explosions

[cubical]

http://www.zerohedge.com/contributed...ice-explosions


Over the past month+ I have been pounding the table that based on information from three extremely informed sources the prices of gold and silver would begin their launches to much higher prices in August … a launch that would lead to all-time highs in both precious metals and well beyond.

The reason for this Mini-Midas is that I just received some new input, which supports what my original sources have been telling us for some time. It is from someone I have known for a long while and is of the same caliber as my other sources in terms of reliability. When you have traded commodities and stocks as long as I have, and get to be my age, it is fairly easy to sort that all out … and what to run with.

Here it is … short, sweet, and maybe VERY important:

August 10, 2012


The METALS

I have spoken before about my contact on the Board of Trade who trades mainly the metals and is in touch with New York minute by minute. He has been saying for several weeks that the metals would have one more big drop (1525-1550) before they really took off. Today he changed his mind. They saw heavy covering of shorts in Chicago and New York. This should show in next week’s COT. They see an explosion of huge proportions and are adding four more floor traders as they see August as a record month for them. He closed by saying "We could see a 100% increase in 90 days." Tie this in with other things that we have read and heard. Golden regards
Peter

If what Peter sends us pans out anywhere close to what he has been told, this Mini-Midas is more than well worth the read. What fascinates me is that this new input confirms what my other three sources have been saying. Now we wait to see how this plays out in the three weeks of trading left ahead in August.

In addition, as you well know by now, it has come to my attention from all of my original contacts that JP Morgan has a big problem with their silver short position and that this problem will reveal itself in a public way in the near future…

[oyarde]

Just how big of a problem does JP Morgan have with silver short position , and how could they have arrived at that??

[Len Larson]

JPM took over Bear Stearns' silver short on COMEX after a $2B margin call bankrupted them. I don't know what the exact amount was, some say 150M oz.

[oyarde]

JPM took over Bear Stearns' silver short on COMEX after a $2B margin call bankrupted them. I don't know what the exact amount was, some say 150M oz.

Well , how significant can that be , overall ?

[oyarde]

What percent of the market would 200 m oz be ?

[RickyJ]

Thanks for the post cubical.

[Len Larson]

http://www.silverinstitute.org/site/supply-demand/

150 - 200M oz. would be similar in size to a number of other market categories such as investment or jewelry, and it's nearly double the amount minted into coins.
So, yes I think it could have an impact.

[oyarde]

http://www.silverinstitute.org/site/supply-demand/

150 - 200M oz. would be similar in size to a number of other market categories such as investment or jewelry, and it's nearly double the amount minted into coins.
So, yes I think it could have an impact.

Double the amount of coins , yes that would be a significant impact.

[Zippyjuan]

I would take anybody selling anything claiming "inside information" that the price of what they are selling is almost "guaranteed" to go up in price with a big grain of salt.

According to link from the Zerohdege piece, the source http://www.lemetropolecafe.com/ has been forcasting $3,000 to $5000 an ounce for gold for at least seven years now. Wait long enough and maybe it will be true.

Bill Murphy has been predicting a $3,000 to $5,000 gold price since GATA's historic Gold Rush 21 conference in The Yukon’s Dawson City in August of 2005 when gold was $436 per ounce. This gold price prediction was further brought to the public’s attention on January 31, 2008 in GATA’s full-page $264,400 full-page color ad in The Wall Street Journal.

To know more about where the prices of gold and silver are headed in the future and why…

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[cubical]

I would take anybody selling anything claiming "inside information" that the price of what they are selling is almost "guaranteed" to go up in price with a big grain of salt.

According to link from the Zerohdege piece, the source http://www.lemetropolecafe.com/ has been forcasting $3,000 to $5000 an ounce for gold for at least seven years now. Wait long enough and maybe it will be true.

I agree, I just wanted to get a convo started on it.