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Rumor has it that JPM bought all those rounds and are going to melt them into comex acceptable bars and store them in their warehouse.
Why would JPM buy eagles to melt down when private mint bullion is cheaper?Originally Posted by Jim Casey
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
Agree alot of the talk about JP Morgan buying American silver eagles doesn't make sense.
https://smaulgld.com/jp-morgans-silver/
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I bought one today from the 90's .
I don't doubt at all that JPM is buying eagles but I do know buying them on the open market with premiums just to melt them into bars doesn't make much sense, if private bullion is available cheaper otherwise. Perhaps JPM has a contract of some sort with the mint or the mint's mines to buy them below open market prices? Bullion banks contracting with mines is a complicated and secretive topic.
eta: I did see that JPM and Citi opened a $#@! load (!!) of new silver contracts recently in what appears an attempt to corner the silver market. It looks like the banks are working hard to take possession of available, and yet unmined, physical metals.
http://www.zerohedge.com/news/2015-0...just-soar-1260
Knowing banker tendencies to play both sides of trades, JPM is probably short paper and long physical contracts. Many have predicted a point where the physical markets completely decouple from the paper markets. I think that time is close. Whether silver spot price goes to $500 or $5 is irrelevant since physical metal will not be available at either price. Same applies to gold.
Last edited by devil21; 07-05-2015 at 08:42 PM.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
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