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Showing posts with label silver price. Show all posts
Showing posts with label silver price. Show all posts

Thursday, June 1, 2017

Silver demand in 2016 was greater than supply as production output declined for first time since 2002

For those individuals who have been fretting over why silver prices have been depressed for so long, the answer is not because of oversupply.  In fact, for the first time in 14 years silver production declined in 2016, and demand for the metal was actually higher than supplies.

No the primary reason that silver has not soared higher despite the fact that it is both an industrial metal as well as a monetary metal, is because of the vast manipulation in the futures and derivatives markets which are used by the banks to protect sovereign currencies from being exposed by the metals.

Last week, the Silver Institute and the research team from GFMS at Thomson Reuters said that silver mine production declined in 2016 for the first time since 2002.  The gap between supply and demand also turned negative with 1,007.1 million ounces of supply and 1,027.8 million ounces of demand, creating a 20.7 million-ounce deficit, which puts upward pressure on silver prices.  The largest five silver producers, in order, last year were Mexico, Peru, China, Chile and Russia.  On the demand side, industrial fabrication made up over half (55%) of the demand - 562 million ounces. Jewelry was a distant second at 207 million ounces (20%), while coins and bars accounted for another 206.8 million ounces (20%).  The final 52 million ounces (5%) of demand came primarily from silverware and other decorative uses. 
Unlike gold, silver is an industrial metal as well as a precious and decorative metal, so the new industrial applications for silver provide the biggest boost in the demand curve.  Last year, for instance, demand for silver in photovoltaic applications rose 34% to over 76 million ounces, driven mostly by a 49% increase in solar panel installations last year.  At one time, investors feared what would happen to silver when the photographic process no longer demanded so much silver, but technology always moves forward, not backward, so these new industrial applications of silver have taken the place of photographic demand. - Townhall

Monday, May 22, 2017

Silver strongly regains $17 handle with a 1.5% Monday morning move

On May 22 silver is up over 1.5% to $17.20 as it finally breaks through the $17 resistance barrier after three attempts in the past seven days.

In fact silver is up over $1.00 since its May 9 lows of $16.20, and has alot of steam behind it with many of the open shorts on the Comex being covered this month.



For 14 consecutive days, the amount standing for physical has risen.  On First day notice 16.8 million oz were standing; tonight 22.94 million oz. It looks to me that sovereign China wants its silver back as it looks like we have a determined player with deep pockets willing to take silver away from the COMEX… - Silver Doctors

Thursday, May 18, 2017

As gold continues to move up faster than silver, the gold to silver ratio has jumped to over 75:1

With yesterday's nearly 2% move up in the gold price, coupled with a .5% pullback on May 18, the yellow metal has been the primary driver for precious metal prices moving higher since last Thursday when the historic beatdown of the metals in the paper markets appeared to end.

And because gold has been rising much faster than its sister metal silver during this recent bounce back move, the gold to silver ratio has subsequently jumped to over 75:1, which is the highest difference between the metals since May of last year.


Wednesday, May 17, 2017

Gold climbs 1.5% overnight to cross back over $1250 an ounce as silver also regains $17 level

Last week we published an article where we showed that gold and silver prices had likely bottomed out after their historic 17 straight days of closing lower in the markets.  And sure enough since that time gold and silver have been moving steadily up over the past five days.

And as always it took just one political event to spur a solid move higher in the prices of the metals as on May 17 gold opened up over 1.5% to cross back over an important technical level of $1250, and silver regained the $17 level with its own nearly 1% gain.

Gold



Silver


Sunday, April 16, 2017

Ted Butler wants metals owners to join in mail campaign to the Comex to end silver manipulation once and for all

Long time precious metals analyst Ted Butler has started a campaign to try to end price manipulation in the silver markets by asking everyone to copy and paste a letter he wrote to two new top executives taking over at the U.S. Commodities Futures Trading Commission (CFTC).

In the letter, Mr. Butler points out the years of allowed fraud and price manipulation that has gone on in the futures markets of precious metals, and in particular silver, and cites information from the Comex and CFTC's own websites that validate the manipulation going back more than a decade.

So, for anyone with an interest in higher silver prices or who is a believer that free markets, not controlled by large traders gaming the system, is the right way, then there is something you might consider doing. Now is an ideal time to raise these very important issues about concentration and manipulation in COMEX silver. The two officials most responsible for uncovering manipulation at the CFTC just started in this capacity on Monday and should be more open to the facts than otherwise. I can understand how many might feel that contacting these officials and others might be a waste of time, given the agency’s failed record over the years in this regard. Still, I’m not talking about any burdensome effort, just sending a few emails or letters to get straight answers to some very good questions. 
I’ve already written to the two new officials (both by email and hard copy) and feel free to use what I sent. I would ask you not to improvise and include other issues, such as gold manipulation. Besides, nothing would impact gold prices more than having the silver manipulation terminated. The best approach is in being as specific and factual as possible so as to pin the agency down. They may refuse to answer and one way of insuring maximum pressure is to write to them through your elected officials. Here’s the letter I wrote that you are free to copy. I’ll include pertinent emails address at the end. - Silver Seek
And here is the letter to copy, paste, and email to the addresses and commissioners below.

April 10, 2017

Andrew B. Busch via Email
Chief Market Intelligence Officer

James McDonald
Director - Enforcement Division

Commodity Futures Trading Commission

1155 21st Street NW
Washington, DC 20581

Dear Sirs,

Congratulations and best wishes on your appointments to key positions at the Commission at this critical time in market history.
I’m writing concerning a matter that the Commission has considered on a number of past occasions - allegations of a silver price manipulation on the Commodity Exchange, Inc. (COMEX). The reason the Commission has considered the issue of a silver price manipulation several times in the past is because the agency’s own public data and guidelines point strongly to such a manipulation. Never have the data been more convincing than what was just published Friday, in the Commission’s release of its weekly Commitments of Traders (COT) Report, for positions held as of April 4, 2017.

That report indicates that the concentrated net short position held by the four largest traders in COMEX silver futures hit an all-time extreme in numbers of contracts of 78,021, the equivalent of 390 million oz. of silver. The concentrated net short position of the eight largest traders was indicated at 104,978 contracts or the equivalent of nearly 525 million oz., or more than 60% of world annual mine production. No other commodity comes close to COMEX silver futures in terms of a larger concentrated short position when compared to real world production. On its face, the large concentrated short position in COMEX silver futures would appear to be an artificial price depressant.

As you know, the Commission monitors and publishes concentration data in all regulated futures markets as the prime front line defense against price manipulation. After all, it would be nearly impossible to manipulate any market without a concentrated position. But not only do COMEX silver futures stand out as having the largest concentrated short position of any commodity, in terms relative to real world production, consumption and existing inventories, the concentrated short position in COMEX silver futures is notable for other reasons.
For one reason, the big short traders do not appear to be engaged in any sort of legitimate hedging, since there are no signs they represent actual producers or hedgers of physical holdings. Separate agency data, contained in the monthly Bank Participation Report, indicate that the largest shorts are mostly domestic and foreign banks essentially operating as speculators, in a pseudo-market making capacity against other speculators. Publicly-owned mining companies are required to disclose any hedge activity and few, if any have disclosed any hedging in silver. The big short sellers in COMEX silver futures are financial firms, mostly banks, speculating against other big speculators and have no legitimate economic or hedging purpose in dealing in COMEX silver in the first place. As I’m sure you know, Congress allows futures trading for the purpose of encouraging legitimate hedging, not to encourage excessive speculation.

The largest COMEX silver short seller for the past nine years is JPMorgan. That has been the case ever since it acquired the failing investment bank Bear Stearns, the former largest COMEX silver short seller, according to Commission data and its correspondence with lawmakers. The special manipulative twist here is that since 2011, JPMorgan has engaged in an epic accumulation of physical silver at prices much lower than would have existed if the bank had not also been the largest silver short seller on the COMEX. In the recently completed COMEX March silver futures delivery period, JPMorgan stopped (accepted) 2689 contracts in its own proprietary trading account, plus another 739 contracts on behalf of a client(s), considerably more than the 1500 contracts allowed according to exchange regulations. This while JPMorgan was the largest short holder in COMEX silver futures. It is not possible to imagine a more compelling motive or intent for manipulation than to acquire a massive amount of any commodity at depressed prices, where the acquirer is responsible for the depressed prices.

Almost without fail, on every past occasion where the concentrated short position in COMEX silver futures reached extreme levels, it was only a matter of time before the price of silver gets rigged lower by these big shorts to induce speculative selling from traders operating on technical price signals. In fact, COT report data indicate that JPMorgan has never taken a loss, only profits on every silver short position it has added over the past nine years. Such results would not be possible in a market that wasn’t manipulated in price. In essence, speculators have taken over the price discovery process in silver because there are so few real hedgers trading on the COMEX, only speculating banks betting against other speculative traders. Even assuming the current extreme concentrated short position leads yet again to a sharp selloff in silver, there is another issue that goes to the core of regulatory concern.
In addition to the clear agency data pointing to a silver price manipulation, the presence of such a large and non-economic short position necessarily enhances the likelihood of disorderly market conditions once it becomes clear to enough market participants that unbacked concentrated short positions on the COMEX have been the reason why silver prices are so depressed.

I have communicated all this to the Commission, JPMorgan and the CME Group (owner-operator of the COMEX) for many years, with hardly any acknowledgement or rebuttal. I am hoping you will consider this matter differently and act to finally end the manipulation. I’m sure how you handle this matter will define your tenure. If I can be of any further assistance, please do not hesitate to call on me.
Sincerely yours,

Ted Butler

Andrew B. Busch - [email protected]
James McDonald - [email protected]
Acting Chairman J. Christopher Giancarlo - [email protected]
Commissioner Sharon Y. Bowen - [email protected]

Let me close by telling you that I am very thankful for the unique opportunity created by the new senior appointments at the CFTC, along with the simultaneous publication of the most concentrated data in silver shorting in history. I assure you that I am not holding my breath waiting for the CFTC to finally step up to the plate and do the right thing; not after 30 years of denial and obfuscation. I know full well that the agency’s denials up through today have only hardened it to maintain the façade that nothing is wrong in COMEX silver, despite glaring and growing evidence to the contrary. Still, it would be a waste not take advantage of an unexpected opportunity.

Ted Butler
April 12, 2017

www.butlerresearch.com

Sunday, March 5, 2017

How does J.P. Morgan's trading desk have 0 losses in two years? Short mining stocks then crash metal prices to cover

According to a recent report out by Zerohedge, J.P. Morgan's trading desk had one of the most incredible, and impossible win streaks ever seen on Wall Street.  In fact, not only did they not have a single losing trade in 2016, but between 2012 and 2016 they only had two singular losing trades out of billions if not hundreds of billions conducted in the HFT sphere.

Thus the question one has to ask of course is how is this possible since the the average win ratio for even the best individual trader is around 58%?  And in an interview on March 3 with Peak Prosperity's Chris Martenson, the long time financial analyst lays out one of the many scenarios used by the investment bank through their shorting of mining stocks, then crashing metals when the markets are closed by dumping billions of dollars of naked shorts on the Comex to skim the profits, and then cover their positions.

Image result for jp morgan manipulating silver market
Rory Hall:  I want to get back to something we we're talking about a moment ago, and that is silver.  And how do you see yesterday with this silver beatdown, and where silver was raped for better lack of the word, by more than 4%... there was something like $2 billion worth of digital contracts thrown at it in about a half an hour.  What's your take on that? 
Chris Martenson:  There is a fairly complex take on this, but let me make it simple here... it's fraud.  And it's not just in the silver market.  I follow silver and gold closely so I'm aware of this there, but I can tell you it happens everywhere now because the big banks long ago won the battle and captured the SEC under Mary Jo White, and it's been a complete disaster of lack of regulation. 
So here's is the focus on how and where this theft, this fraud is committed.  The big commercial banks that are out there... J.P. Morgan, HSBC, all the big bullion banks that are playing in this market.  They go out there and take the opposite side of this trade, and they are rapidly getting shorter, and shorter as the price of silver is going up.  And taking the other side of that bet are only people I can assume are named Charlie Brown, because they fall for it everytime.  And the banks have done this a dozen times over the past five years. 
But here's the tell... as silver was rising the last three days before that big smackdown, the miners... the silver miners in particular were very weak.  In fact, they were going down. 
So when you see the stocks going down at the same time the metal's are going up, you know that someone is aggressively selling those... they are shorting the stock, selling the stocks short. 
So they build a huge naked short position in the mining stocks, and within days BAM!  And the next thing you know the price of silver gets hammered... monkey hammered in the aftermarket.  After the physical London market is closed they always do it then, if not at 1:30 in the morning, and they just flood the market and crush the bid stack, driving the price down.  They they simply buy back and cover their shorts and skim the profits while leaving everyone holding the stock, or a futures contract, as the loser.

Friday, March 3, 2017

Breaking! Just months after banks admit rigging silver price, LBMA administrators suddenly resign from the London price fix

On March 3 the CME Group, along with Thomson Reuters, without warning announced their resignation from running the auctions which set the daily silver price for the LBMA.

Long known as the London Price Fix, this sudden resignation by the two U.S. corporations which play an intrinsic role in controlling the price of silver comes just months after Deutsche and other banks admitted in court that they have been rigging prices in the silver markets for more than a decade.

CME Group and Thomson Reuters are to step down from providing the LBMA silver price benchmark auction, the London Bullion Market Association said on Friday, less than three years after they successfully bid to provide the process. 
"In consultation with the LBMA, CME Group and Thomson Reuters have decided to step down from their respective roles in relation to the LBMA Silver Price auction," the LBMA said in a members update seen by Reuters. 
The two will continue to operate and administer the silver auction until a new provider is appointed, the LBMA said. It will launch a new tender to appoint an alternative provider to operate the process "shortly", it said. - Reuters
The Chicago Mercantile Exchange (CME Group) is the world's largest commodity derivative exchange, and plays an essential role in allowing the Federal Reserve and its primary dealers (bullion banks) to manipulate gold and silver prices through the use of naked shorts and other derivatives.

Friday, February 17, 2017

Silver could be the greatest potential investment of all time as paper sales of metal in Comex and LBMA are close to 3000 to 1

While China is currently in the process of trying to wrench price determination for gold from the Comex and LBMA, these futures markets still have absolute control over how the price of silver is determined in the spot markets.

And in a couple of recent podcast interviews, precious metal and bitcoin analyst Bix Weir announced that from his research he has discovered that the amount of derivatives being sold in relation to the amount of physical silver actually held in both the Comex and LBMA is close to 3000 to 1, with over 100 billion ounces being traded in 2016 for a registered inventory of only 30 million physical ounces.

Crush the Street: I'd like to start off with your latest publication named $10,000 ounce silver if Donald Trump drains the silver swamp.  $10,000 per ounce silver, not gold?  And silver is sitting at around $17 per ounce... that's a pretty high price and I'd love to get the details on this analysis. 
Bix Weir: It goes back to silver and the price suppression scheme that's been in place for close to 150 years... going back to the Opium Wars in the 19th century.  And then it got kicked into high gear when computers were invented in the 1960's.  I do alot of work on the computer rigging side of the world and that's what Roota (in Road to Roota) stands for (Root A) and was a term created by Alan Greenspan in the 1960's when he helped create the computerized banking system. 
What we see in the silver price today is not a silver market anywhere in the world that trades freely.  What we have in the Comex and LBMA is a market that trades electronically futures and options contracts (derivatives).  The Comex and LBMA are supposed to be a physical market, but it's not, and you can tell by the volumes.  Every year they 'supposedly' transfer over 100 billion ounces of silver, and there hasn't even been 100 billion of ounces of silver dug up in the history of the world. - Crush The Street
The key for this of course is when the manipulation ends, or is forced to end, it will suddenly cause a volatility spike unseen outside of a hyper-inflationary event as price discovery reverts back to a supply and demand model versus a rigged manipulated one.  And this has already begun with the Deutsche Bank testimony in which they, and several other bullion banks, admitted to have been rigging the price of silver for decades.

An end to the manipulation will see silver rise in a two-fold fashion.  First, the banks will need to cover their short positions that are currently active in helping to suppress the price in the derivative paper markets.  And second, once the price climbs in relation to the buying OR insolvency of these banks in defaulting on their derivative positions, the reality of how small supplies really are in the silver market will cause another massive spike due to its absolutely vital requirement to support the global technology sphere.

The gold to silver ratio is hovering around 68:1 right now, and nearly all analysts see silver as more depressed in price than its yellow metal sister gold.  And just as the discovery of oil made petroleum the most important global commodity for use in agriculture, industry, and energy, silver is well on its way to taking over this mantle as the world rushes forward in needing the metal for electronics, alternative energies, and all future technology to come in the 21st century.

Tuesday, January 3, 2017

Silver price could recover faster than gold in 2017 as metal producers prepare to enter class action lawsuit against the banks

In the wake of the Deutsche Bank revelations that the bullion banks had been colluding to rig the gold and silver markets for at least the past decade, a group of metal producers, particularly those in the silver industry, are preparing to join a massive class action lawsuit against these banks for earnings and profits lost due to the manipulation of the metal's price.

Keith Neumeyer, who is the CEO of the world's largest silver producer, spoke in an interview on Jan. 3 where he stated that he is currently talking with the heads of several mining companies that may ban together at some point in the future to jump in on an ongoing class action lawsuit that is expected to incur damages well into the tens of billions of dollars. 
Now that the cat is out of the bag and Deutsche Bank has agreed to turn over documents implicating other banks in related schemes, major mining companies are preparing lawsuits of their own. Straight-shooting First Majestic Silver CEO Keith Neumeyer, who in 2015 was the first mining company head to issue a public statement on the manipulation of precious metals prices by a small concentration of players, has said that the company’s legal team is closely monitoring the situation
Citing loss of revenue, jobs and shareholder value Neumeyer said in an interview with SGT Report that his company will likely be preparing legal action against the bullion banks involved in the rigging of prices. - SHTF Plan
In addition to this, and on a separate note of interest, many precious metal analysts have been citing the greater potential for silver to rise in value much faster than gold in the future, especially as governments begin to crack down on gold ownership in the wake of collapsing currencies and monetary policies.  And with the expectation of silver being the catalyst for new technologies expected to arrive over the next five to ten years, once silver completely breaks away from its manipulation, the rebound back to a historic 15:1 or 10:1 ratio to gold will make it potentially one of the best investments of all time.

Wednesday, December 14, 2016

At the normal historic 10:1 ratio, gold should be at over $9000 and silver over $1000 to backstop current debt and money supply

As of Nov. 30, the U.S. Department of the Treasury claims in their monthly report that they have a total of 261,498, 926 ounces of gold contained in bullion, coins, blanks, and miscellaneous products.


In addition, the national debt for the United States is approximately $19.8 trillion as of Dec. 1, with $1.48 trillion of that being physical currency in circulation.

Yet the power of the U.S. dollar being the recognized global reserve currency is based upon its being backed by gold, as determined back in the 1940's during the Bretton Woods conference.  And despite the fact that the U.S. Treasury closed the ability for other nations to exchange dollars for gold when former President Richard Nixon closed the 'gold window', it did not stop the caveat that the dollar must be tied to gold in some capacity.

Ie... this is why the Federal Reserve holds reserves in gold even today despite the deception that Fed Chairmen such as Ben Bernanke gave to Congress and the American people that gold is no longer money.

So with this in mind, what should the real price of gold in dollars be today to backstop the current debt and monetary expansion that exists in the global economy?  And just as important, what should the price of silver be if allowed to reside at its historic 10:1 ratio to gold when the manipulation of the metals finally ceases.

For the reported amount of gold the U.S. is believed to hold, the current dollar price to backstop $19.8 trillion in debt would set the price at $75,717.  However, as most of the debt held domestically and offshore is in Treasury Bonds rather than physical cash, let's break it down instead to what the value of gold should be for the amount of actual currency in circulation.

$1.48 trillion / 261,498,926 = $5659 per ounce.

Yet these number are also limited as they reflect simply the bare amount of currency in circulation, but not representing all money used in financial transactions (electronic banking).  So for that we need to look at an approximate number, which is calculated to a relative degree of accuracy by the Debt Clock website, which estimates the current monetary base as being over $3.6 trillion.

$3.61 trillion / 261,498,926 = $13,820 per ounce.

Over time the expansion of the dollar monetary base has become extremely convoluted since its recognition as the global reserve currency.  And this is due to the fact that not only are dollar denominations used as currency, but also bonds and derivatives are considered by many to be as good as money.  So with that in mind we could probably safely put the true price of gold to be somewhere in between the reported amount of dollars in circulation, and the estimated total amount of dollars used between cash and fractional electronic banking.

screen-shot-2016-12-12-at-2-19-49-pm

The invisible hand of the markets will always eventually push asset prices back to their true value, as manipulations can only be done for a finite period of time before they cause distortions elsewhere that lead to financial calamities... as we are seeing right now in the monetary distortions occurring in both India and Venezuela.

So how long can the government suppress gold and silver prices to protect their dollar expansion, and keep the true price from breaking through in the markets?  No one really has an answer to this but historically, no fiat currency system has ever survived to 50 years of use, and we are now within the final five years of that mean.

Tuesday, September 25, 2012

Banking cartels once again massively short silver to bring down price

It is well known that JP Morgan, and others in the banking cabal that own politicians and regulators, are desperate to keep down the price of gold and silver, even as they devalue the dollar at soon to be hyper-inflationary rates.  With some reports showing the banks are short more than 100 times the amount of physical silver available on the planet, the only way to keep solvent should the price rise is to short the markets in vast quantities.

This is just exactly what happend on the evening of Sept. 24, when at the open of Asian markets, and international metals trading, entities in the banking industry shorted more than half the entire U.S. annual production to try to bring down silver to below $35 an ounce.


Chart courtesy of Silver Doctors

Apparently Blythe’s monkey’s are burning the Sunday midnight oil in order to prevent silver clearing $36 and triggering JPM’s rumored silver derivative losses.

A miniature replica of the May 2nd, 2011 drive by shooting was just completed, as silver was knocked down the proverbial mine-shaft moments ago, dropping nearly a dollar in nano-seconds on Monday’s Asian open.

Volume data indicates that 3,297 contracts, or 16.5 million paper ounces of silver were dumped on the market in a mere 5 minutes between 9:00 and 9:05pm EST.

 In other words, approximately 1/2 of the entire US annual silver production was dumped on the market by the cartel in a 5 minute period on a Sunday night. -
Silver Doctors

In this short amount of time, silver fell back below $34 an ounce.  However, within two days now, the price is creeping back up towards the $35 mark, and all that transpired was a two day reprieve for a corrupt bank which simply added much more debt to answer for in the near future.