Jamie DimonGranted, if you are going to label something as the greatest lie ever, it must involve something important, both in substance and in terms of who told the lie. In this case, the lie involves what’s at the heart of the silver manipulation and happens to be the issue that I consider the key factor for its price. Importantly, the lie came from the federal regulator overseeing the silver market, the CFTC.
The good news is that you will be able to decide for yourself if my assertion is correct, given that the proof is nearly incontrovertible.
The best news is that as the lie is more widely recognized, it should have a positive impact on the price of silver…

launch rocket verticalWhen JPMorgan decides it has enough silver, as I believe it is close to now – the price will soar if it does nothing and refrains from adding new shorts on the COMEX.
The best part about this amazing story is that it offers the investment opportunity of a lifetime.
All one has to do is what JPMorgan has done – buy as much silver as one is capable of buying – and then wait for JPMorgan to help itself…

butlerI did not immediately see the monumental change that began to occur five years ago. This astonishing development that had begun in 2011 did not come clear to me until late 2013.
I discovered that the largest U.S. bank, JPMorgan Chase, began to accumulate massive amounts of physical silver starting in 2011 and has continued that accumulation to this day.
All told, I believe JPMorgan has acquired somewhere between 400 and 500 million ounces, the largest privately held stockpile of silver in history.
They are positioned to make $100 billion or more in a runaway silver market…

sold outWe’re told that surging investment demand for retail forms of silver is a whole different animal than surging investment demand for 1000 oz bars.
Is it really?  I don’t think so.
Once a wholesale physical silver shortage kicks in, that shortage can’t be further contained by derivatives trading and most likely will have to burn itself out the old-fashioned way:

too big to jail

A rare event occurred this past week; the CFTC charged a major food company, Kraft, Inc., with price manipulation in the wheat market.
The real question is why the selective prosecution of the law?  Why is the CFTC going after Kraft on a complicated case with an alleged payoff that looks like chump change (around $5 million total profit to Kraft), when public data indicate JPMorgan shorts the silver market whenever prices rise to cap and drive prices lower in order to profit on those short sales and accumulate silver at unfairly low prices; with JPM’s cumulative illicit take running into the hundreds of millions if not billions of dollars?
Why is JPMorgan above the law?
Here’s why:

silver rush

According to global market data from the top Official Mints, sales of Silver Eagles  originate overwhelmingly from public retail investment demand rather than by one large bank… such as JP Morgan.  
I say this in response to the allegation put forth by silver analyst, Ted Butler who believes JP Morgan purchased half of all Silver Eagles since April, 2011.

Ted Butler, who has made this claim over the past several months, does so again in his recent article, The Perfect Crime.
I wanted to provide a rebuttal to Butler’s allegation that JP Morgan was the large buyer of Silver Eagles because his opinion takes CREDIT AWAY FROM THE PUBLIC, and puts it in the hands of the BANKERS.
While Ted Butler provides excellent information on the silver market, I believe his opinion on this matter is incorrect:

silver bars

A couple of weeks ago, a long time subscriber correctly pointed out that I seemed to be speculating more than usual in my conclusion that JPMorgan was the big buyer of Silver Eagles and had accumulated as many as 300 million oz of silver, including Eagles and bullion. The subscriber noted that I usually relied on hard core facts that could be documented and not on speculation.
As it turns out, I believe there are sufficient number of hard facts behind my speculation, but I had failed to point them out.
So let me present the facts, as I see them, that point to JPMorgan having amassed the largest physical silver position in history.

silver butler

Last week was downright horrific for precious metals owners.  Hours after silver broke below $16/oz, Peak Prosperity’s Chris Martenson recorded this MUST LISTEN interview with silver expert Ted Butler on the causes of the prolonged abuse in the the precious metals sector, and how close we may be to its end.
Butler zeroes in on the heart of the issue: unfairly concentrated positions within the derivatives marketand makes the case for a near-term MONSTER RALLY in silver: 

GLDIt is one thing to label (libel?) the world’s most important precious metals exchange as the most corrupt; but perhaps quite another to prove it in terms beyond reasonable doubt.
First, let me be clear in what I am asserting – the Commodities Exchange Inc. (COMEX), owned and operated by the CME Group, has come to control and manipulate the price of gold and silver, as well as copper, for the sole benefit of certain exchange insiders, most prominently JPMorgan.

Global Conventional Investment Assets Updated 2013 EstimateThere is no need in trying to prove precious metals manipulation, because it’s out in the open… right in front of your eyes.  However, this doesn’t stop the silly games being played by some of the well-known analysts in the precious metal community.
It is the siphoning of the majority of the worlds fiat currency-funds into the Derivative-Paper Market that is guilty of manipulating the values of gold and silver.  If a fraction of these funds moved into physical assets such as gold and silver, their values would rise to unimaginable levels.
The world will be forced to move into Gold and Silver one way or another.
My advice is… you better get some before it’s too late.

Jamie DimonTed Butler recently theorized that JP Morgan is the entity that is the buying 1 oz. silver eagle coins in record quantities this year.
Think about this:  bullion banks and large buyers of gold/silver deal in bars and tonnes. Think about how many silver eagles it would take to piece together enough to re-melt and fabricate into a meaningful quantity of marketable bars. Not-withstanding the expense of doing this, it is an absurd notion that they would even bother with it.  Especially when the Comex and SLV have plenty of bars that are available for hypothecation.  
The enormous quantity of silver eagle sales are going to the growing legion of individuals in this country and Canada who understand that the dollar is going to collapse sooner or later. It is poor man’s gold.   It is more fungible as currency than 1 oz gold coins. Ultimately, it is a possible signal that eventually the people will rise up and overthrow a completely corrupt system of Government and banking.
I believe Butler turned his ability to analyze the silver market – and the fact that he was one of the few people doing it for a long time – into a newsletter selling juggernaut.   Now the only evidence he looks at and evaluates is the evidence that supports and promotes subscriptions to his newsletter.   I stopped “absorbing” his analysis about 5 years ago.
His COT and open interest analysis relies on the all of the data being honestly and accurately reported.  But from where is the data sourced? It’s provided by the big banks who run the Comex.

ChiltonIn a recent column, silver analyst Theodore Butler presented information that leaves him somewhat optimistic that the Government Accountability Office (GAO) is looking into the possibility that the silver markets might be rigged or manipulated.
In the column,  Butler labels as “phony” a prior “investigation” conducted by The Commodity Futures Trading Commission (CFTC).
According to Butler and the CFTC itself, this “investigation” lasted five years and included “7,000” man hours of work on the part of CFTC employees doing the investigating.
I too believe this alleged exercise in fact-finding was either bogus or clearly not worthy of the label of “investigation.”
As it turns out, I even have evidence to support my skepticism.