Submitted by Dr. Jeffrey Lewis, Silver Coin Investor:
The final question asked of Ted Butler in our recent Q&A was in response to his claim that JPM has amassed a huge hoard of silver over the last 4 years…. The question is, can they do this?
Ted: Sure. If you own something, you can’t tell somebody you can’t sell it. Is it possible that J.P. Morgan could use the physical, (the four hundred million ounces that I allege that they’ve accumulated in the last four and a half years), to keep the price of silver depressed for as long as they could supply silver to the market at any price that they decided? Is it possible? Yes, of course it’s possible.
But is it probable and is it likely? I don’t think so. Because you have to take an objective appraisal of J.P. Morgan. Why do they exist. Just like a shark is a perfect eating machine supposedly, J.P. Morgan is a perfect profit machine.
It’s what they do. They just make money. They steal from their customers and others as much as they can which is reflected in the many billions of dollars of fines and settlements that they’ve accrued. All in the pursuit of profit. That’s the common denominator, that’s what makes J.P. Morgan tick. It is the quest for profits.
They have a situation here. If I’m correct and they’ve got four hundred million ounces then they should be in jail because they acquired that four hundred million ounces predominately on lower prices that they were instrumental in causing to be low by virtue of paper short sales on the COMEX.
Talk about a perfect crime. They lowered the price and they’ve accumulated all this silver, four hundred million ounces, at a highly advantageous price higher than it is now. It’s got to be in the twenties, their average buy-in price. Will they turn around and sacrifice that? I don’t think so. These guys are in it for the money. They don’t care about anything. They’d steal their grandmother’s eyes if there was a buck in it for them..
Look, if silver comes to a hundred dollars and beyond, that’s like forty billion dollars for J.P. Morgan. It’s like a thirty billion dollar profit. This is table stakes for them.
Yes, if they’re nickel and diming two million credit card customers at a time then the nickels and dimes add up, but if they got four hundred ounces of silver like I allege.. I think that’s probably the most bullish thing you could say about silver.
Because the crook has got the biggest position. The way he’s going to make money is the more it goes up. That’s just the probability. Can I guarantee that? No, of course not. Is it possible that they could sell? Yeah, I guess, but is it probable? I don’t think so. What for? What do they have to gain? They’re out to steal every dollar that’s not nailed down. They’re bigger than the U.S. government.
People think sometimes that the U.S. government’s going to keep the price down and protect the dollar or the stock market. I say there’s a simpler explanation. J.P. Morgan suppressed the price these last four and half years precisely to acquire this silver and they have no interest of letting loose of this silver except at some extraordinarily high price.
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