Acting as Fed’s agent, JP Morgan is buying all silver to save Comex

The silver inventory of SLV must be questioned as so many bars are quickly credited to it, even as the physical market is so tight everyone else has long delays…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

2:10p ET Friday, September 18, 2020

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire today tells the TF Metals Report’s Craig Hemke that the silver inventory of the exchange-traded silver fund SLV must be questioned because so many bars are being quickly credited to it even as the physical market is so tight that no one else can get metal without long delays.

Maguire adds that a new physical gold and silver exchange is being created in London to compete with the London Bullion Market Association and require deliveries to be made within a day from metal already held on the exchange.

Further, Maguire says, on the basis of confidential sources, that JPMorganChase has cornered the physical silver market and has given at least one trading house an unlimited letter of credit to buy silver at any price. This, Maguire says, can be only a Federal Reserve operation to restore liquidity in silver to the New York Commodities Exchange’s silver futures contracts.

Hemke’s interview with Maguire is 42 minutes long and can be heard at the TF Metals Report here:…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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