I don’t trust what my computers are saying or what people on Twitter are elated about. But, apparently, silver is down 10% now, for no apparent reason other than the fact that Jp Morgan has a vested interest in seeing it trade down to zero.
Volume this week will be light. So, what better time to crush silver, as we approach the 1 year anniversary of THE FLASH CRASH, than now? I’ve concluded, long ago, that there is no rhyme or reason to these black swan events, just tipping points. Most of the time, said tipping points are behind the scenes, egregious events transpiring while you are asleep like a lamb in a warm barn. I will have you know, “The Fly” does not sleep and is always on-guard for such events. Moreover, he has 24/7 sentry service to monitor certain buildings on Wall Street, in order to keep tabs on certain executives. As you readily know, I’ve designed iBankCoin to include numerous voyeur weapons that allow me to track readers, even by remote accessing their iPhone cameras. In other words, I am watching all of you, all the time. Even when your phone is neatly packed inside of your pocket, iBC has an eyeball of sorts in said pocket.
The Grande Recursive Order of the Knights of the Lambda Calculus have instructed me to inform you to prepare for outrageous events this summer. In others words, this summer, as it should be, will be exceedingly hot.
Good Day.
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Keep your eye out of my pocket you psycho pervert!
I have people doing it for me. I get reports every morning, 6am.
Looking forward to WNR having a monster week.
JPM is God’s bank.
Mr Fly,
Why is JPM short silver anyway? Did it make sense that they shorted even more at the end of March (supposedly I guess)? I’ve read that they supposedly are shorting it to keep the price from going to infinity? What do you think their reason is?
Thank you kind sir for all that you do
Why Is JP Morgan short???…You must google Max Keiser for that answer.
Just rumors. I mean yes, they are short something, according to some records, but for all we know they could be net long. If they really were heavily short, and other banks weren’t, silver would be at $100 now.
The other banks would move in for the kill, just like they did to Bear Stearns and Lehman. They wouldn’t let margin requirements be raised.
I either heard on the TV or read on the Faceypages (so it must be true), that JPM inherited this huge silver short position from Bear Stearns. Doesn’t sound too reliable to me since they have had plenty of time to unwind before now, but I guess anything is possible.
The reasons are moot.
Silver down due to cme 75% margin increase..
All silvers longs margined up just got hosed
Yeah pretty crazy since it’s the 2nd margin increase in one week
Later tonight we’ll get the audible from Jake on the game plan for trading silver as well as gold. Might be a chance for some plebs to get back into the game.
I thought you were banned.
For crying out loud, you are being a SNITCH!
Margin requirement hikes always panic the johnny come lately’s, leverage is a killer. Hoping to see my WNR grow this week.
Sorry Neighbor. No iPhone here. They are for rich people and I am still unemployed. But, not for long. I will be attending Hot Dog University this week and hope to get a food cart somewhere near The Metropolitan Museum of Art or Trump Tower where the fancy schmancy people are- the Donald is a fan of Dogs.
I have reserved the name Mustard’s Last Stand. Mrs. Fly said she will be watching Mrs. Steve for me. Wish me luck, although if I stay busy I won’t be able to go with you to the Water Park on our annual trip. I see hot dogs in Fly’s future.
http://www.hotdogu.com/
Steve The Neighbor:
Fly has WNR, which sounds (and looks) like hot dog.
Good luck, Steve. I’m cheering for you.
Any word on if Hotdog U. intends to expand into corn dogs anytime soon? Perhaps that could be the graduate-level program.
You know the old saying, if you “Can’t Cut the Mustard” attend Hotdog U.
I really relish the posts here at ibank
Flash crash is right. Silver already recovered more than 50% of the drop. No telling though whether it will be up or down $10 by Monday morning. No wonder Fly and many others do not like to trade something that is so hard to predict.
It’s actually not that hard to predict.
Increased CME margins + Chinese horrorday = thin trade meltdown
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The number to watch is not how far silver falls below the recent peak, but how high the new “low” is in relation to 3Q10. Are we going back to $30?
Oh, I am positive we are. The question is: Do we see $50 first or not?
Fucking great. I just picked up some silver last week.
Why will volume be light this week? It’s light every week.
http://online.wsj.com/article/SB10001424052748704569404576297840351753636.html
“Mr. Barratt said the move was helped by a thin market. Asian trade is normally the quietest part of the trading day for precious metals, although the first hour of trade tends to be busier, and activity is expected to be relatively muted Monday as the loco London settlement system is closed for the U.K.’s May Day public holiday. “
so what you’re saying is, futures are saying Silver is 33% above where it was in february, 2 months ago? They really took out the bottom from this market!
Is the President going to announce they must save the silver market????
Nope, he’s releasing the menu for his Cinco de Mayo party this week.
Silver at new highs by end of week. Guaranfuckingteed.
Agreud!
FIG!
In other news, bin Laden is dead.
Bin Laden dead…did the Silver market know in advance???
How can anyone deny that Obama has gotten shit done.
Gaddafi’s grand kids, son and now Osama. All in one weekend.
Gaddafi better wave his white flag now or be carried out in a body bag.
Let’s not forget the correspondent dinner bagging on Trump.
Am I the only one that thought we were on the brink of WWIII listening to CNN? How many seniors died from panic attacks tonight? A global statement of national security.. very alrming how they framed it all.. thought the nukes were about to fly.
all I care about is carck spread widening baby
Is it possible the opposite will happen due to this news?
Good work. They fly news is getting better than bloomberg. You had that info. before 99% of the sites out there. Now someone needs to teach obama how to show up on time for his press conference. Check his eyes. He was probably getting higher than a kite watching basketball today. This shit must really be pissing him off.
Obama is three for three:
1) Economy improving and as usual the best stock markets during Democratic presidencies
2) National Health Care passed for all citizens
3) Bin Laden captured or killed (by a soft liberal POTUS rather than some hawk GOPer)
Obama has momentum now and a Second term Indeud!
If Obama was smart he would have stashed Osama’s body, ala Weekend at Bernie’s, for another year. He would be guaranteed reelection. Timing is everything.
I’m just shocked we still have people publicly declaring for Slo-bama.
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Winning ….
Senator Gint is not gonna like this.
Maybe the GOP will just pass on 2012 to save all the cost of an election.
Remember Dubya Senior’s 90+ approval rating after the First Gulf War?
Economy sucked (he raised taxes like a dolt) and he was gone.
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All that proves is the apple doesn’t fall to far from the tree …
LOL, Jake Gint will probably be over here soon, to insult you in the extreme somehow, in the way that devout Right Wing ideologues do when you disagree with them.
Thank the lawsy that you bankrupt ideologues of the union-slave Left are such paragons of courtesy.
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Now US Dollar may catch a bid?
OBL dead, changes nothing, there are million crazy ass jihadist ready take his place.
This will definitely piss off a lot of people in Pakistan
Fuck Pakistan. They’ve been in the doldrums since India beat them in the Cricket World Cup semis.
Donald Trump sures Knows how to get things done, Has Obama wheel out his Cert of Birth last week and slams DC so much this weekend they have to cart out Bin Laden’s carcass.
…and Osama’s announcement was made during Celebrity Apprentice (yes, I was watching…was a long day) LOL! Nice way for Obama to tell Trump to fuck off.
Hahaha, yeah I was watching that and thought the same thing … Obama killed two birds with one stone!
How about the timing of this new release. He was killed last week and they wait to announce it on Sunday at 11:40 pm???
Smart guys …. Confirm body, Delay till after British Wedding, Notify allies to prep for retribution …