By selling massive amounts of paper silver in the futures market,” SFGate continues, “J.P. Morgan has been able to suppress the price of the precious metal. It is believed that these short positions are naked (i.e. they are not backed by any physical silver).”
If the silver price were falling, Morgan’s (alleged) short position would be lauded as a stroke of genius. But since the silver price is soaring, Morgan’s (alleged) short position looks much less laudable.
Read more: J.P. Morgan and the Great Silver Caper http://dailyreckoning.com/j-p-morgan-and-the-great-silver-caper/#ixzz17fwAeH00
“In recent days,” SFGate notes, “rumors have been swirling on the Internet that J.P. Morgan’s massive short position is about to blow up in its face in the form of an almighty short squeeze and potential COMEX default, as large traders demand physical delivery of silver that COMEX does not have in its vaults.”
http://dailyreckoning.com/j-p-morgan-and-the-great-silver-caper/
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