JP Morgan has been identified as the purchaser of $1.5 billion dollars in copper reserves from the London Metal Exchange!
So much for breaking JP Morgan with silver purchases….
Copper prices flew up to highs of 2008 on concerns of shortage after the purchase was made. The price increase in copper, I’m sure made up for some of the losses sustained with their silver shorts.
This is a key example of the famous saying;
” If you look the 900 lb gorilla in the eyes, he will take your bannana!”
Watch your silver positions, this may be a move that will allow JPM to absorb any hits taken in their silver shorts, and could ultimately cause the metal to fall as low as $19 before coming back up. Silver will rise long term, just be prepared to secure your postion if needed.
If this happens, it is merely a move to shake out the weak investors that just bought in at the top, so it can be bought back at a discount.
Read the copper article here;