Thread: J.P.Morgan Materially Cuts Short Silver Position Says Source

Gold & Silver Not Crowded Trades as J.P.Morgan Materially Cuts Short Silver Position Says Source

Commodities / Gold and Silver 2010 Dec 14, 2010 - 09:20 AM

By: Adrian_Ash

THE PRICE OF GOLD rose to 1-week highs above $1400 per ounce overnight in Asia on Tuesday, rising as the Dollar fell on the forex market, before slipping back after new data showed much stronger-than-expected US retail sales and factory-gate inflation for November.

Crude oil slipped from $88.70 per barrel, and base metals also dipped.

Wholesale silver investment bars dropped 50 cents from $30 per ounce after extending Monday's rally – and gaining 4.3% from last week's finish – as the Financial Times reported that market-making brokerage and bank J.P.Morgan has “materiallyâ€

Silver Monster Move in the Making

Commodities / Gold and Silver
2010 Dec 14, 2010 - 10:02 AM

By: Ronald_Rosen

We don’t often see a chart that promises us a monster move. When we finally discover one it usually comes with a number of ifs. This quarterly logarithmic silver chart, although promising us a monster move, is no exception to the rule of ifs. The ifs are clearly outlined. Will the price of silver close over the mid trend line? If the price of silver does close over the mid trend line will it have a 5 wave move as did Major Wave One?

If silver does have a 5 wave move once it closes over the mid trend line, will minor waves 1, 3, and 5 peak at the upper trend line? If minor waves 1, 3, and 5 peak at the upper trend line will their peaks be key reversals? If their peaks are key reversals will the corrections that follow bottom above the mid trend line? We won’t know the answers to those questions ahead of time. However, I can say that of all the thousands of charts I have viewed over the years none have compared to the elegant simplicity of this silver quarterly logarithmic chart. It is telling us that the past will repeat in the future. Now all it has to do is deliver on its promise.

SILVER QUARTERLY LOGARITHMIC CHART



Participating in this monster move in silver without having to endure violent moves in the commodity contract is a problem. I believe that owning Hecla Mining is a reasonably conservative way to participate and still have potentially large gains if what I described does become reality. Of course there are other silver stocks. Owning three or four is a safer and more conservative approach. I own Hecla Mining and no others. Please be aware that when owning mining shares your investment is always subject to various mining disasters, i.e. floods, explosions, cave ins. etc. For more information about Hecla Mining see REPORT dated May 6, 2009 or visit their web site at www.heclamining.com

Hecla Mining was recommended as a buy at $1.50, $2.86, and $6.50. It is still a major buy.

HECLA MINING WEEKLY



For continuous updating on the potential “Monster Moveâ€

This little quip at the end got my attention.

In Budapest yesterday, the Parliament approved state confiscation of privately-held mandatory pension funds by a majority of 250 to 58.

Keiser Report â„–103: Markets, Finance FUBAR!

http://www.youtube.com/watch?v=bruMQTTuf2g