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Max Keiser: Want JPMorgan to crash? Buy silver
By Max Keiser
The Guardian, London
Thursday, December 2, 2010
http://www.guardian.co.uk/commentisfree/2010/dec/02/jp-morgan-silver-sho...
For decades, the world's banking system has been on a fiat currency standard that has led to banks that are "too big to fail." They have overreached their remit of providing loans and have leeched into the political system, using our money to change the political agenda in ways that boost bank management's compensation over the interests of their depositors.
Over the past 11 years, the Gold Anti-Trust Action Committee has worked to reveal the silver/gold price suppression scheme. Thanks to whistleblower Andrew Maguire in London, an investigation has been opened. As part of the ongoing exposé, it has now become clear that JP Morgan is sitting on what is estimated to be 3.3 billion-ounce "short" position in silver (which they have sold short, meaning they don't own it to begin with) in an attempt to keep the price artificially low to keep the relative appeal of the dollar and other fiat currencies high. The potential liability for JP Morgan has been an open secret for a few years.
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Opportunity in the gold coin market
Swiss America Trading Corp. alerts GATA supporters to an opportunistic area of the gold coin market. While the gold bullion market has been quite volatile lately and as of November 29 gold has risen only $7 per ounce over the last month, the MS64 $20 gold St. Gaudens coin has risen about 10 percent in the same time. The ratio between the price of these coins and the price of gold is rising. If you'd like to learn more about the ratio and $20 gold coins, Swiss America can e-mail you a three-year study of it as well as other information.
Swiss America also can provide a limited number of free copies of "Crashing the Dollar," a book written by Swiss America's president, Craig Smith.
For information about the ratio between the $20 gold pieces and the gold price and for a free copy of "Crashing The Dollar," please call Swiss America's Tim Murphy at 1-800-289-2646 X1041 or Fred Goldstein at X1033. Or e-mail them at trmurphy@swissamerica.com and figoldstein@swissamerica.com.
On my television show, "The Keiser Report," I recently invited Michael Krieger, a regular contributor at ZeroHedge.com (the WikiLeaks of finance). We posited that if 5 percent of the world's population each bought a 1-ounce coin of silver, JP Morgan would be forced to cover their shorts -- an estimated $1.5 trillion liability -- against their market capital of $150 billion, and the company would therefore go bankrupt. A few days later, I suggested on the Alex Jones show that he launch a "Google bomb" with the key phrase "crash jp morgan buy silver."
Within a couple of hours, it went viral and hundreds of videos have been made to support the campaign.
Right now silver eagle sales for the month of November hit an all-time record high and the availability of silver on a wholesale level is drying up. The most important indicator is the price itself -- holding just under a 30-year high. With each uptick JP Morgan gets closer to going bust or requiring a bailout.
Here's how the campaign works: Wealth tied to a fiat currency is easily overwhelmed by wealth tied to silver and gold. And the world is waking up to the fact that they have the ability, without government assistance or other interference, to create a new precious metals-based backed currency system simply by converting their fiat paper into real money.
This campaign has 100 percent chance of working; it falls into the category of a self-fulfilling prophecy. As more individuals buy silver and gold, all attempts to replenish the system with more paper money will only cause the purchasing power of the silver and gold to increase -- thus prompting more people to buy more. Any attempts to bail out JP Morgan would have the same effect. If the U.S. Federal Reserve was to flood the system with bailout money for JP Morgan to cover their silver short position (as they did after the collapse of Long-Term Capital Management), more inflation will ensue and the price of silver and gold will rise more, triggering more purchases. A virtuous circle is born.
If anyone is interested in helping to crash JP Morgan, buy silver. In the end, it's about transferring wealth back to the people from whom it came.
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Prophecy Drills 71.17 Metres of 0.52 percent NiEq
(0.310 percent Nickel 0.466 g/t PGMs +Au and 0.223 percent copper)
from surface at Wellgreen Project in the Yukon
Prophecy Resource Corp. (TSX-V: PCY) reports that it has received additional assays results from its 100-percent-owned Wellgreen PGM Ni-Cu property in the Yukon, Canada. Diamond drill holes WS10-179 to WS10-182 were drilled during the summer of 2010 by Northern Platinum (which merged with Prophecy on September 23, 2010). WS10-183 was drilled by Prophecy in October 2010. Highlights from the newly received assays include 71.17 metres from surface of 0.52 percent NiEq (0.310 percent nickel, 0.466 g/t PGMs + Au, and 0.233 percent copper) and ended in mineralization. For more drill highlights, please visit:
http://prophecyresource.com/news_2010_nov29.php
