Silver and JPM

Discussion in 'Commodity Futures' started by blox87, Sep 15, 2010.

  1. blox87

    blox87 Guest

    "JPMorgan Chase & Co., the second- largest U.S. lender by assets, told traders who bet on commodities for the firm’s account that their unit will be closed as the company begins to shut down all its proprietary trading, according to a person briefed on the matter."

    So this alleged huge short position in silver has to be covered soon. Correct or incorrect?

    either way I've been a silver bull for a long time , have a bunch of physical, SLW has been my cash cow the past two years. Hoping we can see 25 -30 dollar silver in the near future.
  2. blox87

    blox87 Guest

    So whats the word on JPM? , wonder if they have covered yet???????????????
  3. blox87

    blox87 Guest

    Crazy chart
  4. Tsing Tao

    Tsing Tao

    yep, that's nuts. if and when that goes south, it could be very bad for anyone holding a long. of course, thats a big IF.
  5. I wouldn't be short silver right now. Can anyone offer any legitimate contrarian views?
  6. blox87

    blox87 Guest

    Well if the fed blatantly says they are going to devalue the dollar why would anyone be short any commodity??? there may be some hefty pullbacks on the way up considering so many people are long and there will be profit taking along the way. IMO
  7. Tsing Tao

    Tsing Tao

    two issues i can see as a possibility.

    the first is that the backlash from QE2 grows so strong that the fed is forced to cut back the program at the very next meeting. the market can begin to price in a cut back if more fed speak like today (and there was a lot of negative fed speak) comes out.

    the second is if a market crash comes. then, like in 2008, funds will liquidate profitable (gold/silver like) positions to pay for margin losses on equities, emerging markets, etc.

    those are two very real threats out there to the price of silver and gold. ignore them at your own peril.
  8. This feels so much like a blowoff top... 98% of traders think we are going up. This is too much... although im long i'm very wary of a reversal....

    maybe in the 30 USD area
  9. If only I got the numbers in the lottery right... :D ...

    saiid to be careful last night before thins runup that the reversal would be as amazing as the run up...

    Silver is losing -10% since it reached mid-29's this morning
  10. Hey you're not the only one who was cautious :cool: If you read my thread I have been very cautious of Silver as well. Unfortunately, I have this e-raging loser called Hydroblunt cramping my professionalism. In my own thread :) Too bad he lost to me.
    #10     Dec 8, 2010