Silver and JPM

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blox87

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"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.
 
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.
 
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
 
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.
 
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
 
Quote from salvador90:

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
More...

If only I got the numbers in the lottery right... :D

www.mybullmarket.org ...

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
 
Quote from salvador90:

If only I got the numbers in the lottery right... :D

www.mybullmarket.org ...

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
More...

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.
 
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