Again we hear from Bix Weir how it is really going.
Andrew Maguire has chimed in on the “Trader David R.”controversy and has made some very interesting points related to the tightness of Physical Silver. You can find his take on Turd Ferguson’s site here:
Guest Post: Andrew Maguire responds to”Trader David R.”
“In answer, the bullion banks are indeed in the business of financing, buying & selling, and owning vast quantities of physical, however, what is not mentioned in the article is a critical omission, i.e. the amount of derivative leverage employed by these banks.”
“..this ‘trader’ makes the assertion that there is so much physical owned by the banks that there is no more room to store it and further that you can ‘take all the physical you want’. This information is patently false, as anyone seeking silver in size will verify.”
“Considering that over 5000 tonnes of so called ‘physical silver’ is cleared between LBMA banks in London every day, this should not have posed a problem, however, these transactions although counted as ‘physical’ in reality consist of unallocated metal which the bulk of, when cleared, is simply netted on the books amongst the clearers every day with very little physical actually changing hands.”
“Here he names HSBC and JPMorgan, the 2 banks that up until this year also held the book on over 98% of all precious metals derivatives, JPMorgan still holding the lions share. (Citi bank has now replaced HSBC). There is no need for a bullion bank to ‘forge financial statements’ when the bank can list their highly diluted and rehypothecated unallocated assets under the heading ‘physical commodities’. There are, however, no allocated audited bar numbers to back up these ‘assets’.”
So there’s an excellent report from the field. Those of you who have followed the Road to Roota letters for any amount of time know my take on Silver manipulation and most of you have taken my advice…BUY SILVER WITH EVERY SPARE PENNY YOU HAVE!
Very soon the “Millionaires and Billionaires” are going to be FIGHTING to get their hands on physical silver. These people will be desperate to get their hands on metal in size and they will bid the price up to the heavens… but they still will not be able to get their hands on much. And you won’t be selling either.
One day very soon you will be paying over $1,000 an ounce for physical silver and you will be begging for more.
I guarantee you that you will be KICKING yourself for not going “all in” when the price of silver was sub $100!
For those new to this Road here’s a couple articles on WHY silver is so important:
Melt The Witch (Revised!)
20 Reasons to Sell (BUY!) Physical Silver
We are on the cusp of the largest wealth transfer in history. We will soon witness the “wealth of the world” be transferred from it’s current virtual digital form to a real physical form.
Do yourself a favor…beat the “Millionaires and Billionaires” to the front of the line for purchasing physical silver. Don’t listen to those who say “diversify your portfolio” or put no more than 10% of your wealth into precious metals…they will be the ones BEGGING to buy your physical silver when this game ends!
Here’s Miles Franklin’s number if you don’t have your own silver dealer:
Call them now.
May the Road you choose be the Right Road.