Tuesday, May 11, 2010
With complete apologies to Modest Mussorgsky...
(click to enlarge - source: Richard Russell - Dow Theory Letters)
It will take the Government quite some time I'm sure to figure out how JP Morgan has been fraudulently manipulating the silver market with extreme impudence and recklessness. But perhaps the market will extract a lot of pain out the rogue bank before the Government catches up with insight of its own. My best guess is that Dimon will throw his metals trading unit to the wolves and plead ignorance.
In the meantime, the bulls are loose and there's no rush like a gold rush. And here's the sucking sound of physical bullion being drained from the LBMA: CEF to Issue $350 million to Buy Physical Bullion Central Fund Increases Equity Offering to U.S.$376 Million
Posted by Dave in Denver at 8:23 AM