Regarding The Rumors That Scrap Silver Has Hit The Market

Someone commented yesterday in my comment section that the suddenly revered Ben Davies stated that a lot of scrap gold and silver must have hit the market.  I responded to that by saying that if that were the case, I would have come across reports of that happening in everything I read, most notably in that regard being the invaluable "JB" reporting, which can be found in the Midas report at http://www.lemetropolecafe.com/ every night.  I suggested that Davies' assumption was incorrect.  Today I saw this report from Reuters (source: the JB report): 

India gold, silver traders scramble for supplies:  Gold and silver traders in India, the world's biggest buyer of bullion, scrambled for supplies as they braced for strong sales for a local festival, pushing premiums higher, bank officials and suppliers said.

Here's the LINK  If a lot of scrap were hitting the market, not only would I have come across it my research, but Indians would not be "scrambling" for physical supplies.  Please make no mistake about it.  This price-action in silver is predominantly an attempt by the major bullion banks, backed by the Fed, to create a shock and awe panic in the precious metals.  This action serves a lot of purposes, not the least of which it will save JP Morgan $100's of millions in losses on its short position (blood money for a Wall Streeter) IF they can cover enough short positions.   I would suggest that people who want to trade this market should form their own convictions based on knowledge and experience and not rely any supposed guru as a definitive source of information.  And do not listen at all to anything you hear on CNBC, Bloomberg or Fox News.