The largest of these precious metals markets -- the gold market -- is still a relatively small commodities market. However, take away 90% of the "trading," which is just international bankers engaging in currency swaps, and the gold market becomes a tiny market as well.
In other words (in proportionate terms) we're not talking about these short positions being a mere order of magnitude larger than other short positions in the world of commodities (i.e., 10 times as large), but more like one hundred times larger than the average short positions of other commodities. Short positions that are blatantly criminal in nature.
At the end of the 1970's, the
By Ed Steer's best estimate, JPMorgan's (JPM) short position -- by itself -- now comprises half of the mammoth short position indicated on the previous chart. This massive, permanent concentration (on the short side) is significantly larger than the size of the crime committed by the Hunt Brothers.The feeble justification offered by JPMorgan is that it is "hedging" in the silver market. Right. After the price of silver had been driven to -- i.e., manipulated to -- a