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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (146519)	3/8/2011 10:27:34 PM
From: ChanceIs	Read Replies (2) \| Respond to of 206201

RE: JP Morgan silver short position (its big) Harvey Organ (PM market expert) writing today to the CFTC: Dear Chairman Gensler and fellow Commissioners: Friday night saw the release of two very important reports on silver. The first report at 3:30 pm was the release of the COT report whereby the net increase in the short positions by the commercial bankers in silver increased by a rather large 3000 contracts. Also, 1 1/2 hours later, we got the banking participation report for February whereby J.P.Morgan who holds the dominant short positions here, increased their net short position from 19,000 contracts to 25,000 contracts. Over the past several weeks, JPMorgan has steadily reduced their short positions by a rather large 11,000 contracts. This was probably due to the Commission's urging, kind of like moral suasion. Three months ago, JPMorgan had a net short position of around 30,000 contracts. The fact that this bank has a huge short position lends credence to its constant manipulation on the silver market, a fact that we have brought to your attention many times over the past several years. The new net short position of 25,000 contracts represents 125 million oz. of silver. Global production of silver including China is around 700 million oz. Thus 17.8% of global production is concentrated with JPMorgan on the short side. How on earth could you allow this to happen? You must be concerned as to the reason why JPMorgan has decided to increase its net short position by a further 30%. Ted Butler hypothesizes that this may be by a rogue trader who "went on his own" instead of the wishes of JPMorgan itself. This must be examined closely and reported to all of us. The fact that the largest concentrated position in silver (on the short side) added another huge position should have thrown red flags all over the place. It has been 2 and 1/2 years since the investigation into the silver manipulation began. We have asked one simple question with subsets that has yet to be answered: In 2008, JPMorgan held a short concentrated position of 25% of global production in silver. How is this not manipulative? If not manipulative, then why? Are the actions of JPMorgan on their massive short position legal or illegal? How is this massive short position in line with your published guidelines? Today, JPMorgan has a short concentrated position of 17.8% of global production. Again, how is this not manipulative on pricing? I know you have asked the public for their comments and from what I gather, a huge number of concerned investors have placed their comments with you over these past two months. Obviously, the will of the people must be addressed here and preserve the sanctity of the markets. I hope that you will look into this matter immediately and report your findings to all. Sincerely, Harvey B Organ BScPhm MBA