order paroxetine on line mexico buy lisinopril uk purchase mobic in australia is mail order reglan safe isotretin mg order non generic levitra super active capoten pills buy online atrovent medication online prednisone 20mg tab west risperdal online from uk skelaxin high blood pressure order atorlip 10 online no prescription with a echeck where to buy requip without a prescription mexican pharmacy no prescription aygestin viagra super active uk next day delivery indomethacin no perscription metronidazol from india proventil hfa coupon 2010 how much is cleocin tablets what is content marketing nizagara buy on line maxaman tablets from buy viagra capsules for women lantus online without rx doxycycline online coupon code buy cialis super active online without a prescription prandin online from uk where to buy roaccutane online without rx western drug levoxyl hoodia capsules side effects online generic fertomid viagra em miami diflucan tablets boots fasigyne max dose legal buy beconase aq online canada cheap skelaxin 100 mg buy aricept online from usa where do you buy permethrin spray can i buy keppra in canada fucidin oral dose l thyroxine buy uk lotensin refill pack clomid without a rx is it safe to take 40mg cialis side effects of keppra 500mg moduretic cost canadian himplasia pill shortage come comprare il viagra lotrel uk buy apo furosemida uk no prescription get robaxin las vegas actos medication us pharmacy online hydrochlorothiazide buy trileptal in india online online pharmacy reviews motilium oral suspension dosage for children can you buy minomycin best place to buy artane in india cephalexin tablets ip medical devices under drugs and cosmetics act india purchase janumet on line in uk where to buy buspar voltaren gel cheapest where to buy mometasona online without rx oracea india no prescription aciphex non generic drug doctor cheapest place to buy erythromycin canadian metformin online buy probalan quick el viagra se vende con receta medica en chile adalat la 30 pregnancy buy pilex pills in the australia what types of cafergot are there azithromycin buy no prescription buy zitromax tablets usa liquid promethazine wiki buy duetact online pharmacy ordering cefadroxil on line buy antivert 25mg buy mentat ds syrup in ireland trandate women buy where to buy finax ointment gel viagra thailand trial erection packs 3 canada prescription what does cefadroxil look like aygestin overnight pharmacy ordering lantus uk can you buy florinef over the counter buy levothroid tablets india a good web page to buy stediril with no script best site to buy toradol buy olanzapine 100 ordering orlistar mexico where can i buy tamoxifen uk how to get cialis or viagra lexapro tablets used bromocriptine dosage for men order medication online india aciclovir oral dosis adultos where to buy pulmicort online uk female viagra pills uk amaryl online pharmacy uk purchase salbutamol online there any otc viagra sale cephalexin lantus delivered to your home most common types of drugs used in sport disulfiramum on line no script rosuvastatin on the internet ginseng pills for energy best pharmacy online uk pharmacies order amantadine ciprofloxacin uses uti what is clomid bodybuilding order crestor without rx side effects of flomax medication what is imuran used for in dogs can you get high off fluoxetine 20 mg us pharmacy online chloramphenicol evista daily use reviews duetact fast mexico norvasc 5mg reviews levothroid generic equivalent suppliers of lopid in us prometrium 100 mg price comprar wellbutrin sr pela internet microzide online comprar cholestoplex portugal metrogel on line no script ordine commercialisti will generic protonix available astelin vs nasonex buy viagra in the uk online buy diamox doxycycline side effects dogs lethargy buy combivent overseas glucofage noprescrition needed usa online pharmacy where can i buy snovitra super power online without a prescription generic ditropan cost best trandate prices silagra non perscription countries how long does it take for diamox to work zoloft generic cost safe place order eurax order cymbalta without rx vytorin from canada with no prescription buy zyprexa inhaler canada synthroid birth control online mexico generic glycomet switzerland cialis sublingual canadian medications without prescription kosovarja tu u qi obelit buy online mexico is generic olistat effective arimidex from mexico us online pharmacy no prescription zyrtec purchase bactroban lowest price free or low cost diltiazem prinivil hctz side effects canada drugs vpxl with prescription omeprazole 20 mg capsules finasteride usp 500 mg plavix 75 mg wiki amoxicilina perth australia diovan 160mg tablet ortho cyclen spain buy retin a gel 0,1 low cheap price indocin sold over counter best place to buy vytorin in australia buy ceftin quick how to buy apo clopidogrel in canada cleocin gel echeck generic zocor vs lipitor buy valporate without prescription clonidine brands india purchase brafix on line in canada wigraine online purchase where can i get some lisinopril singulair 4 mg buy levitra super active generic 2013 drugs buy prednisona online without prescription online pharmacy no prescription needed allopurinol pharmacy technician overnight shift where do i curacne in india usa buy lipitor without prescription what is the medicine doxycycline hyclate for zedd birth control online india generic synthroid problems ginseng drug in fr pharmacy best place to buy tadacip online performance enhancement drug statistics brand viagra without prescription medication overnight pharmacy 4 u coupon flomax over the counter substitute americans buying drugs from canada is it safe to take viagra at the age of 25 hoodia 5mg tablets ordering low dose lamictal does erythromycin cause weight gain can i make suprax how to buy flunil in canada silagra prescription coupon buy seroflo hong kong advair diskus order metformin online no prescription with a amex actoplus met on line purchase non perscription valtrex where to purchase adalat side effects doxycycline dreams can we trust apo clopidogrel online doxazosin india suppliers where to buy cheap generic azitromicina amoxil no prescription 250mg buy cheap order arjuna online order 50 mg januvia no prescription suppliers of permethrinum in us buy ciprofloxacina australia amoxicillin 875 mg twice a day for sinus infection night care tretinoin cream usp 0.05 20g 0.68oz buy generic crestor online seroquel xr spc non prescription anafranil pharmacy gabapentine no prescription overnight delivery can i make torsemide lowest priced effexor xr trial erection packs 3 buy online ireland betnovate uk online can you buy janumet over the counter in germany wigraine from canada without rx pyridium suppliers overseas acquistare isoniazid in italia buy aldactone with no script what is aviane 28 for lansoprazol no prescription fedex ups brand permethrinum buy vagifem not generic proventil tablets price promethazine tablets price thyroxine next day purchasing zenegra online amoxycillin buy canada vardenafilum from uk ordering levothyroid india isoniazid dosage forms zitromax legal us terramycin ointment purchase capoten in uk negative side effects of seroquel xr can you buy arjuna canadian approved cheap nootropil sale uk what is fasigyn mg used to treat cost of diclofenac in india ventolin order online cleocin gel usa no prescription norvasc without food flonase australia price sinequan to buy in the uk without a prescription half price trial erection packs 3 intitle best price online canadian pharmacy free or low cost aldactone frusemide online without rx clomid kopen belgie 4 pills treat chlamydia bactroban from usa rocaltrol or generic levoxyl generic brand order moduretic from australia without prescription azurette buy usa prescription drug viagra jelly trental online overnight zyrtec pas cher italie bactroban mexico pharmacy buy canada no prescription for acai cialis viagra levitra online metoclopramide barato buying promethazine codeine mexico ordering zanaflex tegretol from canada without rx acheter pas cher maxalt buy tinidazole pills in the mexico valtrex purchase in canada no prescription where to buy aldactone mg ordering viagra plus india acheter keflex pas cher 10 mg cialis dosages motilium suspension dose meloxicam dosage for pain buy alli in australia buy medrol dosepak online with no prescription order zantac on line india azitromicina us companies only where do i eurax in mexico altace drug in germany pharmacy buy riomont with visa cheapest drug liposafe zenegra sale norvasc blood pressure medicines i pill voveran website buy wellbutrin 100 how much will robaxin cost buy avalide online amazon how long does it take for clonidine to work for hot flushes purchase zyprexa on line in india canada pharmacies online that sell mentat generic vytorin 10 10 buy pyridium no prescription where can i get some zentel advair diskus drugstore com pricing drugs similar to myambutol erythromycin 500mg how many times a day buy generic accutane no prescription 20mg vente de diamox au quebec where to buy lamisil once where to buy cheap generic cialis atarax lowest price alli 60mg is cymbalta a prescription drug can i send medicine by mail to india brafix generic 2013 drugs buy pulmicort have no prescription allegra k amazon reviews buy albendazole lowest price buy lozol online no prescription us billig minipress online kaufen l thyroxine canada pharmacy topamax lawsuit filed india online pharmacy reviews best place buy cialis pct conivent inhailer drugs canada no rx purchase seroflo on line in india buy lamictal pills in the australia ordering drugs from mexico by mail torsemide drug class pantoprazole sodium health canada almetec lariam dose for children is norvasc a prescription drug generic celexa pill identifier what is cyklokapron drugs fucidin h uses buy aceon best site to buy amoxiline side effects of generic paxil buy effexor xr without capsule prescription buy vasotec 200 baclofen 25mg tablets costco membership renewal optimmune ointment for dogs side effects cual dosis omifin what is nizoral pills used for purchase roaccutane in australia lamisil over the counter pills buy desyrel low cheap price synthroid medication wikipedia where do i buy minipress clonidine ships from india where to buy zofran with mastercard buy trileptal no prescription fast delivery no prescription buy lipitor online tadalis no prescription accutane reviews taking prednisone no prescription fedex ups cozaar pills sweat feldene 20 mg side effects reminyl next day prilosec store vpxl online purchase lisinopril canada head office order levitra from what does sertralina how long does it take for paxil to become effective discount disulfiramum otc xbox live price increase where do i yasmin in uk cost of cefadroxil without insurance fertility drugs pharmacy canada order himcolin on line usa can you buy lexapro over the counter diclofenac sodium 50mg buy uk generic saw palmetto uk paypal fenofibrate 145 mg cost where to buy saw palmetto oil glucofage generic india acivir pills pas cher italie tofranil mexico pharmacy how to order feldene accutane no prescription online pharmacy generic can you take protonix daily voltaren express canada minocin cost canadian pulmicort online cheap revia online bestellen rocaltrol online levitra super active generic australia is alesse available over the counter buy apo furosemida online pharmacy nizoral express canada buy clomifene online usa buy ciproxin tablets online cialis sublingual for men in usa xenical lawsuit resources for aspiring models buy valtrex online drug tetracycline buy online ireland is mail order terramycin safe order finast cheap chloromycetin mg canada seroquel weight gain 50 mg porque sertralina engorda over the counter medicine curacne singulair chewable tablets side effects brahmi online shipping purchase aripiprazola on line in australia wellbutrin sr on line purchase why has premarin been discontinued take 2 diflucan pills buy differin tablets us ordering viagra canada toprol xl on line in the mexico suppliers of c ratioph in us acivir 800 dt side effects lamisil to buy in the usa without a prescription lozol ordering online pharmacy female viagra pills canada how to take clomid and nolvadex for pct german remedies vigora 100 retinova uk terramycin for sale usa how much is keppra tablets cialis tablet 20 mg where do i diprosone in mexico can you get tretinoin cream over the counter canadian online cialis med cab floxin zebeta comprar where to buy valtrex drugs online black ant better than viagra lotrel from australia mail order generic diprosone costco pharmacy femara order erythromycin lactobionate powder online celebrex india inhouse pharmacy europe review viagra professional 50mg tablets best place to buy torsemide in australia ciprofloxacina bula anvisa buy zebeta 10 capsulas alli precio toradol dosage what does sarafem treat order lipothin from usa without prescription what is shallaki made of synthroid 50 mg price nexium global sales 2010 buy generic coversyl online with prescription best site for quibron t buy tretinoin 0,025 have no prescription is it illegal to order generic seroflo generic benadryl for children buy lamisilate online no prescription canada buy antabuse inhaler canada drugs similar to alti doxycycline cardizem online order generic abilify 5mg brand name evecare online buy detrol bulk how to buy amlodipin online low dose accutane treatment acne rythmol sr drug in canada pharmacy chloroquine reviews and dosage comprar amantadine portugal telmisartan hydrochlorothiazide cipla do i need a prescription for ortho tri cyclen viagra for sex offenders isotretinoin tablets is it safe to order micronase kamagra pharmacies revatio generic price health canada recall minocycline keppra best online non prescription pharmacy buy coumadin hong kong what does atarax drug side effects turkish pharmacies for viagra best site get liposafe safe cabgolin no prescription alli coupons printable walmart buy prevacid in canada alti doxycycline fast mexico retin a 0 05 online usa canada buy erection packs 2 without prescription metformin shopping benemid online order what does zocor cvs canada cialis lukol drug class brand advair diskus online forum fluticasone salmeterol order trimox no rx canadian pharmacy differin 0 3 gel como usar usa buy micardis without prescription fertomid tablets uk how to buy erection packs 3 in london how long does it take for diflucan to heal a yeast infection can you buy birth control pills over the counter cabgolin online pharmacy uk female viagra online pharmacy buying cytoxan in manchester pyridium buy online canada trileptal reviews for men deltasone woldwide shipping flovent online forum zedd from usa pharmacy toprol xl reviews and dosage zoloft overdose antidote crestor reviews side effects buying albuterol inhalers online procardia from china seroquel noprescrition needed uk online pharmacy medrol dose pack instructions in spanish apo clopidogrel to buy stromectol lawsuit canada janumet buy online australia anteovin cheap australia pharmacy yagara medicine online glycomet order online buy metocarbamol online thru paypals where to purchase metronidazol healthy male fat percentage codeine cough syrup high like cardura without subscription cheap canadian klipal codeine no prescription oder mg tablets of esperal viagra 150 mg luvox order how much does prednisone cost at cvs buy actoplus without prescription haldol without a prescription from india vytorin medicine children quibron t doctors online best cialis super active prices overnight pill shop maxalt from canadian pharmacy what does fosamax do drug market order sinequan order doxycycline mg bestsellers dilantin uses medication requip for purchase without a prescription cialis soft cost per month buy vermox online at canada pharmacy vermox online sales prescription nexium coupons ortho cyclen shelf life generic reminyl sales western drug clopidogrelum buy trileptal online no prescription united states flagyl delivery lotrisone mail order india buy antabuse capsules minocycline canada buy my flunil coupons what does ranitidine do for babies buy revatio online overnight levtria pills for sale female viagra without prespri mirtazapine remeron remeron soltab sildenafil citrate powder dose buy coreg zovirax dose iv bupropion prescription information buy minocycline 100 mg hyzaar uk companies only better than voveran sr generic depo provera birth control viagra soft tabs canada gelatin capsules canada buy fasigyn singapore compazine birth control online australia roaccutan mg buy trileptal online overnight buy proscar online without a prescription anafranil mg tablet generic glucophage no prescription motilium instant 10mg tizanidinum side effects uk acyclovir pregnancy dosage atarax 100 effets secondaires hoodia with american express can you buy online cheap viagra get l thyroxine las vegas purchase lasix 40 mg changing birth control pills brand hydrochlorothiazide online india walgreens employee discount drugstore.com cheap metformin prescription herbal water pills detrol pills online in the australia van you buy diflucan otc diamox over counter peru buy tretinoin cream 1 probalan tablets online adalat xl cost is accutane over the counter prescription cialis super active on line online pharmacy fedex delivery what is female cialis tablets zestoretic on the internet amoxil us companies only wigraine generic wikipedia drugs is 1000 mg of robaxin too much price increase bupron sr purchase vpxl pills tricor for purchase zaditor best price amaryl where to get colchicina buy canada buy beconase aq meloxicam enolat cost in canada mobic tablets 15mg meloxicam levitra side effects levitra vs cialis buy famvir online with mastercard legal to buy clomid online glyburide and pregnancy risks buy lansoprazol online with out prescription can you buy viagra in germany extra strength anacin buy where to buy seroflo with amex peut on acheter du cialis sans ordonnance pediatric nexium dose warafin medicine online suhagra side effects long term use endep for back pain tadacip 20 cipla tetracycline medications interactions comprar xenical ebay cozaar sales 2009 hyzaar azulfidine malaysia pharmacy canadian pharmacy online zyprexa wellbutrin sr buy australia safe place order levothroid purchase elocon on line in the uk piroxicam dosage cats prescription medicine for ibs genuine isoptin 100mg best drugstore mineral foundation 2012 best site get diakof piroxicam capsules usp online soft tabs buy viagra tegretol 100 ml skelaxin online legally order doxazosin buy prescription buy shallaki online with out prescription where to buy remeron without a prescription zyvox 60 mg best price predalone on line in the india metformin 500mg tablets used quinine poisoning where to buy probalan online usa gabapentine generic name all levoxyl vs synthroid messages buy urispas using paypal kamagra online bestellen forum alavert online canadian purchase voveran sr online no prescription nizoral cream no prescription fluoxetine price in india what is yasmin tablets comprar oxybutyninum en argentina where to buy tadalafil online 40mg purchase baclofen cheap 5 mg prednisone 20mg how to take acheter prevacid pas cher thyrohormone buy online australia discount propranolol from canada retin a roche precio argentina order vardenafilum online without rx where purchase periactin buy oratane online with out prescription best generic levitra plus sites buy generic tofranil online with prescription paroxetine 100mg lidocaine patches cost what is permethrinum drugs where is merlin filmed camelot amoxil online store order pletal canada best price kelnor mobic fast usa buying alli from canada no prescription buying tretinoin 0,025 from canada no prescription purchase rogaine 2 in mexico zanaflex prescription assistance programs side effects of isotretinoin roaccutane requip generic usa purchase there cheapest malegra fxt can i buy permethrin online viagra dosage recommended 25mg comprar propecia online paypal cheap places to live in indianapolis hyzaar ds dosage cozaar annual sales drug zyloprim limited india himcocid without a prescription from canada cephalexin without a script can alcohol affect zithromax donde comprar orlistat en bogota betnovate c cream benadryl dose for 30 lb child benadryl generic usa brand name atorlip 5 online prednisolone 5mg 5ml buy shuddha guggulu online us no prescription buy baclofen 10 mg no prescription online no prescription uk for micronase cefixime drug in mexico pharmacy roxithromycin precio mexico what drug category is skelaxin cefixime drug in canada pharmacy cialis online from canada permethrin side effects in cats existe generico do cipro xr lamictal cost uk purchase dostinex on line in the uk vasotec sent to spain how long does clomid take to work for pcos cheapest colchicine in the uk sertralina online no prescription flomax overnight pharmacy research grade prinivil how to order aloprim what to say to dr to get pain pills shatavari user reviews how much is alavert tablets come comprare cialis in farmacia buy priligy online with out prescription how much does generic omnicef cost buy emsam no prescription fast delivery purchase elimite in canada abilify shop net esperal australia pharmacy what is cleocin made of cheap viagra next day delivery uk where to buy online drugs in the greece to buy eldepryl in uk tips for increasing metabolism gabapentine india no prescription brand mentat ds syrup buy what does mobic 15mg look like erection packs 2 order in the us buy generic prednisolona online no prescription canadian pharmacy cabaser order micronase cheap priligy mg order buy terramycin online no prescription us atorlip 5 mg usa confido online in us isotretin drugstore com pricing best place to buy obelit without a prescription over the counter medicine claravis celexa uk buy billig amoxiline online kaufen can i buy prednisolone in canada what is motilium drugs side effects of florinef fludrocortisone himcolin lawsuit canada order prevacid solutab amlodipinbesilat over the counter usa buy over the counter brand viagra online flea meds for dogs online silagra without a prescription from uk cheap rocaltrol free delivery buy lamisilate without rx can we trust elavil online tadapox cost comparison buy tegretol 100mg online buy cafergot quick indian generics online emoquette buying lexapro for dogs purchase cymbalta on line in australia can i get dilantin best drugstore liquid foundation for oily skin 2012 get naprosyn toronto hydrochlorothiazide with prescription acquistare kamagra in italia online meds india tricor annual sales legal buy zithromax online canada cost of nitroglycerin cream best place to order female viagra in us buy cefadroxil greece olistat brands india generic bystolic us how long does it take for digoxin to take effect resources for benicar requip italiano buspar australia pharmacy order mycelex g canada diflucan single dose dosage buspar cheap india pharmacy cane you buy lamisil over the counter in canada celapram legal us venlor discount medications pharmacy has best price styplon toprol xl sold over counter mestinon italiano how to use avapro insulin tolerance test itt epivir hbv australia pharmacy buy dyazide no prescription buy viagra soft tablets uk canadian drugs cialis buy diprolene online from usa a good web page to buy detrol with no script pharmacy for diflucan over the counter cabaser best price for real suhagra lotrisone over the counter uk viagra online worldwide shipping iui clomid multiple births canadian pharmacy spam viagra genuine lanoxin best price aviane 28 online no prescription us online pharmacy no prescription antabuse buy predalone pills in the india drugs similar to atarax brand name arimidex online advair diskus buy from england crestor canadian pharmacies citizens express pharmacy birmingham al vardenafilum tablets side effects where to lexapro buy asacol pills in the australia what is the common dosage for viagra bentyl prices cvs percocet delivery london bystolic pricing anacin where to get suprax suspension coupon best pharmacy to order cardura buy acai pulp uk buy glucophage online india buy zyban online pharmacy fast elavil delivery clozaril canada prescription evecare discounts codes how much aspirin to take daily for heart doxycycline 50mg for acne brand amoxil rx buy metoclopramide dogs anacin price india buy medazole inhaler canada buy seroquel online reviews average price skelaxin cordarone ordering online pharmacy order tindamax online no prescription with a echeck order oracea from usa without prescription retino a cream 0,025 canada sale roaccutane no prescription needed comprar acivir pills online predalone online in uk overnight drug delivery tv live in italia order yaz online no presctiption grifulvin v legal in england toprol xl on line where to buy ginette 35 in canada safely cipralex without rx reviews on pariet where to periactin amlodipinbesilat online in canada advair mg no prescription amaryl uk online bactrim reviews side effects us pharmacies online that sell vpxl health canada etabus erythromycin comprar buy cabgolin online pharmacy can you buy dramamine uk zofran uk pregnancy calan canada online no prescription get accutane las vegas buy probalan online cheap best place to buy atorlip 10 in usa order seroquel pills where to buy buspar mg famvir ordering online pharmacy throat infection medicine erythromycin actonel canada buy lasix online pharmacy purchase generic ampicillin online novo digoxin pills online in the india mirapex drug classification purchase arava in mexico metoclopramide 5 mg tablet sepibest over the counter usa erythromycin common cold pantoprazole 20 mg 40 mg flagyl without a prescription from india zyvox antibiotic resistance antimicrobial buy viagra super active generic order colchicine pills himcocid with paypal payment can i make plendil what is famvir tablets used for where can i buy albenza in canada buy prevacid 5 buy ciplox tablets usa buy antivert with a mastercard depo provera for sale online how to get off lexapro safely book safe noroxin buy flucazole birth control online uk brand name amoxicilina online buy retino a cream in singapore ordering carafate uk abilify 5 mg and price glucofage without a prescription from uk can i order zithromax no prescription in the usa cost of mail robaxin order tadacip from canada without prescription is generic propecia safe nizoral cheap mexico pharmacy arjuna mg uk bystolic on line aloprim noprescrition needed usa online pharmacy where to buy real generic viagra india prescription buy actoplus met can you buy zovirax cream over the counter there nonprespharmacy cheap femara free delivery viagra super active reviews side effects of anastrozole in women prozac usa no prescription how to get pain meds from mexico crestor pills drugstore where to buy elimite online mexico purchase colchicina in us ponstel order cheap nitroglycerin lotrel generic name finasteride medication imuran coupon code the online drugstore cyklokapron nolvadex for men what is a good percent yield for aspirin azitromicina drugstore.com indocin echeck where do i bupron in india tinidazole dose for dogs ditropan generic for where can i get flagyl from buy midamor visa is retino a cream 0,025 available on line in canada beat way to order levitra plus best online pharmacy generic cipro benicar cheap us pharmacy nexium price philippines neurontin mg usa mail order generic cafergot furosemide to buy online order orlistatum no rx canadian pharmacy do you need rx wellbutrin discount glucofage mg low accutane results vasodilan with american express tylenol rapid tabs dosage c ratioph drug canadian pharmacy order lamisil tablets online can you get bupropion in the uk can you get high off robaxin buy fucidin online no prescription canada cheap zyprexa pills name brand sale viagra online lov cost effexor xr where to buy acivir pills with echeck aldactone canadian source neurotin purchase pay pal saw palmetto online uk institute of nuclear medicine and allied sciences inmas drdo buy generic maxalt online with prescription pharmacy has best price liv 52 us online pharmacy no prescription geriforte syrup permethrin cream 5 scabies order non generic mevacor ortho tricyclen lo online no rx online canadian pharmacy cialis what are the side effects of zoloft when you stop taking it cialis soft where can i buy it amitriptyline dosage uk lov cost amaryl elocon wholesale how to buy rogaine 2 in canada delta cortef on line in the mexico dutasterid uk companies only buy erectile dysfunction drugs online ginette 35 without a perscription is the orlistat shortage over chloroquine and birth control pills malegra fxt mg price buy alli 60mg online best ginette 35 prices i pill fluticanose website buy omnicef online australia no prescription buy reminyl for daily use top 10 post cycle therapy supplements where to buy differin cialis precio mexico mercado libre online serevent india periactin mexico pharmacy buy estrofem tablets us what is the meaning of the amaryllis flower ventolin pills side effects robaxin without prescription miami order erection packs 2 from mexico without prescription remeron overnight pharmacy buy metoclopramide online india prescriptions by mail from canada can i get blopress is cozaar available in generic form research grade artane eltroxin online pay paypal where can i get haldol from meclizine over the counter medicine side effects of acai with green tea buy generic alesse with bonus buy canada no prescription for cafergot what bacteria does tetracycline treat synthroid hair loss purchase diflucan on line in usa is there a shortage of flagyl er order clozaril from australia without prescription how long does it take for singulair to work in kids buy prednisone perth australia where do i mentat in india generic name for metoclopramide hydrochloride elocon on line in the usa albuterol sulfate nebulizer side effects children finpecia generic uk lopid rx what is the dosing for zofran licensed pharmacy female cialis best place to buy flagyl online cheap pletal india kamagra reviews antabuse effect on liver zyvox fast canada what does hydrochlorothiazide 12.5 mg look like trileptal birth control online india proventil inhaler coupon 2010 flucazole generico italiano order premarin 120 mg amoxil mg uk procardia with no perscription priligy uk next day delivery retino a cream 0,05 online viagra professional now co uk imdur prescriptions sildenafil citrate perth australia lotrisone capsules best site to buy levothroid what is levitra plus used for erythromycin 250mg tablets for acne buy metformin online uk synthroid vs generic levothyroxine side effects beat way to order alphagan how much will casodex cost ou acheter acai paris fluoxetine generic health celexa cost canada buy atomoxetin tablets usa lamictal cheapest rate buy pariet online overnight delivery overnight delivery buy pariet where to buy ventolin with echeck best generic pravachol sites generic zoloft australia remeron coupon code mixing flagyl and alcohol overnight lasix pharmacy online no prescription paypal where to purchase glucovance birth control pills proventil ginette 35 refills does walgreens sell over the counter viagra online alfa flucon non perscription countries speman tablet price ralista uses medication non prescription viagra soft pharmacy interaction between simvastatin and clarithromycin mavi umut anaokulu zeytinburnu how to use imodium dosage buy vpxl pills online generic lamisil pills cytotec drug schedule toradol tablets from buy buy propecia pills in the us diamox without a prescription from mexico buy bupropion 150 mg order differin online adapalene did generic skelaxin become available order lasilix uk pharmacy buy lipothin paypal accepted speman tablets 40mg ephedraxin pill shortage amaryl meds no prescripion singulair dose child best site for glucotrol where can i puchase parlodel rumalaya forte online pay paypal where do i noroxin in uk buying amoxil where to buy beta val how to purchase seroquel aricept limited india bentyl pills buy online antivert from uk sialia sialis population amitriptyline on line no script buy zithromax no prescription fast delivery flovent fast india lanoxin for daily use canada bupron sr australia can doxycycline hyclate capsules be opened side effects of diovan valsartan best site to buy sildenafil citrate extendaquin usa no prescription order oracea online no prescription with a amex medazole generico italiano cipla field eas acheter alli pilule minceur pyridium medication otc purchase depakote mg bactrim dose for treatment of uti generic for astelin doxycycline dosage for lyme disease buy dipyridamole online us no prescription buy oracea online india no prescription buy zocor online with out prescription order desyrel overnight delivery lisinopril 10 mg generic beta val usa generic uk paypal retin a gel 0,1 cabaser tablets price order revatio online uk cheap genuine flomax online health canada ortho cyclen toprol xl drug in mexico pharmacy a good web page to buy cialis jelly with no script buy dutas online uk no prescription buy generic lozol online with prescription pharmaceutical companies in warsaw indiana what medication is like singulair calcium carbonate from europe no prescription chloromycetin sale kamagra gold 5mg tablets best place to buy orlistatum in mexico can you buy viagra sublingual in ireland cialis 20mg india cheapest maxalt paypal buy albenza 10 can i order zedd online where can i get flomax pills cipro to buy in england para que se usa el cymbalta ordering glucotrol xl diet pharmacy where can you buy promethazine with codeine cough syrup nursing care plan for coumadin toxicity isotretinoin gel buy canadian pharmacy 24 hour delivery uk best non prescription alternative to viagra olistat prices usa feldene drug in usa pharmacy cheap canadian carbozyne no prescription best place to buy aricept in canada ic azithromycin 250 mg alcohol compare prices frumil order viagra jellyfish from canadian canadian arjuna xalatan available in india albenza cheap uk buy tizanidinum tablets usa can protonix and plavix be taken together original pilex online purchase ampicilina on line in mexico primatene mist uk purchase innopran xl in australia fucidin non perscription countries keflex alcohol consumption como comprar roacutan purchase fluoxetina pills shuddha guggulu tablets side effects comprar prilosec original is elocon available over the counter viagra professional 30 day free trial order generic arimidex inderal online no prescription toprol xl drugs online purchases effects of drinking alcohol while taking azithromycin buy fluticanose bulk best online pharmacy generic tizanidina augmentin generico costo ortho tri cyclen lo do i have to take the green pills mircette over the counter india malegra oral jelly lynoral refill pack sertraline hcl weight gain what does astelin dog tadalis sx 20 mg styplon prices usa stieva a where can i buy metoclopramide uk companies only riperdal costco wellbutrin with no perscription what is montelukast sodium levlen on line in the usa levitra plus tablets online raciper over the counter drugs viagra free samples n.z gabapentine prix en pharmacie en france cheap genuine tindamax online where can i get finasteride tofranil without prescription medication cialis online contrassegno suppliers of bupropionum in us innopran xl cheap price genuine sepibest best price what is claravis made of yasmin paige levlen pills buy online purchase tofranil on line in australia calan price india pill rx health tamsulozin products avapro prix en pharmacie en france sinemet generic equivalent purchase norvasc in uk buy deltasone with no script long term side effects of paxil do you need rx baridium grifulvin v drug in uk pharmacy where to buy lamisil online india phenamax buy usa comprar revista capricho online desi tashan madhubala 12th march 2013 cheap proventil no prescription ventolin inhaler fastest shipping speman italiano viagra online canada cheap accutane pills online in the canada reviews on canadian healthandcare mall amoxiline cheap mexico pharmacy erection packs 3 drugstore.com cefixime capsules 100mg canadian pharmacy store.com counterfeit chinese cialis where can i buy caffergot in the united states india rx meds flunil online in us zyloprim drug in germany pharmacy obelit buy australia bupropionum shelf life thyrox pills celebrex substitute over counter moduretic from rogaine facial hair before after pictures zestoretic without a prescription from uk side effects of trental in dogs where do i trandate in mexico buy decadron online cheap to buy curacne where to buy methotrexate online uk where to buy phexin ointment buy microzide tablets india will generic plavix released micardis overnight shipping levaquin buy online mexico low altace side effects blood pressure buy lamictal greece prednisona shop net med cab geriforte syrup aripiprazola delivery london best place to buy malegra dxt noroxin tablets from buy voveran sr direct pharmacy comprar trimox en argentina mobic 7 5 mg para que sirve januvia without a script canada drugs benzac with prescription how to take acivir pills what is chloramphenicol used to treat purchase bupropion on line in australia buy prinivil with no script where to buy gabapentin online order generic novo digoxin donde puedo comprar naprosyn buy prandin singapore quiero comprar viagra en chile januvia sitagliptin tablets side effects order requip online in usa lexapro mail order canada haldol pas cher italie clomid shipped australia phenergan without subscription benzac 100mg cheap precose no prescription alli at tesco pharmacy price of aspirin tablets sildalis sale from canadian company can i buy eltroxin in canada uk version of benicar generic depakote usa buy liponexol online no prescription united states buy permethrinum online mexico no prescription over the counter viagra london pioglitazone tablets order roaccutan without prescription tretinoin uk brand name stromectol cheap canada pharmacy to buy oratane in uk mexico pharmacies online that sell metoclopramide ephedraxin for purchase where to buy nizoral uk saw palmetto delivery ordering inderal mexico possible side effects of aciphex ordering isotretin mexico mens health viagra cialis where to buy cipralex with mastercard online pharmacy uk astelin medrol 4mg tab buy dostinex have no prescription can you order dulcolax canada buy aciphex without prescription zoloft dosage rxlist azitromicina italiano how to buy nizoral 2 mircette pill canadian pyridium where can i buy buy roxithromycin online no prescription canada betoptic australia pharmacy what is the drug detrol la used for kamagra 100mg oral jelly side effects over counter retin a 0,05 is nolvadex legal in the united states pharmacy mexico viagra professional anacin australia price depakote perth australia ordering birth control pills online shuddha guggulu mexican pharmacies pravachol reviews cheap drugs online canada my chloroquine coupons janssen cilag singapore products avodart price india what is lasix for in horse racing canada and amitriptyline cymbalta what is it used for can you get high off ciprofloxacin hcl splitting fosamax tablets sale trimox motilium 10mg suppositories babies ever increasing synonym buy generic accutane cheap good price bupron sr drug in uk pharmacy cheapest place to buy pulmicort the vitamin shoppe nyc betapace 100mg cheap buy cialis super active online in the united states without a prescription discount vytorin otc where to buy protonix with visa cheapest antibiotics no prescription side effects of lantus cost of fosamax 70 mg buy kamagra pills in the australia hoodia online meds order cefixime no prescription buy generic ciprofloxacin online no prescription zofran from usa costco pharmacy lady era price xeloda delivery uk buy synthroid paypal accepted how to buy stieva a in london chloromycetin on line in the usa fluoxetina for sale uk zofran canada drug store order apo clopidogrel on line india asthma medications without prescriptions liquid isotretin review black ops zombie map pack for sale indian allegra kanthaswamy join aldactone delivery london estradiol blood test levels online cipralex with no prescription online clavamox overnight delivery where are mentats in fallout new vegas confido rx best place to buy micronase in uk original buspar online where to buy colchicine online viagra jelly for men in usa finpecia refills online pharmacy no prescription needed levitra long do side effects last after stopping prednisone cabgolin prices buy sildalis online express mail canadian allies world war 2 viagra professional online australia tetracycline india no prescription cheap evista 60mg dostinex for sale zitromax online canada how fast to push solu medrol buy diovan without a script better than metrogel comprare bacche acai simvastatina weight gain medicine forzest 20 effects viagra healthy man zoloft mail order generic cialis professional overnite shipping where can i get cialis jelly from remeron next day can you buy elocom over the counter in germany how to order hytrin online we transfer iphone order disulfiramum on line uk safe buy orlistato online beta val generic name take clomiphene citrate 50 mg generic maxaman usa best price for real viagra plus comprar finasteride colombia hytrin pills online in the usa reviews on zantac 150 is generic glucotrol available in usa clinica ivalia dermis las palmas best site to buy cialis sublingual apo furosemida cheap india pharmacy revatio mail order cost of ovral l how to buy oestrogel online how to use topamax for migraines online ayurslim with no prescription a good web page to buy serevent with no script online orlistat with no prescription le viagra est il plus efficace que le cialis cipla cipla medpro singulair mg usa buy alphagan online no prescription united states betnovate scalp application psoriasis hq canadian meds buy colchicine tablets australia aceon on line purchase best online pharmacy generic glucotrol xl my metronidazole coupons come e quando usare il viagra where can i get some eldepryl reglan online meds where can i buy furosemide without a prescription side effects of half inderal la kamagra uk buyer buy torsemide online pharmacy obelit generic wikipedia drugs online blopress purchase safe to buy generic antivert from usa benadryl tablets uk what is the difference between motrin and ibuprofen buy minomycin perth australia accutane isotretinoin hair loss order metoclopramide from dutasterid delivery clomid drugs online purchases cheap simvastatina free delivery betnovate uk sale frumil without script aprovel uk sale tadalafil 5mg order frumil chloroquine pill shortage aprovel drug in usa pharmacy mentax online no prescription no script endep mg is there any food that works like viagra cost of probalan reviews on eltroxin acheter cialis professional is tegretol a prescription drug zenegra sale cialis canadian what does salbumol actos medication dosage is generic minipress effective amaryl pharmacy prices list order antibiotics online overnight esperal generic 2013 drugs medrol perth australia levothroid pills online in the australia low coreg high blood pressure drug kamagra cost canadian best site to buy minocycline medrol dosepak cheap mexico pharmacy methotrexate online store venlor legal us what is cystone tablets used for canadian pharmacy cialis no prescription himcolin mg no prescription para que sirve el omifin en los hombres long term side effects of pulmicort in children geriforte generic usa coreg tablets us online vitamin shoppe locations canada safe propranolol no precription lopressor colchicine purchase in canada no prescription aprovel online legally best place to buy lotensin in india levaquin community acquired pneumonia zithromax available in canada cleocin order online cheap genuine tetracycline online yaz no prescription fedex ups does viagra work when you were drunk where to buy estro online mexico buy viagra plus pills in the us generic cleocin ovules best place to buy sumycin in australia prescription price generic accutane can celexa cause low blood pressure hyzaar generic wiki costco non aspirin buy arava perth australia levitra super active without a prescription from uk tadacip overnight shipping usa letrozole pills for sale india prescription lotrisone online what is fasigyne drugs zithromax no prescription uk order zetia rx apo clopidogrel online purchase aprovel usa no prescription where do i emoquette in uk mexico buy hyzaar himcolin birth control online india torsemide mail order best place to buy olanzapine allergic reaction to wellbutrin generic tetracycline drugs mrsa buy retin a 0,025 mg online for promethazine pharmacy prices list bentyl online pay paypal how to buy vasotec in canada what is revatio prescribed for without order aciphex ic lisinopril india pharmacies online that sell micardis where could i buy actonel without prescription coumadin canadian online overnight pharmacy best online pharmacy generic carbozyne buy revia australia gasex to buy from europe cialis fast uk order fluoxetine online no prescription with a echeck azithromycin dihydrate uses order lithium online no presctiption us pharmacy online prilosec dipyridamole brand order retin a micro gel price cialis express delivery buy dyazide singapore do you need rx dutasterid where do i ranitidine in usa synthroid birth control online australia how much does red ginseng cost where do i deltasone in canada cheap living room furniture packages uk predalone results forum proscar online ireland best generic coreg review is there a generic for valacyclovir bactrim prescription only benadryl 25 mg capsules altace reviews and dosage can you get methotrexate over counter where do i buy glycomet best levothyroid prices lexapro 100mg cheap prednisolone no prescription needed buy cozaar tablets us buy lotrel online no prescription usa what is lamisil tablets used for buy pamelor online usa buy hytrin boots pharmacy where to buy aceon online without rx headache from trazodone order sildenafil citrate tablets canada order valtrex wellbutrin sr uk next day delivery buy cephalexin 50 biaxin online without rx plendil buy no prescription buy tadalafil with paypal overseas pharmacy no prescription bentyl stromectol generic name clavamox for kittens cardizem price india naproxen dosage period pain female cialis india no prescription cialis jelly on line in the canada generic renova switzerland where to buy lanoxin in canada safely glycomet direct pharmacy eutirox efectos secundarios crestor barato where to buy cheap generic tetracycline forzest 100mg buy methotrexate capsules etabus over the counter buy zyvox tablets india cleocin generic cheap costs free discount card for prescriptions zyprexa delivered to your home wellbutrin noprescrition needed uk online pharmacy omifin clomifeno citrato what is midamor made of cheap yasmin viagra plus online from usa lasix drip order purchase risperdal 4 mg prednisone low cost order buy lipitor new zealand online buy pulmicort online in the united states without a prescription buy aripiprazole online canada colchicina with no subscription can i make alfa flucon bupropion hcl 100mg side effects viagra in bali orlistar side effects uk plendil meds no prescripion zestoretic medication on line to buy flonase allergies drugstore tinidazolum over the counter canada luvox fast india is mail order rosuvastatin safe norvasc sales 08 cheapest prinivil tablets uk synthroid dosage chart buy lady era pills in the australia metocarbamol mexico pharmacy cheapest amoxycillin paypal non prescription cipralex pharmacy purchasing doksazosin lek online uk optumrx prior authorization phone number cytotec and missed abortion seroflo online without rx buy stieva a online thru paypals cheapest price for nexium top 10 drugstore mascaras buy naprosyn from canada viagra side effects low blood pressure pletal from europe what is cordarone x kamagra online bestellen ohne kreditkarte canadian drug company cozaar how to buy orlistat online online sale of zithromax what is fincar buy clomid 50mg no prescription canada eldepryl tablets online cephalexin uk procardia on line in the canada beconase aq roche precio argentina my plendil coupons zocor for sale australia 10mg lexapro for anxiety where can you buy cheap viagra levitra plus from diltiazem for sale uk buy generic arava online no prescription what is bactroban cream good for get propranolol las vegas bystolic side effects uk clavamox online with out prescription cheap sorbitrate delivered overnight bactroban over the counter store how to get rhinocort on line is ayurslim available on line in canada nitroglycerin max dose mexico pharmacies online that sell nizoral prednisone online purchase allegra from mexico key pred without a perscription how many doses in astelin elimite pill shortage where do i zyrtec in mexico wisconsin ginseng sale viagra jelly sale prescription 100mg abana buy cheap best place to buy aspirin zyban tablets reviews buy protonix new zealand online lipothin discounts codes provera and clomid 100mg albenza pharmacy order my retino a cream 0 05 coupons buy lady era australia glucophage tablets what are they for buy benicar cheap canadian olmesartan ramtirth brahmi hair oil reviews valaciclovir where can i buy it
Sunday, February 01, 2015
   
Text Size

Search our Site or Google

Fifty Years of Suppressing Silver

Articles & Blogs - Silver Commentary

User Rating: / 385
PoorBest 

Sophisticated precious metals investors are well-aware of the rampant manipulation of the gold and silver markets. They are also generally aware of the reason for such manipulation. A rapid rise in the price of gold and silver is like an economic “warning siren” - alerting savers that their wealth (i.e. the purchasing power of their currency) is being rapidly eroded by the monetary depravity of bankers.

 

In a world with a “gold standard”, this isn't a problem. With currency which is redeemable in gold (or silver), the value of a currency (i.e. its purchasing power) is anchored by the gold and silver backing it. However, in a world of nothing but “fiat currencies” (i.e. money backed by nothing), a loss of public confidence in paper “money” is the worst nightmare of bankers.

 

This fear can be most easily illustrated by simply looking at the example of Alan Greenspan. In 1966, Greenspan was a respected academic, who wrote a famous essay extolling the virtues of a gold standard, where he simply stated the evils of “fiat money”:


In the absence of a gold standard there is no way to protect savings from confiscation through inflation.”


I explained this concept of banker-stealing, in great detail, in a recent commentary – so any readers who are interested in a thorough discussion of this should refer to that piece. A quarter of a century later, after “Easy Al” had sold his soul to the bankers, and become Chairman of the Federal Reserve, he was asked directly what he would do if/when people lost confidence in their “fiat” U.S. dollars. His response to that question is even more famous:


We stand ready to lease gold in ever-increasing amounts.”


Several obvious, observations flow from this. Not only are fiat-currencies a tool which bankers use to directly steal our wealth, but this “tool” is, in fact, nothing but a scam by a bunch of con-men – and (like all scams) it collapses as soon as those being scammed “lose confidence” (i.e. understand that they are being 'conned').


What highlights the illegitimate (and ultimately illegal) nature of this scam is that the primary mechanism which the Chairman of the Federal Reserve would (and does) use to “restore confidence” to the world's “reserve currency” is to (illegally) manipulate the gold market. Put another way, because this is a scam, there is no way to directly “restore confidence” to paper currencies. Instead, all the bankers can try to do is to (temporarily) destroy confidence in gold – by suddenly dumping vast quantities onto the market, in order to cause the price to drop.


Manipulation of the gold market actually began (on a small scale) in the 1960's, while the U.S. (and the world) was still partially on a gold standard. The U.S. government was “cheating” with its accounting, to hide the obscene amounts of money it was borrowing (and squandering) in its doomed war-effort in Vietnam. Thus, this manipulation is a coordinated scheme by Western bankers which is now nearly 50 years old.


Like gold, the silver market has been manipulated for roughly the same amount of time. However, in keeping with silver's modern “identity” as an “industrial metal”, the evolution of silver-manipulation, and the mechanisms used to manipulate the silver market are vastly different from the gold market. To begin with, back in the 1960's when we were officially said to be on a “gold standard”, in fact, it was only silver money which was widely circulated in our economies, in the form of small-denomination coins. In other words, while our monetary systems were anchored by gold, it was silver which was used as money in an “industrial” sense – as an indispensable tool of basic commerce.


Indeed, at the same time that the bankers were trying to prop-up the U.S. dollar while on the gold standard (due to their reckless money-printing and debt-creation), these same bankers (and their allies in government) were making their first efforts to defuse a “silver supply crisis” - caused by pricing silver at only a fraction of its true worth.


In the 1960's, the U.S. government had kept the price of silver frozen at $1.29/oz. However, whenever an asset is under-priced, there will always be a group of investors who will identify such an under-priced asset – and then accumulate it. Thus, the U.S. (and other governments) were rapidly squandering their entire stockpiles of silver, as they had to dump ever-increasing amounts onto the market to maintain the artificially low price.


Ultimately, the bankers capitulated, and the U.S. government ceased its efforts to keep the price of silver frozen at $1.29. However, as is usually the case with any illegitimate scheme, every time the schemers take action to deal with one flaw in their plans, that produces unintended (and undesirable) consequences – which then require further acts of manipulation.


Once the price of silver was allowed to rise, very quickly the actual value of the silver contained in our small denomination coins (primarily the 10-cent and 25-cent pieces) greatly exceeded their face-value as legal tender. This created a huge incentive to melt-down these coins and make a very profitable arbitrage trade of “buying” these coins at their face value, and then selling them for their metal-content.


The U.S. government responded in two ways (and was quickly copied by the Canadian government). First, it changed the composition of all newly-issued coins – removing all their silver content. U.S. dimes had 90% silver-content up until 1964, while Canadian dimes contained just over 80% silver. The table below provides the evolution of the Canadian dime.

 

History of Composition

Years

Mass

Diameter/Shape

Composition[1]

2000–present

1.75 g

18.03 mm

92.0% steel (unspecified alloy), 5.5% copper, 2.5% nickel plating

1979–1999

2.075 g

18.03 mm

99.9% nickel

1969–1978

2.07 g

18.03 mm

99.9% nickel

1968

2.07 g

2.33 g

18.03 mm

18.034 mm

99.9% nickel (172.5M)

50% silver, 50% copper (70.4M)

1967

2.33 g

18.034 mm

50% silver, 50% copper (30.6M)

80% silver, 20% copper (32.3M)

1920–1966

2.33 g

18.034 mm

80% silver, 20% copper

1910–1919

2.33 g

18.034 mm

92.5% silver, 7.5% copper

1858–1910

2.32 g

18.034 mm

92.5% silver, 7.5% copper


 

Meanwhile, the U.S.'s 1965 Coinage Act made it a crime to melt-down any legal tender coins (in order to profit on their metal-content), and a duplicate measure was passed in Canada. Consider the true dynamics of this measure.


First the bankers abolish the gold standard, to allow them to rapidly accelerate the speed at which they steal from us through currency-dilution. This, in turn, requires them to (illegally) manipulate the gold and silver markets – in order to hide the true value of these metals from being expressed in the bankers' diluted paper. The government then makes it a “crime” for its own citizens to make a profit on their own money. In the bankers' scam of money-dilution, only the bankers are allowed to profit on their crimes.


It was at this point in history that the bankers were able to largely forget about manipulating the silver market (for many years), and to focus their energies on gold-manipulation – because basic market fundamentals created conditions which depressed the price of silver, with only minimal “assistance” from the bankers (and their servants in government).


In this respect, I'm indebted to Adrian Douglas of GATA, for drawing my attention to the true significance of silver as a modern “industrial” metal first, and a monetary metal second. While many media talking-heads erroneously state that “silver is an industrial metal, not a monetary metal”, in fact silver is both an industrial metal and a monetary metal – while gold is almost exclusively a monetary metal. Since few mainstream pundits understand what is “precious” about precious metals (i.e. it is the best money our species has ever devised), they don't understand the simple logic that silver's enormous industrial versatility and importance can't make it less “precious”, but only more so. Indeed, it is Mr. Douglas' position that silver has become too important industrially (i.e. too “precious”) to be widely used again as money.


Putting aside that separate issue, clearly the price of silver has been driven in recent decades mostly by its industrial demand. And it is this industrial demand which (with a little help from the bankers) kept the price of silver well below its true value for more than thirty years (until early in this decade).


How does industrial demand depress the price of silver? Ironically, it is due to how the brains of bankers functions. If a mining company went to a bank for a loan to build a new silver mine with the sales-pitch that silver was grossly undervalued, and they wanted to produce this valuable commodity in order to capitalize on this investment opportunity, the reaction of the banker is totally predictable.


The banker would burst into laughter, and (if he was polite) would warn the mining executives not to let the door hit them on their way out. While bankers see nothing wrong with taking our money which we deposit with them, and gambling it on any and every “investment” which tickles their fancy; these hypocrites would never dream of allowing ordinary people (i.e. non-bankers) to do the same thing with their money.


Conversely, if this same mining company approached the bank for a loan, and provided them with statistics on the amount of silver being consumed in various industrial applications (old and new), the bankers would behave in a much different manner. Assuming that the mining company demonstrated that they could mine their silver at a cost below the current price, the banker would happily reach for his cheque-book.


This leads us to a fundamental “truth” in the precious metals sector: investment demand (i.e. “speculative” demand) does not stimulate mine production (except in a very belated manner – only after inventories have been exhausted), while industrial demand does stimulate higher levels of mine production, because the bankers will finance new mine-production based upon that level of industrial use. As an aside, it was because gold is not used to a great degree "industrially" that the bankers had to "persuade" the world's largest gold miners to enter into vast "hedging agreements" - which simulated the same market conditions for gold: maximizing production at the lowest, possible price.


In a true “equilibrium”, this industrial production and demand would not cause silver to trade at a price well below its fair-market (equilibrium) value. However, the bankers ensured that the silver market could never reach such an equilibrium by continuing to dump their waning stockpiles of silver onto the market.


Here I am sure there are a few astute readers who will question my characterization of the “demand model” for silver. They will point out that most of the world's silver is still produced as “byproducts” of other mining. In other words, it is a secondary product of mines which primarily extract gold or copper or lead/zinc. Thus, others will argue that industrial demand for silver could not directly stimulate silver mining, and therefore total silver production.


In fact, while that argument has theoretical merit, in practical terms it is incorrect. To begin with, if silver was properly priced, many of the mines where silver is currently produced as a “byproduct” of other metals would instantly become “silver mines” - with the other metals becoming the “byproducts”.


Regular readers know that the long-term gold/silver price ratio averages roughly 15:1 (over a period of nearly 5,000 years). Given that silver occurs in the Earth's crust at roughly a 17:1 ratio versus gold, there is obvious, objective validation for such a ratio. In addition, given that most of the world's stockpiles of silver have (literally) been consumed, any rational valuation of silver would have to be at a ratio of 15:1 or less.


With the price of gold currently at $1200/oz (and with that price being the result of market-manipulation), clearly the fair-market price for silver would have to be a minimum of $80/oz today. In addition, in mines where silver is currently produced as a “byproduct”, the industrial demand for silver (i.e. the silver “credits”) is still fully considered in determining whether any particular mine will be financed to go into production – but with those decisions also being based upon demand for the other metals.

 

Given that the price of silver has been highly correlated with most of those other metals, my analysis still holds true. However, even in a world where the gross under-pricing of silver means that there are few (official) “primary” silver mines, there are still “mining companies” able to obtain financing only for silver, but based upon polymetallic mines, where silver is officially a byproduct.


Silver Wheaton (SLW) is officially classified as a “silver mining company”, however what it is really is a “silver marketing company”. What Silver Wheaton does is to buy-up the future production-streams of silver from other miners (where silver is a mine byproduct), and then as that silver is produced, it sells this silver onto the market at the prevailing “spot” price. Apart from the ingenuity of this business model, what is relevant is that Silver Wheaton goes to a bank for financing, to buy-up the production-stream of a particular mine – and Silver Wheaton obtains that financing based upon industrial demand fundamentals for only silver.


Thus, even in a market which has been horribly distorted through manipulation, the principle which I articulated earlier is still applicable: the industrial demand for silver is an important factor in helping the bankers suppress the price of silver. Obviously, the limiting factor in the bankers' game of market-manipulation is the amount of bullion they have to dump onto the market.


As I have pointed out on many occasions, between 1990 and 2005, official silver inventories plummeted by approximately 90%. It is simple economics that any good which is grossly under-priced will be grossly over-consumed. Faced with the abrupt end to their silver-manipulation (which would make it much more difficult to continue to manipulate the gold market), the bankers fell back upon their oldest and most-favorite swindle: they sold paper to people, and pretended that the paper represented actual silver – and thus “SLV” was born.

 

This is such an obvious sham that I simply lack the space to go until all of the clearly fraudulent implications of this fund, so I will restrict myself to just a couple of facets. From 2005 to the end of 2008, after silver inventories plummeted by 90% in just 15 years (due to being grossly under-priced), we are supposed to believe that inventories suddenly 'made a U-turn' – and tripled over the course of just four years.


Regular readers will be familiar with the following chart, which shows the progression of “official” silver inventories – along with the small caveat attached to the graph. These official inventories include every ounce of ETF-silver, and SLV (by far the largest silver-ETF) was created at the beginning of 2006. As of the beginning of 2009, ETF-holdings represented roughly 2/3 of total “official inventories”.

 

Anyone with even a slight understanding of markets should recognize the obvious sham here. An “inventory” is the amount of a particular good warehoused and ready-for-sale. Conversely, the units of SLV (and all other bullion-ETF's) represent privately-owned silver which has obviously been taken off the market. As a matter of elementary logic, it is impossible for even one ounce of silver to be both an “inventory” and an “ETF”. It can be one (silver-for-sale) or the other (privately-owned) but not both.


Thus, at the end of 2008, two-thirds of official, global inventories of silver were nothing but an obvious paper-sham. Of even greater interest, I have been unable to find any more-recent statements of official inventories. Apparently the quasi-official “consultant” (none other than the infamous Jeffrey Christian and The CPM Group) who produced this data has decided that it's better to simply hide all inventory data – rather than to attempt more clumsy shams of this nature.


Making this massive fraud potentially much more egregious, the supposed “custodian” for most of this silver is JP Morgan, which holds the world's largest “short” position in silver, the most-concentrated position in the history of commodities markets. In what is obviously not a “coincidence” the total size of the global short position has stayed roughly equal to the (supposed) total holdings of “bullion-ETF's”. However, those massive short positions are never audited, meaning that JP Morgan (and the other bullion-banks) have never been able to show they have more than half the silver necessary to cover both their short-positions and “custodian agreements” with the ETF's.


What this directly implies is that as of 2009, as much as 2/3 of total global inventories of “silver” was literally nothing but banker-paper – and we can only assume that their massive fraud has expanded in the time that has since elapsed. While industrial demand for silver helped the banksters in their nefarious (and illegal) schemes for many years, it is now industrial demand which is certain to destroy the bullion-banks.


While a gold-investor might be capable of being duped into buying banker-paper, and mistakenly believe that the banker-paper is “as good as gold”, you can't use banker-paper to make silver bearings, or silver mirrors, or silver batteries, or silver solar cells, or silver anti-bacterial products. The bankers market-manipulation has progressed from merely dumping the silver which they held, to the much more fraudulent practice of passing off their worthless paper as “bullion”.


In doing so, they have eliminated the possibility of the price of silver merely “correcting”. What has become totally inevitable after 50 years of constant manipulation of the silver market is that this market is poised for the most spectacular default in the history of commodities markets – even more so than in the gold market. Companies which require silver to continue the existence of their businesses will be ready to bid-up the price of the commodity to multiples many times greater than an investor merely making a discretionary purchase.


We can only assume that when a silver default occurs that it will bankrupt JP Morgan. Keep in mind that while the nominal value of JP Morgan's silver, short position is in the billions of dollars, thanks to the testimony of Jeffrey Christian at the CFTC hearings we know that this short position has been leveraged by somewhere around 100:1. Furthermore, the potential loss on any/every short position is infinite – since there is no “maximum price” which silver could not (theoretically) surpass.


As the old saying goes, “For every winner in a trade there is a loser.” There must be a few investors out there who would like to get on the “winning side” of a trade with JP Morgan?

Trackback(0)
Comments (28)Add Comment
ultarnerd
...
written by ultarnerd, June 22, 2010
Last part of my last post I did not mean tim I meant time and forgot to mention it was for a web site.If anyone asks it will have my assays of everything I can get my hands on to test how much silver and gold they contain.Do it up like a catalog.Even get some silver off of the silver solder on old refrigerators.Washing machines, some of the older ones give me about 3 grams of silver total from all the switches.This is all about the silver that we have all been throwing away, so no wonder we are running out, when common items have that much each it adds up over time.
Should also have also pointed out how important it was to keep gold and silver looking like poor investments to help make the treasuries scam work.
ultarnerd
...
written by ultarnerd, June 22, 2010
I agree with you Jeff.
There has to be some sort of balancing act where eventually it will no longer
work.But it appears that so many people are willing to take the paper and
probably in increasing percentages that its lasted this long.
This is my suspicion ,get more and more people to buy the paper while the big
guys scoop up the real thing.
I do not think the game can last much longer as gold and silver gain in
popularity there comes a time even with an increasingly larger number of people
are willing to take paper there is also more demand for physical too and since
you can not print physical it will come to an end.Provided the economy dose not
actually get better because if it dose the whole game may never end.Remember
Mnadoff's ponzi scam only ended when he was almost ready for retirement and or
death from old age anywise.Why would you expect this gold silver or fiat dollar
thing to be any different.
The whole public is remarkably dumb.
I read recently that economists and fund managers are not taught much monetary
history and I am suspicious, if this is really true, it may be as a way of
making sure a fiat monetary system would work for as long and as well as it
has.I believe it would be very difficult if people were too informed.For
example if and I am using inaccurate numbers to simplify but people were
unaware that the government was lying about the inflation rate and for example
if it was really 10% but the government said it was 2% then all the government
would need to do is print an extra 10.00 for every 100 that's owned in
treasuries and just give you the 2.00 while keeping the 8.00.Its actually very
profitable for a government to do this and its actually quite profitable too.It
would be ironic if this were so and that the very dept was actually remarkably
profitable.That's one very good scam especially if you are the reserve currency of the world and you have everyone paying you a percentage of the wealth, just to loan you money, for the privilege of, and use of, US dollars.That's wildly clever.With a gold standard you can not do that sort of thing.Also there is very
suggestive evidence that government does not like competing currencies.My own
experience with e-gold and another US located one that I forget the name
of,were also put out of business under conditions that are highly suggestive if
they were not US centered they might still be around.I like c-gold best and
goldmoney is good too.Note that if others were set up to receive gold payments
then not only is it cheaper and more convenient than wiring money it can avoid
currency exchange fees.Its actually better than pay pal no wonder the
government hates them.
Like I say ,cash is for fast local spending but gold is for savings and
international spending.
Book the Manufacture of consent is supportive of this hypothesis.There has been
a lot of really bad science, and horrible math involving anything
environmentalists, so much so that I plan to include pages of info on the truth
about recycling and the logical alternatives,when I find tim
Jeff Nielson
...
written by Jeff Nielson, June 22, 2010
Here's the dilemma for the banksters in order to perpetrate the sort of scam which you're envisioning: it only works if they have a large, secret stockpile of bullion.

However, the problem is that the only way they could have a "secret stash" is to take bullion off of the market - reducing inventories. And since reducing inventories increases upward price/pressure, tucking-away large amounts of bullion would sabotage their sabotage of the bullion market.

It's really not a plausible long-term scheme, and we wouldn't see the banksters creating this quadrillion-dollar stack of banker-paper IF their long-term plan was to bet on bullion.
ultarnerd
...
written by ultarnerd, June 22, 2010
Hi Jeff
A little more thought on what you said.
Where you say they wont default as long as they have gold bullion.
I think that really depends on how well they can scam and when its no longer any way to gain and I have no idea when that would be.There must be a point where keeping up with physical deliveries exceeds the number of new investors that will take the paper and there is no longer any way for the bankers to gain more gold than they must deliver. I have heard there already is starting to be defaults since some people have been waiting since March for delivery.But its to be noted that its easier to cover up and hide the information of shortages with only a few customers showing up at the Comex for metals compared to all the stuff sold by all the small mints to a much greater number of people, even while the quantities to each is usually much less.How would you hide a shortage if all those extra many people were involved.Being able to call a small mint and ask if they have metals, and they do, will quickly dispel any fears of a real shortage.
So its a good guess that the small mints will be supplied as a priority while the much smaller number of people that buy directly out of the COMEX will be delayed etc.
Its not just a mater of having hidden bullion its also a mater of being able to gain more bullion than you must delver to keep the game going.
ultarnerd
...
written by ultarnerd, June 22, 2010
I meant:
I was just about to post another message--
and then lost it
ultarnerd
...
written by ultarnerd, June 22, 2010
I was just about to post another message on why you should never trust any ETF or COMEX storage of precious metals or anyone else for that mater that does not charge an actual storage fee based on actual grams.
Stuff about never trusting someone that offers free rent comparing them to roach hotels and vampires and how to get a clue if they might actually be honest.There are honest ones but even when paying an actual storage fee, will not guarantee they are legit, because recently a major bank has been sued for charging a storage fee for gold it did not actually keep.
If not for day trading, avoid all ETFs if you are not paying an actual storage fee, after all they need to make money and you can guess its by shenanigans with yours and or some else's gold and silver and no a membership fee or etc wont cut it.Make sure they are not in the US or London either.No reason to take extra chances if you are still paying the same price anywise.

So many people now have invested in gold as an economic insurance unknowingly in a way that no different than buying a fire insurance for the purpose of buying and selling fire insurance and not to actually protect you in a fire.

Note my recent posts here reflect my cynicism on gold and silver, paper investing. Note I said paper.No mater how convincing they appear, do not trust them just to avoid the cost of a small storage fee.
ultarnerd
...
written by ultarnerd, June 22, 2010
Still wish I could edit.
I probably should have said that I still believe they are hording gold but are smart enough to not keep it in the very ETFs or etc that are planed to fail.
It could be just the individual bankers involved and so keep the gold detached from anything likely to go bankrupt.
All the possible shenanigans are vast and probably very profitable.
Do not underestimate the amount of cleverness possible for these people that have had years of experience.
ultarnerd
...
written by ultarnerd, June 22, 2010
There is ZERO possibility that the banksters could default on their short positions when they were actually still in possession of large amounts of bullion.

That's one of the main points they do not necessarily actually own or have the actual gold bullion and if they do its probably hidden or at least what they actually do own.That's why its probably almost all naked shorting.
Its all win win for them if they play it right.
Remember these people have armies of lawyers and etc and can out play us all.

Similar stuff happened in the 1980s and to keep it short and simple so leaving out a lot of info here but is when the Hunts went to actually collect the silver and the sellers actually had no silver and were forced onto an open market, to get silver they did not have, no mater the price.That's when it went close to 50.00 in 1980s dollars.
It was different then there was lots of stockpiles of silver and its was not big banks, too big to fail,but smaller individuals selling what they did not have, illegally too.Noted an article somewhere that pointed out that all the illegal naked shorting did not result in much legal responses. I suppose if your not part of the club its different.

Today its big banks that are too big to fail and the government is encouraging it, if not directly, then by extreme tolerance of the illegality of naked selling.i.e. selling what you do not have.This time the paper price will not go up, reaching to infinity, but this time its goint to be the stock market losing credibility and its pricing too.
This time the paper price will collapse due to lack of trust and they will stick everyone with cash settlements a fraction of the new physical gold price or even of the money they spent originally.
But in reality most of the people that are playing attention know most of the stock market is likely to collapse anywise, eventually.

Not sure whos quote but.
History may not repeat but it rimes.
ultarnerd
...
written by ultarnerd, June 21, 2010
Wish I could edit
Really sorry about the bad sentience structure.The forums I am used to allow me to edit and I keep forgetting here.
Jeff Nielson
...
written by Jeff Nielson, June 21, 2010
Ultranerd, in fact the banksters have already tossed out the idea of using "cash settlement" for any LONG defaults, as well.

They can SAY whatever they want, once a default occurs, PAPER silver goes to zero. And, no, the short positions are NOT "paper silver" any more than long positions. There is ZERO possibility that the banksters could default on their short positions when they were actually still in possession of large amounts of bullion.
ultarnerd
...
written by ultarnerd, June 21, 2010
That,s the thing you do not lose on short positions no mater how many or the how much.That's because its paper and if you collapse the silver paper price it will eventually go to zero and you cash settle well with zero paper price you do not have to pay much.The actual physical metal price is very different and could easily go astronomical in price but these ETFs deal in paper stock market prices on silver and gold.
This is called backwardation where the two prices separate and physical goes higher than the stock market spot price, but usually its only a tiny difference but this time it can go biblical, epic,get the point.

In the end I really do not need much proof to be very,very, suspicious after all just look at the behavior and ethics of the banks accused of these manipulations and just ask myself what would you do if I were as clever and unethical.Its exactly how I would do it if I were them.
Jeff Nielson
...
written by Jeff Nielson, June 21, 2010
Hi Ultranerd.

It's only natural that after being exposed to years of manipulations in the precious metals market, that we would begin to suspect conspiracies-within-conspiracies.

Personally, I don't find theories that the bankers are "closet longs" in precious metals to be persuasive. Yes, they WILL hold some precious metals since they covet all wealth), but they cannot be rigging the markets to (eventually) PRODUCE some monster-spike because they not only sitting with a gigantic short-position, but a short position leveraged somewhere around 100:1.

The idea that they would absorb TRILLIONS in losses on their short positions as part of some larger scheme does not seem plausible to me.
ultarnerd
...
written by ultarnerd, June 21, 2010
My first time to post here.
Hope I did not accidentally post twice.If so ignore the first one.

This could be a really big point.
It should be mentioned, some recent talk by me and others on one of the forums I visit
http://marketwatching.freeforums.org/index.php?sid=eb8542eb3dbaa67093674612f9fcbdf4
That the predominance of paper gold and silver, might not just be part of a plan by the powers that be, to not only keep the price of silver down but to actually eventually totally collapse the paper prices as well.At the same time scoop up all of the physical gold and silver at a cheaper price, while they can, and then by collapsing the paper prices profit even more.They will draw this out for as long as possible remember here the, longer the game the greater the gain, but somewhere it must eventually end and they know this, but probably have little real reason to care.Then when the paper prices finally literally collapse,
and here is the biggie, they will force you to take the much cheaper paper
prices giving them an even better super bargain by having to pay you back less of your cash money, while the physical price goes to the moon.That's the thing they can gain on both sides.I sometimes like to explain this by analogy, with a guy selling gasoline real cheap but if every time you pay him he runs into the woods with your money and you get no gas.Would you still but from him no mater how cheep he was to sell his gas.Same with the COMEX selling silver etc.I have read that many ETFs and etcs have out of foresight, have in small print, that they can cash settle, but seriously it probably would not really mater when you are that powerful anywise.
Keep the sheepole buying the paper while you gather up all the real gold and silver while you can and then stick the people with holding an empty paper bag with gold,silver, written on them.Besides leaving some no longer trusted ETF bankrupt wont mater anywise, if you are a clever banker having hidden the actual gold away.
Seriously I am seriously starting to believe they really have figured out to gain either way.Even the justice we envision for them may be just a clever illusion .

In gold we trust
In god we pray
In paper we be @#$%^.
smilies/angry.gif
ultarnerd
...
written by ultarnerd, June 21, 2010
My first time to post here.

This could be a really big point.
It should be mentioned, some recent talk by me and others on one of the forums I visit
http://marketwatching.freeforums.org/index.php?sid=eb8542eb3dbaa67093674612f9fcbdf4
That the predominance of paper gold and silver, might not just be part of a plan by the powers that be, to not only keep the price of silver down but to actually eventually totally collapse the paper prices as well.At the same time scoop up all of the physical gold and silver at a cheaper price while they can and then by collapsing the paper prices profit even more .They will draw this out for as long as possible remember here the longer the game the greater the gain, but somewhere it must eventually end and they know this but robably have little real reason to care.Then when the paper prices finally literally collapse,
and here is the biggie, they will force you to take the much cheaper paper
prices giving them an even better super bargain.That's the thing they can gain on both sides.I have read that many ETFs and etcs have out of foresight, have in small print, that they can cash settle, but seriously it probably would not really mater when you are that powerful.
Keep the sheepole buying the paper while you gather up the real gold and silver then stick the people with holding an empty paper bags with gold written on them.Besides leaving some no longer trusted ETF bankrupt wont mater anywise, if you have the actual gold hidden away.
Seriously I am seriously starting to believe they really have figured out to gain either way.Even the justice we envision for them may be just a clever illusion.

In gold we trust
In god we pray
In paper we be @#$%^.
Jeff Nielson
...
written by Jeff Nielson, June 19, 2010
Hi Brian. Every now and then I come up with a piece with good content AND a "catchy" title - and when I do, our audience rewards us!
Brian Boutilier
...
written by brian boutilier, June 19, 2010
6000 reads for this article. My my, must have stuck a nerve. Nice article Jeff.
Jeff Nielson
...
written by Jeff Nielson, June 18, 2010
True, InformedSpectator, while the losses may bankrupt them technically, that's not the same thing as saying that they would be "out of business" - especially given that the losses ALREADY hidden on their books would probably be enough to bankrupt them (using honest accounting techniques).

At the same time, these predators are doing a very good job of making themselves political and economic pariahs...and no matter how much they stuff into the campaign coffers of U.S. politicians to try to buy their favor, we KNOW that ultimately these politicians will place their OWN political survival ahead of the banksters' economic survival.

The pattern of history is generally the ultra-rich/ultra-powerful destroy themselves, rather than succumbing (directly) to their "enemies". Whatever flesh is left on the bones of the bankers will ultimately be picked-clean by the lawyers.
Informed Spectator
...
written by Informed Spectator, June 18, 2010
Nice article. But there is one mistake. It assumes that JPMorgan can be bankrupted by its position in the Silver Market. No way! This can happen only if the market is HONEST! All JP has to do, is be sure that when they sell a short, that the long is ANOTHER CARTEL BANK, that will never ask that the position be closed BECAUSE THAT WOULD REVEAL THAT THEY HAVE BEEN ILLEGALLY MANIPULATING THE MARKET. I'm sure that there is a "back door" route by which whatever JP gets for selling the short, goes back to the "buyer" so that they can make another fake sale tomorrow. This is why JP has such HUGE outstanding derivatives--- just prior "sales" that will never close, and will NEVER bankrupt JP.
Jeff Nielson
...
written by Jeff Nielson, June 18, 2010
Hi Trussguy. Healthy skepticism is always welcome here - as there is far too little of it in our societies!

Here's the point: manipulating the market when they had LOTS of bullion to dump AND demand was relatively low was child's play - so they deserve no "credit" for being able to (illegally) bully these markets (thanks to regulatory complicity).

NOW we are at a point where these clowns have become so desperate (due to having squandered all their bullion) that are engaging in an obvious, massive, paper-sham - leveraged somewhere around 100:1 according to Jeffrey Christian (who describes himself as "the world's foremost expert on precious metals").

There is only one way this leveraged house-of-cards can end: through a massive default - leading to losses in the $100's of billions of dollars (if not more). So I ask you: how much "credit" do these criminals deserve?
trussguy
...
written by trussguy, June 18, 2010
nice article, but since I've been reading this kind of thing for twenty years I would think you'd give the manipulators slightly more respect. Don't forget: they're the ones atop the global financial garbage heap. They've shown their control knows virtually no bounds - and is sealed in place politically. Why, they could confiscate silver if they really felt like it - and there would be less ramifications than some of the other boondoggles that have already taken place. Then silver could be allocated to real users as required. You write as if the free market can come back from the dead. Those in power don't want to see that - so it won't happen! Eventually, China will ascend to their rightful place on the scene, and perhaps THEN "precious" metals will become precious again.
Bryan
in full disclosure: I'm sitting on a pound of gold and 35 pounds of silver, and maybe my actions speak louder than my words - and still reading yours
Jeff Nielson
...
written by Jeff Nielson, June 18, 2010
That's a very interesting quote, Thinkiam. It's certainly not out of line with Jeffrey Christian's 100:1 remark at the CFTC hearings.

What I like to say when people toss around these numbers is that with ONLY 2:1 leverage, GLD and SLV are potentially worthless - as we know the bankers will cover their own short positions first.

Anything higher than that, and you really have to scratch your heads about the people who still hold units in those funds.
thinkiam
...
written by thinkiam, June 18, 2010
Thanks Jeff, great commentary.

It seems like your estimate of the amount of bullion held by the ETFs is actually a bit high. Leave it to Mr Lewis to let the cat out of the bag!

Deutsche Bank's Lewis Says "Gold ETF is 80% futures".....

http://www.businessweek.com/news/2010-06-04/deutsche-bank-s-lewis-says-gold-may-rally-past-record-on-crisis.html

As Bugs Bunny would say, "What a MAROON"
Jeff Nielson
...
written by Jeff Nielson, June 17, 2010
Thanks for the "heads-up", Ikearns!
ikearns
...
written by ikearns, June 17, 2010
Great article Jeff!

There is on Zero Hedge today a great article destroying the credibility of GLD/SLV.

Did you see the assertion from Harvey Organ on his blog that 21 million ounces for the March Comex silver delivery came from the SLV? That if true certainly backs up your claims.
Jeff Nielson
...
written by Jeff Nielson, June 17, 2010
That's exactly correct.

Keep in mind that if the banksters could DEMONSTRATE that real inventories are much bigger than the pessimistic analysis of myself and others suggests, that they would do so - as there is nothing more bearish for a market than large inventories.

So given where the financial incentives of the bullion-banks lie (in covering their own asses), and given that we have no reason to believe they can cover ALL their obligations, the retail-chumps buying bullion-ETF's are obviously going to be the ones sacrificed.
asfhgwt
...
written by asfhgwt, June 17, 2010
I believe you're saying that the SLV bars may be there, but when push comes to shove, JPM will cover its shorts by essentially stealing those bars. Well, it's almost impossible to dispute that....

Thanks again for your excellent commentaries! Never stop!
Jeff Nielson
...
written by Jeff Nielson, June 17, 2010
Thank you for the high praise. However, perhaps I didn't make one of my points clear enough. Remember that the ETF's "hold" no bullion themselves - not one ounce.

Instead, they have "custodian agreements" with the bullion-banks. In the case of SLV, most of the silver it CLAIMS to own on behalf of its unit-holders is held by JP Morgan - which ALSO has the largest short position in the history of commodities.

The short position is never audited. The short position and the ETF custodian agreement are virtually the SAME SIZE, but JP Morgan has NEVER shown it has enough silver to cover more than ONE of the two positions.

JP Morgan could suffer potentially INFINITE losses on its short position - if it had to go out and buy the silver to cover it, while if it defaults on its custodian agreement, it faces a (relatively) small fine.

No court would EVER order JP Morgan to go out and buy the silver to cover its custodian agreement (a remedy known as "specific performance"). Thus, we KNOW that if JP Morgan can only cover one of the two positions that it will back its own in-house short positions - and leave SLV unit-holders with nothing but paper.

One final point, the custodian agreement is NOT an "allocated" account - where SLV can claim title to specific bars. Rather, all that JP Morgan (supposedly) guarantees is to have a total quantity of silver large enough to honour the agreement - this is no different than the "promise" the banks make with their own clients who hold "un-allocated" accounts.

If you have any doubts about whether the bullion banks can be trusted, read this:

"Morgan Stanley pays damages for Precious Metals Fraud"
http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=758:morgan-stanley-pays-damages-for-precious-metals-fraud&catid=48:gold-commentary&Itemid=131

This is precedent for two facts. First, the bankers won't hesitate to cheat their own clients when it comes to bullion - it's what they have been doing for thousands of years.

Second, it also establishes the precedent that WHEN they cheat their clients that they will ONLY have to pay a (paper) fine - and NOT have to make-good on their bullion obligations.

This is WHY these thieves are leveraged 100:1 in the gold market - because they know the profits they make from their crimes always exceed the fines they pay when they are caught.
asfhgwt
...
written by asfhgwt, June 17, 2010
Jeff N. is one of the best writers in his field on the web... and I DO believe in the manipulation of silver/gold. However, a while back Ted Butler published a PDF inventory of silver bars supplied by the SLV ETF, and it looked legitimate and covered all the silver they claimed to have held at the time. The bars had serial numbers and places of origin. I found it convincing.

Write comment
You must be logged in to post a comment. Please register if you do not have an account yet.

busy

Latest Commentary

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Latest Comments

Disclaimer:

BullionBullsCanada.com is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

Login Form