Bix Weir has published another interesting conspiracy conspiracy theory regarding silver.
I must admit that I’ve been watching JP Morgan pull the same
manipulation stunts over and over again for years. And it’s not just in
the silver markets. On November 18, 2005 when natural gas prices were
skyrocketing to near $15 due to the ravaging of hurricanes Katrina and
Rita the Federal Reserve announced that they had approved JP Morgan to
trade in natural gas.
That announcement can still be found on the Federal Reserve website here:
http://www.federalreserve.gov/boarddocs/press/orders/2005/20051118/default.htm
At the time I told all my subscribers invested in natural gas to “run
for the hills” as it felt like there was something afoot. In less than 1
year JPM had trashed natural gas down to what everyone thought was a
floor of around $6 and the “smart money” had loaded up for what they
thought was going to be a nice ride up…But JPM was not done and went for
the final “Choke Out” driving the price down below $5 and holding it
there destroying Amaranth in their wake then buying up the pieces to
make at least $750M but many suspect over $2B.
Here’s the price graph to see what happened after Nov 2005.
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