Sure, Morgan long has been running silver -- but for whom?

Section:

9:09p ET Monday, November 16, 2020

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler marvels today at how 20% of the world's known thousand-ounce silver bars managed to move this year into the inventories of silver exchange-traded funds and Comex vaults without exploding the metal's price.

Butler dismisses the possibility that the inventory data is fraudulent or misleading, though there's no denying that central bank gold inventory data is fraudulent and misleading, since the secret March 1999 staff report of the International Monetary Fund acknowledges as much:

http://www.gata.org/node/12016

Of course central banks don't intervene in the silver market as they do in the gold market -- or might they?

... Dispatch continues below ...


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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...



Butler long has accused JPMorganChase of manipulating the silver market, and the bank this year confessed to manipulating not just the silver futures market but the gold and treasury bond futures markets as well and accepted penalties totaling $920 million:

https://cftc.gov/PressRoom/PressReleases/8260-20

But the manipulation charges against JPMorgan involved "spoofing," the rapid placing and withdrawal of futures trading orders meant to deceive other traders. What if that "spoofing" was just a sideshow of JPMorgan's underlying enterprise in silver -- say, the rebuilding of a silver stockpile for the U.S. government, that stockpile having been exhausted 50 or so years ago?

If JPMorgan isn't running silver for the U.S. government, or maybe for another government, why has the bank achieved such a dominant position in that market?

After all, both JPMorgan CEO Jamie Dimon and the former chief of the bank's commodities desk, Blythe Masters, are on the record asserting that the bank trades the monetary metals only for "clients" and not for its own accounts.
Eight years ago Masters gave CNBC an interview on that very point --

http://www.gata.org/node/11216

https://www.youtube.com/watch?v=gc9Me4qFZYo&t=272s

-- but unfortunately the CNBC interviewer, shamelessly buttering up one of the supposed "masters" of the universe, neglected to ask her if those clients included governments and central banks, which are eligible for volume discounts on their surreptitious trading in all major U.S. commodity and financial futures contracts on CME Group exchanges:

http://www.gata.org/node/18925

That CNBC interview with Masters, still available at the YouTube link above, is especially delightful for her chuckling at the 3:55 mark when she is asked if JPMorgan manipulates the metals markets. "That's not part of our business model," Masters replies. "It would be wrong and we don't do it."

So what just happened to that $920 million?

Good thing CNBC doesn't put investment bank officials under oath.

Butler concurs again today that JPMorgan is running the silver market. "The minute that JPMorgan decides not to assist the eight remaining big shorts," Butler writes, "is the same minute the price explodes."

But the bigger question may be: Whom is JPMorgan running silver for?

Butler's commentary is headlined "The Most Remarkable Statistic in a Most Remarkable Year" and it's posted at GoldSeek's companion site, SilverSeek, here:

https://silverseek.com/article/most-remarkable-statistic-most-remarkable...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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