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“Crash JP Morgan Day” Success: JPM Reduces Naked Silver Short Position.

December 16, 2010

Danny Panzella

December 7th in Europe, and 10th in the United States was dubbed “Crash JP Morgan Day” by several activist groups and financial & media personalities like Max Keiser of the Keiser Report. These financial vigilantes may not have succeeded in crashing JP Morgans stock, but JPM certainly got the message loud and clear. According to the Financial Times on monday “JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal. “

The plan was simple: convince 100 million people to purchase 1 ounce of silver bullion. The theory is if 100 million people purchase one piece of silver at about $30 an ounce this will cause JPM to default on its naked short sale silver contracts, an estimated $1.5 trillion liability against their market capital of $150 billion.

Read the full article here.

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