Hey - tell us the part about how after JPM was slapped with BILLIONS in fines for manipulation of the silver market, how you stepped in and started doing the EXACT same thing...that is of course after Bear Sterns started doing it and because they weren't really a bank didn't have to report it ... Yeah...
As to why BankAmerica would engage in such an apparently foolhardy venture of borrowing 300 million oz of physical silver with the promise of having to return it someday, you have to first understand the nuttiness of precious metals leasing. Someone with the physical silver (JPMorgan in this case) relinquishes the metal to an institution (BankAmerica). Aside from the promise of the physical return of the metal, JPMorgan also gets rental income. BankAmerica, not wishing to simply hold the metal because there’s no real purpose in doing so, turns around and sells the metal to a completely independent third party, in this case the silver ETFs, who’s investors pay cash money for the free and clear title to the metal. BankAmerica gets the full use of the cash ($8.3 billion) to do with as it pleases.
Real Neat!!!!
Hey - tell us the part about how after JPM was slapped with BILLIONS in fines for manipulation of the silver market, how you stepped in and started doing the EXACT same thing...that is of course after Bear Sterns started doing it and because they weren't really a bank didn't have to report it ... Yeah...
The plot thickens...
https://joelange.substack.com/p/silver-is-the-key