SLV / ETF argent , actualités et analyses

SLV / ETF argent , présentation de l'équipe



JPmorgan , GFMS et la banque d'angleterre à l'administration !!!

on se fout vraiment de nous .... !!

On the proposed Silver ETF:

Bill;
Received an e-mail this morning whose topic involved a discussion about the merits of a Silver ETF - whose infrastructure/administration would include J.P. Morgan-Chase, GFMS and the Bank of England. I'm still shaking my head.

What a crew - GFMS, JPM and the Bank of England - such a plan is about as intelligent as having a pedophile baby sit your children while you and the wife go out to enjoy dinner and a movie. How anyone could possibly endorse or sound the "all's well" on anything remotely close to this is completely and utterly beyond me.

A global highly respected third party has just this week "weighed in" supporting GATA's long held assertions that nefarious or criminal activity has in fact been occuring at the very highest levels in market manipulation of precious metals. These entities are defacto at the very centre of the allegations. Shame on anyone who would dare suggest these organizations act with any kind of probity. Anyone suggesting such a thing - until the air is cleared and some serious questions are answered - I question their sanity or motive or both.
best,
Rob Kirby


__

et d'un café member sur JPM justement !!
Bill;
Yup, let's have these guys act as custodians for the proposed silver ETF:

http://today.reuters.com/investing/financeArticle.aspx?type=governmentFilingsNews&storyID=URI:urn:newsml:reuters.com:20060203:MTFH58528_2006-02-03_17-09-14_N03202269:1

JPMorgan faces $2.2 billion fraud lawsuit over bonds

Fri Feb 3, 2006 12:10 PM ET

By Jonathan Stempel

NEW YORK, Feb 3 (Reuters) - JPMorgan Chase & Co. (JPM.N: Quote, Profile, Research) faces a civil racketeering lawsuit accusing the No. 3 U.S. bank of defrauding bond investors and others out of at least $2.2 billion over more than 20 years.

The lawsuit, filed on Tuesday with the U.S. District Court in Brooklyn, seeks class-action status.

It accuses New York-based JPMorgan and its predecessors of deleting records for $46.8 billion of bonds that investors had not cashed in, covering up its errors, refusing to pay back bondholders, and collecting fees it did not deserve......

Acheter du SILVER via l'ETF faut vraiment ne rien piger au Silver, fire aux commandes...

Got REAL Physical?
fire



autres infos sur etf slv en section 15 de nos archives thématiques

la fameuse Silver users association revient à la charge contre le lancement de l' ETF argent de Barclays


http://www.sec.gov/rules/sro/amex/amex2005072/pamiller021306.pdf

faut vraiment lire ça .. ya pas de mot pour qualifier ce qui est dit ... des aveux hilarants?

Du coup Hommel en remet une couche, lui aussi ..

Jon A. Nones of resourceinvestor.com interviewed me for a few minutes this afternoon for his article, below, quoting me at length.
See also my article from October, 2005: Silver Users Fear Silver Shortage
http://silverstockreport.com/silvershortage/

The Silver Users voiced opposition to the Silver ETF here:
http://www.sec.gov/rules/sro/amex/amex2005072/pamiller021306.pdf

Here's the resourceinvestor.com article:
Silver Users Association Voices ETF Opposition to SEC
http://www.resourceinvestor.com/pebble.asp?relid=17119

By Jon A. Nones
16 Feb 2006 at 06:53 PM EST

St. LOUIS (ResourceInvestor.com) -- The 21-day public comment period has ended at the Securities and Exchange Commission (SEC) regarding Barclays’ proposed silver ETF, iShares Silver Trust, but investors continue to wait for any indication of further progress.

On January 25, Christine Hudacko, advisor at Barclays Global Investors, told Resource Investor that the SEC had approved the AMEX listing of iShares Silver Trust and initiated the 21-day public comment period, “indicative of movement at the SEC.”

Today, Hudacko told RI that no further movement of the silver ETF has been reported, but the deadline for submitting comments to the SEC expired on Monday. And if comments posted under Resource Investor’s most recent write up indicate anything, it would appear investors are screaming, “Let the market decide the silver price!”

But as most of us know by now, the Silver Users Association (SUA) has other ideas, representing the most vocal opponent to Barclays’ iShares Silver Trust. RI intercepted a 4-page letter by SUA Executive Director Paul Miller to SEC Secretary Nancy Morris urging the SEC to block the product.

“If the silver ETF is approved, it will mean higher product costs and lost jobs in our industry,” wrote Miller.

However, Jason Hommel, Editor of Silver Stock Report, rebuts this assertion vehemently.

“There’s no way they’re going to lose jobs no matter how high the price goes up,” said Hommel. “It’s all bottom line.”

The SUA’s members employ more than 200,000 workers and process 80% of all silver used in the United States, according to the website. The Association’s biggest argument is that any squeeze in the silver market would cause a loss of jobs by its members. The letter even insinuates that it could have a negative effect on the economy.

“Tiffany’s is not going to lose jobs ... Bank of America is not going to lose jobs ... no matter how high the price is,” Hommel reiterated.

According to the 2005 CPM Group’s Silver Survey, the above ground levels of silver in 2004 were roughly 750 million ounces. The letter states that the creation of iShares Silver Trust would result in the removal of substantial amounts of silver in an already strained market, thus increasing prices for products containing silver.

“Such price pressure threatens to erode our products’ competitiveness, overall price points, and the manufacturing jobs that rely on the stability of silver products,” Miller wrote.

Hommel said they have it exactly backwards. If the silver price goes up, it will likely open and reopen many mines deemed unfeasible at current prices. This would increase silver production as more deposits became profitable for miners, he said.

“There’s no way the SUA will have enough silver without the silver ETF,” he said.

According to letter, the ETF would exaggerate silver’s illiquidity given the sheer volume of physical silver needed. And, the SUA is “concerned that the proposed silver ETF could be a legal way for investors to squeeze the silver market.”

Hommel said the SUA is just being shortsighted.

“They’d rather delay this and have the silver price rise to $100 in the long term than have it go to $25 in the short term,” he said.

Miller also argues that a silver ETF could set the stage for additional ETFs for platinum or palladium. These commodities are in thinner supply and vitally necessary in the refining of oil into gasoline, the automotive industry and many other industrial applications, said Miller.

“I think you can make the same case here,” said Hommel. “It would increase the liquidity” with the creation of stockpiles. This is a great thing, because “when you run out, the factories shut down,” Hommel added.

Even still, Miller concluded the letter in saying “the Silver Users Associations supports the buying and selling of silver as an investment. There are already several ways to do so....”

“They must clearly be in a panic, cause here they are making a bullish case for us,” said Hommel.

The fundamentals of a capitalist market require the market to supply whatever is demanded, he added.

“Anything the market wants!” Hommel concluded.

Today, March silver tacked on 15.5 cents to close at $9.37 an ounce on the New York Mercantile Exchange.

l'annonce sortie aujourd'hui explique le revirement brutal du cours de l'argent sur la comex séance ..


http://today.reuters.com/investing/financeArticle.aspx?type=fundsNews2&storyID=2006-03-21T165755Z_01_N21328754_RTRIDST_0_MARKETS-SILVER-COMEX-URGENT.XML


NY silver price jumps to day's highs on ETF news
Tue Mar 21, 2006 11:57 AM ET
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NEW YORK, March 21 (Reuters) - U.S. benchmark silver futures on Tuesday reversed losses to trade at session highs after the U.S. Securities and Exchange Commission said it approved rule changes for a silver exchange-traded fund.

Silver for May delivery at the COMEX division of the New York Mercantile Exchange bounced to $10.41 an ounce, up 4.8 cents, at 11:41 a.m. EST.

The SEC said it has approved rule changes that will allow the American Stock Exchange to list shares in Barclays Plc's (BARC.L: Quote, Profile, Research) iShares Silver Trust, which is designed to track the price of the metal. [IDWBT005013]

_______

+ le commentaire hommel

My comments: I do not yet know if this Silver ETF is yet trading. Keep watching the news.

The iShares are [to be] listed and trade on the American Stock Exchange (the “AMEX”) under the symbol “SLV”.

It was feared by the Silver User's Association, that this Silver ETF would create a silver shortage, since up to 130 million ounces of silver were supposed to be purchased to back the Silver fund, and, in theory, that could create a silver shortage, since the NYMEX commodity exchange has barely over 100 million ounces of silver.

See:
Silver Users Fear Silver Shortage
http://silverstockreport.com/silvershortage/
and
Nymex Silver Warehouse Stocks
http://www.nymex.com/sil_fut_wareho.aspx

But there is another source for silver.

It is possible that Warren Buffett's Birkshire Hathaway's 129.7 million ounces of silver have been used to back the fund. And thus, no immediate silver shortage may result. Nevertheless, silver prices did rise to a new high today of $10.55/oz. briefly on the news of the approval of the Silver ETF.

Regarding Warren Buffett's silver, I can only speculate. But as a silver writer, I hear things, and can speculate, and so I will.

I have heard from several reliable sources over the years that Warren Buffett was prevented from buying any more than the 129.7 million ounces of silver he acquired for his fund. I heard that the U.S. government basically told him, "You can't buy any more silver. We won't let you. You may win the battle on silver, but your other insurance businesses that require licenses, will be revoked, and you will lose the war if you go to war with us on this." One source was a merchant banker who contacted Warren Buffet's people for the purpose of trying to convince Warrent to buy gold stocks, back in about 2000. Another source is a prominent newsletter writer that I follow. And I've heard the same thing from other sources, too.

Other particulars about Warren's silver are that it is stored in London, and that he was not able to receive full delivery of all of his physical ounces of silver. He didn't exactly lease out the silver that he never received, but he did allow those who had shorted him the silver, more time to deliver, which is something similar.

I do not think that Warren sold his silver, since he said, at the time, "equilibrium between supply and demand was only likely to be established by a somewhat higher price"
http://www.berkshirehathaway.com/news/feb03981.html

Supply and demand in the silver market have not yet reached an equilibrium, especially not now that investors are just beginning to become aware of the silver shortage, so there is no reason to suspect that some of Warren's silver has been sold nor any reason to think it may be sold any time soon, even if it is used to back the Silver ETF (and both items are pure speculation).

But there is a good reason why Warren Buffett may have lent some of his silver to help establish the Silver ETF--for reasons other than selling it (which does not make sense to me). First, the Gold ETF's were put into place by the former head of Calpers, which is the California Public Employee's Retirement System. This is important to note, because many funds like Calpers, which has about $200 billion to manage, need something like a Gold ETF in order to buy gold. Further, Warren Buffett is also friends, and economic advisor, to the Governor of California, Arnold Schwarzenegger, so it could be that Warren Buffett himself is a guiding force behind the establishment of the Gold and Silver ETF's, if only in an advisory sense. Even Warren's public statements, condemning derivatives, are a type of support for the gold and silver ETF's.

My point is that if Warren used some of his silver to back the Silver ETF, he may have done this for a good reason: to help other large funds, like Calpers, buy silver! The point is that a Silver ETF has a legitimate reason to go into the market to acquire more silver for the fund, whereas Warren Buffett (and Birkshire Hathaway) may be blocked from buying any more silver.

So, my conclusion is that the approval of the Silver ETF may not cause an immediate shortage in the silver market by the time it starts trading on the AMEX, under the symbol, "SLV". But longer term, say, in the next year or so, we should expect silver prices to rise significantly, as $200 billion dollar funds like Calpers (and thousands of other such funds), finally have a way to buy silver.

Silver should rise significantly, because if there is only about 100 million ounces, then, at $10.50/oz., that's only about $1.05 billion dollars! By the time $2 billion dollars of investment demand tries to buy silver, you probably won't be able to imagine how high silver prices will be.

J'aime bien la conclusion

erratum de Hommel

CORRECTION: The SEC has approved rule changes, and the AMEX listing, not the Silver ETF itself.
The Silver ETF itself, has not yet been approved, and is not yet trading.

The iShares are [to be] listed and trade on the American Stock Exchange (the “AMEX”) under the symbol “SLV”.

SLV /etf argent barclays , sur les 129 millions d'onces d'argent , prévus , barclays annonce un 1er dépot de 1.5 millions d'once ..
ya encore de la marge donc ... beaucoup de marge ..

mais il se pourrait bien que cette news ait été prévendue ces derniers jours ..

UPDATE 1-Barclays deposits silver to back iShares trust
Mon Apr 24, 2006 6:57 PM ET
(Adds details from filing)

WASHINGTON, April 24 (Reuters) - Barclays Capital Inc. has deposited 1.5 million ounces of silver with a custodian to back its planned iShares Silver Trust, said Barclays Global Investors (BARC.L: Quote, Profile, Research) in a filing with U.S. regulators on Monday.


UPDATE 1-Barclays deposits silver to back iShares trust
Barclays says deposits silver for iShares trust
The deposit was made on Friday, according to the filing with the U.S. Securities and Exchange Commission.

As of late Monday, there was still no word from the SEC on whether it had declared the Silver Trust's registration statement effective, the final step before trading can begin.

The SEC last month approved rule changes to allow the American Stock Exchange to list shares in the Silver Trust, the first silver-linked exchange-traded security.

The approval of the listing rules sent U.S. benchmark silver futures soaring last month on brisk buying.

The deposit of the silver with the custodian in England, marking another step toward eventual trading, backs 150,000 iShares with a per-share value of 10 ounces, Barclays said.

Barclays "intends to offer to the public these 150,000 iShares at a per-iShare offering price that will vary depending ... on the price of silver and the trading price of the iShares on the AMEX at the time of the offer," Barclays

http://yahoo.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?storyID=urn:newsml:reuters.com:20060424:MTFH52691_2006-04-24_22-57-52_N24341666&symbol=BARC.L&rpc=44

Buffets a vendu son argent métal .. en intégralité .. la bagatelle de 130 millions d'once d'argent ... pile poil à quelques onces prés le montant que devait déposer en coffre , barclays pour son etf argent ...

- 1 les textes des dépeches et commentaires Hommel


Buffett Sold Silver; NY Times Covers Gold!


Silver Stock Report
May 7th, 2006
by Jason Hommel
This email can be accessed online at:
http://www.silverstockreport.com/email/buffett_times.html

Today, I received word from about 15 of my subscribers that Warren Buffet's Berkshire Hathaway has sold their pile of nearly 130 million ounces silver. Five different news articles tell a similar story, that Warren admits he sold the silver.
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B505AA31F%2DEB4D%2D4F1B%2DB532%2D66B44374D2C9%7D
http://msnbc.msn.com/id/12665304/
http://www.investors.com/breakingnews.asp?journalid=37412326&brk=1
http://www.resourceinvestor.com/pebble.asp?relid=19497
http://www.mineweb.net/sections/whats_new/298421.htm

This is very bullish for silver, because it explains why silver's rise took longer than we thought (Warren was selling), and it also means that there is much less silver above ground than we thought. Buffett's hoard of 130 million ounces no longer exists! Clearly, Warren made a mistake, and he seems to admit it when he says that he sold silver too soon. I always suspected that Warren did not understand gold or silver too well.

Buffett emphasized the 'non-productive"(?) aspect of gold in 1998 at Harvard: "It gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head."
http://en.wikipedia.org/wiki/Warren_Buffett

-2 les commentaires de Butler

celui ci pense que si Buffett déclare avoir vendu trop tot .. == >
il aurait été dépossédé de son silver .. à l'insu de son plein gres . . en jouant sur le comex contre les larges spéc .. pour finir par etre obligé de couvrir ses shorts positions .. sur 12ou 13$ en donnant livraison de l'intégralité de son stock pour le prix convenu lors de ses ventes à découvert .. soit vers 7.50 $ ..

http://news.silverseek.com/TedButler/1147188385.php




l'épée de damocles de la vente de cet énorme stock d'argent a disparu ... et ça c'est extremement bull

et de surcroit, si Butler a raison ce sera encore plus bull pour l'argent .. qui aurait perdu .. sur le front du comex un des chefs de file des commerciaux shorteurs ....

et les commentaires, en clair , du midas et de ses lecteurs et /ou pointures dans ce domaine ( David Morgan entre autres )
pas mal de choses extremement interessantes sur ce sujet

http://www.golddrivers.com/News/News2006/20060508%20murphyongold.htm

Io tutti,

Histoire de rigoler un peu, sur le site www.ishares.com regardez un peu ce que l'on trouve quand on appelle l'iShares Silver Trust (mnémo, Amex : SLV) de Barclays :



907 millions d'onces d'argent... 28.000 tonnes de ferraille argentée... Et moi je suis la reine d'Angleterre !

A vue de nez, ils ont dû se planter et mettre la valeur d'actif en USD dans la case "onces d'argent". Et ça fait trois jours que c'est comme ça !

Magnifique, le boulot de Barclays... Si c'est comme ça qu'il comptent renforcer la crédibilité des banques, c'est presque gagné...

Le Nonce

BIEN VU ...
comme tt les banquiers
ils doivent encore se prendre à l'époque
du dollar aussi bon que l'or ...
et là ils sont mis dollar aussi bon que l'argent
dommage ni l'argent, ni l'or ne sont l equivalent du Dollar
seul LE PAPIER CU se rapproche de la valeur du dollar

Io tout le monde,

En passant sur le site www.ishares.com où l'on trouve les infos sur les ETF de Barclays, j'ai noté quelque chose de curieux sur l'iShare Silver Trust (l'ETF américain sur argent).

Le stock d'argent adossé à l'ETF a cessé de croître depuis le 18 mai dernier, date à laquelle il était d'environ 73 millions d'onces.

Pire : après une stagnation à 73 M pendant plusieurs jours, le stock SE CONTRACTE depuis le 24 mai. Hier, on était retombé à 69 M oz.

Faut voir si la tendance se confirme, mais en tout cas cela mérite d'être signalé. Je ne sais pas si on a déjà observé ce genre de "désinvestissement" sur les ETF sur or.

Au passage, ce genre de mouvement illustre la fragilité des ETF sur métaux précieux, surtout quand ils interviennent sur des marchés assez petits et pas super liquides.

Rien ne remplace le physique...

EG

C'est l'un des principaux arguments d'Hardinvestor CONTRE ETF

Ca continue : 68,5 millions d'onces hier, encore une baisse d'encours de 500.000 onces d'argent entre mercredi soir et jeudi soir. Ca fait 15,5 tonnes d'argent.

Je me demande ce qu'ils en font. Ils le décaissent et le revendent sur le marché ?

Les investisseurs d'ETF se barrent, et si par malheur le prix de l'once d'argent vient à tomber trop bas, ce qui n'est pas à exclure de la part d'un marché si petit, si peu liquide et où les "gros" sont si présents, Barclays peut - sous certaines conditions - fermer l'ETF.

Gloups...

1er temps ; ; pret du métal argent aux commerciaux ( voir topo lease rates ds une autre file ) à fin de shorter

puis ensuite , et vu que le cours de l'argent baisse , vente de parts sur le marché ..( ce qui est logique pour un etf .. sauf qu'il ne décompte pas le métal prété ... pftt ) ==> enclenchement de la baisse , puis alimentation de cette baisse


donc double effet kiss cool ... ça nous etonnera pas de la part de barclays ..

chaque investisseur qui achéte pour un euro de cette merde, participe à son propre suicide financier .. en donnant des munitions à ces manoeuvres ...

Io,

Pour info, la tendance à la "dés-ETFisation" continue : l'encours de l'iShares Silver Trust est de 67 millions d'oz d'argent depuis le 6 juin dernier, sans aucun signe de remontée.

Par rapport au record de 73 M oz atteint la dernière fois le 23 mai.

M'est avis que cela, combiné avec la chute généralisée des cours, va calmer un temps les émetteurs d'ETF.

Il y a quelques mois, il était question d'en sortir de partout. Puis on est passés en stand by. Le physique, c'est toujours plus costaud qu'un ETF...

A suivre...

Le Nonce

Citation :

M'est avis que cela, combiné avec la chute généralisée des cours, va calmer un temps les émetteurs d'ETF.

Il y a quelques mois, il était question d'en sortir de partout. Puis on est passés en stand by. Le physique, c'est toujours plus costaud qu'un ETF...

à moins que comme nous le pensons ici , les etf ( qui comme tu l'avais pointé ) sont aux mains d'institutions tres partciculieres , ne soient qu'un instrument de + pour .. et tant que les gogos se laisseront piéger à investir la dedans , .... au lieu d'acheter du vrai ...

tiens à ce propos reserves etf du streetTRACKS Gold Shares fund, absolument inauditables ( tu peux donc preter ce que tu veux .. ou tout autre chose )

_______________

Just how real is the gold behind those exchange-traded funds?


5p PT Saturday, June 10, 2006

Dear Friend of GATA and Gold:

Barron's today published an exchange between Stuart
Thomas, managing director of World Gold Trust
Services, manager of the streetTRACKS Gold Shares
fund, and GATA consultant and GoldMoney founder
James Turk over the security of exchange-traded funds
in gold. That exchange is appended here, along with
the full text of the response Turk provided to Barron's,
which, as you'll see, was greatly shortened.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

From Barron's
Saturday, June 10, 2006

James Turk asserts that exchange-traded funds, streetTRACKS Gold
Shares in particular, "don't audit the gold to prove it really
exists."

Turk's statement has absolutely no basis in fact. He has repeatedly
made this spurious claim and one has to question his motive for
doing so. The truth is that the gold is held in allocated form,
which means specific numbered physical gold bars registered in the
name of the trust held within the accounts of the custodian, HSBC.

The Securities and Exchange Commission and the Sarbanes-Oxley Law
require management to assess and report on the effectiveness of
internal controls. Our auditors are required to report on our
representations.

Our internal controls and outside audit processes include an
independent physical count of the gold, which takes place twice a
year. The trust employs BSI Inspectorate, an independent firm, to
count the gold and provide certificates of the count. The trust
employed Ernst & Young to review and test these physical count
procedures as part of their obligations under Sarbanes-Oxley.

In connection with its assignment, E&Y visited the vault to test
audit controls and procedures and to observe the physical count in
October 2005.

Our independent registered public accounting firm, Deloitte &
Touche, rendered unqualified opinions on the internal controls for
financial reporting and on the financial statements. Its auditing
procedures included physical observation of the gold held at our
custodian, plus confirmations from our custodian and BSI
Inspectorate of its existence.

Stuart Thomas, Managing Director
World Gold Trust Services
New York City

* * *

James Turk's reply as published by Barron's: The prospectus
discloses "gold may be held by one or more subcustodians. ... the
Custodian and the Trustee do not require any direct or indirect
subcustodians to be insured or bonded. ... neither the Trustee nor
the Custodian oversees or monitors the activities of
subcustodians. ... [and] the Trustee may have no right to visit the
premises of any subcustodian." Neither Stuart Thomas nor the fund's
10K disclose the weight of gold stored in subcustodians, which
presumably could be all of the trust's gold.

* * *

James Turk's full reply to Barron's: Mr. Thomas states that "E&Y
visited the vault" and that there was "a physical observation of the
gold held at our custodian," as if only one vault were involved.
However, the prospectus discloses that in addition to gold stored
with the Custodian, "gold may be held by one or more
subcustodians," "the Custodian and the Trustee do not require any
direct or indirect subcustodians to be insured or bonded," "neither
the Trustee nor the Custodian oversees or monitors the activities of
subcustodians," and "gold held by the Custodian's currently selected
subcustodians and by subcustodians of subcustodians may be held in
vaults located in England or in other locations."

It is noteworthy that the 10K records the principal asset of the
fund as "Investment in Gold" and not simply "gold." I point out
this distinction because auditors are responsible for verifying that
assets exist. If the asset were recorded as "gold," the auditor
would need to inspect the vault of the subcustodians to prove the
gold there really exists. But the prospectus discloses: "The Trustee
may have no right to visit the premises of any subcustodian for the
purposes of examining the Trust's gold or any records maintained by
the subcustodian, and no subcustodian will be obligated to cooperate
in any review the Trustee may wish to conduct of the facilities,
procedures, records or creditworthiness of such subcustodian."

Neither Mr. Thomas nor the fund's 10K discloses the weight of gold
stored in the subcustodians, which presumably could be all of the
Trust's gold.

Regarding the auditor's "obligations under Sarbanes-Oxley," the
prospectus does not represent that the gold, whether in the
Custodian or subcustodians, is audited or verified by an independent
third-party to prove that it exists. Thus, it is reasonable to
expect that the auditor would provide an unqualified opinion.

Lastly, though Mr. Thomas questions my motive, it is clear and
straightforward. I wish to use my significant experience in this
area to highlight the risks one incurs by buying paper
representations of gold rather than gold itself.

Respectfully,

James Turk

décidément ... tout se confirme ..

Is JP Morgan maxed out as silver custodian? From Bix:

Page 39 of the SLV Prospectus is copied below. Notice that JP Morgan is only required to hold $1 billion worth of silver. Does that mean JP Morgan can get rid of $9million worth of their holdings intrusted to SLV because the total value as of yesterday was $1,009,115,926? Sure looks like it. As the per oz. price of silver goes up over the threshold JP Morgan can keep dumping silver as long as the total holdings is over $1billion. Right now they hold 91.4M oz (supposedly) at $11silver. If silver goes to $110.00 they only have to hold 9.14 million oz! They effectively have the ability to dishoard the majority of SLV holdings and manipulate the market on the way up according to the Prospectus! Sounds like the ETF was put in place to slow the silver explosion. Add to this the comments by the CFTC that the Silver ETF may become unregulated because it is more similar to a cash holding and you can figure where "they" want the silver market to be controlled.

I'm sticking to CEF and Physical Silver in my hand.
Bix

THE CUSTODIAN

JPMorgan Chase Bank N.A., a national banking association, acting through its London branch, will serve as the custodian of the trust’s silver.

The Custodian’s Role

The custodian is responsible for safekeeping the silver deposited into the trust in connection with the creation of Baskets. The custodian is appointed by the trustee and is responsible to the trustee only. Because the holders of iShares are not parties to the custodian agreement, their claims against the custodian may be limited.

The custodian has no obligation to accept any additional delivery on behalf of the trust if, after giving effect to such delivery, the total value of the trust’s silver held by the custodian exceeds $1 billion. If this limit is exceeded, the sponsor anticipates that the trustee, with the consent of the sponsor, would retain an additional custodian. While the sponsor will seek any agreement with an additional custodian to be at least as protective of the interests of the trust as the current agreement is, the actual terms and conditions of such agreement will only be negotiated at the time such additional custodian becomes necessary. The identity of such additional custodian, as well as market conditions prevailing at the time, may, among other factors, result in the need to hire an additional custodian under terms and conditions significantly different from those in the agreement with JPMorgan Chase Bank N.A., London branch. For example, the duration of the agreement with the additional custodian, its fees, the maximum amount of silver that the additional custodian will hold on behalf of the trust, the scope of the additional custodian’s liability (including with respect to silver held by subcustodians) and the additional custodian’s standard of care may not be exactly the same as in the agreement with JPMorgan Chase Bank N.A., London branch.

The custodian is responsible for conducting certain limited inspections of the silver delivered by an Authorized Participant and exercising a level of care similar to that used for its own account. However, the custodian is not responsible for conducting any chemical or other tests designed to verify that such silver meets the purity requirements referred to in the Trust Agreement.

***

That makes total sense. Barclays has been the most visible and loud precious metals bear all the way up. They predicted gold would hit $350 this year. JP Morgan is a key honcho in The Gold Cartel. It all fits.

l'ETF argent de barclays s'appreterait a acheter 150 millions d'onces supplémentaires d'argent métal , ce qui represente plus qu'un doublement de ses avoirs et surtout dépasse de 50 millions d'once les stocks du nymex
on va vite savoir si c'est du vrai argent ou du papier ...destiné à controler le marché ..


http://news.silverseek.com/SilverSeek/1159546321.php


http://news.silverseek.com/SilverSeek/1159650600.php

ETF argent SLV /marché de l'argent / default en vue /Ted Butler



il ne s'agit pas ici du débat sur l'existence réelle ou non de l'Argent physique en contrepartie des parts de cet etf. Ted Butler a publié de nbreux articles sur ce sujet, et pense que les no de séries des lingots d'argent affichés par barclays, prouvent l'existence de cet Argent physique.

le fond SLV serait shorté- vendu à découvert et même naked shorté ... Butler estime le default entre 25 et 50 millions d'onces d'argent .. ( 700 à 1400 tonnes métriques d'argent métal)

il s'agit d'un default tout à fait différent - en nature -de celui des futures comex ( qui repose, rappelons le, sur un phénoméne de positions de vente à découvert TRES élevée et dangereusement concentrée )
Ici, Butler observe des délais de livraison anormaux et répétés sur cet etf .. entre le moment où de nouvelles actions sont émises et celui où largent physique correspondant arrive ds les coffres de barclays... à tel point qu'il peut les prévoir à l'avance !
(une fois de plus, un pb de pénurie sur des prix déclinant ) qui laissent à penser que l'acheteur d'une action de cet etf pourrait etre la victime d'un short dont la part n'est pas couverte ( ou pas encore couverte )....

vous rendez compte?? même pas capables de livrer sans retard de si faibles quantités d'argent métal??


compte tenu de ce fait , il suffirait que quelques acheteurs de ces parts etf demandent ( comme le prospectus les y autorise ), livraison de 25 à 50 millions d'once d'argent ( ce qui est fort peu ) pour que le défault se produise

en effet l'estimation du nb de naked short ( vente à découvert à nu ) sur cet etf est de ce montant ... et c'est tout à fait minime par rapport à ceux des futures comex ... ça ne représente que l'équivallent de 5 à 10.000 contrats comex !.. bref PEANUTS !
( pour memo , le risque de default sur le comex est d'un minimum de 300 miilions d'once. d'argent. pour ça que je dis peanuts pour les 25 à 50 millions d'onces d'argent de barclays )

et si la déconnection du physique et du papier se poursuit .. que pensez vous que ferait un investisseur avisé d'Argent papier sur cet etf?

( et ils st fort nombreux, hedge funds ou institutionnels à être lourdement investi sur cet etf )
il demanderait immédiatement livraison de son physique à barclays..soit pour la sécurité, soit pour une prime immédiate ..
et se tournerait vers un marché moins fragile et moins risqué ... car souvenez vous .. quand ça défaulte, c'est celui qui détient le papier qui perd tout
allez un petit calcul :
- le fonds posséde 195 millions d'onces d'Argent ( en admettant comme Butler, qu'il ne les ait pas prétées et qu'il les posséde réellement en coffre )
-le default se situe donc entre 12 et 25 % des parts du fonds
est ce bien raisonnable??


voila un joli talon d'achille dans le pied du cartel, que cet etf Argent métal SLV de barclays !



http://news.silverseek.com/TedButler/1213640342.php

A propos de la Barclay's : elle chercherait du pognon pour faire face à quelques pertes ...

J'ai toujours un compte chez eux ... avec moins de 1 euro dessus, ils ne m'ont pas relancé pour un placement de trésorerie.

commentaires de Hommel
http://www.silverstockreport.com/2008/shorts.html


Ted Butler reveals the scam of short selling the silver ETF. Ted came out with a blockbuster report on how the iShares Silver ETF is allowed to be naked shorted, which is an entirely new form of short selling silver.
http://www.investmentrarities.com/06-16-08.html

That the silver ETF can be shorted is revolting. You can see the current short sales position here:
Nasdaq.com

Currently, with 256,000 shares sold short, that's worth 2.5 million ounces of silver.

A lot of people have trouble understanding the concept of a short sale. The way it's supposed to work is that a person will borrow shares from a broker, who is holding shares for clients who have agreed to let their broker lend out their shares. If you use a margin account, you have likely already agreed to let your broker borrow and lend out your shares. But it's not always done that way. Many times, the shares are sold short without borrowing, and in that case, the short position is said to be a naked short sale, as distinguished from a real short sale. But either way, this creates extra shares on the market which can put a downward pressure on the underlying security, as two or more people will think they own the same share. In come cases companies have reported proxy votes of up to 80 million votes when there are only 60 million shares outstanding, which creates problems.

So, since the silver ETF can be shorted, I'll explain it like this: Imagine a silver bank that operated with 100% integrity, with 100% precious metal backing of all the accounts for all clients. But then, they installed a back door in the vault, and let other people walk out with the bullion and replace it with a piece of paper that says "IOU".

That's not exactly the same, since no physical silver leaves the custodian when a short sale is made, but new customer accounts are made, and no silver is deposited when new investors buy the newly shorted shares. So it turns the silver ETF into a form of fractional reserve banking, all the same. So, to allow the silver ETF to be sold short circumvents the entire purpose of the ETF in the first place, unless the purpose all along was to create another way that silver could be sold short.

If you own shares of the silver ETF, I suggest you slowly sell your iShares for real silver. Don't do it all at once, because silver prices could move up 5-10% per day while you are waiting for your cash to clear and before you can find or get delivery of real silver.

Il ne décrit pas la mécanique des naked short ni celle des shadow shares qui en découlent :

- short : pour vendre il faut d'abord emprunter contre un loyer, en espérant racheter plus bas pour restituer ces titres, payer le loyer et qu'il reste un petit ou gros quelque chose
- naked short : vente sans l'emprunt initial, ce qui est illégal ; mais comme il y a 13 jours (?) pour trouver à emprunter sans avoir à se déclarer, ça laisse tout le temps pour se racheter et recommencer sans jamais avoir emprunté les titres, il peut ainsi théoriquement y avoir plus de titres vendus qu'il n'en existe réellement
- shadow shares : juste avant les 13 jours et pour n'avoir ni à se déclarer ni à se racheter, on contacte un autre broker ami (complice) qui fournit des titres qu'il n'a pas encore emprunté à ses clients (il a lui aussi 13 jours) ; au bout de 13 jours on les lui rend, ce qui lui permet de remettre son compte à 0 sans jamias avoir emprunté, puis on recommence. La position initiale de vente est ainsi toujours maintenue mais n'est jamais déclarée, masquée par ces aller / retour comptables.

merci Dup
je ne connaissais pas cet histoire de délai de 13 j pour trouver à emprunter avant de déclarer .. pour les naked short ..mais amah et surtout ( pour les actions cotées aux us, comme c'est le cas pour cet etf silver barclays ) ) il y a complicité / duplicité de la DTC..qui est en quelque sorte la chambre de compensation de ce short selling

Barclays doit parfaitement connaitre ce mécanisme .. et visiblement ça ne le dérange pas .. s'il ne shorte pas lui même ses propres actions? dans le but de faire pression sur silver