Blythe Master’s Next Move – Silver Leads Again
By: Marshall Swing
Jun 23, 2012
We have seen hundreds of articles in the last couple of weeks that the bottom is in for the PMs and they are about to go upward and onward…
Not so, I have been telling everyone for months that prices are headed down, down, down. But down is a very good thing for us who are in the physical scene because we can add far more ounces to our stash for the same fiat money number we have sitting on the sidelines.
What we see today is a complete change in method by JP Morgan to drop the silver price below $27 to find a new bottom to generate paper long interest in the white metal.
As you can clearly see on the chart, at bottom, long interest has once again waned and since Blythe Master’s in on a tight time schedule to get JPM’s short position sold off, before Southern is toast, they have to try a new strategy to draw in the long buyers who have been sitting out of the market for quite some time now. They were content from about mid May to the 5th of June to allow some longs to buy in and make a little profit only to be smashed at regular intervals so those long’s stops were tripped and JPM could cover huge amounts of shorts.