DID JP MORGAN JUST TIP OFF PAAS THAT GOLD & SILVER ARE ABOUT TO EXPLODE HIGHER?
SilverDoctors.com
SEPTEMBER 12, 2013
Pan American Silver (PAAS) announced out of the blue yesterday that just THREE weeks after it announced that it had implemented hedges for a significant amount of its gold and silver production, it had decided to remove them. This was a stunning and rapid reversal of a big financial decision.
One of the primary Wall Street firms that “advises” PAAS is JP Morgan. JP Morgan has spent the better part of the last 9 months eliminating its massive, manipulating short position in Comex gold and silver contracts and has actually amassed a considerably large long position in gold contracts.
My bet is that JP Morgan advised PAAS that, based on what it knows as an insider to the precious metals market worldwide, putting on those hedges was not a good idea.
This latest move by PAAS further confirms my view that the metals are marking some time here – ostensibly until after the next FOMC meeting next Tues/Wed – before they begin to make a move to the upside that will take everyone except the hardiest of precious metals investors by surprise.
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