RE: silver to explode once JP morgan chase scandal
Here's the story from backchannel truth from world king news and financialsense.com......This is a bomb waiting to happen......banks have been deceiving their clients when they say their stuff is backed by physical silver. This will push silver prices higher....
"...a Swiss bank
refused to deliver roughly $40 million of gold bullion to a wealthy client for 30 days and only finally physically delivered his gold when the client brought in his lawyers and threatened to take his story to Reuters and other syndicated financial news networks.......another individual that has been trying to take physical possession of approximately
$550,000 of silver for two months now from a Swiss bank with zero luck....the bank has been trying to pressure the client into accepting the cash equivalent market value of the silver rather than deliver the physical silver to the client."
https://www.zerohedge.com/article/buy-physical-gold-and-physical-silver-through-commercial-bank-and-you-may-end-vault-full-air
How many banks have promised gold and silver they don't have? Rickards and Turk are very reliable sources, by the way. It reminded me of the class-action suit against Morgan Stanley a few years ago. MS had taken investors' money and bought silver which they held in their names and charged
storage fees on. However, investors discovered that MS never bought the silver, but used their money to speculate in other investments. So a group of them sued, saying that MS cheated them by doing something other than promised with their funds, while charging them fees for storing silver that didn't exist.
Morgan Stanley settled the suit by paying millions of dollars in damages, without admitting wrongdoing. Their defense: "It's standard industry practice. We know we can buy silver on the open market at any time, so we invest the money where we can profit most, and if someone wants to take delivery of their silver, we buy it for them and make delivery within 30 days. What's the problem?"
I have no doubt that this kind of sleaze really is standard Wall Street practice, which means that other banks have sold big stacks of paper silver "investments" without securing the silver to back them. A lot of people are snoozing on paper promises, and when they get nervous and all ask for delivery, that's when the fun really starts. $30 silver ain't nothing. Wait until the mass of complacent folks who bought into unallocated pool accounts and silver ETF's realize that there is a serious silver shortage underway. Mad scramble coming up.
The aggregate value of paper silver "investments" like SLV shares and Perth Mint Certificates suggests that people believe there is about 100 times as much silver in physical stocks as actually exists. This is what Bart Chilton is sweating about