MAKING SENSE OF COMEX INSANITY
By Matthew Piepenburg
. . .
"Enter JP Morgan—No Honor Among Thieves
When JP Morgan inherited the post-08 books of that other headline failure, Bear Sterns, this included 30,000 to 40,000 short contract positions in gold and silver.
For all the reasons (and risks) stated above, JP Morgan knew it was dangerous to be net short gold and silver (because as metal custodians for other funds, Morgan knows better than anyone that there simply isn’t enough physical gold and silver to meet the delivery demands of the grossly levered contracts traded on that over-levered COMEX).
Stated otherwise, Morgan needed to dump (and cover) those shorts (by going long) at just the right moment, i.e. when prices were low.
Thus, after spoofing the market in early 2020, Morgan artificially manipulated the prices down before going net long to cover their shorts last March.
As of now, JP Morgan has closed its short positions and is market neutral rather than net short gold and silver.
In fact, they are stacking their physical gold and silver bars in London warehouses as I type this, controlling over 1B ounces of Silver and over 25M ounces of gold.
Why?
Very simple, they plan to front run the inevitable gold and silver bull market of which we’ve been writing for years.
And as for the COMEX futures market in paper gold? Well, its days are numbered and the fallout from its failure will be more than “interesting,” but nothing less than a disaster."
https://goldswitzerland.com/making-sense-of-comex-insanity/