There is a movement online, to have everyone pull cash out of their banks on December 7, as a formal protest against the bankers and what has become of the global economy. The battle against banks, as moved to a new stage, with a movement by Max Kieser to blow up the silver commodity short held by the bullion banks.
JP Morgan is rumored to have built up a short position in Silver equal to about 3.3 Billion oz. This position, if real, is so large it is an example price manipulation. It is even larger in a reverse sense, then the long position built up by the Hunt Brothers in the 1970’s.
The commodity short position has generated a lawsuit, in Federal Court.
JP Morgan Chase & Co. (NYSE: JPM) and HSBC Securities Inc. (NYSE: HBC) face charges of manipulating the market for silver futures and options in violation of federal commodities and racketeering laws, according to a lawsuit filed in the U.S. District Court for the Southern District of New York.
The suit – which alleges violation of the Commodity Exchange Act and the Racketeering Influenced and Corrupt Organizations (RICO) Act – alleges that the two banks colluded to manipulate the market for silver futures starting in the first half of 2008 by amassing huge short positions in silver futures contracts they had no intent to fill, but did so to force silver prices down to their benefit.
In November, a market pundit by the name of Max Keiser picked up on this lawsuit and suggested that JP Morgan, the real muscle of the New York Federal Reserve, was so short silver, that if every American bought 1 oz of silver, they could crash the bank. The short is so large, that if they attempt to cover, the price of silver will take off like a rocket.
The video of this event was published at You Tube, and became a Viral Hit. Specifically, millions of people have seen it, or shared it with other. Since it was released, the price of silver has gone nearly parabolic, currently trading around $29 per oz.