'Crash JP Morgan, Buy Silver' Update!!

Max and Minimax

Zany madcap financial commentator Max Keiser has an unparalleled track record of economic and geopolitical forecasting. So much so that the BBC gave him his own show called 'The Oracle'

Max's portfolio of uncanny predictions and empowering analytical insights include...

• prophesying that the Euro was shortly to become the world's reserve currency, a couple of months before it went tits up

• declaring his support for US Presidential candidate Barack Obama on the basis that there was a very good chance Obama would bring about 'change'

• connecting record cold, warm, wet, dry, windy, not windy, weather events with catastrophic anthropogenic global warming climate change disruption, as well as postulating that there may be some connection between weather and crop yields

• predicting that the US Comex gold and silver exchange would default catastrophically in 2008, which it clearly did, without anyone noticing
  

• foretelling that the US will distance itself from Israel in its hour of need, just like it abandoned South Vitenam

The man is a soothsaying sensation, though it's not immediately clear if he is simply a brilliant analyst, gifted with superhuman psychic abilities, or whether the Universe actually submissively conforms to His Will

From the moment Keiser started his 'Buy Silver, Crash JP Morgan' campaign a couple of months back I've been watching global silver prices like a hawk

Komment Macht Frei - all my favourite people, and ideas, in one handy place

Keiser's plan was simplicity itself. JP Morgan has (allegedly) been driving the price of silver down by selling billions of dollars of silver it didn't actually possess. If enough people were to call JP Morgan's bluff, buy physical silver and drive the price up, JP Morgan's positions would collapse and the price of silver would skyrocket - destroying an evil bank and enriching those who killed it in the same act

A brilliant plan. Of course, if JP Morgan were to ever implode the resulting costs and losses (plus a dollop extra) would simply be assumed in all our names by government. But, nevertheless, a really, really brilliant plan

So, how's it doing? How much money have the legions of junior league silver bugs who have followed Max's call to 'Buy Silver, Crash JP Morgan' made so far?


Yup, The Oracle is still truly at the peak of his powers


Actually, anyone who joined the 'Buy Silver, Crash Morgan' campaign would have potentially enjoyed an even bigger (negative) return than -10.48% over the last 30 days

Silver coins, even those without a collectable value, sell for a mark-up of 15% or more over the scrap value of their silver content. Max presumably knows all about the excellent mark-ups in the bullion biz, as his site is, coincidentally, sponsored by bullion dealers

On top of the dealer's margin, if you buy a silver coin in Europe it is liable for VAT of, typically, 20%

So, if you bought a 1oz silver coin for something like £24 a month ago, it is now worth a shade under £17 today. Your £7 loss being shared out amongst the bullion dealer, the government's creditors, and speculators like JP Morgan

Sweet

And, yes, the fiat price of silver, and most other needful things which can't be printed into existence, will very possibly rise ahead of wages and interest on savings but timing, as they say, is everything

In the meantime, as fundamentally worthless as fiat currency is, the Max Keisers and JP Morgans of this world will still sell their grannies for a pot of it

Or, as a fellow conspiranaut said "If you want to put your hand in our pocket Max, give our nuts a scratch while you're at it...." .

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