Australia’s leading television broadcaster has compared JP Morgan as silver price manipulators similar to Bunker Hunt in the late 1970’s, with one major difference. JP Morgan has a concentrated short position to drive the silver price lower.
Bullionmark CEO, Mark van der Sluys, who was interviewed by the Lateline Business program believes the silver price is manipulated lower to maintain confidence in paper currency in particular the US dollar. “It is well understood that interest rate markets are manipulated through Quantitative Easing and currencies are managed through market interventions, so why is it such a shock that large investment banks are managing silver prices lower to support broader central bank and government policy?”
When asked about the recent sell off in the silver price, van der Sluys suggests “that the silver fundamentals remain strong and precious metals are the ultimate hedge against Government and Central bank incompetency. Gold and Silver should be part of every investment portfolio.”
– Silver threatens Silver Thursday repeat (Lateline Business – ABC NEWS)
Australian Broadcasting Corporation
Reporter: Phillip Lasker
A recent rapid rise and fall in the price of silver has left many making comparisons with 1980’s Silver Thursday and Texan Bunker Hunt.