The Bargain of the Century

Posted by Richard Daughty - The Daily Reckoning

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“perhaps the Biggest Freaking Bargain (BFB) of the century!”

Seriously Underpriced Silver

Seriously Underpriced SilverThe impetus for my New Mogambo Crusade (NMC) to acquire more silver came as a result of reading in Ed Steer’s Gold & Silver Daily where he noticed in the Comptroller of the Currency’s “Q1/2010 Report on Bank Trading and Derivatives Activities” that “the bottom-line numbers show that two US banks… JPMorgan and HSBC, USA hold between 97% and 99% of all the gold and silver derivatives held by all US banks.” Yow!

This is a result of naked short selling. Normally, to short something, you would have to borrow it from somebody, and then sell that. Now, to short gold or silver is as simple as getting somebody to pay money for a piece of paper that says it represents gold or silver. Easy! There is nothing behind it!

….read more Seriously Underpriced Silver HERE

Chart provided by Money Talks (click on the chart or HERE to read the article)