Q: Conspiracy Theory???
For decades I have heard and read that JPM, as a bullion bank, has an enormous inventory of silver bullion actually owned by the firm. This is in addition to the bullion they store for other parties making a nice fee. Further, it is suggested that JPM backstops other institutions that may require an infusion of bullion to meet an emergent demand. ie. The London Metal Exchange. Fortunately, this rumour was what motivated me to choose JPM as my US bank stock a 2+ decades aqo.
I have searched JPM's 2004 Annual Report (330+ pages) in vain looking for some record of massive silver holding which would show up as a major asset on the Balace Sheet. As the price of silver has appreciated I would expect that this growing value would be reflected in the financial statements.
Can you explode the myth or confirm any of the above?
With appreciation,
Ed
I am NOT in a Panic mode....yet! Having been a long term subscriber, I KNOW "Time IN the market" is more important than "Timing the market"!
Also know that "pull backs" are NOT Crashes!
I have your favourites in Gold, FNV/AEM/WPM/AGI. ARIS in the Mid tier. Added Silver with Ag/PAAS/CDE. (Down now!) I was going to add your recent pick SVM. But before I could pull the trigger the sudden drop in Gold/Silver happened.
With this in mind, where do you see the new floor for Gold and Silver? 3600/40 respectively? Should one add or wait or sell?
Thanks as always.
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Q: hello
I only have a small position in TECK
looking to add to copper in my portfolio
HBM and CS has both pulled back due to metal weakness, gold etc
please give me an entry point for HBM /CS
and if you have a preference
many thanks
Michael