It was revealed this weekend  that JP Morgan bought a huge amount of copper from the London Metals Exchange. Somewhere between 50% and 80% of the exchange. Given that JPM is currently under investigation for manipulation of the Silver market, I would not be surprised if they are using their new copper ETF to corner the copper market in a similar manner (don’t forget that they are custodian of the biggest silver fund, SLV, while having a huge short position on silver).
I for one am looking at my copper needs wondering if I should stock up on some copper piping or electrical wire in case I need to do some renovating soon.
But of course, there is always the possibility that JPM is scrambling to cover its losses in the silver market.
Dec 11th is the day they have to cover the short contracts. We will soon find out just how they plan to do this.
Buy silver before the 11th. You’ll be glad you did.