Max Keiser, financial analyst and host of RT’s Keiser Report, and Texas radio host Alex Jones are telling their listeners and fans to buy silver. Ostensibly the reason is to destroy the value of the JP Morgan bank. The cynic in me wonders if Alex and Max have an existing position in silver that they’d like to see increase in value. Anyone have any real insight?
According to Keiser, the goal of the “Crash JP Morgan – Buy Silver!” campaign is to force JP Morgan to cover its negative bets. He claims “There’s no way they can cover their liabilities if we all buy 1 silver coin and demand physical delivery.”
The charges that JP Morgan has been manipulating the silver market are not new. Back in May the New York Post reported on a federal investigation and just this month a class action law suit was commenced alleging that around June 2008, when JP Morgan acquired Bear Stearns and its short positions in silver futures, JP Morgan and another bank, HSBC, conspired to manipulate the market for silver futures and options contracts for their own benefit. Read more about that in the Telegraph.