Vox Popoli, https://www.voxday.net./
This has been floating around. I saw it on Hal Turner’s site, which isn’t particularly reliable, but the specifics mentioned tend to indicate that this one might be.
Reports have been coming in CLAIMING “a systemically important bank, a major player in Silver Futures, failed to pay its Margin Call by 2:00 AM and was liquidated by the futures Exchange at 2:47 AM eastern US time.”
The reports are CONCEALING the name of the bank, but it is confirmed that overnight, the federal reserve was forced to pump another $34 Billion into the Banking System through its Emergency Overnight Repo facility. This $34 Billion is on top of the $17 Billion which had to be pumped-in two days ago, on Friday morning.
The Bank involved is described as “one of the largest players in the precious metals derivatives market” blew past every risk limit, breached every covenant. and exhausted every line of credit.”
The Bank is further described as having been “massively short silver; we are talking massive positions numbering in the hundreds-of-millions ounces.”
According to the information coming out this morning, when Silver broke through $70 per ounce on Friday, this bank received a “Margin Call” from the Commodities Exchange(s) which “exceeded their liquid capital.” I am further told that “the clearinghouse gave them until Sunday morning to post $2.3 BILLION in additional cash collateral.”
UPDATE 12:48 PM EST —
According to additional information, at 2:47 AM the Bank notified the Exchange that they could NOT meet the $2.3 Billion margin call. At 3:03 AM, the Exchange began forced liquidation of the Contracts. By 4:15 AM, the Banks positions on the Exchange were fully closed. SIXTEEN MINUTES LATER FEDERAL REGULATORS SEIZED THE BANK TO PREVENT A DISORDERLY UNWIND.
The reason Turner suspects the failed bank might be Chase is because he was blocked from his business account there last night.
Tonight, I logged-in to my bank and tried to send a Wire Transfer. I’ve done this a couple times in the past and everything went fine. Tonight, I get a call from their FRAUD Department . . . things went downhill fast…
I’ve sent wire transfers before, and for amounts much higher than tonight. . . . . Like seven times higher than tonight. Never a problem. Tonight, they say I am not me and I’m cut off.
I wonder if the bank that reportedly got SEIZED by federal regulators at around 4:30 this morning because they couldn’t make Margin Calls on Silver Shorts, maybe, might be, JP Morgan CHASE ? ? ? ? ? ? ? (Story HERE) Is it possible they won’t send the wire transfer because they’re broke?
Maybe I am not the only one being cut off from my Business account?
It’s all just rumors at this point, and I have no wish to scaremonger for clicks or anything, but we all know how fragile the system is right now. And it wouldn’t even be remotely surprising if one of the banks that was holding a short position against silver went down about now.
Posted on by VD
Chase sent 2 wires first thing this morning, that I had set up yesterday.
We could go to Somalia and get the money back….
Maybe throw a few hundred civil servants behind bars too….wishful thinking
I suggest we throw them in the alligator pit.
i do believe the biggest holder of precious metal derivatives is jp morgan. they had trillions locked up 20 years ago to keep a lid on the price of gold i do believe.
JPM got rid of 200 million ounces of silver shorts at a loss last week, but have 750 million ounces of physical silver in their portfolio.
https://peakprosperity.com/the-fat-pipe-12-22-25-silver-gold-japan-seems-to-be-in-big-trouble-families-under-attack-energy-oil-grab-bag/
It’s all manipulated de facto when one organization owns a majority of an asset.
Historic gold/silver ratio is between 3 and 20:1. Right now it’s 65:1.
The selloff was apparently triggered when CME changed the required margin from 20% to 25% (amount of cash options traders must put up), while simultaneously reducing the maximum amount of paper long or short an account could have.
This forced silver options traders to come up with a boatload of cash in a very short time, over a weekend. I’m just a guy with a regular old checking account so I have no idea how to produce bazillions of greenbacks outside of regular commercial banking hours.
Anyway, that is supposedly what happened.
And it was not Chase. Imma guess more likely coulda been some EU based bank. Or some venture capital dude. Wouldn’t it be great if it was The City of London or a Rothschild bank?
https://www.youtube.com/watch?v=lc2QKme_LC8
Funny ain’t it…..the grift has been severely curtailed….now the DNC is broke and begging for money.
And a “big player ” lost big on the metals market…..
Co-hinky-dink?
It was bullshit, only the margin call was changed and as I said before JPMchase closed their massive shorts days back and went long the other day. Hal turner, Bwahahahahahahahahaha, if somebody’s going down it would be a europeon bank.
Chase or any other fed reserve member will never go down unless they Al go down.
Oh the sell off ending was still above 70, twice the price a year ago, they will hit 80 soon
Yeah, I definitely can’t afford to get gold any more…