Wynter Benton March update

[mrgneiss]

Doesn't bode well for the paper price of silver. Looks like the shorts are willing to do almost anything to keep the paper price down. If I was a silver miner I would be suing, because if you are unhedged you should be getting this premium.

"With permission, I can update the results of our raid. It was successful beyond imagination but that "success" has spawned even more questions about the price of paper silver going forward. It was reported by SGS that he heard that on Friday Blythe was offering 30-50 percent premium and that at least 4500 hundred contracts will stand for delivery. I am here to give you a more accurate update (and a first hand account of what happened on Friday Feb 25). Our group was detemined to stand for delivery going into Monday because we were not going to take a 30 percent premium on a price of $33.50. It was reported that Blythe offered 50 percent premium. That was not even close in our case. We got over 80 percent premium. That's right. Over $50 per contract on the condition that our group sell all our contracts. Our counterparty even threatened us with the ghost of Herstatt. They openly admitted that they could not deliver even 20 million ounces to us but that if we stood for delivery they would be sure that they make delivery to everyone else before they defaulted on us which would make us 'unsecured creditors'. They told us directly that they could not allow even 5000 contracts to stand for delivery because they could not deliver a mere 20 million ounces. Like Vito Corleone said, "I'm gonna make him an offer he can't refuse." And indeed we did not refuse as this was our intention all along.

These sets of facts from our traders lead us to believe that the paper price of silver may have a difficult time surpassing $36 because if the counterparty at the Comex is so willing to pay north of $50 to dissuade people from standing for delivery yet the paper price of silver is still under $35, then we suspect that losses triggered by derivatives is the main reason for the price suppression of silver. We can see no reason why they would not allow the paper price to go up yet are so glad to pay off the comex contracts to show the world that so few are standing for delivery. In our mind, Comex could default with if as little as 4,000 contracts stood for delivery. We are very curious to see how high the paper price of silver actually trades during this run."

[KILOFINAL]

Like I have said before...they are digging their own graves because it is the whole derivatives business that will bring down the banking system...just a matter of time....tick...tock...tick...tock

[montywent]

I wonder how PSLV plays into this scenario, aren't they supposed to be above all this?

Monty

[JROCPW]

lol. Not sure, but it sounds like this WB is "f***ing with us." Who's falling for an 80% premium??? The bigger the lie I guess... Proof please. Paper trail or GTFO. If this was the real deal, proof would light the silver missile and JPM/Blythe would explode.

[cavalliere]

Miners should enquiry for proof if true this is a big damage for silver mining industry and their shareholders.

[AgStacker]

Bigger, better, new and improved HOGWASH.

80% premium my wide white seating apparatus.

Here I can post something too...

My raid on comex was perfect, I got a pony and Morgan Fairchild is my girl friend.. yah that's the ticket... Oh, and the pony poops diamonds....

[MrTiKi]

Bigger, better, new and improved HOGWASH.

80% premium my wide white seating apparatus.

What he said.

[JakeGolden]

Amazing how many people will swallow something that's posted on the Internet.

OK, then -- when silver gets past $36, then what do they say? "We knew it all along?" Or, "well see, it shouldn't have passed $36, except thanks to our group that really put the heat on Blythe this time." Or whatever rationale they'll come up with to explain things after the fact.

Also, weren't they supposed to stand for delivery no matter what?

[Moonstruck]

The best lies are mostly truth. That is the way TPTB run the game.

[Jolyman]

Doesn't bode well for the paper price of silver. Looks like the shorts are willing to do almost anything to keep the paper price down. If I was a silver miner I would be suing, because if you are unhedged you should be getting this premium.

"With permission, I can update the results of our raid. It was successful beyond imagination but that "success" has spawned even more questions about the price of paper silver going forward. It was reported by SGS that he heard that on Friday Blythe was offering 30-50 percent premium and that at least 4500 hundred contracts will stand for delivery. I am here to give you a more accurate update (and a first hand account of what happened on Friday Feb 25). Our group was detemined to stand for delivery going into Monday because we were not going to take a 30 percent premium on a price of $33.50. It was reported that Blythe offered 50 percent premium. That was not even close in our case. We got over 80 percent premium. That's right. Over $50 per contract on the condition that our group sell all our contracts. Our counterparty even threatened us with the ghost of Herstatt. They openly admitted that they could not deliver even 20 million ounces to us but that if we stood for delivery they would be sure that they make delivery to everyone else before they defaulted on us which would make us 'unsecured creditors'. They told us directly that they could not allow even 5000 contracts to stand for delivery because they could not deliver a mere 20 million ounces. Like Vito Corleone said, "I'm gonna make him an offer he can't refuse." And indeed we did not refuse as this was our intention all along.

These sets of facts from our traders lead us to believe that the paper price of silver may have a difficult time surpassing $36 because if the counterparty at the Comex is so willing to pay north of $50 to dissuade people from standing for delivery yet the paper price of silver is still under $35, then we suspect that losses triggered by derivatives is the main reason for the price suppression of silver. We can see no reason why they would not allow the paper price to go up yet are so glad to pay off the comex contracts to show the world that so few are standing for delivery. In our mind, Comex could default with if as little as 4,000 contracts stood for delivery. We are very curious to see how high the paper price of silver actually trades during this run."

Wonder what they will spend all that money on .. Gold?

If they were REAL they would buy Silver on the Open Market at Spot. IF they could find it. WHO would turn down a guaranteed 80% profit at the time of purchase?

Just my Opinion ... WB is someones imagination ..

But this " post .... does not contribute to topic; somewhat baiting and argumentative."