SLV in Trouble

This from a recent Jason Hommel email missive:

NEWS:  Barclays, sponsor of the silver ETF, SLV, needs £7.5 billion in capital, and is clearly in trouble!  I have warned about the integrity of SLV, because its silver is unauditable, with JP Morgan the custodian, who also uses many sub custodians, so the ETF is basically reliant upon the promises of JP Morgan and its creditors, and JP Morgan has the largest derivatives exposure of all banks, by far, $72 Trillion, with a T.

http://www.bankingtimes.co.uk/04092008-barclays-may-face-75bn-shortfall/

In case I’m not clear:  SELL THE SILVER ETF, SLV, AND BUY REAL SILVER.

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One Response

  1. This is not good news at all. Call me on my cell when you get a few minutes.

    Thanks!

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