Since early 2012, JP Morgan’s stockpile has grown from less than 5 million ounces of physical silver to more than 55 million ounces of physical silver.Over the course of seven business days in early April alone, they bought an average of over 1 million ounces per day:
Here’s a breakdown of the Comex’s most recent silver deliveries to JP Morgan:People talk about the breakeven price to mine silver and it obviously varies with the mine. It's probably the key thing in the profitability of these mining operations. When the cost at that mine goes above the spot silver price for too long, they will literally park the heavy equipment and send people elsewhere.
April 7th: 1,110,000 ounces
April 8th: 1,280,000 ounces
April 9th: 893,037 ounces
April 10th: 1,200,224 ounces
April 14th: 1,073,000 ounces
April 15th: 1,191,275 ounces
April 16th: 1,183,777.295 ounces
It sure looks like someone at the big bank thinks silver is pretty smart investment. Go read, and follow some links, too.
Standard disclaimers apply: I'm just some dood with a blog on the vast Sargasso sea of the net. YMMV. Under penalty of law, do not remove mattress tag. Professional drivers on closed course. No animals were harmed during the writing of this blog (although one white cat was annoyed that I wasn't paying more attention to him).