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More Serious Than I Thought

Read the full article on SilverSeek: More Serious Than I Thought

I’m taking the unusual step of publishing a follow up article to my recently posted public article on the recent stunning OCC derivatives report. What prompts this more serious turn on my part was a question from a reader of my public article who asked me if I thought he should transfer the securities he held at his Merrill Lynch brokerage account to another broker, seeing as Merrill is owned by Bank of America. I responded initially that I doubted that the banking authorities would ever let BofA go under since it was clearly in the too big to fail category. After a few moments I wrote back to the reader suggesting that he send my article and ask whoever was his contact at Merrill what they thought. I haven’t heard anything since then.

To be sure, the very last thing I would ever intend is to overly inflame the findings in the OCC report to the point of screaming fire in a crowded theater in an attempt to overly-sensationalize anything. That said, I am increasingly concerned about this matter for a number of reasons. For one thing, believe it or not, I may have been too conservative in stating the case to date. Included in the public article is a reference to another public article I wrote on this matter back in April, when Bank of America first showed up in full force in the OCC report.

I had speculated roughly a year earlier on the occasion of 300 million ounces of silver being deposited into the silver ETFs (primarily SLV) that my guess was that the physical metal inflow was the result of JPMorgan leasing the silver to an unnamed third party (or parties). When the OCC report for Dec 31, 2020 came out (released at the end of March 2021), since the $8.3 billion suddenly reported for Bank of America, when divided by silver’s yearend closing price of $26.50, equaled 300 million oz, it was a confirmation of my original speculation closer than I could have ever imagined.

Read the full article on SilverSeek: More Serious Than I Thought

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