Copper on the LME just went from $4.40 to $2.93 a pound.
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Copper on the LME just went from $4.40 to $2.93 a pound.
It seems that JP Morgan bought 50-80% of all copper in the LME. They want to drive the production up so they can cover their butts on a bad decision with silver. 80% silver production is a by product from cooper and zinc mining. It looks likes silver is about to really take off because of this and they want to corner that market as well.....which by the way, is "supposed" to be illegal.
http://www.zerohedge.com/article/jpm...worry-all-good
What do you think?
That's old new from last year and doesn't account for the dip today. I see it's already recovered back to above $4.30. Cornering markets is illegal. It didn't work over 100 years ago and won't work now. I don't see any reports about it and it's not even on the charts now. Maybe some kind of fluke or mistake?
I know it was from Dec/2010, but that was only a little over a month ago. If it has already recovered, maybe it was a mistake. Also when have monopoly laws been enforced on huge corporations like JPM last......it's been a long awhile.
china is buying a lot of it also