YAHOO FINANCE: Silver PRICES SURGE and banks face BILLIONS IN LOSSES!
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Silver prices have experienced a significant increase, rising over 6% to exceed $33.6 per ounce.
This unexpected surge has put five U.S. banks at risk of substantial financial losses due to their large short positions in the metal.
What Happened: The recent spike in silver prices has led to potential losses for these banks, estimated at billions of dollars, according to a report by The Silver Academy.
The Commodities Futures Trading Commission (CFTC) reports that open interest in silver futures contracts has reached 141,580 contracts, each representing 5,000 ounces.
This amounts to approximately 707.9 million ounces, nearly equaling a year’s global silver production. With silver prices increasing by $1.84 per ounce, these short positions are now estimated to be underwater by $1.3 billion.
"This behavior undermines market integrity and could have far-reaching consequences for both the financial sector and industries that depend on stable silver prices," said The Silver Academy.
The concentration of these short positions among just five U.S. banks has raised concerns among industry analysts.
Critics argue that this level of short-selling artificially depresses silver prices, despite strong industrial demand from sectors like electric vehicles and solar panels.
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These bullion banks and their shareholders deserve to fail for gross illegal manipulation. Of course CFTC Boss Gensler, who is part of the SWAMP, will try to help his bankster cohorts avoid bankruptcy by providing illegal financial support and regulation. If he does he should be investigated, charged and convicted of any wrongdoing.