Blast From the Past- Cartoon first published 10 years ago -Sliver Bull Sees Red
I’ve been studying precious metals for several decades now. Silver in particular. I was particularly interested in the mines located throughout Idaho’s famed ‘Silver Valley.’ I even visited some of those mines.
Will the Reddit crowd who destroyed a hedge fund now go after JP Morgan’s stranglehold on the shiny white metal? That remains to be seen, but they may find that to be more of a daunting task. Still, physical silver buying has swamped many of the online sales outlets over the weekend. Young people are buying the precious white metal, but there is also talk that they’ll be buying some of the heavily-shorted silver miner stocks such as First Majestic (AG).
I once thought silver would do what Bitcoin has done. That is, go to 1,000 per ounce or more. Back in 2011 Tina and I drew this cartoon that showed the silver bull. Unfortunately, it never happened. JP Morgan collusively drove the price down from $49 per ounce in April of 2011 all the way down to $13 just a couple of years later. Silver then stagnated for 10 years while the stock market skyrocketed.
Now silver is back. Or is this just another false hope that will enable JP Morgan and other dominant global banks to short it back down again while raking in huge profits? Is silver a planned distraction from the GME and AMC short troubles facing the hedge funds?
We’ll see. I hope the stackers win this time.
—Ben Garrison
