this is from ed steer of casey research, and explains how jp morgan and hsbc control the price of silver and gold:

And now, for the Bank Participation report. What it shows, is a larger and even more concentrated position for the '2 or less' U.S. banks that have the huge short positions in silver. The same applies to the '3 or less' U.S. banks in gold. Here it is in a nutshell...for positions held at the end of trading on Tuesday, March 3rd.

In silver:

'2 or less' U.S. banks hold zero long positions and 30,838* short positions on the Comex
'13' Non-U.S. banks hold 8,773 long positions and 2,322** short positions on the Comex
* this is an increase in their short position of 3,649 contracts from February's BPR.
** there is virtually no change in net short/long position by the '13' Non-U.S. banks since the February report...less than 100 contracts.

In gold:

'3 or less' U.S. banks hold 322 long positions and 109,091* short positions on the Comex
'21' Non-U.S. banks hold 37,513 long positions and 58,900** short positions on the Comex
* this is an increase in their net short position of 1,208 contracts from February's BPR.
** this is an increase in their net short position of 12,486 contracts from the February BPR.

It's not hard to see that the short positions of JPMorgan and HSBC dwarf everyone else’s postions...either long or short. They are in total control of the silver and gold price. And it just so happens that the custodian of the SLV is JPMorgan, while the custodian for GLD is HSBC...the two biggest shorts on the Comex....and between the two of them, they hold 97% of all the precious metals derivatives held by U.S. banks. I dont' trust them as far as I can throw them...and neither should you.

http://www.caseyresearch.com/display...