In a recent interview on CNBC, Goldman Sachs Global Head of Commodities Jeff Currie curiously mentioned that: “The shorts are the ETFs.
The ETFs buy the physical, they turn around and they sell on the COMEX.” Which is a surprising comment, given that Jeff is apparently authorized to talk on behalf of mega-investment bank Goldman Sachs, one of the SLV silver trust’s authorized participants that can add or redeem 50,000 share baskets.
Because if SLV is just a trust, that receives customer money when new shares are added, that JP Morgan reportedly uses to go out and buy metal to deposit in the trust, what exactly is the ETF hedging?
Since leaving Wall Street I’ve dedicated my financial career towards studying this situation and helping people understand what’s actually happening. How to protect and grow your money. And how to turn what will be a crisis on Wall Street into an incredible source of opportunity for you and the people you care about.
My background includes 2 years at bond rating agency Moody’s, an MBA from Wharton, and 7 years as an equity options trader for Susquehanna International Group on the American and New York Stock Exchanges, before leaving in 2012 to create Arcadia Economics.