1-800-822-8080 Contact Us
Select Page

Written by Chris Marcus of Arcadia Economics

Warning all silver owners!

For those who believe in the premise that the precious metals markets, and silver in particular have been highly manipulated, perhaps the highlight of this past week was hearing J.P. Morgan CEO Jamie Dimon jokingly suggest that he would be a great fit for president.

Or at least better than Donald Trump.

Now to be fair, Dimon did not directly say that he is running for president. Or that he thinks he would get elected.

Although this past week, in the process of criticizing Trump, he did make some pointed comments. That certainly from the perspective of those who follow the silver market can be received with anything from giggling to stunned disbelief.

Dimon was interviewed on CNBC, and consider some of the following comments.

CNBC: Why not throw your hat in the ring, Jamie?

Dimon: I mean, I’ve said this before Trump was elected. You’re not going to get a wealthy New Yorker elected president. Boy I was dead wrong. And by the way, this wealthy New Yorker [pointing to himself] actually earned his money. It wasn’t a gift from Daddy. And I grew up in a poorer part of Queens than he did, but I am a banker. I am part of the elite.

He…I don’t think the American public looks at Trump as part of the elite. They look at him as the upstart who punched the elite in the nose every day. And so I think…I think I could beat Trump.

As a student of neuro-linguistic programming (NLP),  I believe there is power and significance to the words people choose to use. With a quick example being that if two people attend the same event, and one says it was not his favorite, while the other keeps ranting about how much he “hated” every aspect of it, you can already extrapolate a fair amount about the difference between the two character profiles.

So it was rather shocking to hear Dimon boast about being an elite, especially in the current environment where there is growing speculation that many of the elites have been involved in some rather nefarious activities (and for whatever it’s worth, if he ever did actually run for office, probably might be best to leave that little “elite” nugget out of the campaign platform).

CNBC: You think you can beat Trump?

Dimon: Yeah. I do, yeah. [laughter] Because I’m as tough as he is, I’m smarter than he is. I would be fine. He could punch me all he wants, it wouldn’t work with me. I’d fight right back. But you have these….the Democratic party….they’ve got to get their act together in terms of understanding how society actually works. Because if they just keep on pounding away at business…I watch these ads on TV with all these people …they’re all running and they’re all going to [wags finger] …business where their place is. Well, OK, right that’s going to really work. That’s going to really succeed……Anyway my wife wouldn’t let me, either. She told me she’d love to be first lady. She did not say that, but I do think it’d be a really interesting White House if she were first lady. It would be a little bit…..you compare yourself, remember that show the Nanny with Fran Drescher? [laughter] She says that, not me.

Aside from imagining the White House being a mix of the banking industry and “The Nanny” with Fran Drescher, what stands out about this quote is what he mentions about counter-punching with Trump.

Because while our access to information about what is truly going on behind the scenes is at times limited, there is certainly a growing school of thought that Trump and the bankers are duking it out at this very moment.

Like many others, I stand by riveted in fascination to see how it all plays out.

Fortunately, if you’re not a big fan of banking executives, it seems as if Dimon is not serious about running for president. Although perhaps even better news, is that regardless of who becomes the next president, the facts about the precious metals markets do not change.

Add in that if the latest COT report data is being reported and interpreted accurately, and the banks have now become net owners of metal while pawning their short position off to the hedge funds, then the insurance against the banks in the form of precious metals remains the best way to protect against whatever Dimon or any other “elite” presidential candidates can do or say.

Chris Marcus

To buy or sell gold and silver call Miles Franklin today at (1-800-822-8080).