From his extensive research and writings, Ted Butler has deduced that JP Morgan accumulated a long position of at least One Billion ounces of silver. What neither he nor we know is whether the silver was accumulated for their own trading/investment account or were they acting as an agent for say the US Treasury or the Peoples Bank of China? On at least a few occasions, JP Morgan has either come out and stated or implied that their metal trading was largely acting as an agent for clients. That may or may not be true. If this coming silver crisis is to be managed with a minimum of disruption it will be necessary for JP Morgan, and the US Government to disclose if it was the US Treasury who actually owns the silver. Only the client, if they were acting as an agent, has the ability to allow that disclosure. If nothing comes out about who actually owns the silver, we can presume one of three possibilities. 1) The Chinese own the silver and they will only acknowledge it when it best suits their purpose. Possibly, the collapse of the US Dollar as the world’s reserve currency. 2) The US Treasury owns the silver but they want a collapse of the system. Possible, given who now controls the entire US government. Or, 3) JP Morgan does own it for their shareholders in which case when the crisis worsens the FED and US Treasury should force them to sell to the US for national security reasons, similiar to what happened to both the Hunt brothers and Warren Buffett in past silver crises. The crisis is about to become full blown. The solution to manage and control the damage may be in JP Morgan and the US Govt.’s hands. Or, we may be under the thumb of the Chinese, even more so than we thought. “May you live in interesting times.”