For the longest time, Dimon kept a lid on the silver price (not gold so much, methinks, as evidenced by the spike in GSR to insane and unprecedented heights during Covid etc)

Now, the pressure cooker on silver has begun to let out its steam, or the basketball held under water is shooting up from deep beneath … or your favorite analogy/metaphor:

(1) https://www.thedailydoom.com/p/the-deeper-dive-federal-reserve-posts

(2) https://wallstreetonparade.com/2024/03/report-five-banks-have-a-combined-half-trillion-dollars-in-commercial-real-estate-loans-number-1-is-jpmorgan-chase/

Edit:

(3) https://wallstreetonparade.com/2024/04/study-finds-wall-street-mega-banks-have-overstated-income-for-years-on-commercial-real-estate-loans-they-sell-to-investors/
The question now is: what is JPM’s long position on silver?

I don’t intend any disrespect for the analysts who use the CoT reports for their analysis, but what is after the fact, is, well, after the fact.
Who is to tell that JPM didn’t fudge its CoT holdings of silver due to an error, or while JPM was officially short silver on the CoT, the dark pools of JPM were the longs … etc etc

They (JPM) made the rules and can change them whenever they like: if the Fed doesn’t bail out JPM’s CRE mess, the Fed will lose the bigger war.

And we are seven months from an election-to-remember.

Edit:
So with link 3 above, the fodder is ready to be lit? Create a CRE related banking crisis, or some big politically connected names have big losses on CMBS and their derivatives, the broader market corrects sharply (and poor May is blamed), people rush to bonds, yields collapse, and Powell has reason to cut rates? Gold would jump $100 in a day, but silver would jump $5!

GL