$50 Silver by Dec 31, 2012

Wynter Benton (wynter_benton), is an anonymous blogger on Yahoo Finance who claims to be a group of former, disgruntled JP Morgan commodities traders under Blythe Master. They have accurately predicted many silver moves in early 2011, and now they have made a new prediction: silver will trade above $50 before Dec 31, 2012.

According to wynter_benton, the take-down of MF Global on October 31, 2011 was designed to prevent wynter_benton from taking delivery of a massive amount of physical silver that would break JP Morgan’s naked short silver position.

Benton also claims that JP Morgan’s $36 silver derivative time-bomb is still ticking, and that the ex-JPM traders have re-grouped and are on the offensive again.

I have no doubt silver will break $50 in the near future.  The question is: how long will it stay there?  Will it stick this time?