• Tag Archives Ted Butler
  • Ted Butler Quote of the Day 06-24-17

    In silver, I don’t think the actual reduction in this week’s total commercial net short position

    should be the main focus. Instead, I think the focus should be on the price action, in that the price decline over the past two reporting weeks has been so deliberately orchestrated so as to signal that we are very close to an important price bottom in silver, almost regardless of what the COT report indicates. I say this knowing full well that silver is the most rigged market of all and one should never underestimate the manipulative power of JP Morgan and the other COMEX commercial crooks in that new price lows can be created at will. Just to be clear, the market structure is now exceedingly bullish in silver and will only get more bullish on any further price weakness.

    A small excerpt from Ted Butler’s subscription letter on 21 June 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • A Rigged Game — Ted Butler

    There’s no question that the silver market is the most rigged game in the world because no one would be able to establish a more perfect trading record than what JP Morgan and a few other big shorts have achieved. The only question is what can and will be done to end it. In time, the charade will become clear enough to a sufficient number of people, including the victimized technical funds, to bring changes to interrupt the perfect trading record of the big shorts – knowledge is power and all that.
    I still believe a quicker route to end the silver scam could come at the hands of the regulators, including the CFTC’s new Enforcement Director, James McDonald. I don’t think there’s any chance that the agency will ever find JP Morgan guilty of manipulating the price of silver (as this crooked bank sorely deserves) for the simple reason that such an action would leave JP Morgan open to an unlimited number of lawsuits; enough to sink what is thought to be an unsinkable ship. No government agency would ever do that. But that doesn’t mean the regulators are helpless, either.

    This post was published at Silverseek


  • Ted Butler Quote of the Day 06-21-17

    But I still sense this thing is headed for a climax. One way or another, there will come a time when JP Morgan won’t add to short positions on a coming silver rally and that rally will be like no other. I just can’t know if it will be McDonald taking the high road and ordering JP Morgan to no longer add manipulative silver shorts…or if the most crooked bank in the U.S. will do so on its own.

    A small excerpt from Ted Butler’s subscription letter on 17 June 2017.

    More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.
     


  • Ted Butler Quote of the Day 06-16-17

    As I see it, this is the defining moment for James McDonald, the new enforcement director for the CFTC. Either he will do something about the continuing silver manipulation or he won’t. In the event he doesn’t do anything to interrupt the big commercials like JP Morgan from continuing to snooker the managed money technical funds into and out of COMEX futures positions by illegal spoofing and other dirty market tricks, it will fall to something and someone else. I’m not worried that the silver manipulation won’t end dramatically and soon, but it is not written in stone that it will be the defining moment that McDonald will look back on with satisfaction many years from now. Defining moments can be either good or bad and by definition last forever.

    But it would be a mistake to underestimate the pressure he is under not to do the right thing. Essentially, for him to dismantle the crooked price discovery mechanism on the COMEX for silver (and gold) and on other futures exchanges for other commodities, he must repudiate more than 30 years of prior agency thinking, as well as overcome the secret and illegal agreement made between the U.S. Government and JP Morgan, on the occasion of JPM taking over Bear Stearns in 2008. Admittedly, that’s a very tall order. But the taller the order, the greater the defining moment.

    Certainly, the inability to overcome the standard line from the CFTC for decades, namely, that no manipulation was possible in silver, has plagued others who set out to do so. Gary Gensler comes to mind because he started off in hitting the road running to establish legitimate position limits in 2009 and seemed to be on the right path to doing so. Even Bart Chilton, the former and very outspoken commissioner who talked openly of the silver manipulation, eventually lost his public voice for the same reason as Gensler failed – neither could overcome the illegal agreement with JPM.

    A small excerpt from Ted Butler’s subscription letter on 14 June 2017.

    More precious metals news & information available at
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  • Ted Butler Quote of the Day 06-14-17

    A couple of weeks back, a subscriber asked me to explain what I meant by JPMorgan ‘skimming’ off silver from the near frantic and highly unprecedented physical turnover in COMEX silver warehouse movement. I answered him privately, but I’m not so sure I did an adequate job in explaining my premise, so please let me have another crack at it here.

    I’ve always thought that the incredibly large physical ‘churn’ in the COMEX silver warehouses created the opportunity for someone to dip into the turnover and extract metal without it being widely noticed. I mean, if there was hardly any physical turnover in publicly trackable exchange warehouses, as is the case in just about every commodity except for COMEX silver, then there wouldn’t be any real opportunity to dip into a movement that didn’t exist.

    Try to think of it this way. We’ve all seen footage of the bears lining up and positioning themselves for a salmon run in Alaska. There are so many fish running, that no matter how many the bears may catch and gorge on, it hardly reduces the run. When the salmon aren’t running, the bears must eat something else. There have been no big salmon runs in other commodities, just in COMEX silver. This consistent six year salmon run in physical silver between the COMEX warehouses has allowed just one big grizzly to gorge on physical silver nearly undetected and unchallenged by other bears. I think JPMorgan may have secured as many as 150 million oz of its 600 million oz hoard in this manner.

    A small excerpt from Ted Butler’s subscription letter on 10 June 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 06-09-17

    I’m convinced that because the ink was still relatively wet on the agreement between JPMorgan and the U.S. government when Gensler came on board — and because he was unaware of that until he was way down the road to instituting position limits and overall reform, all his efforts were for naught. Anything that would have inconvenienced JP Morgan at that time was not going to fly; neither the Treasury Department nor the Federal Reserve would allow it. As Gensler slowly came to this realization, he recognized his efforts would not come to fruition and he beat a retreat.

    But that was then — and this is now. The secret and illegal agreement between JP Morgan and the Fed and Treasury is now nine years old — and long of tooth. None of the original U.S. Government arrangers appear to be in office and JP Morgan’s manipulative actions over this time are starting to ripen and smell. For cripes sake, JP Morgan hasn’t taken a single loss when shorting COMEX silver over the past nine years and has amassed 600 million ounces of physical silver at artificially depressed prices over the past six years. No way, no how was that ever intended by the U.S. Government at the outset (JPM’s intentions excluded).

    Now JP Morgan’s actions appear inexcusable and not to be tolerated for much longer. Enter the appointment of an apparently honest man to a position that matters at the CFTC and the whole dynamic appears to have changed. Who at the Fed or Treasury will demand that JP Morgan continue to be treated with kid gloves in silver because of a secret agreement made under duress nine years ago, particularly with more

    than ever openly recognizing the scummy and duplicitous actions of the country’s most important bank?

    A small excerpt from Ted Butler’s subscription letter on 07 June 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 06-07-17

    “There are a few unusual developments in the current COMEX June deliveries for gold and silver, but the standout feature to me is still the complete absence of JPMorgan in either making or taking delivery in either commodity in its own proprietary trading account. Silver, in particular, is showing fairly large numbers of new contracts being created and immediately delivered against (for a non-traditional delivery month), but the issuers and stoppers are so mixed and cross-related that I can’t draw any concrete conclusions – aside from it suggesting tight wholesale conditions.”

    A small excerpt from Ted Butler’s subscription letter on 03 June 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler: Surprise CFTC Announcement

    I was shocked by Friday’s announcement by the CFTC of an order and simultaneous settlement of manipulation charges in COMEX gold and silver futures. I first saw it in a Zero Hedge article and subsequent articles on Bloomberg and in The Wall Street Journal, but all those accounts were somewhat off target compared to the CFTC announcement itself. This was one of those rare cases where the source announcement was much clearer than the articles describing it. I would ask you to take the time to read and reread the actual announcement from the CFTC, including both the press release itself and the complete order.
    In essence, for the first time in history, the Commodity Futures Trading Commission has brought charges against someone for manipulating the gold and silver markets exactly in the manner I have described for decades. This is so astounding on its face, that I hardly know where to begin. In addition, I am writing this less than 24 hours after reading the announcement, so I reserve the right to alter my opinion as time evolves. But there is much to say at this point.
    While it is true that the agency brought these charges against a former junior trader of an unnamed foreign bank (said to be Deutsche Bank), the price manipulation occurred during the time of the CFTC’s infamous five-year formal silver investigation. You’ll remember that the original investigation by its Enforcement Division previously concluded that there were no manipulation charges worthy of pursuing. Clearly, something changed the CFTC’s mind. Also, please note that all the alleged price manipulation took place on the cesspool also known as the COMEX and not on any of the foreign exchanges often bandied about.

    This post was published at Silverseek


  • Ted Butler Quote of the Day 06-02-17

    The biggest question remains that when silver does decisively penetrate its key moving averages, will the near-certain rush by technical funds to buy cause the price to move in the manner I have suggested recently, namely, explosively? That, of course, depends on how aggressive the commercials and, particularly, JP Morgan respond to the technical fund buying. I don’t mean to repeat myself, but somethings must be repeated.

    This is a process as mechanical as any motor engine. If JP Morgan and the other big commercials add aggressively to short positions on the next moving average upside penetration, they would appear to be quite capable of eventually snuffing out any silver rally caused by technical fund buying; and the exact same thing that has occurred on countless occasions over the years – snuffed out silver rallies – will occur again. And I completely empathize with those (in the majority) who hold that to expect otherwise would be on the insane side of the ledger, you know, expecting different results from the same circumstances.

    I would stipulate further that if JPM and the other big commercials short aggressively, then silver prices would likely fall eventually and we go back to the very beginning of the wash, spin, repeat cycle. But there’s not much to be gained for assuming JP Morgan will load up on the short side again, until it does load up. That’s because as long as JP Morgan is not heavily short COMEX silver futures, there is little reason to expect significantly lower silver prices. A large concentrated short position in COMEX silver futures is always the prime (sole) reason to expect lower silver prices. The lack thereof should not be feared.

    If it does turn out that the market crooks at JP Morgan again short silver futures aggressively, that will only come on higher prices and with generally fair warning. Specifically, if JP Morgan adds back much of the 16,000 short contracts it bought back over the past five reporting weeks (including last week’s increase), then my ‘big one’ premise goes out the window. Look, I’m just the analyst/piano player, not a principle participant in the ongoing COMEX silver scam. If JP Morgan does end up adding aggressively to its price-controlling silver short position, that’s beyond my control in any event.

    A small excerpt from Ted Butler’s subscription letter on 31 May 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 05-31-17

    But what about the increase in short selling by JPMorgan this past reporting week? Assuming it was JPM selling short around 3,000 contracts, there may be an explanation that I just can’t shake. The explanation is quite speculative, but very much in keeping with recent price action. The biggest difference between gold and silver at this point is that gold has decisively broken above its key moving averages amid clear indications of heavy technical fund buying and commercial selling, while silver has yet to do so. That setup won’t last for long. Sooner or later, silver will penetrate its key moving averages as well and the technical funds will buy or try to buy aggressively, same as they’ve just done in gold and on countless past occasions in silver.

    I can’t help but think that the apparent new short sales by JPMorgan were primarily intended to keep silver below its key 50 and 200-day moving averages. At yesterday’s close, silver prices are closer to the 50-day moving average ($17.45) and the 200 day moving average ($17.69) than at any time in the past month. But if I am correct about JPM’s short selling, it is a short term ploy at best, merely buying some time before silver does penetrate these moving averages. And that might be JPM’s intent, namely, temporarily delaying that penetration so that when the inevitable penetration does occur, it occurs more spectacularly than otherwise.

    Let’s face it – what will determine how dramatically (or not) silver penetrates its moving averages is a function of the degree of aggressiveness in commercial selling, not the aggressiveness of technical fund buying which is already baked into the cake. I think it possible that JPMorgan or whoever in the big 4 that sold may have been delaying the inevitable burst of technical fund buying in order to control the timing of the buying burst in order to make it more dramatic.

    A small excerpt from Ted Butler’s subscription letter on 27 May 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 05-27-17

    The big (near) surprise in silver in the last reporting week is that the technical funds actually added aggressively to short positions despite an increase in prices because the moving averages weren’t penetrated. Even though that’s what occurred this week as well, the prior reporting week featured a large increase in total open interest, suggesting something unusual was up. This week, total silver open interest is down, so I feel it would be too much to hope for a repeat of last week’s results (although I’d love to be wrong).

    It seems to me that even though the key moving averages weren’t penetrated this reporting week, the one dollar increase in price over the past two weeks should have been enough to have persuaded some technical funds to buy back short positions on a loss-limiting basis. In fact, I think there might have been as many as 10,000 contracts of commercial selling and managed money short covering. I would guess that the commercial selling was mostly of the raptor long liquidation variety and I am not expecting that JP Morgan increased its short selling. Nor do I think many managed money longs were added, just shorts bought back.

    Even if the silver report indicates an expected deterioration of 10,000 net contracts or so, it’s important to remember that there was an improvement of nearly 80,000 net technical fund contracts over the prior four reporting weeks, so the market structure in silver should still be good to go (for an explosion). The wonder is that here we are, nestled just slightly below the major technical fund buy signal of upward moving average penetration,

    with a COT setup as good as I can remember. As The Wall Street Journal points out – it’s increasingly a quant investment world. What it doesn’t point out is that the quants are on the wrong side of COMEX silver in a very big way.

    A small excerpt from Ted Butler’s subscription letter on 24 May 2017.

    More precious metals news & information available at
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  • Ted Butler Quote of the Day 05-24-17

    It is simply stunning how this stone-cold market crook and manipulator could get big net long on COMEX inventories alone, right in front of our eyes. You can forget completely my contention that JP Morgan has accumulated another 500 million oz of physical silver apart from its COMEX holdings (a total of 600 million oz) for the purpose of seeing that the bank has nothing to fear on exploding silver prices. But if you do leave out the more than half a billion oz JPM has acquired over the past six years, you would be missing the key feature in silver today.

    Over the past 4 reporting weeks, JPM has reduced its silver short position by 19,000 contracts, an amount equal to 95 million oz. I would submit that if there was one single explanation for the silver price drop over the past 4 weeks, it was due to the desire and ability of JPM to reduce its paper short position by as much as it did.

    From the largest (most bearish) commercial silver short position in history, barely 4 weeks ago, silver’s market structure is now the most bullish in almost a year and a half. Simply stunning – never has there been such a turnaround in history and only the most nave would think this was coincidental or free market derived in any way.

    A small excerpt from Ted Butler’s subscription letter on 21 May 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 05-19-17

    It won’t show up in

    Friday’s COT report, but based upon

    trading, I would imagine that nearly all the 60,000+ contracts sold by managed money traders in COMEX gold over the past two reporting weeks have been bought back in yesterday’s trading (with the commercials pocketing $150 million or so). Were it possible to calculate the COT report as of Wednesday’s close, the market structure in gold would be back to levels that existed prior to the last two COT reports, or decidedly neutral. That’s not to say that gold prices can’t power higher should the technical funds continue to plow onto the long side, just that this will be what’s required to drive prices higher.

    Once again, it’s different in silver. I can’t rule out managed money technical fund buying and commercial selling in silver today, but with prices still far below the important moving averages, it’s harder to come up with a compelling technical fund motivation to have bought. I will say this; if silver prices had penetrated its key moving averages as decisively as gold had penetrated its moving averages today — and silver prices had been as contained as gold prices remained over the balance of the day, I would have been mightily disappointed.

    That’s because high volume but subdued price action after an upward penetration of silver’s moving averages would have very likely indicated significant commercial selling, particularly by the super COMEX silver crook and manipulator, JP Morgan. That would suggest the big move up in silver was less, not more likely to occur. Perhaps we will see signs that JP Morgan added to its silver short positions in this Friday’s or future COT reports, but until we do, there is little reason for me to abandon my big silver move premise.

    A small excerpt from Ted Butler’s subscription letter on 17 May 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 05-17-17

    Not only has the crooked COMEX futures positioning scam become obvious to more observers than ever based upon the explosion in COT commentary, we are now seeing clear signs of adjustment to it in actual trading (apart from the large core non-technical fund managed money long position). Never before have the other large reporting traders and the smaller non-reporting traders bought so aggressively on sharply lower prices than they have over the past three weeks. Clearly, these traders have seen the COMEX wash, rinse, repeat cycle often enough over the years that they know what to expect, namely, when the technical funds are done selling to the downside, then up we go in price. Same as I preach here.

    Simply put, other futures traders see what is going on and are reacting to it. So here we have not only growing and widespread commentary and a substantial and growing core non-technical fund managed money long position, we now have bona fide evidence of other traders entering the fray opposite to the technical funds. I know the CFTC pretends not to see what many more are reacting to, but let me ask you this – with such strong and varied evidence that more are reacting to the COMEX silver manipulation, does this sound like something that will reach a ripe older age…or does it not have the elements of blowing up shortly?

    A small excerpt from Ted Butler’s subscription letter on 13 May 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler: Expecting the Unexpected

    I am convinced that silver will soon explode in price in a manner of unprecedented proportions, both in terms of previous silver rallies and relative to all other commodities. By unprecedented, I mean that the price of silver will move suddenly and shockingly higher in a manner never witnessed previously, including the great price run ups in 1980 and 2011. The highest prior price level of $50 will quickly be exceeded.
    By ‘soon’, I mean that the move can commence at any time, but more likely before many weeks or months have gone by. I know that the price of silver has been declining on a daily basis nonstop for three weeks now, itself an unprecedented move, but I also know the reason for the decline and how the sharply improved COMEX market structure has always guaranteed a rally in a reasonable period of time. The only question is whether on the next silver price rally will JPMorgan add aggressively to its COMEX short positions. I’m suggesting JPMorgan is not likely to add to short positions on the next rally.
    At the heart of the unprecedented move higher in the price of silver is the manner in which it will occur. It will be a price move like no other. It will be the greatest short covering rally in history. That’s guaranteed because the COMEX silver short position is the largest and most concentrated short position in history. There is no buying force in the financial markets more powerful than panicky buying by those forced to cover short positions. The largest short position ever holds the potential for the greatest short covering rally ever. For more than 30 years, COMEX silver futures have had the largest short position of any commodity in terms of real world production and inventories. Yet while silver prices have had some notable rallies over the decades, none have included a genuine short covering panic. In fact, the uniquely large and concentrated nature of the COMEX silver short position (meaning it is held by just a few traders) is the mechanism by which silver has been manipulated in price all these years.

    This post was published at Silverseek


  • Ted Butler Quote of the Day 05-13-17

    As for

    cut-off capped a reporting week in silver that featured another five consecutive days of new price lows, the same as the prior two reporting weeks and the longest continuous decline on record. In gold, new price lows were made every day of the reporting week, as well. As such, it should be expected that Friday’s report will feature continued managed money selling and commercial buying, as this is the sole reason prices have declined.

    In gold, total open interest through yesterdays close is down by nearly 30,000 contracts for the reporting week and, accordingly, I would up my estimate for commercial buying/managed money selling in gold from the 30,000 to 40,000 contract estimate on Saturday to 40,000 contracts or more (hopefully a lot more). I am also expecting a significant reduction in the total commercial short position in silver but it’s hard to come up with a precise number.

    It’s a little different in silver this week as total open interest, unlike the case in gold, rose almost 7,000 contracts through yesterday’s cutoff. Since we can be fairly certain that the commercials weren’t selling or adding to short positions, the most logical candidates for increased short selling would be the managed money shorts and other speculative short selling, or an increase in spread open interest. I’m starting to think there may have been another increase in managed money shorting based upon the increase in total open interest — and a giant increase in managed money short selling in platinum in last week’s COT report.

    A small excerpt from Ted Butler’s subscription letter on 10 May 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 05-12-17

    While the biggest single change in the composition of the concentrated COMEX short position has been the defection of JP Morgan to becoming net long by virtue of its physical metal accumulation, there are some other more subtle changes, including the complete absence of any economic legitimacy to the current short position. In essence, there are no legitimate shorts on the COMEX, in terms of miners hedging future production or those hedging against existing physical inventory. The big shorts, apart from JP Morgan, appear to be mostly foreign banks according to CFTC data and definitely not miners from the earnings statements from public mining companies. The speculating foreign banks are precisely the type of short sellers most likely to panic when silver prices start to rally and it begins to take hold on them that JP Morgan is no longer the shorts’ protector and short seller of last resort

    I have been studying the silver manipulation for more than 30 years — and over that time I have seen it spread to other commodities, certainly to gold, copper, crude oil and just about every market where the technical funds have risen as a potent market force to be manipulated and harvested. But no market has been as manipulated as has COMEX silver, thanks to the level of concentrated short selling compared to real world supplies. The recent selloff has affected many commodities and I do expect a vigorous turn up in gold, copper, crude oil, platinum and other markets once the technical fund selling is complete, but the rally to come in silver should far outdistance any other commodity rally.

    A small excerpt from Ted Butler’s subscription letter on 10 May 2017.

    More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.
     


  • Ted Butler Quote of the Day 05-10-17

    The data indicate that JP Morgan has been working overtime to take care of business and it has been remarkably successful in doing so. Just three weeks ago the silver market structure was extremely bearish, the most bearish it had been in history. Today, JP Morgan is in its best position ever for a silver price moonshot. Perhaps the crooks at JP Morgan and the CME Group can manipulate silver prices even lower to reduce JPM’s paper short position even more, but it seems like we are at the point of picking up nickels and dimes in front of a steamroller in waiting out the eventual silver price explosion.

    And make no mistake, this mostly concerns silver, with gold and other commodities playing a secondary role. I only detect JP Morgan’s massive presence in silver. If the bank holds significant physical long or paper short positions in other commodities, it doesn’t show up in the data I monitor – at least, nowhere near as clearly as it shows up in silver.

    At some point — and hopefully very soon, JP Morgan will likely morph from being the great silver price suppressor to the great silver price booster. Remarkably, JPM has already accomplished the hard part – coming to buy and own 500 million net silver oz (600 million physical oz minus 100 million oz of paper shorts) over the past six years. All it has to do to cause the price to rocket higher and benefit itself more than anyone else is, quite literally, nothing. JP Morgan not adding to paper short positions on the next rally will allow silver prices to float and soar higher without limitation. And even though JPMorgan has always added to silver short positions in the past, considering just how advantageous a big rally would be to the bank at this time, the only sane bet is that JPM will let silver fly

    A small excerpt from Ted Butler’s subscription letter on 06 May 2017.

    More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.
     


  • Ted Butler Quote of the Day 05-06-17

    There is no question that COT Report will feature significant managed money technical fund selling, the more the better. Certainly, the conditions were ideal for technical fund selling, so hopefully we’ll get a big number, say 15,000 contracts or so. Considering that the last two reporting weeks featured a combined 15,000 contracts of managed money long liquidation, it is possible we could be looking at a three week decline of close to 30,000 contracts of managed money long liquidation.

    Of course, I may be way premature in suggesting that silver has bottomed out or nearly so and, in fact, I think I have a record reflecting that. Be that as it may, I do believe we have reached a point in silver where any new price lows will be temporary and the chance of not only a sharp rally, but the big rally looms larger than ever before. And even if the crooked COMEX shorts, led by JP Morgan, continue to rig prices lower still, it will not detract, but only enhance the prospects for the next silver rally being the big one.

    A small excerpt from Ted Butler’s subscription letter on 03 May 2017.

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.


  • Ted Butler Quote of the Day 05-05-17

    My letter to the CFTC included this passage – “Almost without fail, on every past occasion where the concentrated short position in COMEX silver futures reached extreme levels, it was only a matter of time before the price of silver gets rigged lower by these big shorts to induce speculative selling from traders operating on technical price signals. In fact, COT report data indicate that JPMorgan has never taken a loss, only profits on every silver short position it has added over the past nine years. Such results would not be possible in a market that wasn’t manipulated in price. In essence, speculators have taken over the price discovery process in silver because there are so few real hedgers trading on the COMEX, only speculating banks betting against other speculative traders.”

    Considering that several hundred individuals took the time to contact the CFTC on this matter, it is not possible for the agency to have failed to notice that silver prices were deliberately rigged lower just as advertised beforehand. The Commission’s own data confirm and will confirm that technical fund traders were the big sellers and the bank shorts, led by JP Morgan, were the big buyers on the recent price rout. The necessary ingredients for manipulation were all present and accounted for – means, motive and opportunity.

    Another undeniable conclusion is that JP Morgan has done it once again, namely, teamed up with the other big COMEX commercial shorts to rig silver prices lower and has begun to buy back recently added short positions with profits. Thus, a nine year perfect trading record has been extended and preserved. Nine years after taking over Bear Stearns, JP Morgan has established the perfect record in only buying back any added short positions in COMEX silver at a profit and never, ever at a loss

      More precious metals news & information available at
    Ed Steer’s Gold & Silver Digest.