Ted Butler: The ultimate confirmation

Section:

10:02p ET Monday, June 22, 2015

Dear Friend of GATA and Gold:

Using U.S. Commodity Futures Trading Commission data, silver market analyst Ted Butler argues today that the four big shorts in the U.S. silver futures market have never taken a loss -- that is, have never had to close a short position at a price higher than the one at which it was established. This, Butler argues, is "The Ultimate Confirmation" of the silver market's manipulation, "The Ultimate Confirmation" being the title of his analysis.

But, Butler adds, now that the biggest short, JPMorganChase, appears to have amassed a huge long position in silver, eventually the bullion bank will let the price rise and realize as much as $3.5 billion in profit.

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Maybe -- but what if, as JPMorganChase officials asserted a few years ago, the bullion bank's position in the silver futures market is not its own but that of clients, or that of one client particularly, the U.S. government? In that case even a $3.5 billion profit on a soaring price of silver, a monetary metal, would be puny compared to what the silver price was reflecting -- the collapse of the U.S. dollar, whose support has been the U.S. government's main objective during its decades of surreptitious intervention in the futures and currency markets.

Silver and gold are far more likely to break out of their futures-market shackles on account of something else Butler notes in his analysis.

Butler writes: "It is truly astounding how the acceptance that silver and gold prices are manipulated by Comex trading has grown from the levels of five or 10 years ago. Go back 20 or 30 years and you could count on one hand the number of observers who believed that silver or gold was manipulated in price. Despite the growing acceptance, not everyone believes that silver is manipulated in price yet, but it occurs to me that we are moving toward total acceptance as new facts are uncovered."

And when everybody realizes it, no one but governments and their brokers will trade the rigged futures markets in the monetary metals, all trading will be cash-for-delivery only, and at last fundamentals of supply and demand for real metal will prevail.

Butler's analysis is posted at GoldSeek's companion site, SilverSeek, here --

http://www.silverseek.com/commentary/ultimate-confirmation-14556

-- and at 24hGold here:

http://www.24hgold.com/english/news-gold-silver-the-ultimate-confirmatio...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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