Ted Butler: Extreme speculation


4:50p ET Monday, December 14, 2009

Dear Friend of GATA and Gold (and Silver):

Silver market analyst Ted Butler's new commentary is a speculation on the possibility and consequences of a default by the New York Commodities Exchange's silver futures market. The short position there, Butler writes, is so huge and concentrated that it could not possibly be delivered from Comex warehouses or world production. Of course this does not address the possibility that there is some secret U.S. government silver stockpile underwriting the short position, which has to be considered, since the short position is almost entirely in the hands of the U.S. government's main agent in the financial markets, JPMorganChase & Co. But even any greater transparency arranged in the precious metals futures markets by the U.S. Commodity Futures Trading Commission could prove sensational. Butler's commentary is headlined "Extreme Speculation" and you can find it at GoldSeek's companion Internet site, SilverSeek, here:


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

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