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Ted Butler: The perfect double cross
12:08p ET Monday, July 2, 2018
Dear Friend of GATA and Gold:
Reviewing gold and silver futures market trader positioning data, silver market analyst Ted Butler writes today that he suspects that JPMorganChase has just double-crossed other big commercial traders as the bank has substantially reduced its short position in the monetary metals. Morgan, Butler writes, is now set to make a big score on an explosion in prices.
How nice that would be for other monetary metals investors, but those other investors might do better to acknowledge, as Butler declines to do, the possibility that Morgan is acting in the monetary metals markets not for its own account but for one or more governments and central banks.
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Not that the bank is renowned for its integrity -- some close observers call it a criminal organization -- but for six years Morgan has been on record as maintaining that it has no proprietary position in the monetary metals and trades those markets only for clients:
Do those clients include governments and central banks?
It is a matter of record that CME Group, operator of the major U.S. futures exchanges, extends discounts to governments and central banks for their secret trading in all major futures markets --
-- but no mainstream financial news organization dares to ask Morgan or CME Group if Morgan's positions in the monetary metals are the bank's own or are actually official-sector positions undertaken for market manipulation.
Butler's speculation is headlined "The Perfect Double Cross" and it's posted at GoldSeek here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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