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Ted Butler hails new CFTC chairman's support for limiting derivatives positions
6:50p ET Thursday, August 1, 2019
Dear Friend of GATA and Gold:
Silver market analyst Ted Butler today welcomes a statement by the new chairman of the U.S. Commodity Futures Trading Commission, Heath Tarbert, that the commission "must issue long-awaited rules to limit derivatives positions that help unscrupulous traders corner commodity markets."
Butler writes: "The one thing the new chairman should recognize is that the big commercial shorts in Comex silver futures have never collectively bought back shorts to the upside and at a loss. Never is a very long time, but commitment-of-traders data confirms this clearly. The big shorts have never taken a loss on their short position. I would submit that such a trading record would be possible only in a rigged market. This one glaring fact, by itself, explains why there has been a decades-long silver price manipulation. The only question is whether the Comex commercial crooks will rig yet another selloff, enabling them to keep their perfect trading record intact."
Butler's commentary is headlined "Position Limits" and it's posted at GoldSeek's companion site, SilverSeek, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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