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Ted Butler challenges CFTC to detail biggest silver short
2:30p ET Tuesday, September 2, 2008
Dear Friend of GATA and Gold (and Silver):
Silver market analyst Ted Butler today elaborates on his disclosure of the recent hyper-concentration of the short position in the silver market, speculating that it was a U.S. government operation. Butler writes:
"I think the data in the COT and the Bank Participation Reports indicate that the U.S. government may have bailed out the biggest COMEX silver short by arranging for a U.S. bank to take over their position. This coincides with JP Morgan's takeover of Bear Stearns. In fact, it would not surprise me if the bailout was JP Morgan taking over Bear Stearns' short silver position, at the government's request. While this silver bailout (if it happened) was no doubt undertaken with financial system stability in mind, it has disturbing implications of legality and equity."
To help verify or discredit his speculation, Butler urges the U.S. Commodity Futures Trading Commission to disclose the size of the single biggest short position in silver, something that could be done without identifying the short position holder.
Butler's commentary is headlined "Fact vs. Speculation" and you can find it at GoldSeek's companion site, SilverSeek, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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