http://vvv.silverseek.com/commentaries/rss/111 Goldseek Commentaries en More Unanswered Questions http://vvv.silverseek.com/commentary/more-unanswered-questions-17779 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> It was, after all, a simple question that sparked my interest in silver from the start. Some 35 years ago, my now-departed friend and mentor, Israel Friedman, challenged me with a question that took me a year to answer. Actually, “challenged” is not the right word, either back then or today. Izzy simply asked a question to which he had no real answer of someone he thought might be able to answer. In a real sense, the question conveyed a degree of respect, in that Izzy only asked me because he thought I might have an answer. It is with that same degree of respect that I ask for answers to my own questions today. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Friday, October 18th</span> </div> </div> </div> <p class="MsoNormal"><span style="font-size: 12pt; line-height: 107%; color: #000000;">It was, after all, a simple question that sparked my interest in silver from the start. Some 35 years ago, my now-departed friend and mentor, Israel Friedman, challenged me with a question that took me a year to answer. Actually, “challenged” is not the right word, either back then or today. Izzy simply asked a question to which he had no real answer of someone he thought might be able to answer.</span></p><p><a href="http://vvv.silverseek.com/commentary/more-unanswered-questions-17779" target="_blank">read more</a></p> Fri, 18 Oct 2019 15:53:57 +0000 Theodore Butler 17779 at http://vvv.silverseek.com Serious Inroads, But Still Unfinished Business http://vvv.silverseek.com/commentary/serious-inroads-still-unfinished-business-17758 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> By now, it would have been hard not to have read about the Justice Department’s landmark criminal indictments against three additional precious metals traders from JPMorgan. Two of the traders charged are current employees and include the head of global metals trading. The charges involve spoofing and market manipulation that extend back for nearly a decade. In a very serious turn, the Justice Department invoked the Racketeering and Corrupt Organization Act (RICO) and referred to the pattern of wrongdoing at JPMorgan as that of a criminal enterprise. I am grateful that the new charges validate virtually everything I have alleged about JPMorgan for more than ten years to the point where a subscriber quipped that the DOJ was plagiarizing my work. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Thursday, September 19th</span> </div> </div> </div> <p class="MsoNormal" style="vertical-align: baseline; margin: 0in 0in 13.5pt; line-height: normal;"><span style="font-size: 14pt; color: black; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman';"><span style="font-family: Calibri;"><span style="font-size: medium;">By now, it would have been hard not to have read about the Justice Department’s landmark criminal indictments against three additional precious metals traders from JPMorgan. Two of the traders charged are current employees and include the head of global metals trading.</span></span></span></p><p><a href="http://vvv.silverseek.com/commentary/serious-inroads-still-unfinished-business-17758" target="_blank">read more</a></p> Thu, 19 Sep 2019 14:27:49 +0000 Theodore Butler 17758 at http://vvv.silverseek.com Jim Cook Interviews Ted Butler: The case for a silver price explosion has never been stronger http://vvv.silverseek.com/commentary/jim-cook-interviews-ted-butler-case-silver-price-explosion-has-never-been-stronger-17753 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Q: Any signs of a silver shortage? A: Sure, everywhere you look, starting with the silver ETFs which are suddenly not getting timely physical deliveries when due. It comes down to whether JPMorgan will let go of some of its physical stockpile. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Wednesday, September 11th</span> </div> </div> </div> <p class="MsoNormal" style="text-align: justify; mso-line-height-alt: 1.0pt;"><span style="font-size: medium;"><strong style="mso-bidi-font-weight: normal;"><span style="mso-fareast-font-family: Calibri; color: black;">Jim Cook, Investment Rarities interviews Ted Butler</span></strong><span style="mso-fareast-font-family: Calibri; color: black;"><br /></span></span></p><p><span style="font-size: medium;"><span style="mso-fareast-font-family: Calibri; color: black;"> </span></span></p><p><a href="http://vvv.silverseek.com/commentary/jim-cook-interviews-ted-butler-case-silver-price-explosion-has-never-been-stronger-17753" target="_blank">read more</a></p> Thu, 12 Sep 2019 01:46:59 +0000 Theodore Butler 17753 at http://vvv.silverseek.com On The Job Training http://vvv.silverseek.com/commentary/job-training-17733 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Tuesday’s announcement by the Justice Department of a guilty plea by a long term former trader from JPMorgan for spoofing COMEX precious metal futures was the second such guilty plea since October. Both traders are cooperating in the DOJ’s ongoing investigation. While it took way too long for the Justice Department and the CFTC to finally crack down on spoofing, I suppose it’s a case of better late than never. And there can be little doubt that the regulators have cracked down on the illegal practice, which involves the entry and immediate cancellation of large orders solely designed to manipulate prices in the short term. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Friday, August 23rd</span> </div> </div> </div> <p class="MsoNormal" style="margin: 0in 0in 8pt;"><span style="font-size: 14pt; line-height: 107%; color: #000000;"><span style="font-family: Georgia, Times New Roman, Times, serif;"><span style="font-size: large;">Tuesday’s announcement by the Justice Department of a guilty plea by a long term former trader from JPMorgan for spoofing COMEX precious metal futures was the second such guilty plea since October. Both traders are cooperating in the DOJ’s ongoing investigation.</span></span></span></p><p><a href="http://vvv.silverseek.com/commentary/job-training-17733" target="_blank">read more</a></p> Fri, 23 Aug 2019 06:15:10 +0000 Theodore Butler 17733 at http://vvv.silverseek.com Position Limits http://vvv.silverseek.com/commentary/position-limits-17711 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> 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 COT data confirm this clearly. The big shorts have never taken a loss on their short position. I would submit that such a trading record would only be possible 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 sell-off, enabling them to keep their perfect trading record intact. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Thursday, August 1st</span> </div> </div> </div> <p class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="font-size: 14pt; font-family: 'Calibri', sans-serif; color: #000000;">The newly-installed chairman of the CFTC, Dr. Heath Tarbert, in office for only two weeks, submitted an op-ed to Fox Business News the other day, in which he laid out his goals for the agency. Dr. Tarbert comes to the agency with an impressive educational and professional background and as a Republican nominee, I had assumed he would continue in trying to lighten the regulatory burdens on the big guns in the financial industry.</span></p><p><a href="http://vvv.silverseek.com/commentary/position-limits-17711" target="_blank">read more</a></p> Thu, 01 Aug 2019 18:42:34 +0000 Theodore Butler 17711 at http://vvv.silverseek.com Wrong Whale http://vvv.silverseek.com/commentary/wrong-whale-17689 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> The 4 big concentrated silver longs, which I have been writing about for nearly a month, further reduced their net long position by 3882 contracts to 62,707 contracts. The only reporting category to have liquidated enough (or any real) number of contracts in the reporting week were managed money traders, proving conclusively that managed money traders held a significant percentage of the very strange concentrated net long position in COMEX silver. How else could I have expected managed money long liquidation by the 4 concentrated longs on Monday? This is in direct conflict with the new article by Alasdair Macleod, of which many of you asked my opinion. As I think most of you know, it is not my custom to critique others’ work, as that strikes me as unprofessional. Let everyone present what they wish to present. But there is enough factually incorrect in Macleod’s article that it would be a disservice not to address those very serious errors. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Monday, July 15th</span> </div> </div> </div> <p class="MsoNormal" style="margin: 0in 0in 8pt;"><span style="font-size: 14pt; line-height: 107%; color: #000000;"><span style="font-family: Calibri; font-size: medium;">Here’s an amended excerpt from the weekly review sent to subscribers on Saturday, July 13 -</span></span></p><p><a href="http://vvv.silverseek.com/commentary/wrong-whale-17689" target="_blank">read more</a></p> Mon, 15 Jul 2019 16:35:40 +0000 Theodore Butler 17689 at http://vvv.silverseek.com Deliberately Looking Away http://vvv.silverseek.com/commentary/deliberately-looking-away-17686 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> The two developments in focus include a broad artificial pricing scheme, or manipulation, affecting a wide swath of commodity markets and a more specific price manipulation involving JPMorgan in silver and gold. The illegal pricing schemes did not evolve overnight, but over a multi-decade period of time. That’s one of the main reasons why so many have failed to appreciate what has occurred – it has been a gradual process. So gradual that, like a frog not jumping out of a pot of water being heated slowly, market observers and regulators alike have come to accept as normal the dramatic and illegal change in the price discovery process. Simply put, commodity prices are now set and determined by excessive speculation in derivatives contracts by a handful of large traders and not by changes in actual commodity supply and demand. Derivatives contracts are entered into by two parties, a buyer and seller, and include futures and options contracts traded on listed exchanges and contracts traded over-the-counter, where futures contracts are called swaps. In essence, derivatives contracts are simply paper bets on price in the future and only rarely involve the physical delivery of the underlying commodity. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Thursday, July 11th</span> </div> </div> </div> <p class="MsoNormal" style="margin: 0in 0in 8pt;"><span style="font-size: 14pt; line-height: 107%; color: #000000;"><span style="font-family: Calibri;"><span style="font-size: medium;">There are two great evolutions underway in the world of commodities that, while in full view, are misunderstood or overlooked by most observers. So important are these two developments that they threaten serious market upheaval when they are addressed, as must inevitably occur.</span></span></span></p><p><a href="http://vvv.silverseek.com/commentary/deliberately-looking-away-17686" target="_blank">read more</a></p> Thu, 11 Jul 2019 13:58:20 +0000 Theodore Butler 17686 at http://vvv.silverseek.com Stranger Than Fiction http://vvv.silverseek.com/commentary/stranger-fiction-17678 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Yesterday, the Department of Justice and the Commodity Futures Trading Commission announced yet another settlement, both criminal and civil, for “spoofing” and market manipulation in COMEX precious metals, this time against Merrill Lynch, a unit of Bank of America. The infractions occurred hundreds of times starting at least in 2008 and continuing through 2014. While Merrill Lynch and Bank America settled criminal charges via a deferred prosecution agreement and a $25 million fine, separate criminal charges are pending against a number of former individual traders. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Thursday, June 27th</span> </div> </div> </div> <p class="MsoNormal" style="margin: 0in 0in 8pt;"><span style="font-size: 14pt; line-height: 107%; color: #000000;"><span style="font-family: Calibri;"><span style="font-size: medium;">Yesterday, the Department of Justice and the Commodity Futures Trading Commission announced yet another settlement, both criminal and civil, for “spoofing” and market manipulation in COMEX precious metals, this time against Merrill Lynch, a unit of Bank of America. The infractions occurred hundreds of times starting at least in 2008 and continuing through 2014.</span></span></span></p><p><a href="http://vvv.silverseek.com/commentary/stranger-fiction-17678" target="_blank">read more</a></p> Thu, 27 Jun 2019 12:53:54 +0000 Theodore Butler 17678 at http://vvv.silverseek.com Why is JPMorgan Above the Law? http://vvv.silverseek.com/commentary/why-jpmorgan-above-law-17674 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> Recent developments indicate, almost beyond question, that when it comes to silver (and gold), JPMorgan is operating in direct violation of the law. So clear is the proof of this allegation that the only real question is why JPM is allowed to openly flaunt basic commodity and antitrust law? Before getting to the why, let me first establish that JPMorgan is, indeed, violating the law when it comes to silver and gold. JPMorgan is the largest and most important bank in the US and many would consider its CEO, Jamie Dimon, to be not only the most respected voice in banking, but in the corporate world as a whole. Given its high profile, JPMorgan is closely monitored and analyzed. Despite this coverage, very few know that JPMorgan is the dominant force in silver and gold markets. Yet public data demonstrate that JPMorgan has come to dominate the derivatives and physical sides of silver and gold, particularly since acquiring Bear Stearns in early 2008. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Friday, June 21st</span> </div> </div> </div> <p class="MsoNormal" style="margin: 0in 0in 8pt;"><span style="font-size: 14pt; line-height: 107%; color: #000000;"><span style="font-family: Calibri;"><span style="font-size: medium;"><span style="font-family: Georgia, Times New Roman, Times, serif; font-size: medium;">Recent developments indicate, almost beyond question, that when it comes to silver (and gold), JPMorgan is operating in direct violation of the law. So clear is the proof of this allegation that the only real question is why JPM is allowed to openly flaunt basic commodity and antitrust law?</span></span></span></span></p><p><a href="http://vvv.silverseek.com/commentary/why-jpmorgan-above-law-17674" target="_blank">read more</a></p> Fri, 21 Jun 2019 14:06:07 +0000 Theodore Butler 17674 at http://vvv.silverseek.com India Reacts to Depressed Silver Prices http://vvv.silverseek.com/commentary/india-reacts-depressed-silver-prices-17669 <div class="field field-type-text field-field-article-snippet"> <div class="field-label">Snippet:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> One big difference between India and China is that the gold and silver buying in India is largely a grassroots phenomenon, emanating from the general population due to deep-rooted customs and traditions; where the buying from China is predominantly from official sources (similar to the gold buying by Russia). To me, this makes the gold and silver buying from India more “free market” and price-sensitive in nature because the more participants in any market, the freer the market is by definition. The many tens and even hundreds of millions of gold and silver buyers from India make the markets there the freest of all. India has always played a vital role in gold and silver. I remember how my longtime friend and silver mentor, Izzy Friedman, more than 40 years ago, as he was deciding whether to make a major investment in silver in the mid-1970’s, actually flew to India to see for himself if the stories of great silver hoards about to flood the market should prices move higher (from $4 or $5) were true. Izzy saw plenty of silver, but none so closely held in large concentrated quantities to pose a market threat. I believe that’s still the case today. </div> </div> </div> <div class="field field-type-datestamp field-field-article-published-date"> <div class="field-items"> <div class="field-item odd"> <span class="date-display-single">Thursday, June 13th</span> </div> </div> </div> <p class="MsoNormal" style="margin: 0in 0in 8pt;"><span style="font-size: 12pt; line-height: 107%; color: #000000;"><span style="font-family: Calibri;">Several recent articles have highlighted a surge of silver imports to India, prompting me to take a closer look. India has always been a big buyer of silver and gold, befitting the traditions and culture of the country with the world’s second largest population. The population of India, more than 1.3 billion citizens, is now only about 50 million less than that of China.</span></span></p><p><a href="http://vvv.silverseek.com/commentary/india-reacts-depressed-silver-prices-17669" target="_blank">read more</a></p> Thu, 13 Jun 2019 13:28:37 +0000 Theodore Butler 17669 at http://vvv.silverseek.com