We reached out to Ted Butler ofButlerResearch.comto get some of his thoughts on spot price plunges this past month in COMEX silver and COMEX gold specifically.
Ted Butler has been analyzing thesilver bullionandgold bullionmarkets for his loyal newsletter subscribers for many decades. Many self-proclaimed gold and silver experts originally found out about precious metals from Ted’s trailblazing writings during the early days of the internet.
Ted’s somewhat recent, yet near decade long public and explicit calling out of JPMorgan as perhaps the kingpin insilver price rigginghas been partially validated by criminal charges filed by the US Department of Justice. To date, none of the alleged JPMorgan precious metals executives and other subordinate derivative traders charged with price rigging crimes have been sentenced to US federal prison.
2) The stock market gets circuit breakers at 7%, 13%, and 20%, but on Sunday evening silver futures plunged over 7%, then over 10%, and then over 20% peak to trough, are therecircuit breakers for silver, and if so, how would they be used? What are some other ways the paper gold & silver markets are set-up to perpetuate the active gold & silver price suppression policies?
I don’t think the disparity can last indefinitely, but the idea that prices can get plummeted with physical shortages of any kind is nuts. The only reason Toilet Paper prices haven’t plummeted is because there is no TP futures trading on the COMEX.
5) How much did the 7 big shorts have a hand in driving down silver prices over the last week? Have their short positions been increased, or was the price action a result of mass liquidity/margin calls?
The 7 big shorts have just made back, on paper, the entire $7.2 billion they were out as of March 6th, 2020. You tell me if they just got lucky or played a role in the decline. Their short positions didn’t increase on the price decline this week, but I won’t know how much they might have bought back until this Friday’s COT report.
Well, gold and silver are different commodities, so I’m not sure. I will say that there is not a primary silver miner making a profit at current prices, while all gold miners are still producing profitably at current gold prices.
11) The1990s COMEX silver drain is lost on most onlookers today. India alone takes some 200 million ounces a yr themselves. Silver bullion buyers in 2015 took over 200 million ounces themselves. China’s solar offtake will continue as they manufacture more after this deflation pandemic and the financial bubble burst. Billionaires likeScott Minerdis now a regular on Bloomberg and CNBC, and that bond king has been beating the drum on silver since it was priced at $35 oz in 2012.
14-minute LOOKBACK interview with Ted Butler on August 23, 2019 regarding Silver Whales moving into Silver ETFs