Articles related to Ted Butler
Keith Weiner - Monetary Metals
Open Letter to GATA
Dear GATA and Mr. Chris Powell: I am writing this in response to your article Monetary Metals’ Weiner refuses to see anything wrong in the gold market. There is a certain irony for me to read that I refuse to see. I have spent eight years studying the mechanics of the market, building a model, developing software to run the model through several generations, and licensing nearly three terabytes of data giving ever bid and offer in both the spot and futures markets with sub-millisecond resolution
Thursday, March 15, 2018
Keith Weiner - Monetary Metals
Super-Duper-Irrational Exuberance
Think back to the halcyon days of the dot com boom. This was a time after Greenspan declared “irrational exuberance”. Long Term Capital Management collapsed in 1998, and Greenspan decided to risk propelling exuberance to a level beyond irrational. Super-duper-irrational exuberance? Anyway, Greenspan cut interest rates a few times in late 1998. Technology companies were able to raise $5 million or more with just a sketch on a napkin (“serviette” for those outside the US). Companies at a “later st
Tuesday, March 13, 2018
David Morgan - Silver Investor
  Correcting Antal Fekete's Historical Silver Errors 
In "The Double Whammy of Geopolitical Gold Games reposted in February 2013 (from January 31, 2008) by Antal Fekete he stated some errors of fact! Marco Polo, guide us on this excursion to China! Bruce Lee, help our reflexes to be as fast as yours! May we not be slap happy like Jackie Chan! Wo Fat, do not mislead us! Antal mentioned China's silver money system going back to the 16th century, then stated" "CHINA'S EXTERNAL TRADE WAS INSIGNIFIC
Monday, March 12, 2018
Andy Hoffman - Miles Franklin
Is Gold Worth More Or Less Than Its $1900 High In 2011
One of the challenges with investing in precious metals is that there is so much distortion in the market that figuring out a true fair value is not always the easiest thing to do. Yet there are clues investors can look at that indicate that when the price starts to move, it won’t be by a small amount. Back in 2011 I was still working as an equity options trader on the New York Stock Exchange, and was about two years into my studies of the precious metals market. Following the collapse of the su
Friday, March 9, 2018
Chris Powell - GATA
Ted Butler: CFTC's long silver investigation missed what the agency just fined
Rather than congratulate the U.S. Commodity Futures Trading Commission for taking note last week of the manipulation of the monetary metals futures markets, silver market rigging whistleblower Ted Butler today notes acerbically that the violations just cited by the commission took place during its interminable investigation of the silver market, which found ... nothing at all! Now, Butler writes, what about JPMorganChase's domination of the silver market? Will the CFTC examine that? Butler's com
Friday, February 2, 2018
Keith Weiner - Monetary Metals
Monetary Metals Brief 2018
Predicting the likely path of the prices of the metals in the near term is easy. Just look at the fundamentals. We have invested many man-years in developing the theory, model, and software to calculate it. Every week we publish charts and our calculated fundamental prices. However, predicting the outlook for a longer period of time is much harder. The fundamental shows the relative pressures in the spot and futures markets, but they only show a snapshot. They do not predict how those pressures
Monday, January 29, 2018
Andy Hoffman - Miles Franklin
If Gold and Silver Are Manipulated, Why Bother Investing
Over the past six years precious metals investors have seen a barrage of negative news regarding the dollar. Yet despite the almost endless money printing and fundamental reasons why gold and silver should respond with higher prices, the precious metals remain well below their 2011 highs. As has been written on, as well as by experts like Ted Butler and GATA, there is ample evidence suggesting that the markets are being manipulated lower by the bullion banks. Essentially on a s
Thursday, January 25, 2018
Chris Powell - GATA
Ted Butler: The last great silver buy
Silver market analyst Ted Butler today examines what he maintains is JPMorganChase's dominance of both sides of the silver market in recent years, during which the investment bank shorted silver futures to drive the price down while accumulating a huge position in real metal. Butler's commentary is headlined "The Last Great Silver Buy" and it's posted at GoldSeek's companion site, SilverSeek, here -- -- and at 24hGold here: http://www.
Thursday, January 18, 2018
Mark O'Byrne -
Silver Prices To Surge – JP Morgan Has Acquired A “Massive Quantity of Physical Silver”
– JP Morgan continues to accumulate the biggest stockpile of physical silver in history– “JPM now holds more than 133m oz -more than was held by the Hunt Bros” – Butler– Silver hoard owned by JPM has increased from Zero ozs in 2011 to 120m ozs today – Money managers showing more optimism towards silver through record buying– “Near impossible to rule out an upside price surprise at any moment” Editor: Mark O’Byrne Source: Sharelynx Money managers are feeling increasingly optimistic about silver,
Wednesday, January 17, 2018
Andy Hoffman - Miles Franklin
Silver: 2018 and Beyond
Do you appreciate the beauty of silver coins? Do you understand the necessity for silver in our modern world? American Silver Eagle coins and Canadian Silver Maple Leafs represent value, history, and ownership of an industrially important metal that has been money for thousands of years. Silver for 2018 Governments and central banks inevitably inflate the supply of currency units (devaluation) more rapidly than the underlying economy grows. They add to the unpayable debt load, pretend $230 tr
Friday, January 12, 2018
Andy Hoffman - Miles Franklin
  If Stock Market Investors Panic, What Could Happen To The Price Of Silver
While it’s becoming more well known by the day that gold and silver are being manipulated lower due to paper short-selling, many still wonder what will be the spark to change current market dynamics. Today let’s consider the stock market, and how even a small reallocation into silver could send the price soaring. Recently reported that, “Bloomberg’s World Exchange Market Capitalization index pegs global equity values at a record $76.3 trillion, a tally that tops the $75.3 trillion
Friday, December 22, 2017
Chris Powell - GATA
Ted Butler: A 10-year-deal to let JPM rig silver
Silver market analyst Ted Butler today speculates that the U.S. government has a 10-year agreement with JPMorganChase, stemming from the failure of the Bear Stearns investment bank, waiving commodity and anti-trust law enforcement so that Morgan can keep the price of silver under control and profit greatly from doing so. This brings Butler quite a bit closer to the possibility that Morgan is simply the executor of U.S. government trades, which easily would explain why there is never any enforcem
Wednesday, December 20, 2017
Chris Powell - GATA
Sharps Pixley's Williams cites Ted Butler and GATA's Ed Steer
Sharps Pixley's Lawrie Williams this week calls attention to silver market analyst Ted Butler's observation that not just JPMorganChase but also Goldman Sachs seem to be acquiring large amounts of gold and silver via the New York Commodity Exchange. Williams adds that GATA's Ed Steer notes that the recent price smashes in the monetary metals seem to result from more futures market manipulation. "If Ted and Ed are correct," Williams writes, "then it looks like JPMorgan and Goldman Sachs could be
Monday, December 11, 2017
Andy Hoffman - Miles Franklin
Mystery Markets, Bubbles and Less Risky Gold
Consider graphs of three markets from the past. These are well known and important markets, but the names, prices and time scales are not shown. They are plotted on linear scales. Note: Structure: Each market moved progressively more vertical before crashing. Bubble: Each market bubbled upward to an unsustainable level and collapsed. Timing: Few predicted the dates or prices for these bubble tops, but many observed their bubble characteristics. The Public: The charts show that each market moved
Friday, December 8, 2017
Keith Weiner - Monetary Metals
The Hyperinflation That Was Not
Last week, we made a very controversial statement. We are happy to write the truth, and let the chips fall where they may (e.g. our thoughtful disagreement with Ted Butler about price manipulation). We can accept the flak that we get for this, so long as our position is understood. Some criticized our approach as mere technical analysis, and therefore insufficient to the task of explaining the dynamics of the gold and silver markets. But whether we quibble with this characterization of our work
Monday, November 27, 2017
Steve St Angelo - SRSRocco Report
One of the major topics discussed in the precious metals community is the manipulation of the gold and silver prices by the large bullion banks.  Many precious metals analysts point to the massive commercial short positions held by JP Morgan and Scotiabank as the root cause for the low silver price.  While I agree that the bullion banks’ massive short contracts are controlling the silver price to a certain degree, there’s another factor that is overlooked by the majority of precious metals analy
Sunday, November 26, 2017
Chris Powell - GATA
Ted Butler: Life under manipulation
Silver market analyst Ted Butler today marvels again at the huge position in Comex silver futures and the concentration of the short position. Butler writes: "Total open interest data indicates that there is a 1-billion-ounce open commitment in Comex silver short and long positions, more than annual world production or consumption. No other commodity has a larger real-world equivalent total open interest this high. "The long and short position in Comex silver is so much larger than that of any
Friday, November 24, 2017
Keith Weiner - Monetary Metals
The Cycle of Falling Interest
Over the past few weeks, we have looked at the effects of falling interest rates: falling discount applied to future cash flows (and hence rising stock and bond prices), and especially falling marginal productivity of debt (MPoD). Falling MPoD means that we get less and less GDP “juice” for each new dollar of borrowing “squeeze”. Last week, we proposed an economic law: if MPoD < 1 then the economy is unsustainable. MPoD has been falling since at least 1950, and is currently well under 0.4 (havin
Tuesday, November 14, 2017
Chris Powell - GATA
Ted Butler: Fear of silver shorting spurs Scotia to sell its metals division
Silver market analyst Ted Butler speculates today that the Bank of Nova Scotia is seeking to sell its metals trading division, ScotiaMocatta, because the bank realizes that the silver shorting business in which the division has specialized is a potentially disastrous liability. Butler writes: "I think the Bank of Nova Scotia's real motivation for seeking to offload its ScotiaMocatta precious metals unit after 20 years of ownership is liability. It's the fear of what is to become of a major short
Tuesday, October 24, 2017
Chris Powell - GATA
The questions that deniers of monetary metals market rigging won't answer
Newsletter writer Steve Saville of The Speculative Investor, who long has denied that manipulation of the monetary metals markets means much, has seized on the recent essay by Keith Weiner of Monetary Metals as the conclusive refutation of silver market analyst Ted Butler's longstanding complaint that JPMorganChase has been rigging the silver market. Weiner's analysis, headlined "Thoughtful Disagreement with Ted Butler" and posted here --
Monday, October 9, 2017