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The CFTC’s Summer Camp Letter - Theodore Butler - Butler Research

I have followed the daily and intra-day prices of silver for most of the last 10 years. I am not a speculator, but a small investor interested in maintaining a good part of my retirement money in precious metals, as I have for over 20 years. Given the current volatility of world stock markets, that seems like a reasonable and historically valid diversification. It has been obvious to me that even the intra-day prices have been manipulated for a long time. So why are large investment entities so interested in limiting the rise of an alternative investment? I don't see the U.S. selling its gold, nor even a country such as Italy, which has the third largest gold reserves. Any commodity which increases in price, increases the overall wealth of the population as a whole.

Many younger investors may not be aware that the biggest manipulators of silver were the Hunt Brothers, who tried, and for a while succeeded, in cornering the market for silver. They drove the price of silver up to about $50.00 an ounce in January 1980, at which point they supposed owned about one third of the world supply of silver. At that point the COMEX acted, and changed the rules regarding leverage for purchases of commodities, causing the silver price to collapse.

Silver price 1980: $50.00. Silver price now (after 39 years of inflation) $15.00.

Commented 1778 days ago

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Beginning of the headline :About 30 years ago, my wife arranged for our then ten-year old son to attend a sleep-away YMCA summer camp in Tallulah Falls, in the Georgia Mountains. While Ross wound up going back to the same camp for several years, eventually serving as a counselor, I knew the first year would involve more than a little concern for his mother (and me) for how he was doing. Since the only communication would be by postal mail (no cellphones or texting back then) and I knew my son was not likely to write witho... Read More

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