http://silverseek.com/commentaries/rss/111 Goldseek Commentaries en Spotlight on the DOJ and JPMorgan http://silverseek.com/commentary/spotlight-doj-and-jpmorgan-17840 <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 has now been more than eleven years that I have been writing about the leading role that the US’ largest bank, JPMorgan, plays in the pricing of silver and gold. My suspicions that JPMorgan was the big silver and gold manipulator started shortly after the release of the August 2008 Bank Participation report, which indicated an unnaturally large increase in the short positions of one or two US banks in COMEX silver and gold futures contracts. That’s when I started speculating that JPMorgan was the big COMEX short seller. On Nov 10, 2008, I stopped speculating and directly pointed to JPM, as a result of correspondence between a US congressman and the CFTC. </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, February 14th</span> </div> </div> </div> <p><span style="font-size: small; color: #000000;">It has now been more than eleven years that I have been writing about the leading role that the US’ largest bank, JPMorgan, plays in the pricing of silver and gold. My suspicions that JPMorgan was the big silver and gold manipulator started shortly after the release of the August 2008 Bank Participation report, which indicated an unnaturally large increase in the short positions of one or two US banks in COMEX silver and gold futures contracts. That’s when I started speculating that JPMorgan was the big COMEX short seller.</span></p><p><a href="http://silverseek.com/commentary/spotlight-doj-and-jpmorgan-17840" target="_blank">read more</a></p> Fri, 14 Feb 2020 15:05:18 +0000 Theodore Butler 17840 at http://silverseek.com Another Position Limits Farce http://silverseek.com/commentary/another-position-limits-farce-17833 <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"> In silver, the 4 biggest longs are not that much above proposed position limits and well-below the level of contracts held by the biggest shorts. Besides, the 7 big shorts’ problems are here and now, while it will be many months before the proposed limits are enacted, if ever. Changes in position limits are as much a help to the big shorts at this point as would be a rope thrown to a drowning man not attached to anything. The big shorts need relief and they need it now, not the lip-service of some pie-in-the-sky and ineffective help months from now. Now maybe the big shorts succeed, yet again, in rigging a price smash, but that has nothing to do with position limits. It’s too late for position limits to undo what has already been done. </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, February 3rd</span> </div> </div> </div> <p class="MsoNoSpacing"><span style="font-size: 12pt; color: #000000;">Let me turn to the January 31 historic passage of the new proposed position limit regime as voted on by the CFTC.<span style="mso-spacerun: yes;">&nbsp; </span>As I believe most regular readers are aware, the issue of position limits has been a singular concern of mine for decades, one to which I have devoted more attention and effort than I can describe.</span></p><p><a href="http://silverseek.com/commentary/another-position-limits-farce-17833" target="_blank">read more</a></p> Mon, 03 Feb 2020 16:08:47 +0000 Theodore Butler 17833 at http://silverseek.com The Genius of JPMorgan http://silverseek.com/commentary/genius-jpmorgan-17823 <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, JPMorgan Chase, the largest bank in the US, reported record earnings of $8.5 billion for the fourth quarter and roughly $35 billion for the full year. These are net profits, after all expenses and costs are subtracted from gross revenues. It is no understatement to call JPMorgan a profit-generating machine. My interest in the bank, of course, comes from the perspective of gold and silver. The connection is that JPMorgan is the largest player, by far, in all aspects of gold and silver. Always among the top players in the gold and silver space for decades, what pushed JPMorgan to the very top was its takeover of Bear Stearns in 2008 which resulted in JPM taking the place of Bear as the largest short seller in COMEX gold and silver futures. </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, January 16th</span> </div> </div> </div> <p><span style="font-family: arial, helvetica, sans-serif; font-size: medium; color: #000000;">Yesterday, JPMorgan Chase, the largest bank in the US, reported record earnings of $8.5 billion for the fourth quarter and roughly $35 billion for the full year. These are net profits, after all expenses and costs are subtracted from gross revenues. It is no understatement to call JPMorgan a profit-generating machine.</span></p><p><a href="http://silverseek.com/commentary/genius-jpmorgan-17823" target="_blank">read more</a></p> Thu, 16 Jan 2020 17:48:48 +0000 Theodore Butler 17823 at http://silverseek.com A Missing Motive http://silverseek.com/commentary/missing-motive-17804 <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"> A new thought occurred to me about the extraordinary circumstance of the explosion of Federal Reserve accommodation in the repurchase (repo) market that erupted in mid-September. I’d be lying if I claimed to understand exactly what’s going on, except to know that truly astounding amounts of money (many hundreds of billions of dollars) are involved and that certain facts seem clear. Most reports point to JPMorgan as being at the heart of the expanding repo drama. Up until now, there has been no suggestion that the repo drama burst onto the scene by other than financial preconditions being ripe for the crisis to have erupted. What follows is unadorned speculation about a possible connection or motive between JPM’s role in gold and silver and the developing repo saga. </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, December 12th</span> </div> </div> </div> <p class="MsoNormal" style="mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; line-height: normal;"><span style="font-size: 10.0pt; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; color: black;">A new thought occurred to me about the extraordinary circumstance of the explosion of Federal Reserve accommodation in the repurchase (repo) market that erupted in mid-September.</span></p><p><a href="http://silverseek.com/commentary/missing-motive-17804" target="_blank">read more</a></p> Thu, 12 Dec 2019 14:12:36 +0000 Theodore Butler 17804 at http://silverseek.com A Genuine Dilemma http://silverseek.com/commentary/genuine-dilemma-17792 <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"> Yet another former precious metals trader from JPMorgan has been indicted for spoofing and price manipulation by the US Department of Justice. Between all the criminal guilty pleas and indictments to date, it begs the question – were there any precious metals traders at JPMorgan which weren’t engaged in illegal trading activities? From my close professional observation for more than a decade, I would be dumbfounded if any JPMorgan precious metals traders were on the up and up. Perhaps it might be more expedient for the Justice Department to list the traders at JPMorgan which it considered as non-criminal. </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, November 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;">Yet another former precious metals trader from JPMorgan has been indicted for spoofing and price manipulation by the US Department of Justice. Between all the criminal guilty pleas and indictments to date, it begs the question – were there any precious metals traders at JPMorgan which weren’t engaged in illegal trading activities?</span></span></p><p><a href="http://silverseek.com/commentary/genuine-dilemma-17792" target="_blank">read more</a></p> Thu, 21 Nov 2019 16:38:39 +0000 Theodore Butler 17792 at http://silverseek.com The Return of the Silver Whale? http://silverseek.com/commentary/return-silver-whale-17783 <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 emergence of a big buyer in silver and gold on lower prices complicates but doesn’t eliminate the necessity of a resolution of the extreme positioning imbalances in COMEX gold and silver futures. It also heightens the chance of a different outcome from the usual flush out of the managed money traders on lower prices, particularly if these traders hold off from aggressively adding new short positions. No guarantees, of course, but the growth of the concentrated long positions of late in both silver and gold just might portend a different outcome than the sharp selloff called for by the still-large commercial short position. That said, I wouldn’t expect the big shorts to simply roll over and play dead. The big shorts will either succeed in manipulating prices lower or they won’t, but if they do succeed I still believe it will be the last such rigged selloff. </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, October 28th</span> </div> </div> </div> <p class="MsoNormal"><span style="color: #000000;"></span><span style="font-size: medium; line-height: 107%; font-family: georgia, palatino; color: #000000;">I’d like to follow up on an issue I first raised with subscribers last week, namely, the possible reemergence of the silver whale in COMEX silver futures. I want to preface this by openly acknowledging I may be premature in concluding a big buyer has begun to accumulate large quantities of silver futures contracts, but the matter is important enough, in my opinion, to warrant attention now.</span></p><p><a href="http://silverseek.com/commentary/return-silver-whale-17783" target="_blank">read more</a></p> Mon, 28 Oct 2019 16:41:31 +0000 Theodore Butler 17783 at http://silverseek.com More Unanswered Questions http://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://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://silverseek.com Serious Inroads, But Still Unfinished Business http://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://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://silverseek.com Jim Cook Interviews Ted Butler: The case for a silver price explosion has never been stronger http://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://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://silverseek.com On The Job Training http://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://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://silverseek.com