http://ddd.silverseek.com/commentaries/rss/111 Goldseek Commentaries en A Genuine Dilemma http://ddd.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://ddd.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://ddd.silverseek.com The Return of the Silver Whale? http://ddd.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://ddd.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://ddd.silverseek.com More Unanswered Questions http://ddd.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://ddd.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://ddd.silverseek.com Serious Inroads, But Still Unfinished Business http://ddd.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://ddd.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://ddd.silverseek.com Jim Cook Interviews Ted Butler: The case for a silver price explosion has never been stronger http://ddd.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://ddd.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://ddd.silverseek.com On The Job Training http://ddd.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://ddd.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://ddd.silverseek.com Position Limits http://ddd.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://ddd.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://ddd.silverseek.com Wrong Whale http://ddd.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://ddd.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://ddd.silverseek.com Deliberately Looking Away http://ddd.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://ddd.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://ddd.silverseek.com Stranger Than Fiction http://ddd.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://ddd.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://ddd.silverseek.com