Was founded in 1974 by Jim Cook, and has since grown to be one of the nation’s leading silver and gold dealers. In the 50 years of service, IRI has logged 400,000 transactions for 60,000 customers equaling $3 billion sold and delivered.

James Cook Market Update Newsletter

Edited by best-selling author James Cook

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One thing about Ted Butler, he was a straight shooter. He was careful and cautious about the data he presented. He spent a lot of time studying the silver market and he seemed to know everything about it. Invariably, he came up with new ideas and analysis that quickly became part of silver lore. Basically, Ted uncovered what he called a “rigged game” in commodity futures trading. The big banks and brokerage firms manipulated the silver market in their favor for years, and Ted showed how they did it.


Great Silver Price Volatility Ahead

This is the last thing Ted Butler wrote for us. He was trying to summarize what he saw happening in silver. His illness was making it difficult to write, but he did a good job of conveying his final thoughts.

Price volatility in silver has been heavy recently, but two conditions point to much greater price volatility ahead. Currently, bearish futures-market positions on the COMEX feature an unprecedented short position by a single managed-money trader of some 13,000 contracts (65 million ounces). This is combined with a heavy commercial short position. The short position by a big managed-money trader is particularly concerning since it is larger than what the largest silver mines produce in a year and is clearly not a hedged position, but purely speculative, appearing to violate speculative position limits. While bearish on its face, should this big short get caught in a squeeze, all heck could develop on the upside.

Consultant to Investment Rarities Inc.

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