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INVESTMENT RARITIES INCORPORATED
Was founded in 1973 by Jim Cook, and has since grown to be one of the nation’s leading silver and gold dealers. In the 51 years of service, IRI has logged 400,000 transactions for 250,000 customers equaling $3 billion sold and delivered.
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FROM THE DESK OF JIM COOK
SILVER'S SURPRISE
During one recent week in early June, we bought back more silver and gold than we sold. In 53 years of business, that was a first. We don’t want to encourage anyone to sell their silver, but we want to reassure our clients that we will buy it back when they are ready to sell. Things are returning to normal as silver continues to edge up in price.
INSIGHTS from TED BUTLER
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.
