In Ted Butler's Archive


The single most significant feature in gold and silver market is the market master and dominator, JPMorgan. I understand that some reject how I evaluate the role of JPMorgan in determining prices, but I believe the only thing that matters in these markets is JPM. It has now been more than 11 years that I have had a laser focus on the bank ever since discovering it had inherited the role of big COMEX short seller upon acquiring Bear Stearns in 2008. Over that time, I’ve been able to ascertain that JPMorgan has never taken a loss when trading COMEX gold and silver futures. Most importantly, in 2011 they began to accumulate the world’s largest stockpile of physical gold and silver, in amounts I now estimate to being at least 25 million ounces of gold and an even billion ounces of silver. Most remarkable of all, JPMorgan accumulated this physical metal at the bargain prices it created by being the largest short seller in COMEX gold and silver futures and driving down the price. They did so while under active investigation for much of the time by the federal regulator, the CFTC, and later joined by the U.S. Department of Justice.

I fully understand how anyone learning of my findings for the first time would reject them in disbelief, but regular readers have witnessed me cataloguing my findings twice a week for more than ten years. They know I have relied on public data to support my allegations. Recently JPMorgan pulled out all the stops to have, hopefully, finally completed its master plan. I am completely in awe of what I believe JPMorgan was able to accomplish, while openly acknowledging that the bank is a stone cold market criminal. In a nutshell, JPMorgan has been able to eliminate completely its COMEX short positions in both silver and gold and may in fact be slightly net long in both markets. To be sure, there have been times in the past when JPMorgan has held no short positions in COMEX silver and gold futures and for quite some years, the bank has been net long when one considers its large and growing physical gold and silver holdings (despite short holdings in futures). But never has JPMorgan been as truly net long in both gold and silver as it is now. The potential for a dramatic price rise in silver and gold has never been better. The greatest winner in such a price explosion will, of course, be JPMorgan.

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