In Ted Butler's Archive


A subscriber asked if I was more bullish on silver than ever. I told him yes, I was. Them, it dawned on me that I may not have properly conveyed my strong feelings that silver may soon explode in price (and drag gold along with it). After nearly 40 years, I believe the silver manipulation is coming to an end, and that will result in a dramatic price jump. All price manipulations must end and the longer they last, the more powerful and dramatic the end will be. I’ve come to this conclusion because the big COMEX concentrated commercial shorts have reduced their short positions as much as possible. So aggressive and deliberate have the COMEX commercials been in buying back shorts and establishing longs, not only in silver and gold, but also in platinum, copper and palladium, that there can’t be any question that they’ve managed to put themselves in the best possible position for the end of the four-decade COMEX silver manipulation.

All the major events and discoveries I’ve uncovered over the decades are pointing to this being the end of the silver manipulation. I believe a price liftoff is inevitable. It started with JPMorgan embarking on the greatest physical accumulation of silver and gold in 2011, to it settling all possible charges with the CFTC and the Justice Department in 2019. By completely abandoning the short side on the COMEX in March 2020, JPM’s actions left the remaining big COMEX shorts double-crossed and in a bind. Since March 2020, they were stuck with a concentrated gold and silver short position resulting in losses that exceeded $15 billion at times.  But over the past four or five months, the big COMEX commercial shorts have whittled those losses down by two-thirds and their remaining open short positions by nearly as much.

Therefore, I believe we are on the launch pad for a historic revaluation in the price of silver and gold. When will the moment of ignition be? No one can answer that question with precision in advance. Being an analyst is different than being a prophet. The liftoff can come at any time. The managed-money shorts are now holding record short positions. On the first serious upturn in price, they will behave like a thousand panicky bar patrons trying to get through one narrow door after someone yelled fire.

So let there be no doubt, this is a time for maximum silver exposure. This price is low which greatly enhances its risk/reward equation. It’s hard to imagine what could possibly derail silver’s date with destiny and sharply higher prices. If you happen to be fortunate enough to be relatively new to silver, then count yourself as being lucky to be learning its true story now and please don’t delay in securing as much as you can reasonably afford. If you have been around the block a couple of times and have become tired of the years and decades of COMEX price manipulation, you must shrug it off by focusing on the profound recent changes that point to the manipulation’s coming end and the final opportunity for securing cheap silver.

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