In Ted Butler's Archive


(The following paragraphs are excerpted from an email written by Ted Butler to a reporter from a major financial publication.)

Recent developments indicate, almost beyond question, that when it comes to silver (and gold), JPMorgan is operating in direct violation of the law. So clear is the proof of this allegation that the only real question is why JPM is allowed to openly flaunt basic commodity and antitrust law? Before getting to the why, let me first establish that JPMorgan is, indeed, violating the law when it comes to silver and gold.

JPMorgan is the largest and most important bank in the US and many would consider its CEO, Jamie Dimon, to be the most respected voice in banking. Given its high profile, JPMorgan is closely monitored and analyzed. Despite this coverage, very few know that JPMorgan is the dominant force in silver and gold markets. Yet public data demonstrate that JPMorgan has come to dominate the derivatives and physical sides of silver and gold, particularly since acquiring Bear Stearns in early 2008.

A review of the public record and the late CFTC Commissioner Bart Chilton’s last interview leaves little doubt that the CFTC and the Justice Department tried, and failed, to rein in JPMorgan from manipulative short selling in COMEX silver starting in 2008. Emboldened by its success in rebuffing CFTC and Justice Department efforts to limit its short selling, which artificially depress prices, JPMorgan began to accumulate as much physical silver and gold as it could to take advantage of the low prices it created by excessive short sales.

While clearly illegal, JPMorgan’s new strategy proved phenomenally successful over the next 8 years. All told, JPMorgan has acquired 850 million ounces of physical silver and somewhere between 20 to 25 million ounces of physical gold. Good luck to those trying to find these holdings on JPMorgan’s books, as it is the undisputed master at hiding assets. Besides, the $40 to $50 billion worth of JPM’s combined silver and gold holdings are less than 2% of its total assets of $2.5+ trillion. More remarkably, JPMorgan has continued to profit from COMEX futures trading, never once taking a loss, always profits, over the past 11 years.

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