In Ted Butler's Archive


Cook: Let’s go back to basics. You’ve written that JPMorgan has suppressed the price of silver in the futures market for the past 7 years. Why have they done that?
Butler: They’ve accumulated 700 million ounces of physical silver at a rate of 100 million physical ounces a year. Meanwhile they’ve shorted silver on paper in the futures market and held down the price.


Cook: Are they still buying?
Butler: Yes, they added another 540,000 ounces to their warehouse on July 12. They now have almost 144 million ounces in their COMEX warehouse. That’s public data. The rest of their hoard is in various worldwide warehouses that we can’t see. However, we did uncover how they got it.


Cook: What’s the dollar value of all this silver they own?
Butler: The total of their gold and silver is $35 billion.


Cook: Do they really have that kind of money?
Butler: They made that much in profit last year. They just announced they made $8 billion for the quarter. They have $2.6 trillion in total assets. The huge amount of gold and silver they own is a drop in the bucket.


Cook: What can they make on this drop in the bucket?
Butler: Have silver go up a hundred dollars in price and you’re talking real money, even for JPMorgan.


Cook: How much is that?
Butler: $70 billion, which is the equivalent of two years earnings for them.


Cook: Maybe we’re lucky that JPMorgan is hoarding silver?
Butler: We’re the luckiest guys in the world.


Cook: Because the price is going to go up?
Butler: It’s the expectation that JPMorgan is going to make an enormous amount of money that makes the silver story so good for us. That’s especially true because they control so much of the game and they’re ruthless when it comes to making money.


Cook: What else can you tell us?
Butler: The whole JPMorgan story is my story. I uncovered it years ago, but my research never caught on. Maybe it’s because it’s hard to accept. It certainly isn’t widely known and that’s what makes the opportunity so great. If everybody knew it, the price would be much higher.


Cook: Some people have given up on silver. What can you tell them?
Butler: When did you get smarter than JPMorgan, because frankly I don’t think anybody’s smarter than them. Who else could buy 700 million ounces of physical silver without the price going up five or ten times? There isn’t that much silver in the world. It’s an unbelievable feat.


Cook: Any final advice?
Butler: In light of what JPMorgan is doing, I can unequivocally say that anybody who buys or owns real silver will be an extremely happy camper someday.

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