In Ted Butler's Archive


Silver’s extremely low price over the past few decades has told the world’s investors that the silver supply is ample or even oversupplied. Actually, the supply/demand fundamentals in silver are nowhere near as negative as the low price would suggest. If any market is extremely mispriced, as silver is, then it’s only a matter of time before the mispricing must come to an end.

Since I believe that silver has been manipulated and suppressed in price for decades by the COMEX commercials and that the manipulation will end suddenly and dramatically based upon a sudden change in the behavior by those same commercials deciding to manipulate no more – all that remains, as far as I’m concerned, is trying to determine beforehand when that moment may be. I fully understand those who have come to see the manipulation I’ve described as never ending, since it’s gone on for so long. But, I don’t accept that – instead, the long duration of the manipulation just means that much more water has passed under the bridge, which must result in an even bigger bang to the upside whenever the manipulation ends.

The beauty of capturing the coming radical upward adjustment in the price of silver is there are many really simple good ways of buying silver. There is no need to resort to anything complicated or esoteric. A bigger plus factor and advantage would be hard to find.  The beauty of buying and holding silver is that there is no margin or leverage required. Silver is going to explode in price to such an extreme extent that leverage is not required.

Simply put, I can’t see how the market structure in COMEX silver (and gold) could get much better than it is currently.  By my definition, that’s the ideal time for the commercials to do, quite literally, nothing (just not selling aggressively on higher prices) and by doing nothing, silver prices will soar because it will only make the managed money shorts that much more anxious to buy back (thus driving prices higher still).  Therefore, I feel right now the chances for an immediate silver price explosion are more likely than ever before.

No one could argue that gold has been more manipulated and suppressed in price than silver, so it follows naturally that the bigger price pop to come must be in silver. And just to put price expectations in perspective, where I can see hundreds of dollars higher in gold, I see a much bigger move in silver involving tens of dollars per ounce in relatively short order.

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