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Ted Butler

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No one has followed the silver market trading mechanics for as long or as closely as Ted Butler.

February 22nd, 2024 | Locked and Loaded

Butler Research - We have now reached the point in silver (and gold) where it is difficult for me to see how prices don’t quickly explode. Everything I look at, from a physical supply/demand perspective to the paper positioning set up on the COMEX, tells me we are at the point where only an upward price surge makes […]

February 19th, 2024 | No Reply

Butler Research - There has been no reply from the CFTC for 13 weeks to a question I posed through my congressman’s office about double-counting of silver inventories. However, two days ago my congressman’s office told me that the agency intends to respond although the office couldn’t say when. As a result, I still expect a response, although […]

February 2nd, 2024 | A Big New Development

Butler Research - A recent development in COMEX silver futures positioning has been unusual enough that I didn’t detect it at first, because it has been somewhat gradual. Over the past five reporting weeks, from the COT report as of Dec 19, 2023 to the most recent report as of January 23, 2024, the number of long traders […]

January 30th, 2024 | The End is in Sight

Butler Research - There is a shocking level of undervaluation for silver compared to gold, even though the ratio had widened out to more than 91 to 1. Considering that there is a pronounced and deepening physical shortage in silver, the silver/gold price ratio should be closer to 9 to 1. That would put silver prices around $225 […]

January 17th, 2024 | In The Air

Butler Research - Considering that JPMorgan has just come off a three-year deferred criminal prosecution agreement with the Justice Department for price manipulation (spoofing) in silver, the customers that JPM is accepting delivery for on the Dec. and Jan. contracts would most likely be users as opposed to speculators. That’s because it would be much harder to accuse […]

January 11th, 2024 | Heating Up

Butler Research - At year’s end, silver was more undervalued relative to gold than at any year in history. I’d hate to think about how much more undervalued silver could get if it weren’t already in a widely documented physical shortage, the first ever such shortage. The only explanation for the greatest price disparity in history is the […]

December 29th, 2023 | No Let Up

Butler Research - It seems to me that the forces at play in silver, both working for and against sharply higher prices, show no signs of letting up. However, common sense and logic dictate that such diametrically-opposed forces point to an eventual end to the stalemate – with the only real question being when. Since these opposing forces […]

December 20th, 2023 | Going Down

Butler Research - Over the past three years, the growing physical shortage in silver (more demand than supply) has resulted in a dramatic reduction in recorded world inventories. Each week, I highlight the shrinkage in the two largest stockpiles of recorded silver inventories, the COMEX warehouses and in SLV, the largest silver ETF. Together, these two stockpiles represent […]

December 11th, 2023 | What Happened?

Butler Research - This article was written on Wednesday, December 6, 2023. Of course, I’m referring to the wild price ride in gold and silver from Fridays near all-time price high in gold, to Sunday evening’s initial blast to the upside of as much as $60, to a selloff of $120 and to where gold closed trading yesterday […]

Butler Research - Recently, the Silver Institute updated its annual review on silver that it originally published in April. The report indicated a reduction in total supply (mine production plus recycling) and an increase in industrial demand. The new report indicates total silver supply for 2023 as being 23 million ounces less than originally reported, largely due to […]

November 17th, 2023 | An Answer Long-Overdue

Butler Research - One of the key data points in silver is the level and change in recorded bullion inventories, primarily in the COMEX warehouses and the silver ETFs. Particularly over the past few years, any number of daily commentaries have sprung up, slicing and dicing the inventory data, with special emphasis on the COMEX warehouse data, as […]

November 14th, 2023 | Jim Cook Interviews Ted Butler

Butler Research - Cook: Is the public’s interest and knowledge about silver picking up? Butler: I’d say yes, overall, but I am still of the opinion that most still don’t fully grasp how silver has been manipulated and suppressed in price for 40 years – and this is the absolute key to why someone should buy and hold […]

November 9th, 2023 | Money Versus Metal

Butler Research - In every investment asset, a key factor in determining the price is the amount of investment buying, either potentially or already existing versus the amount of the asset itself that exists to be invested in. Expressed differently, price is determined by total market capitalization  (the total current amount of what the asset is worth), plus […]

November 6th, 2023 | Tightening Further

Butler Research - Last week’s new short position report indicated a moderate increase in the short position on SLV, the big silver ETF, of 2.4 million shares to just under 19.8 million shares (18 million ounces). This increase came at a time of rising prices (as did a similar rise in the shorted shares in GLD, the big […]

October 19th, 2023 | Up, Up and Away

Butler Research - It has now been three months since I claimed a “Code Red” market emergency in COMEX silver. I based that claim on two things: an increase in the short position of SLV, the big silver ETF, to 29 million shares; and an increase in the new Commitments of Traders report of just over 24,000 contracts […]

October 5th, 2023 | Shortage, Indeed

Butler Research - This week, a subscriber asked me to summarize the facts supporting my claim that silver is in a pronounced wholesale physical shortage. For one thing, there was the persistent, large physical turnover of silver in the COMEX warehouses for more than 12 years. This movement has now come to include the silver ETFs. This turnover […]

September 20th, 2023 | Bonfire Of The Silver Shorts

Butler Research - After 40 years of silver price manipulation and suppression on the COMEX, the physical market has experienced a lack of production growth and enhanced demand brought about by too-low silver prices. According to the immutable law of supply and demand, silver is now in a deepening physical shortage in which sharply higher prices are both […]

September 6th, 2023 | Silver: A Sure Thing?

Butler Research - I have contended for the past near-40 years, that silver has been manipulated and suppressed in price by means of excessive short selling on the COMEX, mostly by commercial traders which happen to be mostly banks. As a result of this decades-long price suppression, the law of supply and demand has become artificially distorted. The […]

August 22nd, 2023 | Ticking Time Bomb

Butler Research -   I’m still convinced a “Code Red” market emergency exists in COMEX silver based upon the extremely large positioning changes for the reporting week ended July 18. That week, there was massive managed money buying and commercial selling. I concluded silver would either explode in price or get smacked down by commercial price rigging and […]

August 1st, 2023 | A New Silver Whale?

Butler Research - Data published in the Commitments of Traders (COT) reports over the past four reporting weeks indicate a number of highly unusual changes in COMEX silver futures positioning. One such highly unusual change is the emergence of a big managed money trader on the short side, which appears to be holding a net short position of […]

Butler Research - Last week, I made public an edited version of the more extensive weekly review sent to subscribers earlier. As previously stated, I believe there is a current market emergency in the COMEX silver market based upon official data indicating a massive increase in futures positioning of more than 130 million oz (26,000 contracts) as reported […]

July 17th, 2023 | Code Red

Butler Research - As a result of data released over the past week (mostly, the last 3 days), it seems clear to me that we may be facing a clear market emergency in COMEX silver futures. I am trying hard not to be alarmist, but what I see alarms the heck out of me – to the point […]

Butler Research - Generally, for everything that has a price, the price is often the most important feature. Certainly, this is true in financial assets and commodities of all types, including stocks, bonds, real estate, raw and finished materials, as well as transportation, labor and just about everything under the sun (including solar power). As different as all […]

July 13th, 2023 | If Not Now, WHEN?

Butler Research - Perhaps the first thing I discovered in 1985, when silver was trading in the $5/oz range, is that I knew of no one that was interested in shorting silver. Sure, there were plenty of folks who made and lost fortunes in silver on the Hunt-inspired run to $50 into 1980 and subsequent collapse – but […]

Butler Research - We appear to be at a particularly unique point in silver. Never have I witnessed a time when there have been more bullish articles and commentary than there is now. Never has there been greater awareness of the actual demand in silver being stronger than the actual supply.  You can’t find a bearish article. Yet […]
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