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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 2nd, 2023 | Big Doings in SLV

Butler Research - On the 23rd and 24th of January, some 20.5 million ounces of silver were deposited into the I-Shares Silver Trust, SLV, and shares outstanding have increased by 23.2 million (the difference being due to the cumulative management fee of 0.5% per annum). To say that the large increase in physical silver inflows and shares outstanding in SLV […]

January 24th, 2023 | Unfinished Business

Butler Research - Over the past year or two, I discovered that Bank of America had built up an absolutely massive short derivatives position in silver in the over-the-counter market (not COMEX) of one billion ounces or more. The position was the result of a silver lease transaction with JPMorgan lending the silver to BofA. JPM knew in […]

January 9th, 2023 | Special Note

Butler Research - (Special note – I hadn’t planned to publish this article to subscribers I sent as part of my twice-weekly subscription service ($34.95 per month), but a most trusted advisor, Jim Cook from Investment Rarities, Inc., strongly suggested I do so. Since Cook has never failed to provide solid advice for more than 20 years, I […]

Butler Research - The last couple of years have been significant in silver (and gold), not particularly price-wise, but in other important ways. For instance, 2020 was particularly note-worthy in that JPMorgan was partially brought to justice for its many years of manipulating the price of precious metals on the COMEX and agreeing to settle with the Justice […]

December 21st, 2022 | Further Tightening

Butler Research - In the past week, Ted Butler uncovered two new and potentially bullish circumstances relating to silver. I’ve monitored the daily movement and total levels of the COMEX silver warehouse inventories for more than 35 years. A remarkable physical turnover of metal in and out from the COMEX silver warehouses continues and seems to be accelerating […]

December 1st, 2022 | Closer, But Still No Cigar

Butler Research - It’s remarkable to me how close we appear to be getting to near-universal recognition that silver and gold (along with a host of other commodities) are priced based upon the activities of a relative handful of large paper traders on the COMEX (and other exchanges) and not on the workings of the world of actual […]

November 29th, 2022 | In Demand

Butler Research - The retail and wholesale markets in silver and gold are hot. Particularly in silver, the retail market is, quite literally, on fire.  The fact that premiums exist on virtually all forms of retail silver (along with delivery delays), something never seen this pronounced before, means that the creation of new 1,000-ounce bars is necessarily being […]

November 9th, 2022 | Supply and Demand

Butler Research - For commodities, the paramount issue is always actual supply and demand, with price serving as the balance in a free economic system. Too much supply and not enough demand and prices are expected to fall. Too much demand and not enough supply and prices are expected to rise. Messing with the law of supply and […]

Butler Research - Twice over the past 42 years, the price of silver has risen to $50; once back in 1980 and again 11 years ago, in 2011.  Obviously, no one would argue that something that occurred twice already is not capable of happening again. On both prior silver price peaks, prices then fell quickly. However, the next […]

Butler Research - If you are tired of witnessing silver (and gold) continuing to be manipulated in price, here’s a no-cost, no-risk, high potential return action you can take that will only involve a few minutes of your time. Quite literally, there’s absolutely nothing to lose and quite a lot of potential good to be had. The Commodity […]

October 3rd, 2022 | Conditions Intensifying

Butler Research - It seems that every important factor I follow in silver is intensifying and becoming more bullish. The most important factors in silver are wholesale physical market conditions; the futures market structure on the COMEX; the physical silver and gold holdings of interests associated with JPMorgan; developments in the short position of SLV, the big silver […]

Butler Research - What has been occurring in the gold and silver markets is nothing short of extraordinary. In the face of all objective and measurable conditions in the physical markets pointing to higher prices, instead prices have collapsed over the past six months by amounts comparable to the sharpest selloffs in history. From the price top of […]

Butler Research - Two weeks ago, it looked to me like silver was about to take off, following months of sharp price declines, yet we experienced the worst selloff in a couple of years.  Most puzzling was the cause of the sharp price declines. It didn’t appear to reside in COMEX futures positioning. It was something else entirely. […]

August 18th, 2022 | The Short Position in SLV

Butler Research - Having mentioned the sharp recent increase in the short position on SLV, the big silver ETF, in my last two missives to subscribers, I thought it proper to expand on the matter. As always, this is not a suggestion to buy, sell or hold shares of SLV and in the interest of full disclosure, I […]

Butler Research - 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 […]

July 22nd, 2022 | Looking Better

Butler Research - The unprecedented default in the London Metals Exchange in nickel on March 8 by the largest concentrated short seller sent a wake-up call to the concentrated short sellers in COMEX gold and silver, resulting in them rushing to cover their short positions. The changes in commercial positioning on the COMEX have been so extreme since […]

July 18th, 2022 | Epic Silver Selloffs

Butler Research - I would certainly classify the current selloff in silver as being epic and I’m reminded of other past selloffs as being historic in nature. I lived (as a broker) through perhaps the most epic silver selloff of all, the price decline of early 1980, when the Hunt Brothers-inspired run to $50, quickly collapsed as trading […]

July 17th, 2022 | Silver Price Explosion

Butler Research - I can’t recall a time when all the stars, planets and moons have been as aligned as they are now for a sudden and shocking revolution in the price of silver. COMEX positioning sets the price of silver and it has turned profoundly bullish. I wholeheartedly believe there has to be a great reset in […]

Butler Research - A new article by Reuters concerning this year’s default in nickel on the London Metals Exchange help me to crystalize some new thoughts on the recent dramatic collapse in commodity prices of all types, certainly including silver and gold. I would describe my new thoughts as being fully in line with all the major themes […]

June 23rd, 2022 | The New OCC Report

Butler Research - On Tuesday, the new Quarterly Derivatives Report from the Office of the Comptroller of the Currency was released, showing the over-the-counter derivatives positions for US banks as of March 31, 2022. This report excludes listed or exchange-traded derivatives contracts, such as COMEX futures and options contracts and also excludes OTC derivatives contracts held by non-US […]

June 9th, 2022 | Eyes Wide Shut

Butler Research - Paul Krugman, the economist whose work you either love or hate, had a compelling editorial this week in the NY Times, titled, “From the Big Short to the Big Scam”, in which he compared the real estate bubble of 2006 and subsequent crash to cryptocurrencies today. Because the article was behind a subscription paywall, I’ll […]

Butler Research - A month ago, silver and gold prices looked ready to surge higher, with silver prices at $26 and gold pressing on $2000 and with just about every commentator calling for a significant breakout to the upside. The only “fly in the ointment” was a quite negative market structure on the COMEX, which indicated the commercial […]

May 2nd, 2022 | The OCC’s Response

Butler Research - I received a response, via my local congressman’s office, from the Office of the Comptroller of the Currency, to the concerns I raised about recent Quarterly Derivatives Reports for the OTC derivatives positions of US banks. As a refresher, my concerns were previously presented to subscribers on several occasions and most recently in this public […]

Butler Research - The recent debacle in LME nickel led to the London Metals Exchange breaking trades and defaulting on contract terms. Press coverage has been detailed and this offering from CNN is among the most comprehensive. The culprit who caused this market debacle was “Mr. Big Shot” – head of the Chinese steel and nickel producer Tsingshan Holding Group […]

Butler Research - The new Office of the Comptroller of the Currency’s Quarterly Derivatives Report was just released for positions held as of Dec 31, 2021. The report covers Over-The-Counter derivatives positions, including precious metals derivatives held by US banks, meaning that the listed futures and options contracts on the COMEX are not included in this report. Unlike […]
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