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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.

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 […]

March 17th, 2022 | Still In Control

Butler Research - A week ago, it was the strongest margin call tornado to ever strike the banks (mostly US banks) in NYMEX crude oil, COMEX gold and silver and LME nickel, to the point of threatening the financial system itself. At its peak, the tornado saw a handful of banks out $20 billion (or more) in NYMEX […]

March 10th, 2022 | The Moment of True

Butler Research - The beginning of my journey in silver goes back to the original challenge Izzy Friedman issued to me in 1985.That was to explain how silver could remain so cheap in the face of compelling evidence that it should be priced much higher. His was a constant underlying theme – at some point, the forces of […]

March 3rd, 2022 | Skullduggery Abounds

Butler Research - The Office of the Comptroller of the Currency report on Bank of America’s (BofA) move into precious metals clearly indicates that BofA’s precious metals derivatives position increased by more than 100 times or 10,000% in a matter of 18 months. This is so extreme and unprecedented, it warrants a full explanation from the OCC and […]

February 14th, 2022 | Which is It – Dumb or Smart?

Butler Research - The big question surrounding Bank of America’s (BofA) massive and unprecedented increase in its OTC precious metals derivatives positions is whether the bank knew the full consequences of what it has done? Also, did the Office of the Controller of the Currency (OCC) understand that BofA was reporting it sold short 30 million ounces of […]

February 8th, 2022 | Pure Collusion

Butler Research - The most recent Commitments of Traders (COT) report, for positions held as of Tuesday Feb 1, indicated, even more than expected, massive managed money selling and commercial (bank) buying in COMEX gold and silver futures. So, once again, as on every big price decline for decades, the banks were big buyers, while the managed money […]

January 26th, 2022 | The Great Gold Mystery Solved

Butler Research - If there is one mystery in the gold market that has eluded analysts, it is an explanation for the massive inflow of 30 million ounces deposited in a matter of months (around April 2020) into the COMEX-approved gold warehouses, and the big gold ETF, GLD. These physical gold inflows were so large that many wrote […]

Butler Research - Editor’s note: Once again the intrepid silver analyst Theodore Butler has uncovered amazing facts about the silver market. I am truly astonished by the massive increase in the OTC precious metals derivatives position of Bank of America as reported in the quarterly derivatives reports from the Office of the Comptroller of the Currency (OCC), part […]

January 3rd, 2022 | More Serious Than I Thought

Butler Research - I’m taking the unusual step of publishing a follow up article to my recently posted public article on the recent stunning OCC derivatives report. What prompts this more serious turn on my part was a question from a reader of my public article who asked me if I thought he should transfer the securities he […]

December 28th, 2021 | Another Stunning OCC Report

Butler Research - The new quarterly derivatives report from the Office of the Comptroller of the Currency, part of the US Treasury Department, was released earlier this past week covering Over-The-Counter (OTC) derivatives positions of US banks, for positions held as of September 30. Some background data on this report. Always excluded are derivatives positions held by US […]

December 6th, 2021 | Signs

Butler Research - “Sign, sign, everywhere a sign Blockin’ out the scenery, breakin’ my mind Do this, don’t do that, can’t you read the sign?” That was from a teenage song of rebellion some 50 years ago, by The Five Man Electric Band (from Canada), I believe protesting the “no shirt, no shoes, no service” notices appearing in […]

December 2nd, 2021 | Tastes Great, Less Filling

Butler Research - Hard as it is for me to believe, it’s been nearly 50 years since the introduction of the tongue-in-cheek advertising campaign for Miller Lite beer, which featured skits in which characters argued what was better about the beer – the fact that it tasted great or was less filling calorie-wise. It was a clever ad […]
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