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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.

September 14th, 2021 | A Gold Whale Surfaces

Butler Research - Compelling data in recent Commitments of Traders (COT) reports point to the emergence of a very large buyer in COMEX gold futures. The last four COT reports, starting with the report for positions held as of August 10, show a dramatic increase on the long side in gold for the 4 largest traders (not to […]

August 30th, 2021 | Major Market Event Ahead

Butler Research - Conditions have aligned for the occurrence of a significant market event in silver and gold. Extreme technical considerations and supply/demand fundamentals have combined to create the likelihood of this event. By “significant market event,” I mean the sudden upward movement of several dollars or more in silver, and an equivalent price move in gold in […]

Butler Research - In the space of two trading days, the world of gold and silver prices was turned on its head. On Friday and Monday, silver plunged to its lowest level of 2021, gold touched its low for the year and the silver/gold price ratio also rose to its most undervalued level for silver of the year. […]

July 2nd, 2021 | Cheating

Butler Research - Silver is manipulated and suppressed in price and has been for decades because large traders on one side of the COMEX – traders labeled as “commercials” on the short side – are cheaters. Cheating is a deliberate attempt to evade the rules of the game to achieve an unfair advantage. Where do I get off […]

June 21st, 2021 | How Much Longer?

Butler Research - How much longer can silver prices be capped in the face of facts so bullish that one can only marvel at the tight grip the on price?  To be fair, silver and gold prices have advanced significantly from their price bottoms of last March, with gold hitting all-time highs last summer and silver hitting 8-year […]

May 25th, 2021 | Short Subject

Butler Research - Again and again, I have stressed that silver has been suppressed in price for decades by the concentrated short position of the 4 and 8 largest traders in COMEX futures. Many have come to accept this, but my findings do not have universal acceptance. That’s too bad because it’s all that matters in determining price. […]

May 6th, 2021 | The CFTC’s Response

Butler Research - At just shy of the two-month mark, I received a response from the Commodity Futures Trading Commission yesterday to my letter of March 5.  I had raised highly specific questions regarding the concentrated short position of the four largest traders in COMEX silver futures, both over the week ended Feb 2 in which these traders […]

May 3rd, 2021 | The Twilight Zone

Butler Research - While many financial developments in the world seem quite strange to me of late, a new observation has me feeling as if I truly entered the Twilight Zone, the TV series that ran from 1959 to 1964, created and hosted by Rod Serling, in which the characters find themselves in disturbing and unusual situations. I […]

April 13th, 2021 | A New Piece of the Puzzle

Butler Research - Suddenly, out of nowhere BankAmerica has emerged as a major participant in precious metals OTC derivatives. This new fact is contained in the latest release of the Treasury Department’s Office of the Comptroller of the Currency (OCC) Quarterly Derivatives Report for U.S. banks. The report covers derivatives contracts in the over the counter (OTC) market […]

March 31st, 2021 | Turmoil

Butler Research - The core issue in silver remains the concentrated short position in COMEX silver futures – the persistent massive short position held by 4 traders that has artificially suppressed the price for decades. The short position in silver is larger than that of any other commodity in terms of real world production. The CFTC is the […]

March 30th, 2021 | New Twists in Silver

Butler Research - On Jan 5, the 4 big shorts held just under 81% of the total commercial short position in silver. Two months later he concentrated short position of the 4 largest traders in silver is even more concentrated.  There is great physical tightness, and a budding shortage in both retail and wholesale forms of silver. There’s […]

March 5th, 2021 | A Time To Act

Butler Research - Interest in silver and concerns about its price being artificially suppressed by excessive short selling are now at levels never seen before. While those concerns are well-founded, in my opinion, too often the remedy for what to do about it is less clear. Since silver and silver futures trading is regulated by the US Commodity […]

February 8th, 2021 | The Cat’s Out of the Bag

Butler Research - In the latest Commitment of Traders report (COT), the issue I have nearly beaten to death for decades – the concentrated short position in COMEX silver futures – took center stage to a degree that had me check and recheck the data. It seems the 4 largest shorts in COMEX silver doubled down and added […]

February 1st, 2021 | No Good Reason To Be Short

Butler Research - The current short position in COMEX silver is mostly held by 8 major financial firms. We can only guess who they are because their identities are protected. According to the COT reports, the biggest 4 are short nearly 60 thousand contracts and the next 4 are short nearly 20 thousand contracts. That’s a total of […]

Butler Research - I started calculating the financial plight of the 8 big shorts in COMEX gold and silver on a twice-weekly basis around June 2019. That’s when gold moved higher. The big shorts had added quite aggressively to short positions early in the move and when gold rose $100, the big shorts were out $2.2 billion. As […]

January 19th, 2021 | Silver Change

Butler Research - The silver story has changed radically over the past year. No longer are the big shorts capable of putting on major short positions knowing that they will get out with big profits.  The biggest threat to the big shorts in silver is that investors seem to be awakening to the fact that silver is the […]

January 4th, 2021 | Silver History

Butler Research - My involvement with silver began as a commodity broker in the early 1970’s, so I lived through the rise and fall of the Hunt brothers. Before the price peak of $50 in 1980, I brokered what was at the time, the largest retail transaction ever at Drexel Burnham – a tax straddle involving tens of […]

December 8th, 2020 | Man Bites Dog

Butler Research - Getting back to gold, it’s not just this week’s increase in the concentrated short position of the 8 largest traders or the sharp increase in net buying by the other large reporting traders that stands out. In a truly “man bites dog” affair, this week’s new concentrated short selling occurred on, essentially, lower prices (save […]

December 1st, 2020 | Comex Shutdown

Butler Research - The managed money traders (hedge funds) and the large reporting traders have a combined long position of 244,000 net gold contracts (24.4 million ounces). This just happens to nearly match the concentrated short position of the 8 largest commercial shorts of just over 249,000 contracts. I’d ask you (and the regulators) to think about this. […]

Butler Research - I’m already on record as declaring 2020 as the most significant year ever for silver. Considering all that has transpired this year throughout the country and the world that may not be saying much. After all, you would have to have lived on a different planet to argue otherwise. So let me get a lot […]

Butler Research - As widely telegraphed over the past week, the US Justice Department and Commodity Futures Trading Commission (along with the SEC) have settled the precious metals spoofing/manipulation case which first came into view in November 2018 with the announcement of a guilty plea by a former JPMorgan trader. The total fine of $920 million was the […]

September 30th, 2020 | Rock, Paper, Scissors

Butler Research - Way back in prehistoric times, before electronic gaming, children used to entertain themselves with certain hand games. I was always more of an “odds or even” gamer in which the choice was to display one or two fingers and outguess your opponent. The more sophisticated version was “rock, paper, scissors” which given the slightly greater […]

August 30th, 2020 | Extreme Gains

Butler Research - The best way of approaching silver is to hold it on a fully paid-for long-term basis, as I believe the gains will be dramatic enough to make up for passing on the lure of margin. I am particularly intrigued at this time by what I perceive to be the short-term set up in silver. We’re […]

Butler Research - For those who have come to be convinced of the silver price manipulation, as well as those who remain unconvinced, I ask you to put aside all thoughts about derivatives trading, concentrated short positions and epic double crosses and think about something completely different. Please accept this as an open invitation in which no prior […]

August 14th, 2020 | The Selloff

Butler Research - I hadn’t planned on writing about the very sharp selloff that started yesterday (Tuesday) in gold and silver, but can’t imagine anything more on investors’ minds – mine included. No amount of prior mental foresight fully prepares most for the type of selloff underway – no declarations of an overbought technical condition, warnings of increase […]
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