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

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 1, 2021 | No Good Reason To Be Short

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 […]

January 24, 2021 | The Silver Shorts’ Last Stand?

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 19, 2021 | Silver Change

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 4, 2021 | Silver History

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 8, 2020 | Man Bites Dog

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 1, 2020 | Comex Shutdown

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. […]

November 18, 2020 | The Most Remarkable Statistic in a Most Remarkable Year

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 […]

October 2, 2020 | The DOJ/CFTC/JPMorgan Settlement

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 30, 2020 | Rock, Paper, Scissors

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 30, 2020 | Extreme Gains

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 […]

August 24, 2020 | A Silver Mystery in Full View

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 14, 2020 | The Selloff

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 […]

August 7, 2020 | Don’t Forget the Silver Users

Today, I would like to take a stroll down memory lane and revisit an issue that dominated the endless and often heated daily conversations I had with my dearly departed old friend, Israel Friedman. In the early days (circa the mid-1980’s), Izzy’s interest in my allegations of a short selling scam on the COMEX went […]

August 6, 2020 | The Perfect Solution

  A question from a close associate a week or so back prompted a whole new line of thought. The question set me back so much that I told him I had to think about it before responding. I’ve thought of little else since. The question was whether the big buyers of the 300 million […]

July 26, 2020 | Silver Time

The big silver story continues to be the surge in deposits of physical metal into the world’s silver ETFs. This past week, the amount added to the silver ETFs blew the doors off, as more than 28 million ounces were added. This is the annualized equivalent of nearly 1.5 billion ounces or nearly twice as […]

July 12, 2020 | The Silver Pressure Cooker

The silver market appears ready to blow its top, much like a pressure cooker whose relief valve stopped functioning even as the heat and pressure continued to build. The gold market is also likely to overheat, but at least in gold, its relief valve – the price of gold – appears to be functioning somewhat […]

June 29, 2020 | The Final Chapter

All things, both good and evil, come to an end. So it will be with the great silver price manipulation, which I date as having existed, in its COMEX-orchestrated version from 1983. Before that, of course, silver prices were never truly free, mostly as a result of some type of government interference. The US Government […]

June 5, 2020 | The Return of Precious Metals Leasing

I am going to describe something that, upfront, I know you will likely find far-fetched and will have trouble believing, even after you think it through. Nonetheless, I respectfully request that you persist in trying to grasp what I’m about to describe because if you do you will come to understand something that took me […]

June 3, 2020 | Falling Into Place

One wants to be careful about seeing things as previously predicted, but not so careful so as to not recognize when things seem to be playing out exactly as expected. Recent news stories and events seem to be in accord with a number of my central themes, but I’ll present the case as I see […]

May 20, 2020 | The Concentrated Short Position: What Matters Most In Gold, And Especially Silver

Having focused intently on the running open losses of the 8 big shorts (ex-JPM) for the past year, the latest price surge would seem to put the 8 big shorts in particular serious jeopardy. Simply put, the open losses ($7.8 billion, as of Friday, May 15) have never been larger, while the prospects for the […]

April 23, 2020 | Gold and Silver Relative Valuation

Particularly at times like these, when we’re experiencing things few would have imagined, it’s important to reach out for that which gives long term perspective and grounding. These days, it’s easy to get wrapped up in the short term and lose track of the long term. It’s no different for gold and silver. And I […]

April 10, 2020 | Strange Things Are Happening

Listen to Ted Butler’s interview “Silver Poised For An Explosive Move Higher?” on SilverRadio.FM I know I may be dating myself, but that was the title of a popular children’s song (circa 1953) by the comedian Red Buttons that came to mind as I contemplated the truly strange events occurring currently in gold and silver. […]

March 20, 2020 | Silver Plunge

The collapse in gold and silver prices and the shares of mining companies this week brought losses of hundreds of billions to existing holders as the value of all the gold in the world dropped by $800 billion. Investors in precious metals took it on the chin, but why? From everything I can see, the […]

February 27, 2020 | Bear Stearns Déjà vu?

Having traded as high as $1691 in COMEX April gold and $18.92 in March silver on Monday on near-record volume and closing not far from those levels as of the 1:30 PM EST settlements, prices sold off sharply in the always thinly-traded afterhours. As expected, the all too common occurrence drew complaints of market rigging. […]

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