JP Morgan Silver Manipulation Confirmation | Ted Butler

Metals & Markets: Ted Butler, the world’s foremost expert on the JP Morgan silver manipulation story, joins us as this week’s special guest… 

Ted Butler of Butler Research interviewed by James Anderson for SD Bullion

Gold and silver markets held up in price this week. Gold spot prices appear to be closing up over $10 per oz on the week, around the $1223 oz mark. Silver looks to be closing around $14.46 oz.

Of note, the palladium spot price appears to be closing above the $1181 oz mark. Not far from gold price parity. The last time gold and palladium matched in price was in the year 2002.

Confirmation… Merriam Webster defines the word confirmation as an act or process of confirming, supporting a theory or a body of work with evidence and proof.

This week’s guest has spent a large portion of his adult life, working on knowledge revolving around commodity price discovery, most specifically in the silver market.

Often within his research are acute questions such as who dictates or mostly influences price discovery?

What are the How’s and the why’s for the prices we pay for critical commodities?

Early last week, on November 6th 2018. The US Department of Justice confirmed much of what this week’s guest has been publicly alleging year after year.

If you have spent any time trying to understand JP Morgan’s involvement in the silver market, high chance is you too have come across his spearheading work.

This week, Ted Butler of Butler Research visits with us, to discuss the FBI’s recent receiving of a guilty plea from a 13 year ex-precious metal derivative trader from JP Morgan.

Facing a potential sentence of 30 years in prison, the individual pled guilty to commodities fraud and spoofing conspiracy.

The Department of Justice published the following words on their website:

“This trading strategy was admittedly intended to inject materially false and misleading liquidity and price information into the precious metals futures contracts markets by placing the Spoof Orders in order to deceive other market participants about the existence of supply and demand.

The Spoof Orders were designed to artificially move the price of precious metals futures contracts in a direction that was favorable to the guilty party and his co-conspirators at the Bank, to the detriment of other market participants.

In pleading guilty, Edmonds admitted that he learned this deceptive trading strategy from more senior traders at the Bank, and he personally deployed this strategy hundreds of times with the knowledge and consent of his immediate supervisors.

This case is the result of an ongoing investigation by the FBI’s New York Field Office.”

In a few seconds we will begin discussing this and other ranging topics related to silver, gold, crude oil, and the financial markets.

If you like this discussion, perhaps share it with those, who you think may also benefit from hearing it as well.

-Show Notes-

Welcome to this week’s Metals and Markets wrap, I’m your host James Anderson of SD Bullion.

With us this week is a well known analyst who has for decades, spearheaded fundamental silver market research keeping a close eye on silver’s price discovery essence and market ongoings.

Mr. Ted Butler of Butler Research, thank you for coming on our show.


We have to start with last week’s DoJ bust of 13 yr JP Morgan trader, and what his plea bargain and the trading party conspiracy implications might develop into.


800 million oz?!

Can we break down JP Morgan’s potential Ag holdings bit by bit?

Methodologies you use in tracking them, physical flows and withdrawals

– COMEX warehouse and increase physical turnovers
– SLV withdrawals 2006 – 2018
– Silver Coins?


On the COMEX delivery side, what if any insight might we glean from this customer vs house data Nick Laird shot out a week or so ago?


Of course there are the beat down naysayers who gripe that this current silver market situation will go on forever.

If our past is perhaps a fore-shadowing of JP Morgan’s possible plays ahead.

How might JP Morgan profit on the silver upside to come, 2020s?


What about the Bank of Nova Scotia?

Obviously Scotiabank (aka Bank of Nova Scotia, aka Scotia Mocatta) could not sell their bullion derivative desk. Now they claim to be drawing it down.

Any updates there?


You obviously had some thoughts on this Crude Oil market sell off.

Perhaps you might like to say something on the matter.


I’d like to conclude taking you back to your Izzy Friedman days all the way up to today.

What has surprised you most about this 30 year saga?

Is there any thing you might have done differently?

Thank you Ted for your time, and for all the many decades you have put into studying and teaching others about the commodity and specifically the silver market.


About the Interviewer

James Anderson has a BA in finance from Loyola University New Orleans. He has both worked and invested in the physical investment grade bullion markets prior to the 2008 global financial crisis.

James’ twitter is @JamesHenryAnd and he has authored SD Bullion’s complementary 21st Century Gold Rush Book.