“If the Justice Department doesn’t see something drastically wrong with that, then all hope for the rule of law is lost…”
Dear Friend of GATA and Gold:
At the urging of Jim Cook of Investment Rarities and with the assistance of 24hGold, silver market analyst Ted Butler’s most recent proprietary letter has been posted in the clear.
This edition examines the failure of the U.S. Commodity Futures Trading Commission and the Justice Department to investigate the concentrated and manipulative short position in the silver futures market.
Butler writes: “An underground mine in Peru that digs out of the earth 4 million ounces in a year was just shut down due to low silver prices. Yet at the same time and price, eight crooked banks have increased their net speculative short position to more than 100 times that mine’s annual production.
“If the Justice Department doesn’t see something drastically wrong with that, then all hope for the rule of law is lost. Remember, concentration is the one absolute requirement in any manipulation. In silver, the concentration is off the charts.”
Butler’s letter is headlined “Mr. Butler’s Silver Newsletter — Icing on the Cake” and it’s posted at 24hGold here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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