Ted says you’re much better off owning silver now, because once the price is set free, what’s been done to silver will be obvious to the entire world…
Ted Butler is confident that Justice Dept. will stop JPM’s silver rigging
Dear Friend of GATA and Gold:
Silver market analyst Ted Butler, interviewed by Jim Cook of Investment Rarities in Bloomington, Minnesota, today explains why he remains so bullish on silver and thinks the U.S. Justice Department is really beginning to move against rigging of the silver market by JPMorganChase. The interview is headlined “Jim Cook Interviews Ted Butler” and it’s posted at GoldSeek’s companion site, SilverSeek, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Editor’s Note: The following are selected excerpts from the interview (bold added for emphasis):
Q: Why is the price so low?
A: Because the price has been rigged by excessive paper speculation on the COMEX, largely at the hands of JPMorgan. For 11 years, JPMorgan has been the largest paper short seller and for the past 8 years it has also been the largest physical silver buyer. It is the financial manipulation of all time and I believe totally illegal.
Q: I know you have maintained this for years, but nothing’s come of it.
A: It certainly explains why silver has been down for so long.
Q: People want a reason for this long period of depressed prices to end. Do you see any reason?
A: Yes I do. On Nov. 6, the Department of Justice announced it was conducting an investigation of manipulation of precious metals prices on the COMEX. It came as part of a guilty plea by a former trader of JPMorgan. To me, this represents the greatest single opportunity for busting JPMorgan’s manipulation of silver prices.
Q: What if the Justice Department doesn’t see what you see?
A: We’re talking about both the Justice Department and the FBI. I consider it highly unlikely that either would conclude differently. Instead of asking me what if the DOJ and FBI don’t see what I allege, you should be asking what happens if they do agree with me.
Q: What happens if they agree?
A: It means the silver manipulation comes to an end and the price is set free. Consequently, you would be much better off owning it now because afterwards it will be obvious to the world what has been going on in silver.
Q: What happens if you are wrong?
A: If I’m wrong and the Justice Department doesn’t step up to the plate and end the manipulation, the downside is limited because the price of silver is already in the gutter and close to the cost of production. It’s not often one gets such a low risk and high profit opportunity.