Post by jeffolie on Apr 2, 2009 17:03:48 GMT -6
Ted Butler is a flat out physical silver bull who is known for controversy. I am a flat out physical silver bull into 2012-13. I have resigned myself to the expectation that it will take very rapid inflation and/or a Dollar crisis for the PMs to trade fairly.
OK, I have just laid the background for Butler's latest and greatest expose on manipulation of PMs.
TED BUTLER COMMENTARY
March 30, 2009
The Sting
Stunning new evidence of manipulation in silver and gold has just been published by the Office of the Comptroller of the Currency (OCC), a bureau of the U.S. Treasury Department. The OCC, first established in 1863, charters, regulates and supervises all national banks. Their new data proves the manipulation in unambiguous terms. The report also confirms how the U.S. Government, in partnership with JPMorgan Chase, intentionally cheated silver investors worldwide of many billions of dollars during the fourth quarter of 2008, and longer. This was all outside the futures market I normally write about. It was a scam of historic proportions.
According to the OCC’s latest data release, U.S. banks, led by JPMorgan Chase, caused to be liquidated, under intentional duress, more than $20 billion of gold and as much as $9.5 billion of silver in Over The Counter (OTC) derivatives transactions during the fourth quarter of 2008. These derivatives are highly leveraged transactions mostly held by hedge funds and other large investors on the long side and big banks on the short side. While the OCC declares it is responsible for regulating U.S. banks, there is no regulation of these OTC derivatives by anyone. All the OCC does is compile the statistics. This was the largest amount of gold and silver derivatives ever liquidated in a single quarter in history. In the case of silver, more than 50% of all the OTC silver derivatives held by U.S. banks were liquidated in the fourth quarter. I doubt we will see such a large liquidation ever again.
much more....
That the U.S. Government has aided and abetted JPMorgan in this illegal endeavor you should find as repugnant as I do.
more....
The bad news is that we must recognize that it is unlikely that the regulators will ever step up to the plate and do the right thing. The CFTC has denied that there is anything wrong in silver for so long, that it is impossible for them to admit otherwise.
www.investmentrarities.com/03-30-09.html
OK, I have just laid the background for Butler's latest and greatest expose on manipulation of PMs.
TED BUTLER COMMENTARY
March 30, 2009
The Sting
Stunning new evidence of manipulation in silver and gold has just been published by the Office of the Comptroller of the Currency (OCC), a bureau of the U.S. Treasury Department. The OCC, first established in 1863, charters, regulates and supervises all national banks. Their new data proves the manipulation in unambiguous terms. The report also confirms how the U.S. Government, in partnership with JPMorgan Chase, intentionally cheated silver investors worldwide of many billions of dollars during the fourth quarter of 2008, and longer. This was all outside the futures market I normally write about. It was a scam of historic proportions.
According to the OCC’s latest data release, U.S. banks, led by JPMorgan Chase, caused to be liquidated, under intentional duress, more than $20 billion of gold and as much as $9.5 billion of silver in Over The Counter (OTC) derivatives transactions during the fourth quarter of 2008. These derivatives are highly leveraged transactions mostly held by hedge funds and other large investors on the long side and big banks on the short side. While the OCC declares it is responsible for regulating U.S. banks, there is no regulation of these OTC derivatives by anyone. All the OCC does is compile the statistics. This was the largest amount of gold and silver derivatives ever liquidated in a single quarter in history. In the case of silver, more than 50% of all the OTC silver derivatives held by U.S. banks were liquidated in the fourth quarter. I doubt we will see such a large liquidation ever again.
much more....
That the U.S. Government has aided and abetted JPMorgan in this illegal endeavor you should find as repugnant as I do.
more....
The bad news is that we must recognize that it is unlikely that the regulators will ever step up to the plate and do the right thing. The CFTC has denied that there is anything wrong in silver for so long, that it is impossible for them to admit otherwise.
www.investmentrarities.com/03-30-09.html