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NYSE Runs Out of Gold Bars: What Happens Next?
#30
Further to the opening post on this thread [URL="http://news.silverseek.com/TedButler/1238609316.php"]here is Ted Butler's take on things.
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Butler is a 'Silver Bug' - his stuff can sometimes get tedious but he has the merit of having been at it a long time and single-handedly has forced another CFTC inquiry into allegations of Silver market manipulation - for all the good that is likely to do. He has a touching faith in the eventual triumph of the 'good-guys' you see. His work on the Weekly Open-Interest reports and the Monthly Bank Participation reports are a must-read for anyone with an interest in silver. They demonstrate quite unambiguously, that just one or two banks (That's Banks NOT miners or dealers who NEED to sell the stuff) hold a bigger open interest short position than the rest of the commercial category combined and that one is JP Morgan which is quite probably the only one. Collusion with the authorities to take over (and thus hide) the position during the Bear Stearns debacle is at the root of it. TPTB clearly find him an embarrassment. This link outlines A CFTC board member's interim comments on the inquiry and Butler's demolition of them.

As with gold, I am personally no 'silver bug', if only because I am cognisant of official determination and proven ability through the most extreme circumstance to stay in control of prices as it were. However, the fundamentals of silver do make it appear a better long-term bet than gold right now with the Gold/Silver ratio sitting at just over 70 against a long term average of around 50. It took a leap upwards through Autumn last year (part of the same Bear Stearns shenanigans) and has been on a slow decline ever since.
Peter Presland

".....there is something far worse than Nazism, and that is the hubris of the Anglo-American fraternities, whose routine is to incite indigenous monsters to war, and steer the pandemonium to further their imperial aims"
Guido Preparata. Preface to 'Conjuring Hitler'[size=12][size=12]
"Never believe anything until it has been officially denied"
Claud Cockburn

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NYSE Runs Out of Gold Bars: What Happens Next? - by Peter Presland - 02-04-2009, 08:32 AM

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