The scandal recently became more outrageous. The June Bank Participation Report, as of Tuesday, June 5, along with the COT confirmed that JPMorgan’s silver short position has increased by at least 5,000 contracts in the past two reporting weeks. That is the equivalent of 25 million ounces of silver, truly an enormous amount in a two week period and about equal to all the silver produced and consumed in the world in the same period. I calculate JPMorgan’s net short position in COMEX silver futures to be between 16,000 and 17,000 contracts. JPMorgan has been the sole net commercial silver short seller over the past two weeks. That is the clearest proof yet of manipulation. A market dominated by one buyer or seller is the ultimate definition of manipulation.
The President’s Working Group on Financial Markets (aka PPT) answers all my questions. It explains why JPMorgan and the CME remain silent about allegations of manipulation. They have been given legal cover by the Working Group. This also explains why the CFTC says they are conscientiously investigating silver when it is clear they are not. The agency can’t come out and disclose silver was smashed with the full knowledge of the Working Group, so it pretends to go through the motions of investigating. What is going through Gary Gensler’s mind? Is he not tormented by the blatant silver manipulation which runs contrary to all his public utterances? Commodity law is being broken.
If my analysis is correct, what does this mean for silver from here? It will prove to be wildly bullish for the price; maybe not immediately, but on a long term basis. It sets the stage for the really big move in silver. This overt government interference in the silver market will boomerang at some point, just as every attempt at artificial price setting has failed."
Ted Butler, A Few Questions, One Answer, June 15, 2012
What makes the silver (and gold) manipulation the perfect crime are a number of elements; short term price control through High Frequency Trading, compliant regulators and the fact that most victims don’t even realize they are being had, as the sellers are mostly just reacting to the deliberately-set lower prices. It’s hard to end an ongoing crime in progress when so many don’t realize it is in progress. Worse, there are still some who profess that there is no manipulation underway. And for the few who do realize what’s really going on, what can you do about it when the regulators are in bed with the manipulators? Perhaps the options are limited, but that’s not the same as non-existent."
Ted Butler, Busting the Perfect Crime, May 24, 2013
"MENE, MENE, TEKEL, UPHARSIN. MENE; God has numbered your kingdom, and will finish it. TEKEL; You have been weighed in the balance, and found wanting. PERES; Your kingdom has been divided."
Daniel 5:26-28
Most people do not know or remember what it was like, the long years when some spoke out against the brazen and blatant price manipulation in the Precious Metals markets. It seemed obvious. And the facts, although hidden behind a wall of aggressively opaque denials and official coverups, were there to be seen if you knew where to look, and were willing to open your eyes and see it.
What was discouraging was the large number of people with platforms who would not only completely dismiss the facts when presented, but would ridicule and drown out those who would speak of them.
And it didn't end there. The web of lies about other things was growing steadily, at first resisted by some remnants of integrity, but the mass of which gradually succumbed, with the increase in wickedness and the desire for advancement and acceptance.
Ted is no longer around. He passed on shortly before silver finally broke free from the long price suppression centered in NY and London. He was right. And he saw the light breaking, even if he did not live long enough to bask in it. One of the last things he said was to express that regret.
Most of the people I corresponded with about these things are no longer around, having moved on one way or another. Some of them met bad ends. Most were just driven into obscurity, and finally had enough.
But they were right, on both gold and silver and other things.
Those who warned of the tech market bubble in 2002 and the housing bubble in 2008 faced similar daunting opposition. And they too were right. The price to be paid was regard and access, the penalty given by the power elite and their acolytes.
But, as always, what goes around, comes around.
And this time, with this bubble, when the perpetrators and the liars and looters try to put their hands in our pockets, greased by the complicity of soft bribes and official corruption, we may wish to consider not allowing them to do it to us again.
Stocks soared.
Gold and silver rebounded sharply from the recent price gimmickry that we often see around Comex option expirations and FOMC meetings.
It astonishes me how this can happen over and over again, and only a few are astute enough to notice, much less profit by it. Or even dare mention it. They are not even bothering to cover it up much anymore.
It is not purely mechanical and straightforward. The dissemination of key information is selective. This is how a control fraud works.
VIX has fallen back into complacency.
The narratives flow now almost without interruption from the circles of power. And the enablers, the servants and camp followers of power, spread the noxious distortions without comment, and often with aggressive endorsement.
As Bonhoeffer noted, it is fruitless to try and bring those who have fled into foolishness back to rationality.
And our current paragons have been weighed, and found wanting.
It is now as it was, and has always been. God is not mocked — what a man sows, so shall he reap.
What goes around, comes around. Pricing antics and bluff moves aside, the writing is on the wall
Have a pleasant evening.
