I am pleased to announce a special treat for readers today. Noted silver researcher, and tireless crusader against Comex-manipulation, Ted Butler of ButlerResearch.com, has found time in his busy schedule to provide Bullion Bulls Canada with a written interview.
He shares his valuable insights into the huge revelations which have shaken the precious metals market to help us put these subjects into perspective – including a caution against reading perhaps too much into this news. He also gives us some clues about where the silver market, and precious metals market (in general) is heading. I hope readers find this as illuminating as I did.
Q: Let's dive right in to the two, huge revelations which hit the precious metals market nearly simultaneously: a volunteer “whistle-blower” has gone public with accusations of rampant manipulation of the precious metals market (in the person of Andrew Maguire), and Jeffery Christian of the CPM Group stunned the world with his admission that the bullion-banks have leveraged their “physical” bullion by somewhere around 100:1. What was your initial reaction when this news hit the market?
Well, I know Andrew and have spoken with him about this for months, so it wasn’t much of a surprise for me. That said, what he described to the CFTC’s Enforcement Division did confirm the nature of the manipulation in COMEX silver and gold. Regular observers of these markets knew that the commercials play all sorts of manipulative games there. Andrew was frustrated that even his detailed explanations weren’t generating action on the part of the regulators, a frustration I know all too well.
As far as these claims that there are 100 ounces of paper gold for every ounce of real gold, I think that’s quite a stretch. Certainly no one has documented such a ratio. I’m kind of a stickler for hard facts and I know of no facts supporting such a paper to gold ratio. To be sure, I could be persuaded by verifiable evidence, but not by off-hand remarks. There are, however, more paper claims on silver than actual silver bullion that exists in the world, but not for gold. There is much wrong in the market, such as the documented short concentration in COMEX silver, and it is important to stick to allegations that can be substantiated..
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