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Ted Butler: Fear of silver shorting spurs Scotia to sell its metals division
12:39 CT Monday, October 23, 2017
Dear Friend of GATA and Gold:
Silver market analyst Ted Butler speculates today that the Bank of Nova Scotia is seeking to sell its metals trading division, ScotiaMocatta, because the bank realizes that the silver shorting business in which the division has specialized is a potentially disastrous liability.
Butler writes: "I think the Bank of Nova Scotia's real motivation for seeking to offload its ScotiaMocatta precious metals unit after 20 years of ownership is liability. It's the fear of what is to become of a major short seller in silver (and gold) on the Comex. By every count, ScotiaMocatta is one of the seven potential dead men walking who hold large concentrated short positions. It's not some alleged smuggling ring that is motivating the bank to dump the unit. The only wonder is what took the bank so long to come to this conclusion."
Butler's commentary is headlined "Backing Out" and it's posted at GoldSeek's companion site, SilverSeek, here:
http://silverseek.com/commentary/backing-out-16919
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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