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Ted Butler: JPMorgan's motive for controlling the silver price
8:25p ET Thursday, March 8, 2018
Dear Friend of GATA and Gold:
Silver market analyst and manipulation exposer Ted Butler today addresses the possibility that the U.S. government is the real party in interest in JPMorganChase's seeming dominance of the silver market.
Butler writes that he still believes that JPM is rigging the silver market for its own benefit, acquiring a huge position in real metal in anticipation of much higher prices. He writes:
"It is unrealistic, in my opinion, to believe that the U.S. government would single out silver as the one commodity it should be stockpiling without any apparent reason or evidence it was doing so. That's the problem with conspiracy theories -- once you go down that path, it never ends and you have to suspend rational thinking to explain everything.
"As I said, I understand the need to rationalize the rotten price behavior of silver over the past seven years. Further, I have gone on record stating that the U.S. government did make a secret agreement with JPM on the occasion of its takeover of Bear Stearns, but if the U.S. government has been calling the shots in silver over the past seven years, then I'll go out and buy a hat and eat it."
... Dispatch continues below ...
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And yet Butler himself has acknowledged that, as the U.S. government formally removed silver from U.S. coinage in 1965, President Lyndon B. Johnson warned potential investors in the monetary metal that the U.S. government would dishoard silver from its strategic stockpile as necessary to control the metal's price:
http://www.gata.org/node/11601
Johnson said the objective of such dishoarding would be to keep U.S. silver coinage in circulation and thus prevent it from being hoarded or melted and sold as bullion. That is, the objective of this dishoarding was to prevent devaluation of non-silver coinage and currency.
Maintaining the value of its currency always has been and always will remain a powerful interest of any government.
But there are other possible explanations for U.S. government intervention in the silver market -- like acquisition of metal for other countries, like China, that hold huge amounts of U.S. government debt instruments and, as the price of continuing to hold those debt instruments, might demand a hedge against their devaluation.
In any case, whenever a market is plainly manipulated and the regulatory agencies show no interest, the most plausible explanation is that, while it may be operating through intermediaries, the actual manipulator is the U.S. government, since, under the Gold Reserve Act of 1934, as amended in the 1970s, the U.S. government is fully authorized to rig surreptitiously any market in the world:
https://www.treasury.gov/resource-center/international/ESF/Pages/esf-ind...
Such an explanation becomes still more plausible with the determined refusal of mainstream financial news organizations to question governments and central banks critically about their market interventions.
Butler's analysis is headlined "JPMorgan's Motivation" and it's posted at GoldSeek's companion site, SilverSeek, here --
http://silverseek.com/commentary/jpmorgan%E2%80%99s-motivation-17141
-- and at 24hGold here:
http://www.24hgold.com/english/news-gold-silver-jpmorgan-s-motivation.as...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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