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Ted Butler: No good reason to be short silver
So there must be a bad reason.
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9:30p ET Sunday, January 21, 2021
Dear Friend of GATA and Gold:
Silver market analyst Ted Butler writes tonight that the major silver futures shorts just keep shorting and then borrowing metal from the exchange-traded fund SLV and leasing it, essentially piling short upon short.
Butler's analysis is headlined "No Good Reason to Be Short."
... Dispatch continues below ...
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But if there's no good reason for them to do it -- and if, as Butler suggests, it is costing them huge amounts of money -- then there must be a bad reason.
For example, what if the perpetual silver shorts are not trading silver for their own accounts but for the U.S. government or another government as part of longstanding policy to defend the dollar and other government currencies against a former and potentially future competitive currency?
After all, the U.S. Treasury Department's market-rigging agency, the Exchange Stabilization Fund, was reloaded a few weeks ago with more than $600 billion. Obviously the government contemplated using the money for some sort of market intervention. An amount like that could cover losses on silver futures for a long time.
And CME Group, operator of the major U.S. futures exchanges, provides volume discounts to governments and central banks surreptitiously trading all futures contracts on its exchanges.
Butler's analysis is headlined "No Good Reason to Be Short" and it's posted at GoldSeek's companion site, SilverSeek, here:
https://silverseek.com/article/no-good-reason-be-short
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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