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Ted Butler: CFTC reply, while misleading, confirms the bullish case for silver
4:35p ET Monday, May 17, 2004
Dear Friend of GATA and Gold (and Silver):
While the Commodity Futures Trading Commission has
rebuffed the attempts inspired by silver market analyst
Ted Butler to investigate suppression of the price of
silver, the issue surfaced over the weekend in a news
story on the Bloomberg wire, which was distributed
around the world and published in The Business Times
in Singapore, as you'll see below.
This publicity is a great success for the cause, and, we
hope, will prove to be only the beginning. Citizen and
investor clamor and activism will have an effect, so
don't give up.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
No silver prices manipulation: CFTC
By Bloomberg News Service
The Business Times, Singapore
Monday, May 17, 2004
http://business-times.asia1.com.sg/story/0,4567,116895,00.html
The U.S. Commodity Futures Trading Commission (CFTC)
has found no evidence of manipulation of silver futures
prices, as alleged by some investors.
The commission has received more than 500 letters and
e-mails that alleged a handful of big players had colluded
to keep prices lower than they should be.
"The CFTC has closely monitored the silver market, both
in terms of trading activity and price relations," commission
director Michael Gorham said in a letter to silver investors.
"We have found no evidence of manipulation, and those
making the allegations have provided no evidence of
manipulation."
Silver futures had gained 85 percent in the year prior to
April 2, when they reached a 16-year high of US$8.50
an ounce on the Comex division of the New York
Mercantile Exchange. That was the largest one-year
jump since 1980, when hoarding by billionaire brothers
Nelson Bunker Hunt and William Herbert Hunt of Dallas
sent the metal to US$50 an ounce from US$6.
Supplies from mines and recycled scrap fell short of
demand for a 15th straight year, with the gap widening
to 72 million ounces, London-based researcher GFMS
said last Thursday in its annual survey sponsored by
the Washington-based Silver Institute.
The investors alleged that the decline in silver stocks
cannot persist and prices should rise, Mr Gorham said.
They also alleged a group of commercial traders had
short-sold the futures for the past 20 years to an
extent that they cannot serve as legitimate hedgers
since the sales were not backed by physical silver.
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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
http://www.cbs.marketwatch.com
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kuik.com/KH/KH.html
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
http://www.plata.com.mx/plata/plata/english.htm
(In English)
Subscription site:
http://www.lemetropolecafe.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653http://www.blanchardonline.com
Centennial Precious Metals
3033 East 1st Ave., Suite 403
Denver, Colorado 80206
www.USAGold.com
Michael Kosares, Proprietor
US (800) 869-5115
Canada 1-800-294-9462
European Union 00-800-2760-2760
Australia 0011-800-2760-2760
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
Glendale, Arizona 85316
http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
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