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Ted Butler: Bank of America's silver short position is even larger than he thought
10:36p ET Thursday, December 30, 2021
Dear Friend of GATA and Gold:
Following up today on his commentary earlier this week on the latest gold and silver derivatives report from the U.S. Office of the Comptroller of the Currency, silver market analyst Ted Butler suggests that Bank of America may have sold short as many as 800 million ounces of silver.
Such an amount, Butler notes, probably can't be repaid in any practical sense, and if the silver price rises, the bank would lose billions of dollars.
... Dispatch continues below ...
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Butler candidly acknowledges the suspicions of others that no bank would undertake such fantastic positions for its own book and that Bank of America's silver short position is actually a U.S. government position. He writes that "proof is lacking" for such suspicion.
Maybe proof is lacking that the U.S. government is rigging the gold and silver markets this week, but there is much proof that the government has been rigging them as a matter of policy for more than 50 years:
And if the government is not rigging the gold and silver markets this week as well, maybe Butler can explain why the U.S. Commodity Futures Commission, which he has often properly criticized, repeatedly refuses to answer two crucial questions about market rigging, even when those questions are posted by a member of Congress:
-- Does the commission have jurisdiction over market manipulation by entities trading for or at the behest of the U.S. government, or is manipulative trading in the government's name perfectly legal?
-- Is the commission aware of trading in the gold and silver markets undertaken by or at the behest of the government?
Butler's analysis tonight is headlined "More Serious Than I Thought" and it's posted at Goldseek's companion site, SilverSeek, here:
https://silverseek.com/article/more-serious-i-thought
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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