You are here

Ted Butler: Another stunning OCC report shows something strange in silver

Section: Daily Dispatches

11:12p ET Monday, March 29, 2022

Dear Friend of GATA and Gold:

In analysis posted today at Goldseek, silver market analyst Ted Butler reports "stunning" changes in the monetary metals derivatives positions of U.S. banks as compiled by the U.S. Office of the Comptroller of the Currency.

The report, Butler writes, "indicates another sharp increase in the precious metals derivatives holdings of Bank of America. In addition, the total amount of precious metals derivatives held by all U.S. banks reached record levels, despite prices not being at record levels. Perhaps most notable of all is that the current report indicates a remarkable change in the composition of holdings by the four largest U.S. banks."

... Dispatch continues below ...


Storage and Withdrawal of Gold 
with Bullion Star in Singapore

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage.

With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

Silver, Butler writes, has by far the largest derivatives position of any commodity. Indeed, Butler contends, silver is so cheap precisely because the derivatives position in the metal is so large.

"There's no possible legitimate explanation for why a handful of banks would hold such a massively large derivatives position in one commodity -- silver -- and not in any other commodity," Butler continues.

"Otherwise such an explanation would be given. Instead, the regulators, both the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission, continue to publish data that indicates that something is very wrong in silver, without the slightest attempt to take the necessary next step of comprehending what their data mean."

But maybe an explanation can be found in the Central Bank Incentive Program of CME Group, operator of the major U.S. futures exchanges, a program that gives volume trading discounts to governments and central banks for trading, through masking intermediaries, all futures contracts on CME Group Exchanges:

Maybe there is more explanation in the CFTC's repeated refusal to answer, even for a member of Congress, whether the commission's jurisdiction extends to manipulative trading undertaken by or at the behest of the U.S. government, trading long fully authorized by the Gold Reserve Act of 1934:

Surreptitious trading by the U.S. government, an entity with access to infinite money, surely would explain a lot of anomalies in futures pricing and indeed in the world financial system.

Butler's analysis is headlined "Another Stunning OCC Report" and it's posted at GoldSeek here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at:

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: