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Ted Butler: An answer long overdue about double-counting in silver

Section: Daily Dispatches

11:08p ET Thursday, November 16, 2023

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler today questions whether there is double-counting in major silver inventories as there long has been with gold reserves at central banks that lease their reserves.

Butler writes: "The issue revolves around the 103 million ounces listed as being held for the I-Shares silver trust (SLV) by the trust's custodian, JPMorgan, in New York and the 134 million ounces held in the JPMorgan Comex warehouse. 

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"This creates the unanswered question of whether the 103 million ounces held on behalf of SLV are also a big part of the 134 million ounces held in the JPM Comex warehouse or if the 103 million ounces are separate and distinct from the 134 million ounces in JPM's Comex warehouse.

"This is a rather simple question that could be of significance."

For if the inventories overlap, it would be more evidence of a silver shortage, as well as evidence of the official deception that long has surrounded the monetary metals.

So Butler has put the question to the chairmen of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. His report is headlined "An Answer Long Overdue" and it's posted at GoldSeek's companion site, SilverSeek, here:

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

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