Ted Butler on CFTC silver investigation

Natural silver nugget by Jurii / Wikimedia *

“If the agency does the right thing and finds that the silver market had been manipulated, the silver world would change overnight.”

“In the event that the CFTC does what is correct…and what is required of them to do by the rule of law, then you better own some silver. A sudden announcement that a US Government agency found silver to have been manipulated to the downside would likely trigger off reactions from world silver producers, consumers and investors that are impossible to fully comprehend.”
Ted Butler

Via  harveyorgan.blogspot.com/
February 23, 2012

Harvey Organ: “The following Ted Butler comments on the silver investigation is self explanatory”

Silver analyst Ted Butler posted his mid-week commentary to this paying subscribers…and here are three free paragraphs…”

“If the agency does the right thing and finds that the silver market had been manipulated, the silver world would change overnight. Suddenly, the world would come to realize that silver had been a crooked market from no less of a source than the US Government itself. No more vague suspicions or arguments about far out conspiracy theories about people (me) who didn’t know what they were talking about. No more anything of that sort. The matter would be settled for all time. Yes, I will derive immense personal satisfaction from such an outcome, but there is a lot more to it than that.”

“In the event that the CFTC does what is correct…and what is required of them to do by the rule of law, then you better own some silver. A sudden announcement that a US Government agency found silver to have been manipulated to the downside would likely trigger off reactions from world silver producers, consumers and investors that are impossible to fully comprehend. Miners would be angry for having been cheated by artificially low prices. Industrial users and investors would rush to buy before others did so. This event alone could quickly spiral into the silver bubble I wrote about recently. The legal repercussions are also hard to fathom for a manipulation that lasted for many years. But the bottom line is that it would likely set off a buying wave never seen before. Please remember this is a highly unique situation specific only to silver; as there is no gold, or corn, or crude oil investigation underway. Therefore, any price impact should be primarily confined to silver. This outcome is not the only reason to buy and hold silver, but it would be enough if it were the only one.”

“Because the price stakes are so potentially explosive in the event the CFTC moves against the silver manipulators, I think that may go a long way to explaining the agency’s foot-dragging to this point and why they need to be pressured to do their job. I know that many, perhaps most of you believe, that the silver manipulation is run by the government (thru JPM) to protect the dollar or maintain some semblance of normalcy in the financial markets. Given all the facts, that’s certainly a plausible explanation. My take is different – I think the agency knows full well that a crime is in progress but is afraid to set off what would likely be a major silver market reaction. But it’s time for the Commission to man (and woman) up…and uphold their most important responsibility of all concerning manipulation.”

Source: http://harveyorgan.blogspot.com/2012/02/silver-imports-into-indiagreecebank-of.html

* Image reference:
Author: Jurii
Source: http://commons.wikimedia.org/wiki/File:Silver-nugget.jpg
This file is licensed under the Creative Commons Attribution 3.0 Unported license.

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