- Ted Butler: Silver Manipulation, JP Morgan …
by Jim Cook, http://silverseek.com/
Cook: A lot of silver investors are frustrated these days. Can you give them any hope?
Butler: I’d be lying if I said I wasn’t frustrated as well. But I have no doubt that silver will eventually prove its great worth.
Cook: Does everything still depend on what JPMorgan does?
Butler: If you don’t know by now that silver is manipulated by COMEX paper trading, largely at the hands of JPMorgan, you’re missing the whole story.
Cook: Ok, we get all that. We want to know when will it change?
Butler: When JPMorgan decides it will change. Look, you know I can’t tell you the precise time in advance.
Cook: Is that the best you can do? People are getting tired of hearing that.
Butler: Tired of what – the only explanation that makes any sense?
Cook: Calm down, you can’t blame people for being impatient.
Butler: OK, I understand that.
Cook: Do you understand why some people doubt you?
Butler: I know that some people doubt what I say. However, just before he died, the former CFTC commissioner, Brad Chilton, confirmed that JPMorgan was under investigation for manipulating the price of silver. That should end any doubt.
Cook: You’ve made some astonishing predictions on how high the price of silver could go. What’s your reasoning on this?
Butler: I’ve tracked JPM’s every move. They have accumulated 850 million ounces of physical silver. They anticipate making billions on this hoard. That’s a big, overpowering reason to own silver.
Cook: Anything else?
Butler: Yes of course.by holding the price of silver down, they interrupted normal supply and demand factors. Low prices discourage mining and reduce supply. Alternatives to silver for industrial use hardly exist because nobody looks for them when prices are low.
Cook: What else?
Butler: Silver is truly a miraculous metal. Most of all it’s the greatest low cost conductor of electricity. That’s why 100 million ounces are used for solar power each year. It’s an electric world and silver is used in everything electric. If it wasn’t for JPM holding down the price while they hoarded it, I think we’d be close to $100 an ounce right now.