Butler Research -   I’m still convinced a “Code Red” market emergency exists in COMEX silver based upon the extremely large positioning changes for the reporting week ended July 18. That week, there was massive managed money buying and commercial selling. I concluded silver would either explode in price or get smacked down by commercial price rigging and […]

Butler Research - Data published in the Commitments of Traders (COT) reports over the past four reporting weeks indicate a number of highly unusual changes in COMEX silver futures positioning. One such highly unusual change is the emergence of a big managed money trader on the short side, which appears to be holding a net short position of […]

Butler Research - Last week, I made public an edited version of the more extensive weekly review sent to subscribers earlier. As previously stated, I believe there is a current market emergency in the COMEX silver market based upon official data indicating a massive increase in futures positioning of more than 130 million oz (26,000 contracts) as reported […]

Butler Research - As a result of data released over the past week (mostly, the last 3 days), it seems clear to me that we may be facing a clear market emergency in COMEX silver futures. I am trying hard not to be alarmist, but what I see alarms the heck out of me – to the point […]

Butler Research - Generally, for everything that has a price, the price is often the most important feature. Certainly, this is true in financial assets and commodities of all types, including stocks, bonds, real estate, raw and finished materials, as well as transportation, labor and just about everything under the sun (including solar power). As different as all […]

Butler Research - Perhaps the first thing I discovered in 1985, when silver was trading in the $5/oz range, is that I knew of no one that was interested in shorting silver. Sure, there were plenty of folks who made and lost fortunes in silver on the Hunt-inspired run to $50 into 1980 and subsequent collapse – but […]

Butler Research - We appear to be at a particularly unique point in silver. Never have I witnessed a time when there have been more bullish articles and commentary than there is now. Never has there been greater awareness of the actual demand in silver being stronger than the actual supply.  You can’t find a bearish article. Yet […]

Butler Research - The new Office of the Comptroller of the Currency quarterly OTC derivatives report for positions held as of March 31 was, once again, a stunner. First, a few words on background about the report. This report is published by the OCC, a unit of the US Treasury Department, designed to highlight the Over the Counter […]

Butler Research - A set of readily-verifiable facts have combined to point to a stunning conclusion, namely, that thanks largely to enough people doing the right thing, that the federal commodities regulator, the Commodity Futures Trading Commission, may have also finally done the right thing when it comes to the decades-old COMEX silver price manipulation. If my assessment […]

Butler Research - The explanation for why gold and silver prices fell recently is deliberate and collusive paper futures contract positioning on the COMEX. While this is certainly nothing new for subscribers, it is still mostly outside the comprehension of a wide swath of precious metals observers and commentators (and regulators). To be sure, the paper positioning of […]

Butler Research - The annual world silver survey from the Silver Institute reports, “No growth in the total supply (mining plus recycling) of silver and sharply increased demand growth of 18%.” The silver deficit of 237 million ounces is the highest in modern times. Nothing could be more bullish than using up more silver than is produced. Eventually, […]

Butler Research - The big news is last night’s release of the new short report on stocks, which indicated a massive 25 million share reduction in the short position on SLV, the big silver ETF, as of the close of business April 14. The short position on SLV fell from 41.5 million shares to 16.3 million shares, the […]

Butler Research - (Here’s brief excerpt from Wednesday’s article to subscribers) Hot off the press is today’s just-released world annual silver survey from the Silver Institute. As previewed a couple of months back, the Institute is reporting flat total supply (mining plus recycling) and sharply increased demand growth of 18% or 186 million oz, resulting in the highest […]

Butler Research - A major development last week was the large amount of gold issued by JPMorgan over the first two days of the COMEX April contract. Total gold deliveries by JPMorgan of 14,326 contracts, including 10,682 contracts (1.07 million ounces) by JPM from its proprietary house account were the largest by JPM in history.  This is big […]

Butler Research - “Quickly” is a word uppermost in my mind, as I try to fully comprehend the sudden collapse of Silicon Valley Bank (SIVB). SIVB stock traded at $700 just over a year ago, before, essentially, going worthless. It was the speed of the decline that was so unnerving. Quickly will also come to describe the inevitable […]

Butler Research - It appears that we are on the threshold of being able to buy silver at prices that will never be lower. Silver prices are set to embark on an upside price journey that will reward those who own it in life-enhancing ways. It only seems logical to buy what is arguably the most undervalued investment […]

Butler Research - On Feb 16, the CFTC released another update on the status of the delay in publishing COT reports on all markets (some seem to think the delay is only for gold and silver), as result of the cyber-incident at a key third-party service provider. The new announcement indicated that COT reports will commence starting next […]

Butler Research - On the 23rd and 24th of January, some 20.5 million ounces of silver were deposited into the I-Shares Silver Trust, SLV, and shares outstanding have increased by 23.2 million (the difference being due to the cumulative management fee of 0.5% per annum). To say that the large increase in physical silver inflows and shares outstanding in SLV […]

Butler Research - Over the past year or two, I discovered that Bank of America had built up an absolutely massive short derivatives position in silver in the over-the-counter market (not COMEX) of one billion ounces or more. The position was the result of a silver lease transaction with JPMorgan lending the silver to BofA. JPM knew in […]

Butler Research - (Special note – I hadn’t planned to publish this article to subscribers I sent as part of my twice-weekly subscription service ($34.95 per month), but a most trusted advisor, Jim Cook from Investment Rarities, Inc., strongly suggested I do so. Since Cook has never failed to provide solid advice for more than 20 years, I […]

Butler Research - The last couple of years have been significant in silver (and gold), not particularly price-wise, but in other important ways. For instance, 2020 was particularly note-worthy in that JPMorgan was partially brought to justice for its many years of manipulating the price of precious metals on the COMEX and agreeing to settle with the Justice […]

Butler Research - In the past week, Ted Butler uncovered two new and potentially bullish circumstances relating to silver. I’ve monitored the daily movement and total levels of the COMEX silver warehouse inventories for more than 35 years. A remarkable physical turnover of metal in and out from the COMEX silver warehouses continues and seems to be accelerating […]

Butler Research - It’s remarkable to me how close we appear to be getting to near-universal recognition that silver and gold (along with a host of other commodities) are priced based upon the activities of a relative handful of large paper traders on the COMEX (and other exchanges) and not on the workings of the world of actual […]

Butler Research - The retail and wholesale markets in silver and gold are hot. Particularly in silver, the retail market is, quite literally, on fire.  The fact that premiums exist on virtually all forms of retail silver (along with delivery delays), something never seen this pronounced before, means that the creation of new 1,000-ounce bars is necessarily being […]

Butler Research - For commodities, the paramount issue is always actual supply and demand, with price serving as the balance in a free economic system. Too much supply and not enough demand and prices are expected to fall. Too much demand and not enough supply and prices are expected to rise. Messing with the law of supply and […]