by Jim Cook
Anyone dissenting from the possibility of a short squeeze in silver may not be familiar with Ted Butler’s explanation of the concentrated short position in silver on the COMEX. For him, the operative word is concentration. The 4 largest short sellers on the COMEX are short approximately 1/3 of the silver produced in a year from mining and scrap recovery. Nothing comparable exists in any other commodity. Ted Butler was the first analyst to point out that this concentration was both manipulative and illegal. In fact, he has made this claim for years while the big shorts profited in the billions. For 35 years, up until recently, they never lost on their short positions. JPMorgan was the ringleader of this gang of manipulators and only recently retired from that role after accumulating a vast hoard of silver and gold. All this was uncovered by Ted Butler. It’s a topic which he frequently railed about to the CFTC, the COMEX and the Justice Department. Ted pointed out that holding down and depressing the price of silver in the futures market while accumulating over a billion ounces of physical silver was unethical and illegal, a fact that seemed to elude the regulators.