The Largest Physical Hoard On Earth, Parts 1, 2 & 3

TDC Note – Click here for an opportunity to join a webinar with Ted Butlter! by Dr. Jeffrey Lewis, Lewis & Mariani Silver Letters This is the edited transcript to Dr. Lewis’ interview with Ted Butler detailing JP Morgan’s large physical silver position. Years ago, Ted Butler was able to identify JP Morgan as the big silver short. We began by talking about how that evolved. Ted Butler: Okay, I mean, to me it’s, fluid and seamless, and I’ll start anywhere you want me to start. Do you want to start from the very beginning with JP Morgan? I’ll make it fast, but the very beginning? Ted Butler: The very beginning is in late 2008 or early 2008. I didn’t know about it till late 2008, but in early 2008, in March, Bear Stearns went out of business. I didn’t know it at the time because they never showed up in any report. They were an investment bank, and therefore would not be included in the Bank Participation Report, which covers only commercial banks. Because Bear Stearns was an investment bank, they were in the big concentrated short position in the Commitment of Traders Report, of course, but not identified by name, and they didn’t show up at all in the Bank Participation Report, so there was, I had no inkling that Bear Stearns was the big short in both gold and silver. They inherited the position from AIG; AIG had originally inherited the big short position, silver short position from Drexel Burnham, going back years. And so it came to Bear Stearns in March of 2008. Silver had run up from the end of 2007. The end of the year, December 30th, 2007, silver’s about fifteen dollars; gold is about eight hundred; in the next three months, a couple of months, it ran up as much as twenty one dollars in silver–six dollar advance–about a two hundred dollar advance in gold–the first time it hit a thousand. In any event, this caused, based on the size of Bear Stearns’ position, them massive losses. Combined margin calls and paper losses, even though their paper losses, unrealized, they were maintenance margins adding up every day. Continue Reading>>> Part I Part II Part III


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