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ScotiaBank & Silver: Ted Butler's Call To Action

Commodities / Market Manipulation Aug 27, 2007 - 03:26 AM GMT

By: Ed_Steer

Commodities On August 21, 2007, silver analyst Ted Butler came out with one of his most important commentaries to date. I urge you to take the time to read it from one end to the other. Here's the GATA dispatch on Butler's essay ...


For twenty years, Ted Butler has been tireless in his efforts to bring an end to the manipulation of the silver price by the "eight or less" commercial traders...just as GATA has been in gold for the last nine.

In his commentary, Butler asks that concerned holders of both silver and gold bullion…and precious metals stocks…to send an e-mail to Scotiabank CEO, Mr. Richard Waugh...plus separate e-mails to the powers that be at the NYMEX and COMEX.

Here is the pertinent information directly from Butler's commentary....

In contact with Scotiabank, I would ask these questions;

  1. Does ScotiaMocatta hold a significant short position in COMEX silver futures for itself or for customers? 
  2. Is it proper for Scotiabank to be speculating in silver? 
  3. Is Scotiabank properly reporting its risk profile in silver? 

Please send to the attention of Mr. Richard Waugh, CEO

 In any contact to the CFTC and the NYMEX/COMEX, I would ask these questions;

  1. If a net concentrated silver short position, held by 4 or less traders, of the equivalent of over 260 million ounces is not manipulative to price, what amount would be manipulative? 
  2. Should a trader's identity be shielded if allegations of manipulation are made? 
  3. Please list those markets where the net concentrated short position, held by 4 or less traders, is greater than 150 days of global production, as is the case in silver. 

For the CFTC, please send to the attention of the Hon. Walter Lukken, Acting Chairman

For the NYMEX/COMEX, please send to the attention of Mr. James Newsome, CEO

A lot of us have already been around the block on this several times over the years, but it's absolutely imperative that we all put our shoulders to the wheel one more time on this one.

As I've said in previous essays on this particular subject, it's a sad state of affairs when shareholders are fighting for their rights and the precious metals miners won't lift a finger to help us. I know that Bill Murphy is sick to death with the lot of them...as is Ted Butler...and me...and probably you too.

So, once more into the breach dear friends...thank you.

By Ed Steer,

Director , Gold Anti-Trust Action Committee, Inc.

edsteer48@shaw.ca

Ed_Steer Archive

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Comments

Joe R Smith
29 Aug 07, 18:06
Letter Writting Campaign

I wrote ten letters to various government and official offices during Ted Butler's last letter writing campaign on the manipulation of the silver and gold markets close to a year and a half ago. I wrote to the three addresses including ScotiaBank, the CFTC and NYMEX August 28th. I wish I could say this exercise is going to make some change but we shall see.

Unfortunately the powers that be and their cohorts are stealing from the public with their rigged markets which very few people care about as they do not currently see the direct impact this has on their lives.

Where there is smoke there is probably an inferno. I can only imagine all the things that we don't know about that will be uncovered when the proverbial poop hits the fan. By then its too late. Unfortunately the blame game will start and those responsible who have benefited so greatly these many years may skate without so much as a slap on the wrist. A silver bullet for all the scoundrels and their beneficiaries would be a most appropriate sentence!

Joe R Smith


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