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Looking At Silver

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Its Friday evening and I was looking online at various PM dealers websites, 100 oz. bars are out of stock here and there. Curious to see how many 100 oz. bars are left for sale by Sunday evening? I predict alot of silver purchasing from online dealers this weekend.
 

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HISTORIC News for Silver and JP Morgan
Silver Fortune


Published on Sep 8, 2018
JP Morgan, the massive bank that so often is at the center of silver's price setting mechanism, has now set themselves up perfectly for a reversal in the silver market. Commercials in this week's COT report are net long for the second week in a row, and far longer than they were last week. What does this mean for silver? Watch to find out!

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Any content within this video or any other video by the Silver Fortune channel is merely one man's opinion, commentary, and analysis, or actual information obtained from elsewhere, and should not be constituted as legal, investment, or financial advice. Make your own financial decisions, or consult a professional if you'd prefer to go that route. The Silver Fortune channel disclaims any liability for legal, financial, or investment decisions made.
 

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The Silver Story
Silver Fortune


Published on Sep 9, 2018
Silver is about so much more than just the investment, the wealth preservation, or whatever other reason one chooses to own it. It's about bucking the trend, fighting the system, and acting on your convictions.

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Any content within this video or any other video by the Silver Fortune channel is merely one man's opinion, commentary, and analysis, or actual information obtained from elsewhere, and should not be constituted as legal, investment, or financial advice. Make your own financial decisions, or consult a professional if you'd prefer to go that route. The Silver Fortune channel disclaims any liability for legal, financial, or investment decisions made.
 

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You Need This Much Silver To Buy The Rolls-Royce Silver Ghost
Kitco NEWS


Published on Sep 10, 2018
Rolls-Royce is bringing back an iconic legend, the Rolls-Royce Silver Ghost.

The original Silver Ghost made in the early 20th century was dubbed "the best car in the world," and the 2019 limited edition model promises to live up to the legend.

“Only 35 individual cars are being made, and most of them already are purchased,” said Gerry Spahn, head of communications at Rolls-Royce Motors America, in an interview with Kitco News.

Spahn noted that a baseline Silver Ghost retails at about $400,000 USD, roughly equivalent to 28,000 ounces of silver at today’s prices.

The Silver Ghost is aptly named because it is not only painted silver, but contains the white metal in interior and exterior ornaments.

“In the paint in the Silver Ghost coach lines are fine particles of silver…there’s different amounts. The biggest amount would be the interior silver inlay, and also the Spirit of Ecstasy,” he said.

On future developments, Spahn said that Rolls-Royce will be joining other luxury car makers in producing electric vehicles.
“We’re not only thinking about it, we are working on it. Our CEO, Torsten Müller-Ötvös, has been very clear that within the decade, Rolls-Royce will have an electric car available for our clients,” he said.
 

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My right testicle is hanging very low, it normally does that before a large upward move in silver prices, this could be the big one.
 

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Silver On September 11 & Two Moments Of Silence
SalivateMetal


Published on Sep 11, 2018
 

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Memoirs of an Unemployed Man


-- Published: Wednesday, 12 September 2018

Originally published at http://plata.com.mx/enUS/More/358?idioma=2
By Hugo Salinas Price

I have had an interesting life, in the course of my retirement from business; my retirement happened somewhat by chance, in the year 1988; one Friday evening I presided a meeting of a group directors of Elektra, a Mexican company the property of my father and myself. We had had some 500 of these meetings in past years; they took place every two weeks. My son Richard was present, having been with the company since 1980. (He had arrived in 1980 from Dallas, Texas, looking for a post at Elektra, after being fired from his job - he had called his supervisor a fool, if not something worse. He was probably right in his judgment of his superior officer's decisions, but of course saying what you think is not the best way to get along in business).

Well, having risen to leave from the meeting I mention, suddenly an impulse came upon me and I announced: "This is the last meeting that I shall preside. My son Richard will take over from here. Cancel all my Powers of Attorney and my signatures in bank accounts". Thus, I fired myself. Richard really deserved to run the family company, since he is far more able in business, than myself.

So that's how I found myself unemployed at 56, a situation which I have thoroughly enjoyed the last 30 years, especially since Richard turned out to be a businessman of singular ability, whose efforts have made me a rather wealthy man. The shares of Elektra to my name, if their number is multiplied by their quoted value on the Mexican Stock Exchange, and divided by the current rate of exchange of the Peso against the Dollar, amount to about - well, I'd rather not say. Bad luck might ensue!

I advance the clock to 1995; a terrible financial collapse had hit Mexico with a heavy devaluation of the Mexican Peso against the Dollar.
During this crisis, I had conversations with some of my conservative friends, and the conversations turned to silver money; my friends suggested that I put my thoughts into print, and so I did. I published a tract which intended to show how a silver money could be adopted by Mexico. It was much too ambitious and impossible to consider as a serious proposal.

Consequently, I put out another tract, urging the use of silver as a means of saving for the Mexican people. There has been available, since 1982, a pure silver coin weighing one Troy ounce, with no stamped value upon it: the "Libertad" silver ounce. The Mexican people have been acquiring modest amounts of this coin, over the years. One defect that puts off many purchasers, is that the monetary value of this coin fluctuates, and at times make it seem a bad investment, especially for new investors - though over time, the value of the coin does show a constant rise.

Elektra is a chain of stores selling durable consumer goods - for cash or on credit. I guess it was perhaps the year 2000, that I had Elektra add to its activities, that of being a seller and purchaser of the coin. Unlike the banks, whose employees were instructed to examine each coin purchased from the public, and discount real or imagined defects from the coin's price, Elektra sold and re-purchased the coins with no diddling about defects. The first coins that Elektra sold, went for $54 pesos; I remember the price because at that time, I myself purchased a coin at a store in Cuernavaca - a little village at one time, now a large city, South of Mexico City.

The fluctuating price of the "Libertad" coin kept bothering me. One evening, as I was smoking my evening cigar after dinner, the solution to the problem of "How to turn the "Libertad" coin into money" suddenly popped into my mind.

The precedent of the monetary behavior of the Mexican silver peso, which circulated in Mexico as its fundamental monetary unit, from 1920 to 1945, and known popularly as the "0.720" Peso (that being the weight of the silver in the coin, as against its full weight) presented the solution: This Mexican peso, which I had treasured as a child, contained 12 grams of pure silver, and was stamped "One Peso" (the Peso was made up of 100 Mexican centavos). Therefore, that peso was overvalued, though no one ever thought about that, because the peso, worth 100 centavos, only had 51 centavos of silver in it! The value of the silver in the Mexican peso, even went down in the Depression of the 1930's, to about 32 centavos - but no one was the wiser and the Mexican peso was accepted by everyone.

So - what killed that Mexican silver peso? It was the rise in the value of silver, after WW 2! The 12 grams of silver in the coin, became worth more than 100 centavos. The banking system collected all the silver pesos it could - a paper peso was then in circulation - and sent them in truck-loads to the refinery, where the silver was sold for a profit by the banks.

The solution for the problem of monetizing the silver "Libertad" ounce became clear: It bears no stamped monetary value, and this makes it possible for the Central Bank, the monetary authority, to grant it an official monetary value, by means of a public quoted value, on the part of the Central Bank.

Following the example of the "0.720" Mexican peso, the quoted monetary value must be higher than the value of the silver in the "Libertad" ounce. And also following the experience of the "0.720" coin, if the price of silver falls, the monetary value of the "Libertad" ounce must not fall.
On the other hand, if the price of silver rises, it will not mean the death of the "Libertad" ounce, as it meant for the "0.720" Mexican silver peso, because the monetary quote will simply be adjusted upward, so that the silver in the "Libertad" ounce, will again be worth more than its value as silver bullion.

The monetary quote would have to be applied to the "Libertad" silver ounce, by the Mexican monetary authority - the Mexican Central Bank. With this is mind, about 16 years ago I approached the Mexican Central Bank and was invited to a luncheon at the Bank. I have never in my life suffered such a disagreeable lunch. The minor official who hosted the lunch was unbearably haughty and so offensive that I was not able to eat a single bite, and this has been the attitude of our Central Bank, to this day.

(The last refusal of our Central Bank to consider the monetization of the "Libertad" silver ounce, came the last week of this past April, 2018, when a delegation of Senators, representing all Parties in the Mexican Congress, went to the Bank to inform it of the decision of the Congress, to pass a law forcing the Bank to monetize the ounce with a monetary quote. The Bank refused, absolutely, to accept such a Law, and argued that it would mean the collapse of the Bank - an utterly preposterous allegation. The Senators caved in, when one of their group, a key Senator for passing the Silver Bill, defected and sided with the Bank.)

* * *

Comes 2003, and Elektra became the sole owner of a new bank, "Banco Azteca"; so then it was the Bank's branch, at each store, which took over the operation of the sale and repurchase of "Libertad" coins. Today's sale price for the "Libertad" is $356 pesos, the re-purchase value is $305 pesos. Undoubtedly, the "Libertad" has functioned well as a store of savings, in spite of its fluctuating price.

* * *

Having become unemployed since 1988, I have become a "Monetary Missionary" and I have presented the silver gospel in many different countries - finding no converts, I am sad to say. It seems as if the highly placed officials with whom I have been able to speak, cannot break away mentally from the idea that money must be paper or digital, and that it must be, in fact, various presentations of the US Dollar, in local, national paper costumes; for without Dollar backing in the form of Reserves, no country in the West can have any money, at all.

In the course of my "Missionary Work" I once talked with the President of Guatemala; and also, with the President of Peru, Alan Garcia; with various individuals with connections to the elusive President of Bolivia, Evo Morales; I went to Buenos Aires, Argentina, thinking that, with all their monetary crises, they might be interested in silver; but I was sorely mistaken: I only met a couple of disagreeable women who were supposed to be Economists, and they discarded the idea of silver money at once: "Silver money? Why, people would only put their coins away as treasure, and, how would that help economic development?" With "Economists" like that, no wonder Argentina is a perpetual monetary basket-case.

Years ago, I participated in a monetary gathering in Kuala Lumpur, where the Islamic audience - with President of Malaysia, Mahathir, present - expressed much interest in my proposals; I have spoken in Madrid, to another audience interested in monetary affairs; I have spoken in London - where of course all officials know that they hold an exclusive patent on Truth; I went to Athens, Greece, and urged them to monetize small silver coins, for the use of their impoverished population, when the ECB got their hands on them and reduced them to misery; I have recently been to Kazakhstan, and even made a batch of silver coins with their symbols for the Kazakhs, but it seems to me that they are too occupied with building a perfect Socialist paradise with the money from their abundant oil reserves, to think about something as silly as providing their people with a reliable means of saving.

In 1999, Hugo Chavez, an officer of the Venezuelan army, declared himself President of Venezuela. Among a multitude of other plans, he announced that he would create a money that would be used by all of South America. So the idea occurred to me, that if Chavez offered other countries a silver coin as money, they would probably accept it, and Chavez would thus prove to his countrymen that he was a great leader.

In preparation for a visit to Chavez, I had made up a batch of 500 one-ounce silver coins at a private mint in Mexico City. The coins had a profile of the hero of South America, Simon Bolivar, on one side, and on the other, the official "coat of arms" of Venezuela. This coat of arms traditionally included the image of a horse galloping to the right, but Chavez, being a leftist revolutionary decided that the horse should gallop to the left. So the pretty coins I had minted, had the horse gallop to the left, to please Chavez.

When I got to Venezuela, I found it totally impossible to meet with Hugo Chavez. The best I got was a minor executive at the Venezuelan Central Bank. He patiently listened to my words, but like any bureaucrat, his only aim in life was to keep his job and gather a bit of Capital for his retirement. So I decided to accept defeat and return to Mexico. Alas! That was easier said than done: when the moment came to board our plane at the Caracas airport, the box with 500 silver ounces was taken to one side by Customs Officials - a nice prize for the Customs boys! I placed a call to my acquaintance at the Central Bank, and the coin box boarded the plane. I use the silver box as a door-stop, in my office.

After the death of Hugo Chavez, Nicolas Maduro became President of Venezuela. One achievement Maduro has to his credit: no more need for toilet paper - Maduro's paper money is cheaper. I read deep fear in the face of Maduro that we see on the TV; he knows he is in grave danger of being "liquidated". If he could, I think he would take the next plane to Cuba and get out of Venezuela pronto.

Finally, in the course of my life as an unemployed man, I had a very favorable response in Russia; I was in Moscow a couple of years ago, and spoke with a teacher of Economics for Advanced Students in Moscow, Dr. Grigoriev, who was kind enough and open-minded enough, to let me address his Economics Class. The positive response by his class, brought me to the edge of tears. The same thing took place in St. Petersburg, where I was invited to address - through translators - a group of important individuals, led by Dr. Vladimir Shamakhov, the President of the Northwest Institute of Management of the Presidential Academy of St. Petersburg, founded by President Vladimir Putin. I presented there, a booklet describing the process of granting a quoted value to the Russian silver ounce; that booklet has been translated into Russian by a fine friend in Moscow, Mr. Dmitriy Balkovsky.

I also had the memorable experience of talking about silver ruble coins with officials of the Bank of Russia, within the precincts of the Bank. Never have I met with a more hostile group of individuals! They most certainly did not appreciate the efforts of a Mexican to meddle with the monetary system of the Russian Federation.

As a result of my efforts in Russia, I had the great satisfaction of being honored last year, with the title of "Honorary Professor", by the kindness of Dr. Shamakhov, in personal representation of the aforementioned Northwest Institute of Management, in a formal ceremony within the Russian Embassy in Mexico City.

I attribute my failure to convince any government in the world to take up the opportunity of creating a new, real and tangible silver money, to exist in parallel with paper money, to the sad fact that the whole world has forgotten that money was once a silver or gold coin, as was the case in the world in the 19th Century and which endured up until the outbreak of WW1in 1914; I think that date can be regarded as the water-shed moment which marked the beginning of the decline of the use of silver and gold as money.

100 years after WW1, paper and digital money totally dominate the economic landscape of the world. The result of this century of paper and digital money use has been that silver is now officially regarded as nothing more than a commodity with extensive industrial use, which is consuming a good part of the silver supplied by mining industries. Nevertheless, old habits are hard to break and stubborn individuals continue to accumulate silver coins - and an unexpected rise in the price of silver bullion may prove them right. The present ratio of silver to gold stands at 1:85 - silver is dirt cheap! Gold refuses to go away, but this embarrassing metal is carefully manipulated by enormous "futures trading" in paper gold, to suppress the price it would have in a free market.

Gold - in spite of the drastic manipulation of its price - remains a metal of great interest to the powers of this world, perhaps with the exception of the United States. Without a shadow of a doubt, at some future time the false paper and digital monetary systems of the world will collapse, and the wiser Powers of this world are hedging against that time. Only a very small minority of individuals who patiently await the resurgence of gold as money, are holding on to it.

With regard to silver, the world's economists and Presidents have quite forgotten about the role of silver as money in human affairs. Their ignorance in this respect, is total. It is fruitless to think that any influential economist or President will have the audacity to favor the monetization of silver, against the prevailing opinion of the world's most eminent authorities. To do so, would require a heroic conviction on the part of any politician: a hero does not take opinion from subordinates - or anyone else, for that matter; he gives orders which must be obeyed, but we have no heroes in political office in the Western World, these days. Kim Yong-un, President of North Korea, is a hero to his people; his political stance is certainly not Libertarian and his nation is very poor. But still, his stance is definitely heroic.

The hero who would monetize silver must be willing to face the condemnation of all men in similar positions of power, as well as the whole world-wide body of economists whose only training has been in Statist policy: the idea of empowering the individual, by allowing him to possess silver money, is simply not a part of the intellectual framework of economists and politicians. The hero who would monetize silver, would have to possess sufficient knowledge and personal conviction, to explain thoroughly his heretical adherence to silver money, and face an international lynch mob looking to terminate his political life.

Politicians today, recognize problems and then devise means to deal with them. What they are not able to do, is to discover the causes of problems. If on a morning, a politician finds that his car's engine will not turn over, he first sees if perhaps the battery has run down. But in the complex case of a stagnant economy, the only solution that occurs to the politician is - to create more money. The attempt to find the correct solution to a stagnant economy, would require an inquiry into the motivations of the population - and such an inquiry is beyond the interest of the politician and worse, beyond his intellectual capacity.

Where we are at, in my view: the world's population has soared since the 18th Century, when movement around the world had not changed materially from the way in which people moved about under the Roman Empire. The consumption of energy in the form of petroleum leaped from virtually zero in the late 1890's, to gigantic volumes at the end of the 20th century. This energy, inserted into human life, has affected all aspects of human life and values. In a sense, humanity has become drunk on energy, and to a large extent, has forgotten about the basics of human life, one of them being the imperative need of all societies, to base themselves upon real money.

2018: Today, the energy party is in a twilight zone. It's not the 50's anymore. But the population of the world is drunk on energy - and drunks can be very nasty people.

So, here I am 86, unemployed and with what I have to show for my efforts regarding silver being an Honorary Degree, a mortarboard and a toga!

http://news.goldseek.com/GoldSeek/1536762231.php
 

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Commitment of Traders Report 101 - Silver and Gold
Silver Fortune


Published on Sep 17, 2018
How does the COT report work? What is it, what does it mean, and what can we glean from it?

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Any content within this video or any other video by the Silver Fortune channel is merely one man's opinion, commentary, and analysis, or actual information obtained from elsewhere, and should not be constituted as legal, investment, or financial advice. Make your own financial decisions, or consult a professional if you'd prefer to go that route. The Silver Fortune channel disclaims any liability for legal, financial, or investment decisions made.
 

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Is The COT Report Still Valid?

Theodore Butler
September 17, 2018 - 12:27pm


There can be little question that there has been a literal explosion in awareness and public commentary focusing on the Commitments of Traders (COT) Report and the analysis of silver and gold (and other markets) in accordance with futures market positioning. No doubt the interest has been generated by the reliability of the COT market structure approach over the long term, but also by the recent extreme and unprecedented massive size of the short positions of the managed money traders in gold and, particularly, in silver. The managed money short position in COMEX silver futures is now nearly 50% larger than it was at the previous record peak in April.

Coincident with the explosion in COT commentary and the unprecedented managed money short positions, there have been a number of questions related to the current efficacy and accuracy of the report. Some have raised questions whether the report is still a valid barometer of past and prospective price change, as well as if the report accurately reflects actual positioning by traders or whether there is deliberate misreporting. These are significant concerns worthy of analysis. After all, if the COT report is no longer valid or trader positions are being misreported, the growing commentary is especially misplaced.

Behind the question of whether the COT report is still valid seems to be the reality that positioning has reached extremes never witnessed in the face of prices yet to reverse. This raises the alarm to some that something has gone haywire and the premise behind market structure analysis no longer works. While understandable, nothing could be further from the truth. Yes, the managed money short positions in silver and gold have reached extremes never before witnessed, but the positioning extremes are completely in synch with price performance.

To be clear, I’m not claiming that the record extreme short positioning by the managed money traders has resulted in the lowest prices ever recorded for silver and gold, as that would clearly be untrue. What I am claiming is that the record short positioning by the managed money traders has resulted in an equally unprecedented pattern of price – there has never been a consecutive weekly decline in the price of silver extending to 14 weeks in history. In other words, the positioning matches the price pattern perfectly; which is exactly what it is supposed to do. Just because no one (certainly including me) predicted we would have record and unprecedented managed money shorting starting on June 12 does it mean the COT report is no longer valid. Many things are beyond prediction.

In fact, the nearly identical pattern of positioning and price change is the clearest proof to date of the validity of the market structure approach based upon the COT report. Far from questioning whether the market structure approach is still valid, there should instead be heightened awareness that the unprecedented short selling by the managed money traders is the sole cause of the unprecedented string of consecutive weeks of lower prices.

I think I understand why some may be questioning if the COT report is still valid, namely, we have yet to rally from what is the most bullish market set up in history. Instead the market structure has continued to get more extremely bullish, as the managed money traders have continued to sell and sell short in COMEX silver futures, while the commercials, particularly JPMorgan, have continued to buy. But the COT report was never about the precise timing of reversals of positions, just that the reversals would come from extreme positions.

Certainly, the current positioning has taken much longer to reverse than anytime previously, but that is little reason to assume a rally of significant proportions will not occur. Besides, I’ve already laid out the case for the market structure approach not working – the managed money technical funds collectively buying back their extreme short positions at a profit. The fact that they continue to add new short positions just delays and accentuates the eventual certain resolution that the short positions must be bought back at some point, so let’s not get impatient. Look, I’m sure we’re all ready for the resolution, but it isn’t up to us; it’s up to the nitwit technical funds and the very crooked JPMorgan.

On Saturday, I mentioned how I thought it was nearly impossible that JPMorgan had managed to buy back its entire silver short position on the COMEX. I’d like to amend that a bit. Over the years, whenever JPMorgan had reduced its silver short position dramatically, I would always get inquiries from readers asking if I thought if JPMorgan could reduce its short position completely and even get net long. While I never explicitly ruled out such an occurrence, I was always very careful to point out that in order for JPMorgan to buy back its short position completely, it would require the managed money traders to then sell and sell short a further prodigious quantity of contracts, something that never occurred. For example, back in April, when the managed money traders sold a then-record 74,000 silver contracts short, the lowest JPMorgan could reduce its short position was down to around 20,000 contracts.

On the current silver price rig job down that began around June 12, the managed money traders have sold short more than 104,000 silver contracts, fully 30,000 contracts more than their previous record in April. While there was no way (that I’m aware of) to predict this outcome in advance, there is also no question that the “extra” 30,000 new managed money shorts is precisely what enabled JPMorgan to buy back its short position completely and get slightly net long for the first time ever. My point is that while not predictable in advance, the explanation for how JPMorgan managed to accomplish the “impossible’ was laid out in advance.

Similarly, there have been recent questions concerning whether the positioning changes reflect accurate reporting by the traders required to report changes in positions. In other words, questions have been raised about whether traders are being truthful in reporting positions; including the possibility of some serious hanky-panky by JPMorgan in holding positions in others’ names. Added to these concerns is the fact that traders, including JPMorgan, have been cited for false reporting violations in the past (although not specifically in COMEX silver to my knowledge).

While the questions are understandable given the recent unprecedented positioning and price patterns and the possibility that false reporting always theoretically exists, I detect no obvious misreporting currently. For starters, the large trader reporting system is pretty tight and relatively easy for the CFTC to administer and enforce, as anyone who has ever filled out a large trader reporting form (CFTC Form 40) will attest.

Once any trader passes the threshold of being qualified as a large trader (200 or more contracts in COMEX gold and 150 contracts or more in COMEX silver) that trader is required to answer a series of penetrating questions certifying ownership and trading authority designed to uncover just who is responsible for the reportable positions. The whole purpose of the Form 40 and subsequent reports of changes in positions is designed to ferret out precisely the type of misreporting thought by many to exist. Lying on these reports is fairly easy to detect and when it is uncovered it is usually dealt with harshly by the CFTC (one of the few things it does well, in my opinion). Please take a moment to review the form and see if it leaves out any questions you would include.

https://www.cftc.gov/sites/default/files/idc/groups/public/@forms/documents/file/cftcform40.pdf

But it is not just the fact that it is fairly easy for the CFTC to uncover the false reporting of positions that persuades me that little actual misreporting is occurring currently; it is more the fact that the current reporting of positions proves conclusively that silver and gold are being manipulated in price and, further, that JPMorgan is the prime manipulator. Why lie and falsely report when you can report truthfully and openly manipulate? Moreover, my allegations of manipulation by JPMorgan are derived directly from positioning data published by the CFTC.

CFTC data show that JPMorgan has been the single largest buyer of COMEX silver and gold contracts on the unprecedented downturn in price, making it the single biggest beneficiary of the downward price manipulation. I don’t know it it’s possible to state the case in more precise terms. If the single biggest beneficiary of a manipulative downturn in price is not the prime manipulator, then who is?

I know full-well that it has been the managed money hedge funds that have been the biggest actual sellers, but I also know that JPMorgan has been greasing the skids and inducing these traders to sell by rigging prices lower and lower. All that proves is that JPMorgan is a sophisticated financial crook, the most sophisticated in existence and not some petty criminal punk out to mug an old lady and snatch her purse. Why would JPMorgan involve itself in false reporting to the CFTC when it can manipulate and file accurately with no consequences?

In summary, I understand the concerns about the COT market structure premise no longer being valid and about the false reporting of positions, but I just don’t agree with them for the reasons stated above. Having described and fully-stipulated as to what would constitute a failure of the COT market structure premise, namely, the collective covering of the managed money short position at a profit, there is little I can do except report on continuing developments and await the eventual outcome – however and whenever it comes.

Ted Butler
September 17, 2018
Excerpted from a release to subscribers on September 12, 2018
www.butlerresearch.com

http://silverseek.com/commentary/cot-report-still-valid-17413
 

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Silver's Collapse To Near 10 Year Lows Sees U.S. Mint Sellout of Silver Eagle Coins

by GoldCore
Tue, 09/18/2018 - 07:40


- Silver is ‘undervalued’ relative to stocks, bonds and gold: GoldCore
- Silver at $14/oz is cheap relative to gold with gold-silver ratio near 80
- Silver drops to 32-month lows prompting sellout of Silver Eagle coins at U.S. Mint
- U.S. Mint said “recent increased demand” prompted a "temporary sell out" of its American Silver Eagle bullion coins as investors see silver coins as a bargain
- “We believe that we are on the verge of another financial crisis"
by Myra Saefong of Marketwatch:


A drop in silver prices this year has attracted investors seeking a bargain, prompting a temporary sellout of the 2018 American Silver Eagle bullion coins at the U.S. Mint this month.

At about $14 an ounce, silver was bound to attract more buyers. It’s “now very undervalued, relative to stocks, bonds, and, indeed, gold,” maintains Mark O’Byrne, research director at precious metals brokerage GoldCore in Dublin, which has seen the amount of the metal clients have stored grow 24% this year.


Silver in USD - 10 Years

“We believe that we are on the verge of another financial crisis, likely due to contagion among European banks, which will impact risk assets,” he warns, adding that this should lead to “significant hedging and investment demand for both gold and silver.”

“The sellout of Silver Eagles implies that demand for physical [silver] has recently been increasing,” says Chris Gaffney, president of World Markets at TIAA Bank.

“With Silver Eagles being the most popular bullion coin available, this is a good indicator of physical demand,” he adds, and higher demand “makes sense,” given that prices are nearing multiyear lows again.

The mint announced on Sept. 6 that it is producing additional coins to restock its depleted inventory.

Edmund Moy, director of the U.S. Mint from 2006 to 2011, says the recent sellout of the 2018 coins from strong growth in demand was unusual. He adds that sellouts happened much more frequently during the financial crisis of 2007-2009 and the Great Recession, which began in late 2009. Back then, the mint had a hard time meeting surging demand, as some worried investors sought refuge in precious metals.

Moy notes that sales peaked at 47 million ounces in 2015, but that this year's are still running above the 10 million-ounce annual totals seen before the financial crisis and Great Recession. He expects sales to end the year at 11 million or 12 million ounces.

Overall physical demand for silver—including metal used in jewelry and other commercial items and processes, as well as coins—slid to 1.018 billion ounces in 2017 from 2016’s 1.041 billion. Nonetheless, there was still was a supply deficit of 26 million ounces last year, the fifth straight annual shortfall, according to the Silver Institute.

The U.S. Mint says that increased demand was behind the Silver Eagle sellout. Moy says the “surge was likely caused by silver speculators spurred by the gold/silver ratio,” which currently stands at around 1 to 85, based on Tuesday’s settlements. That means it took about 85 ounces of silver at $14.15 to buy one ounce of gold at just over $1,202. The historical norm is 1 to 50, “which means gold is overpriced or silver is underpriced,” Moy observes.

“Speculators are betting that silver is underpriced.”

Full article on Marketwatch

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News and Commentary
Gold Prices Reclaim $1,200 Ahead of New U.S. Tariffs on China (Investing.com)
Trump puts new tariffs on China as trade war escalates (CNBC.com)
Asian markets mostly shrug off latest U.S. tariffs targeting China (MarketWatch.com)
Trump slaps tariffs on $200 billion in Chinese goods, spares some consumer tech (Reuters.com)
Trump set to slap $200 billion in tariffs on Chinese goods: WSJ (CNBC.com)



Source: US Funds via GoldSeek

History Is Due To Repeat Itself - Dalio on Coming Currency Crisis (Youtube.com)
It Feels Like 2007 All Over Again… (BonnerAndPartners.com)
Is This Just the Calm Before the Storm? (GoldSeek.com)
How Anglo Quietly Built a Commodity Trader in Glencore's Shadow (Bloomberg.com)
How Politics Drove an Irish Ruling Family Into a Ditch (BonnerAndPartners.com)
Listen on SoundCloud , Blubrry & iTunes. Watch on YouTube below




Gold Prices (LBMA AM)
17 Sep: USD 1,196.80, GBP 914.00 & EUR 1,027.21 per ounce
14 Sep: USD 1,206.20, GBP 918.76 & EUR 1,030.58 per ounce
13 Sep: USD 1,206.65, GBP 924.41 & EUR 1,038.68 per ounce
12 Sep: USD 1,197.80, GBP 919.07 & EUR 1,033.10 per ounce
11 Sep: USD 1,194.00, GBP 915.92 & EUR 1,028.75 per ounce
10 Sep: USD 1,195.80, GBP 923.28 & EUR 1,032.45 per ounce

Silver Prices (LBMA)
17 Sep: USD 14.17, GBP 10.81 & EUR 12.15 per ounce
14 Sep: USD 14.22, GBP 10.83 & EUR 12.15 per ounce
13 Sep: USD 14.23, GBP 10.90 & EUR 12.24 per ounce
12 Sep: USD 14.16, GBP 10.90 & EUR 12.22 per ounce
11 Sep: USD 14.13, GBP 10.85 & EUR 12.19 per ounce
10 Sep: USD 14.22, GBP 10.99 & EUR 12.28 per ounce

Recent Market Updates
- We Are In “Never Never Land” Accounting As U.S. Government Is “Missing” $21 Trillion

- This Week’s Golden Nuggets – BOE Warns Of UK House Price Crash
- Video: BREXIT To Contribute To London Property Bubble Bursting
- Australia’s Banking System May Be The “Bloody Big Butterfly” Which Triggers Next “Financial Storm”
- Ten Years Since Lehman: Biggest Driver of 2008 Financial Crisis Has Only Got Worse
- London Property: Here Comes the Crash
- This Week’s Golden Nuggets
- Gold Remains An “Excellent Way to Hedge” for Longer Term – BNP Interview
- Video: Gold Surges To Record Highs In Emerging Market Currencies – New Highs In USD, EUR, GBP In the Coming Months?
- September Is The Best Month For Gold and Worst Month For Stocks
- Pound Investors Face Months of Volatility Into Brexit Endgame
- This Week’s Golden Nuggets

https://www.zerohedge.com/news/2018...-lows-sees-us-mint-sellout-silver-eagle-coins
 

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JP Morgan Is NOT Cornering The Silver Market!
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Published on Sep 19, 2018
 

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Is Silver REALLY Heading To $12 An Ounce?
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Published on Sep 19, 2018
Hey gang, thanks for tuning in again today. Quick video here today - is Silver REALLY heading lower? Some technical analysis and general thoughts. Let me know what you guys think! Thanks again for watching.

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Is Silver Coming Out of Hibernation?
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How Low Will Silver Go? Interview w/ Reluctant Preppers
Silver Fortune


Published on Sep 29, 2018
Interview with Reluctant Preppers regarding Fed policy, emerging markets, and the price of silver going forward.

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Silver Should Explode But Market Illogical - Keith Neumeyer
Kitco NEWS


Published on Oct 1, 2018
Editor's Note: Recorded on September 25.

Silver should be trading a lot higher, based on technical and fundamental indicators, said Keith Neumeyer, CEO of First Majestic Silver.

“It should happen, logically speaking, but these markets aren’t logical markets, as long as you keep having all the fund flows going into U.S. equities markets,” Neumeyer told Kitco News on the sidelines of the Denver Gold Forum.

He reiterated his long-term bullish stance on silver, citing electric vehicles as a a key driver.
 

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15 looks like the new line in the sand,, wheres Chilton thought he was going to clean house at the crimex ?
 

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Why Silver Is Favored Over Gold: The Silver-Copper Ratio
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What Premiums are Telling Us About Silver Demand - Tom Cloud
Silver Fortune


Published on Oct 9, 2018
Tom Cloud of Cloud Hard Assets joins me to discuss the recent downturn in the silver and gold markets, and how this has caused silver demand to soar.

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Silver Should Explode But Market Illogical - Keith Neumeyer
Kitco NEWS


Published on Oct 1, 2018
Editor's Note: Recorded on September 25.

Silver should be trading a lot higher, based on technical and fundamental indicators, said Keith Neumeyer, CEO of First Majestic Silver.

“It should happen, logically speaking, but these markets aren’t logical markets, as long as you keep having all the fund flows going into U.S. equities markets,” Neumeyer told Kitco News on the sidelines of the Denver Gold Forum.

He reiterated his long-term bullish stance on silver, citing electric vehicles as a a key driver.
How much silver is used in an electric car??
 

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The Number One Lie About Silver
Silver Fortune


Published on Oct 13, 2018
Don't be fooled by those that claim the best days for silver are behind us, and that you should accept that it no longer has a role as financial asset, but only as a commodity.

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How China Could Affect Silver Prices Over The Next Month
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Published on Oct 14, 2018
 

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Silver Has Too Many Industrial Uses For Prices Not To Improve
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Published on Oct 19, 2018
 

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Silver: Keep Your Eyes on the Big Picture!
Silver Fortune


Published on Oct 25, 2018
All things considered, the fundamentals for silver remain very strong, and these low prices have made for an excellent opportunity for years.

Any content within this video or any other video by the Silver Fortune channel is merely one man's opinion, commentary, and analysis, or actual information obtained from elsewhere, and should not be constituted as legal, investment, or financial advice. Make your own financial decisions, or consult a professional if you'd prefer to go that route. The Silver Fortune channel disclaims any liability for legal, financial, or investment decisions made.
 

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The 430 Million Ounces Of Silver That Changed History!
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Published on Oct 27, 2018
 

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10 Largest Silver Mines In The World
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Published on Nov 2, 2018
 

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The Two Main Reasons For Low Silver Prices In 2018
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Published on Nov 19, 2018
 

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The Catalyst for a Silver Bull Market is Nearing
Silver Fortune


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In this video, we discuss the 3 major catalysts that are likely to send silver higher, and why one is getting closer and closer to becoming a reality.

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Physical Surplus for Silver Projected for 2018
Silver Fortune


Published on Nov 24, 2018
With falling investment demand, it comes as no surprise that the physical market is in a surplus... for now. But for how much longer?

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Why Graphene Won't Replace Silver....
SalivateMetal


Published on Nov 26, 2018
....anytime soon
 

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The Key to New All Time Highs for Silver w/ Steve St. Angelo
Silver Fortune


Published on Nov 29, 2018
Steve joins me once again, to discuss the role of investment demand, as well as energy, in driving precious metal prices to new highs in the future.

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Commiefornia just passes a law all houses built after Jan one 2020 must have solar panels