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Tuesday, August 18, 2020 9:47:44 AM
From Ted Butler, "The recent selloff" ==
"So the first thing we know is that the big concentrated shorts had the most to gain by a sudden sharp selloff. In fact, from Friday’s close until last night’s close, I’d peg the 8 big shorts in gold and silver as having recovered around $3.5 billion of their total running losses, perhaps the sharpest one-day “gain” ever, but still leaving them $14.4 billion in the hole. (I’ll update the figure when I send this out later and I will also discuss this in greater detail momentarily).
But apart from the simple observation that the selloff was most logically arranged by those standing to benefit the most, there is an even uglier side to the selloff. Contrary to the many articles proclaiming an imminent end to the COMEX’s influence in setting gold and silver prices, the influence of the COMEX has never been stronger. In fact there wasn’t a single component about yesterday’s sharp selloff that wasn’t COMEX-centric.
This leads me to a conclusion I don’t think I’ve ever framed in such words before, but the infrastructure of how gold and silver prices are determined, including the behavior of the CME Group, the self-regulator, and the CFTC, the federal regulator, is prejudiced against the average investor and biased in favor of the big concentrated shorts.
The proof is simple; in the case of the CME, its most important constituents are the big shorts, not the average speculator. In the case of the CFTC, the average investor is not going to present the same employment opportunities after government service as the big shorts. Besides, it’s been more than 12 years since the CFTC has even commented on what have been very credible allegations of wrongdoing by the big shorts and JPMorgan – allegations confirmed by one of its own, Bart Chilton, on his deathbed." https://silverseek.com/article/selloff
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