A Freebie from Uncle Ted

Fri, Jan 3, 2014 - 3:32pm

Ted Butler's "New Year" newsletter was released to subscriber's on Wednesday. He's made it public today through the SilverSeek site.

Here's the link to the full report at SilverSeek: https://www.silverseek.com/commentary/2013-–-year-jpmorgan-12815

You should be sure to read the entire report but I want to C&P and highlight two paragraphs below. As regular know, I've been tracking JPM's hoarding of Comex gold and silver deliveries since July of last year. Ted has, too, and these two paragraphs get to the crux of the matter:

"Here’s something new I’ve been meaning to mention. The CME Group (owner-operator of the COMEX) lists a spot month position limit and monthly limit on actual deliveries of 7.5 million silver oz and 300,000 gold ounces by any one trader. Yet the CME is reporting that JPMorgan in its house account took delivery of more than double the amount of gold allowed in any one month. Since JPMorgan held the 6254 gold contracts from first delivery day forward, it also means that JPM was in violation of CME rules limiting spot month holdings in gold futures of 3000 contracts for the entire month. The violations in silver were less egregious but were violations nonetheless.

I’m sure if pressed the CME could come up with some cockamamie excuse why JPMorgan was allowed to hold and take delivery of so many gold and silver contracts in one month, but the real reason is that JPMorgan is above all rules and law. The CFTC backed down on policing JPMorgan and it would be foolish to think the CME would restrict its most important client in any way. Far from a band of brothers, this is a brotherhood of criminals. Besides, rules are for the little people, not JPMorgan."

If you're looking for something to do this weekend, perhaps you should C&P these two paragraphs yourself and send them off to the CFTC for an answer...


Again, to subscribe to Ted's excellent service, simply click here: https://www.butlerresearch.com/subscribe.asp


About the Author

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Jan 5, 2014 - 4:00pm


Thanks for the clarification on the debt ceiling "suspension" and your term limits definition!

So if I understand things correctly, in February, we either 1) raise the debt ceiling, 2) defer/extent suspension of debt ceiling 3) miraculously cut spending and find new sources of revenue to pay the bills or 4) default

From past performance, I'd bet on #2. I believe #4 will happen when all the world powers are ready to usher in a new monetary system.

Jan 5, 2014 - 2:41pm

Term limits and debit ceiling

Currently there is no debit ceiling. It has been suspended until February. In February, they need not raise the debit ceiling. They have the option of extending the suspension.

Term limits- Every politician should serve two terms. One in office, and one in jail.

Gold Dog
Jan 5, 2014 - 12:14pm


Just saw on the news that O'bummer and the girls are in DC. Moochelle is staying on for a couple of extra days.

No problem....just send a 747 back 18 hours each way to pick her up, it's free money!

The optics are awful.....will she send the dog home a day early on it's own plane a'la Nantucket?

I hate these people!!



Jan 5, 2014 - 11:30am

Term Limits

Term Limits would help solve so many corruption and power problems!

As far as a "great plan or conspiracy", I still wonder what evil man is capable of, and can the righteous turn things around?

Gold Dog
Jan 5, 2014 - 11:20am


I think that I agree with Armstrong....there is no great plan or conspiracy. It's all just Adam's "Invisible Hand" at work with everyone gone crazy with greed and power.

With that in mind my guess is that the Rebubs will just let it roll by and then raise holy hell about it as an election issue....whatever is in their best immediate good. Fu*k the Country and it's long term problems, how do I keep what's Mine, all MINE! HaHaHaHa........

Being in Congress must be quite intoxicating. It always baffles me how these guys in their late 80's and 90's cling to their office's, the perks of flying on tricked out Gulf Streams on junkets all over the globe must be just great!



Jan 5, 2014 - 10:54am

@gold dog & ivars

Thanks for the comments on my US Govt debt post.

What really will be interesting is if the "system" stays together for another year and the US doesn't default, how will they explain a year end deficit of $1.47 Trillion. That doubles the claim of FY2013 deficit of $672 Billion.

With the debt ceiling debate coming in February, will the Republicans make this a difficult process in an attempt to discredit the Democrats with the very important October 2014 elections or will this be a non-event? Yes, I think both parties suck and both heart America. The theatrics could be telling.

Jan 5, 2014 - 5:36am

Banksters have long ago

Banksters have long ago discovered that need for risk capital ( liquid) arises when there is high uncertainly levels ( remember this capital arose in the need to loan money to ancient farmers who were exposed to weather uncertainty and later as mercantile capital connected to ancient international medieval trade which was very risky).

So an obvious strategy for this capital to rule is ensure maximum uncertainty. Whatever it takes. That increases market share of this peculiar type of capital, ensuring it remains always in prominent swing capital position and can tax all other capitals (=in a cartel way, decide the price of ALL capital by increasing or reducing the supply of swing capital via CB decisions and lending decisions of banks) .

I think that is the only economic law there is - the strategic game of swing capital vs. others, and as part of it- ensuring that swing capital has big STOCKS and lowest production costs.

Today its the stock that is running dry- the gold reserves of swing capital are being depleted. That threatens its existence as such , since if there are no reserves, no one will believe in its ability to increase capacity ( create more trustable paper) .

So posession of GOLD- returning it back from the East - is death and life question for swing capital producers and investors behind this production.

Which means there will be NO capitulation to the East in an easy way. All resources commanded by swing capital will ( and already are) put to use to recover the basis.

First actions will of course be to decrease supply of money so that the leverage over stocks is reduced and with strategic aim to create recession in the East that will force them to sell gold back. Next steps depend on the reaction of Turkey, Saudi, India, China.

But do not hope on easy surrender of the Cartel.

Jan 5, 2014 - 5:20am


Book cooking to hide deficit- very true, thanks for exposure!

This is common practice of USG at lest since time trade deficit appeared . Every year -You can read about it in State Department Archives:


That means that government closing served a bipartisan purpose of supporting USD, as those year end reports matter more then first month reports. And February debt limit negotiations will be something the USA has not seen ever so far.

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Jan 5, 2014 - 4:38am

american society is alienated

... if only the mafia wasn't the Boss...

- then Gold would go up, right?

- JPM is a criminal enterprise? It is the # 1 US Bank, and in the World many fear this giant TBTF yankie monster.

So the Banksters rules in america....today.

Hey the President of the American Federation of Teachers is an outed lesbian. Gosh, that is revolutionary, eh? Wow, wonder what the future shall hold for the nation? And for those born male...

Who cut the cheese? Could begin a long list...1913 comes up, the Fed creation.

Then AIPAC gets a position. The tale of descent into today's psychotic alienated society gets a boost from the central planners, as they are divide and rule players : red vs blue, democracry vs axis countries, male vs female, plus abortion, gay marriage and all the other argumentive memes that threaten our consciousness, keep us at odds daily in america.

Jan 5, 2014 - 2:50am

For some reason Armstrong is

For some reason Armstrong is wrong in his conspiracy views.

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