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

turd [at] tfmetalsreport [dot] com ()


Jan 4, 2014 - 8:09pm
Jan 4, 2014 - 8:17pm

FY2014 Q1 US Govt Debt

I visit https://www.treasurydirect.gov/NP/debt/current quite often, and use it to keep tabs on the US deficit spending. Our run rate of spending so far during 2014 averages just under $95.2B per month. We would hit deficit spending of $1.142T at the end of FY2014 at this pace. So much for deficit reduction.

But do you remember the shenanigans in FY2013? The "extraordinary measures" that Treasury Secretary Jack Lew mentioned to keep the government running for the last part of the year?

We finished off FY2013 with a $672B deficit, using the balance figures from treasurydirect.gov. Ending balance on Sept 28, 2012 was $16,066,241,407,385.89 and on Sep 30,2013 it was $16,738,183,526,697.32. But you have to recognize that from 5/31/2013 through 9/30/2013, the deficit stayed virtually the same at $16.738T. That's 4 months of no deficit increase and lots of "extraordinary measures" to keep the U.S. government afloat.

On October 16, 2013, President Obama signed a bill to end the 16 day partial government shutdown. On October 17, 2013, I guess we had to finally account for the expenses of all those "extraordinary measures" that Treasury Secretary Jack Lew performed. On October 17, 2013, a $328B addition to the deficit showed up. That would have put the 2013 deficit at a cool $1Trillion!!!

So now what happens? How will the financial books look at the end of FY2014 when you have a run rate of $95.2B, and a huge one time charge of $328B because of those FY2013 extraordinary measures that got pushed to the FY2014 balance sheet? Yeah, we're looking at a $1.47 Trillion dollar deficit.

So we "punted" $328B into FY2014 to make 2013 look so rosy, but it makes FY2014 look horrendous! Maybe they don't care because it all falls apart this year! How can they hide this?

Are we going to see some fireworks in February when we are due to raise the debt ceiling?

Are we going to see a currency event, similar to what Jim Willie or Pastor Williams are talking about sometime this year?

One thing is guaranteed. It only gets more interesting in 2014

Gold Dog
Jan 4, 2014 - 8:49pm

Random Stuff From the Den

As I prepare for retirement and reinvesting my loot I have been messing around on the inter-tubes looking at various stuff and "The Arora Report" popped into my mind.


I signed up for the thirty day money back deal and they sent me a list of stocks to buy on dips. The idea is to buy small amounts and dollar cost average in. Same on stop-losses and selling to take profits. I signed up for the bear report as well but haven't received anything yet. I will report back as I learn more.

In re: Fukushima- Today I ordered a Mazur Geiger counter. We eat a lot of fish and I want to check anything for danger before we chow down. We are spending the month of March in Chile to see if it would be an acceptable Southern Hemisphere bug out location as well as looking for potential investments...I will take the counter with me and report my findings.

Which brings up the Harvey Report and Howard's remarks about breathing the "Free air" in the States. I don't feel stapled to the ground here and given the opportunity to be "home" often I would have no problem living elsewhere.

Time to eat, hope it's not "Blinky, the Three Eyed Fish"!

Your friend,


Jan 4, 2014 - 9:22pm
cliff 567 Gold Dog
Jan 4, 2014 - 9:48pm

My quite unusual brother Gold Dog

I have worked inside of the containment vessel of nuclear power plants and have personally climbed up the outside shell of the bio shield. I was working the Pilgrim plant on Cape Cod for the Three Mile Island up-grades.

I lived in my truck while I was doing that for the first numerous weeks. My ability to function at my educational level is not hampered by ANY exterior forces.

I have a saying that I use whenever someone says I can't or should not speak words that have already come out of my mouth.

The saying is variable,

"I get to do and say any thing I choose to do, at any time, for any reason. The only beholder being another American's rights of free movement."

Me myself, I am not often fucked with.

However I live on the extreme of low key.

I also hoard what I see to be useful in the future.

I have ZERO cash flow outside of a checking account that I maintain for on line purchases. There are rare periods when the money that I needed to send to buy what I wanted was not very closely matched. Currently that credit union account holds $13.33, US Dollars.

I am divorced from the system.

I am free to live or die by my terms.

Jan 4, 2014 - 9:51pm

Worth the watch

The Gold Must Flow!
Jan 4, 2014 - 10:07pm

.....and spare a thought for

.....and spare a thought for Minnesota

Northern Minnesota colder than Mars this week

Embarrass and International Falls were both under 40 below (F) Thursday night, while the Mars rover reported a mere 26 below. Temperatures at least that cold are forecast for Sunday and Monday.

In other words, a planet 140 million miles further from the Sun than Earth was warmer than parts of northern Minnesota last night. Granted, there are caveats. The Mars rover is close to the Martian equator right now. (The average temperature on Mars is 80 below, Fahrenheit). Still, there it is.

It’s going to be a little warmer today — perhaps even above zero. Then another week-long cold snap is expected, making us once again colder than Mars.

Gold Dog
Jan 4, 2014 - 10:27pm

Silver Run and Cliff

Silver, good stuff you have uncovered there. I doubt that many people really care, which is disheartening. The majority of voters want to hear who that Kanye guy is voting for and will use that as their litmus test.

My good man Cliff, the inside/outside of the system question is one that I have given a great deal of thought to over the last number of years and I don't want to respond until my thoughts can be better expressed in words.

Live free or die.

Your friend,


Jan 4, 2014 - 11:01pm

I posted this to the DOTS forum

thought I would repost here

RE: CONgress questions of NSA spying

"Members of Congress have the same privacy protections as all U.S. persons,"

Link to article here


I wonder if congress knows what a person is??

maybe they should review me, myself and I


I guess they have been told the answer.......YES

I Run Bartertown
Jan 4, 2014 - 11:22pm

If anyone is interested

This was done by the side we are backing. The side that McCain wanted us to commit more direct backing to. They've destroyed an ancient church and dismembered a Christian girl alive. They are killing entire villages of Alawites. These villagers are the people who had been protected by Assad until our government (along with the Saudis and Israel) weakened him and strengthened their killers.

Video unavailable

Incidentally, they are the ones being targeted by those gentlemen I posted the other day. Those guys were great under fire, but the video has been deleted. Laughing, smoking, sipping tea, and teasing their spokesman for nearly getting hit while yelling funny things at the enemy. Very human. In light of who they are fighting against, I'd sort of wish they were a more finely-tuned machine of death (with shoes), but interesting to watch nonetheless.

I Run Bartertown
Jan 4, 2014 - 11:36pm

Same OT subject

The public spoke, and for once they were heard. The Obama administration and the NeoCons were stopped by the outcry of an angry public. We would not go to war against Syria. It was a profound moment. Or not so much.

Video unavailable

Even after the chemical weapon false flag attempt was exposed, even after the public cried out against it, our government is training and arming the people exterminating Christians in the name of al quaeda. So if some of these trainers get rightfully killed, how many will rally round the flag for revenge because they done killed some of our boys...

Jan 5, 2014 - 1:21am

I'm not a lawyer but I saw one on TV....

As I understand it, it is not technically against the law to gut stick a Muslim or practice "creative carving" with a Ginsu knife on the High Wazzir IF one yells "Ah Ha Snack Bar" first. It is also not illegal to "have one's way" with a goat unless it is a male goat, in which case, the penalty is death. Personally, I attribute these laws to a ready access to Lebanese blond and (opium laced) Afghan black hashish. No wonder they are not allowed to drink beer.

I could be a little off in the details since I can't hear as well as I did before paying for college by playing drums in a rock band in front of a wall of Fender Dual Showman's, Baseman's and Pro Reverb's and going to the firing range at least three times a month.

Jan 5, 2014 - 2:50am

For some reason Armstrong is

For some reason Armstrong is wrong in his conspiracy views.

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 - 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.

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 - 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.

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 - 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 - 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 - 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.

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.


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