Ted Butler on the recent takedown of gold and silver

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  • Sat, Jul 03, 2010 - 09:20am

    #1
    John99

    John99

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    Ted Butler on the recent takedown of gold and silver

KWN gives a good interview of Ted Butler on this week’s takedown of gold and silver prices.

http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/7/3_Ted_Butler_on_the_Metals_Market.html

Butler suggest we continue to file complains about the price manipulation with the CFTC. Their email address:

[email protected]

  • Sat, Jul 03, 2010 - 02:44pm

    #2
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

Gold-bugs like Butler have absolutely zero credibility with me. 

Any drop in the price of gold and the only explanation is criminal activity? Yeah, there is a conspiracy in this market and its called PROFIT.

I have never seen an asset with so much dumb-money baggage before and I have no doubt this is going to end really bad for Joe Bug. I really regret ever buying into this charade. 

Its time to cash in my PM Insurance policy because the only thing it insures is emotion-induced investor stupidity and ridiculous theoretical constructs.

  • Sat, Jul 03, 2010 - 03:30pm

    #3
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

You think after living on this planet for the last decade that conspiracy isn’t a huge part of the political/economic landscape? Enron was just business as usual and Goldman Sachs played an above board game in a pursuit of profits? How about AIG–not a ponzi? Jag, you write as if you may have overwhelming support for your anti conspiracy gold line on this forum, because ‘conspiracy’ threads are consigned to the digital basement . That seems to be in the interest of keeping people focused more on practical solutions to problems they can clearly get a handle on. But as far as “theoretical constructs” with no basis in reality, with regards to gold…the idea that the price is manipulated? It can’t be clearly ‘proven’ but it can be suspected and it has to be figured into our approximations about where the price will go. Eventually the manipulators will be outgunned by panic buying. This hasn’t happened yet, but is bound to in the near future. I feel it would be unwise to cash in  your pm’s at this juncture.

  • Sat, Jul 03, 2010 - 03:45pm

    #4
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

LOL

Ridiculous theoretical constructs indeed.

1- Monetary system based on fiat/credit currency. A system that creates money out of thin air.

2- Fractional reserve banking.

3- A stock market with P/E’s over 50.

4- Flash trading.

and finally for Independence Day

5- Life Liberty and the pursuit of happiness

Then I go to the sacred scriptures ( the CC) and see the hockey stick graph of what happened to money when Nixon closed the gold window.

Yep ridiculous theoretical constructs have no place here.

V

  • Sat, Jul 03, 2010 - 03:49pm

    #5
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

[quote=JAG]

Gold-bugs like Butler have absolutely zero credibility with me. 

Any drop in the price of gold and the only explanation is criminal activity? Yeah, there is a conspiracy in this market and its called PROFIT.

I have never seen an asset with so much dumb-money baggage before and I have no doubt this is going to end really bad for Joe Bug. I really regret ever buying into this charade. 

Its time to cash in my PM Insurance policy because the only thing it insures is emotion-induced investor stupidity and ridiculous theoretical constructs.

[/quote]

Jeff,

I thought you were out of PMs.  For Pete’s sake, get out of those albatrosses.  It’s not worth the emotional duress they cause you.  You’re just not a PM type person … nothing wrong with that.

You could try my strategy.  I’m buying up massive quantities of Zimbabwean paper currency in the lowest denominations possible.  I figure the value of the paper is worth far more than the currency value and I’m planning on getting into the paper recycling business.  I figure that buying this asset at less than cost is a can’t-lose strategy.  With all the BS being promulgated by TPTB, we’re all sure to need lots and lots of toilet paper to clean up the mess. 😉

 

  • Sat, Jul 03, 2010 - 04:48pm

    #6
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

Reminded me of the Feb 4/5 takedown when gold went from $1115 to below $1045 before recovering to $1065. I look upon these events as buying opportunities in a continuing bull market. The Feb $1115 price looks good now compared to Thursday’s takedown price of $1200.

 

  • Sat, Jul 03, 2010 - 05:31pm

    #7
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

Dear Jag,

Sounds like there has been some pain involved in your PM investments? Yet, nice to see you are not bitter:-)

I should have kept my email to the CRTC to share, but do remember the last sentence:

“….so please do the world a favour, lock yourselves in a cell and throw away the key!” Tongue out

  • Sat, Jul 03, 2010 - 06:00pm

    #8
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

I think the proof to the commercials manipulation has been shown by enough people now. The banks are buying when they force the price down. This can be done if you have enough players working together. The oil companies did it for years until stopped. Apparently the CFTC has no interest in stopping it or they just can’t. Like Peru Saxena said, “everything is manipulated in the markets today”

 My two cents only. Jon

Who Controls the Gold Market?

http://www.financialsense.com/node/1002

  • Sat, Jul 03, 2010 - 06:23pm

    #9
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

Thanks for the article, investorzzo.

I have spent time on the CFTC website searching out position limits for traders of the PM’s. If I read correctly there are 5 unnamed institutions that are exempt from conforming to position limits, and this would seem the corruption if true. Especially, if these banking institutions can print money from nothing and can just over-power the market to their own profit motivations.

  • Sat, Jul 03, 2010 - 07:19pm

    #10
    Peak Prosperity Admin

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    Re: Ted Butler on the recent takedown of gold and silver

I hope they do push it down since I rather buy more & don’t plan to sell anyway. Some where in the middle lies the truth.

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