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<p>[QUOTE=&quot;Cloudsweeper99, post: 1121492, member: 3011&quot;]I&#039;ve read a lot of Ted Butler&#039;s articles, and I&#039;d like to help clarify some of his thinking...</p><p><br /></p><p>Butler&#039;s research and the data regularly put out by the exchange indicates that while the long positions are spread among a large number of investors, on the short side it is very concentrated with the majority of short positions held by the 4 largest shorts.&nbsp; Also, in the past the exchange has indicated that by definition, concentration = manipulation.&nbsp; It&#039;s what got the Hunt&#039;s in trouble on the long side.&nbsp; There are also rules limiting the size of naked short positions [to limit the chance of having a delivery default to industrial users], but I don&#039;t know what the current limit is.&nbsp; So large, concentrated, naked short postions are by definition manipulation under the exchange&#039;s own rules, but they seem to turn a blind eye when it is JPM, HSBC, Scotiabank and a few others.</p><p><br /></p><p>That is the core of Butler&#039;s claim.&nbsp; I&#039;m inclined to agree except that JPM might not be a naked short since one of their large clients is China.&nbsp; Time will tell who is correct if there is a short squeeze and delivery default.[/QUOTE]</p><p><br /></p>

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