Chris Powell | October 8, 2017 - 9:47pm

Dear Friend of GATA and Gold:

Newsletter writer Steve Saville of The Speculative Investor, who long has denied that manipulation of the monetary metals markets means much over the long term, has seized on the recent essay by Keith Weiner of Monetary Metals as the conclusive refutation of silver market analyst Ted Butler's longstanding complaint that JPMorganChase has been rigging the silver market.

Weiner's analysis, headlined "Thoughtful Disagreement with Ted Butler" and posted here --

-- argued that JPMorganChase is doing ordinary arbitrage in the silver market, exploiting spreads between buy and sell prices.

Saville, in commentary headlined "A Silver Price-Suppression Theory Gets Debunked," cheers Weiner's essay and goes on to remark: "Entering a debate with someone who is incapable of being swayed by evidence that invalidates their position is a waste of time and energy, so these days I devote no commentary space and minimal blog space to debunking the manipulation-centric gold and silver articles that regularly appear."

But when has Saville himself ever addressed evidence of manipulation of the gold and silver markets? Of course if he can't address the evidence, he himself can't be swayed by it.

Of course none of the manipulation deniers ever do address the evidence. Weiner's technical competence is no refutation of manipulation, for even if JPMorganChase is just doing arbitrage in silver, for whom is the investment house doing the arbitrage?

The bank's former chief of commodity operations, Blythe Masters, said on CNBC five years ago that the investment house had no position of its own in silver and was trading only for clients: