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Research & Commentary
is a monthly publication on the primary forces effecting the precious
metals and other markets. Its sole author is Ted Butler. The main
purpose of R&C is to provide a genuinely independent view of the
markets. By definition, we are by nature contrarians, sometimes
to the extreme. At this time; our prime focus is on the gold and
silver markets, with particular emphasis on the lending and forward
selling of gold and silver. This is not a mining stock site per
se, although mining stock investors should benefit from our analysis.
R&C will attempt to offer guidance on the price of the underlying
commodity on a macro-economic basis, as well as make short term
observations, to aid the institution or individual that already
has a commitment to this area. We do not or will not give investment
advice or guidance except of a general nature. There is no way we
could have knowledge of a subscriber's investment posture. We only
attempt to identify the relative level of a market in relation to
the macro forces that determine that level. While cognoscente of
technical analysis, R&C is, by definition, a fundamental analysis
of the markets. We would not expect anyone to rely on our commentary
as their exclusive view of a market, but rather allow R&C to function
as an independent tool. To that end, we pledge that if ever an appearance
of conflict were to arise, we would disclose it immediately to our
readership.
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We feel if you have an ongoing interest and
involvement in precious metals, especially gold and silver, Research & Commentary
will add value to your approach to and understanding of the markets. We
would anticipate that the typical subscriber would be in the business or
have a substantial pre-existing exposure. While it is not in our nature
to extol our attributes, and we will always strive to acknowledge our errors
promptly and gloss over our successes, this is the section in which we must
"toot our own horn". To that end, there is an easily verifiable record which
supports our claim that Ted Butler was the first research analyst to publicly
recognize and write about the ramifications of the precious metal lending
and forward sale fiasco (See Archive Section). Mr.Butler's work preceeded
by years, any other such analysis. In addition, Ted has taken the high road
in his analysis and reporting of the leasing problem, in that he openly
approached and agitated the appropriate regulatory and industry officials
in his effort to bring about the termination of metal leasing - a certain
end, which is a core belief of this publication. Having seen and been in
it before anyone else, we feel we are uniquely qualified to continue to
comment on this topic. We will attempt to anticipate the time when leasing
ceases to be a factor in the market, and re-focus our research to what the
main real forces are in the market at that time. If we do not feel at that
time that the re-focus adds real value to our subscribers, we intend to
terminate publication. We offer pro-rata refunds in the event of cancellation.
In the meantime, having been the first to alert the world to the flawed
leasing experiment in precious metals and predicted the resultant price
rises and rises yet to come, we feel sure we will add to your understanding
in the future of these markets. |
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