Was founded in 1973 by Jim Cook, and has since grown to be one of the nation’s leading silver and gold dealers. In the 51 years of service, IRI has logged 400,000 transactions for 60,000 customers equaling $3 billion sold and delivered.
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FROM THE DESK OF JIM COOK
SAND HURRICANE
My winter home in Boca Grande, Florida took another two hits from hurricanes Helene and Milton. Two years ago, hurricane Ian inflicted terrible damage. My house had to be rebuilt. Now, Helene left a foot of water in our lower level only to be followed by Milton and 2 feet of water. That required a contractor to pump it out and cut away the dry wall for replacement. The casualties included the furniture, beds and the golf cart. The pool was filthy, so we needed a pool cleaner followed by the landscaper, the garbage man, the window washer, the power washer, the fence builder, the TV and internet guy, the big trash hauler, the exterminator, the elevator repairman, and two plumbers replacing the water heaters and a pump for the pool.
This is the last thing Ted Butler wrote for us. He was trying to summarize what he saw happening in silver. His illness was making it difficult to write, but he did a good job of conveying his final thoughts.
Price volatility in silver has been heavy recently, but two conditions point to much greater price volatility ahead. Currently, bearish futures-market positions on the COMEX feature an unprecedented short position by a single managed-money trader of some 13,000 contracts (65 million ounces). This is combined with a heavy commercial short position. The short position by a big managed-money trader is particularly concerning since it is larger than what the largest silver mines produce in a year and is clearly not a hedged position, but purely speculative, appearing to violate speculative position limits. While bearish on its face, should this big short get caught in a squeeze, all heck could develop on the upside.