Butler Research

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.