Silver analyst Ted Butler has just revealed some remarkable information regarding the physical silver market. According to Butler’s analysis JP Morgan (JPM) has accumulated between 100 and 200 million physical ounces.

If correct this would be the largest physical holding ever accumulated and would eclipse the amount held by the Hunt brothers at the peak of 1980’s bull run. Butler speculates that JPM has used their ability to set the silver price via the paper market, while simultaneously benefiting from a suppressed price to increase their physical holdings.