ted butler was interviewed by jim cook:

Q: You’ve expressed to me privately and to our broker staff why you think people should buy silver now. Would you state the case here?

A: A number of factors have converged, in addition to the regulatory matters. The most important of these factors involve strong signs of an emerging wholesale shortage of silver.

Q: What signs?

A: Over the past 5 or 6 weeks, there have been unusual movements in COMEX warehouse silver stocks and deliveries by JPMorgan, as well as the withdrawal of a significant amount of silver from the big silver ETF, SLV. Taken together, these unusual movements suggest the big dealers are scraping the bottom of the barrel to come up with the timely delivery of silver to their wholesale customers. It appears to me that the big dealers are borrowing silver from Peter in order to pay Paul. This is a juggling act in which one misstep will unravel the whole silver scam.

Q: How much silver has been taken out of the SLV?

A: 9.5 million ounces in five weeks. Frankly, it’s beginning to look like there isn’t enough silver to go around.

http://news.silverseek.com/SilverSeek/1271170061.php