This page has been archived and commenting is disabled.

Barclays Says CFTC Should Delay Limits Decision Indefinitely

Tyler Durden's picture





 

Well, we know at least one bank has some sizable, non-grandfatherable commodity block positions. Per Reuters:

  • BARCLAYS SAYS CFTC SHOULD DEFER DECISIONS ABOUT NATURE AND EXTENT OF POTENTIAL LIMITS UNTIL AFTER IT COLLECTS NEW DATA ABOUT OTC MARKETS

Why Barclays thinks CFTC does not have data on OTC markets is beyond us. So while we await the CFTC to issue its decision on position limits, any minute now, we wonder just how many other banks (wink wink Blythe) will follow up with comparable objections demanding an "indefinite" delay to what may soon unleash true price discovery, particularly in the PM market. And incidentally, whatever happened to the Fed's mandated disclosure of the confidential bank rescue information. At what point will Ben Bernanke be held in contempt to court for not following the decision of the Superior Court?

And just as we hit print, the following related CFTC news come out:

The U.S. futures regulator said on Monday it has canceled its latest rule-making meeting scheduled on March 30.

The U.S. Commodity Futures Trading Commission did not give a reason for the cancellation. The agency had planned to introduce at its 13th rule-making session a measure for data recordkeeping and reporting requirements for swaps prior to implementation of the rule, as well as transition swaps.

The CFTC is writing dozens of regulations to implement the Dodd-Frank law, which was enacted last July and gives the agency oversight of the $600 trillion global swaps market.

The agency also has scheduled a meeting on April 7 to introduce another batch of proposals. Measures including capital and margin requirements for non-bank companies, and a definition for the types of swaps that will be required to clear and trade have yet to be introduced.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 03/28/2011 - 17:28 | Link to Comment jkruffin
jkruffin's picture

Bernanke intends to comply, but after he has doctored all the paperwork or trashed what needs to be hidden.  What do you think has been going on since the ruling?

Mon, 03/28/2011 - 17:28 | Link to Comment Careless Whisper
Careless Whisper's picture

why would a criminal banking cartel comply with a court order? they already didn't comply. the order said release the list with 5 days. it's been more than that.

Tue, 03/29/2011 - 06:44 | Link to Comment Thomas
Thomas's picture

They may have complied. Bloomberg could have the info and is figuring out what to do with it.

Tue, 03/29/2011 - 00:30 | Link to Comment Manthong
Manthong's picture

It takes time to pull the Clinton industrial shredder out of mothballs and clean the cosmoline off.

Mon, 03/28/2011 - 17:27 | Link to Comment Ancona
Ancona's picture

These motherfuckers need to shut up and start getting rid of those outsized short positions. Silver should be at 150 and gold at 3K. Blythe Masters? Fuck that broad.

Mon, 03/28/2011 - 17:36 | Link to Comment MarketTruth
MarketTruth's picture

Dream on, the CFTC is fully captured by the privately owned and controlled Federal Reserve and their members/owners. Sure it sucks, yet did you REALLY expect anything different?

Wake up folks, the CFTC is another 'limb' of the Fed. Probably more the hindquarters actually and capable of shitting all over those not connected to the Fed 'body'.

Mon, 03/28/2011 - 17:50 | Link to Comment Bay of Pigs
Bay of Pigs's picture

+1 to regulatory capture.

Makes you wonder why Ted Butler has any faith that the CFTC and Gensler will "do the right thing" on this issue. The man is a former GS criminal with no integrity at all. The COMEX itself will have to burn to the ground before true price discovery comes for the gold/silver markets.

Mon, 03/28/2011 - 18:05 | Link to Comment Rainman
Rainman's picture

True dat. The intensity of bankster opposition to change is fierce. Gary is a thoroughbred Squid. If he turns Mother Teresa, then I am Mary Poppins. 

Mon, 03/28/2011 - 18:59 | Link to Comment The Disappointed
The Disappointed's picture

Supercalifragilisticexpialidocious!

http://www.youtube.com/watch?v=jt9JpYRulSk

P.S. The director of the bank is Dick Van Dyke. And the song truer now than ever.

Tue, 03/29/2011 - 01:40 | Link to Comment GoinFawr
GoinFawr's picture

Heh, reminds of an old American folk rhyme,

"On mules we find two legs behind,

And two we find before;

We stand behind the two behind before we find

What the two behind be for.

When we're behind the two behind,

We find what these be for;

So stand before the two behind

 And behind the two before."

No reason.

Mon, 03/28/2011 - 18:56 | Link to Comment willien1derland
willien1derland's picture

Well said MarketTruth - +100 - SEC is probably sending the CTFC all of their 'COMPLIANCE WEB SITES' for their review - gotta have something to do while allowing Wall Street banksters to run amok -

Mon, 03/28/2011 - 17:39 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

I would much rather keep buying silver @ $37 and gold @ 1,400...

Blythe Masters is the one that allows us to keep buying before it does hit $150. The only people getting burned by her are day traders.

Mon, 03/28/2011 - 18:06 | Link to Comment Shameful
Shameful's picture

Thank you!  If I had her address I would have already sent her flowers.  I'm not going to bitch if I think someone is allowing me to buy at asset cheaper then it should be.  It's not like people walk into Walmart and demand to pay full price when something is on sale.  And if JPM is running this op, then they will be bailed out on the public dime anyway should it blow up.  TBTF like a mother!

Figure either I'll be right and we will have a crack up boom and the metals will rock and roll.  Or I'll be wrong and we'll have a massive economic boom.  I'm feeling pretty good about a boom and prepared as well as I can for crack up boom.  No way we have slow grinding austerity, Wisconsin showed that, no stomach for cuts in millions much less hundreds of billions.  It's boom or bust all the way, do or die.

Tue, 03/29/2011 - 01:06 | Link to Comment Manthong
Manthong's picture

I can’t really see this “recovery” leading to a boom. Even if all the black swans choke on halaal sushi with radioactive carp, housing is not coming back for years, oil is going nowhere but up and just the drippings from all that Bernank liquidity will push consumer prices to the moon. I’m happy for the all the time I can get to accumulate physical at these prices.   

Mon, 03/28/2011 - 17:30 | Link to Comment JonTurk
JonTurk's picture

what have you been expecting? really :)

Mon, 03/28/2011 - 17:30 | Link to Comment bingaling
bingaling's picture

   I am on it . Bernanke thought the court meant business days and not "regular" days

 

Mon, 03/28/2011 - 17:38 | Link to Comment JonTurk
JonTurk's picture

Ben is the grandson of Houdini.

Ben Shalom Visarinovich Houdini

Mon, 03/28/2011 - 18:22 | Link to Comment cossack55
cossack55's picture

The Bernank = contempt of court. Good one, Tyler.

The Bernank = contempt of humanity.

Mon, 03/28/2011 - 17:31 | Link to Comment Xibalba
Xibalba's picture

ech....nevermind...

Mon, 03/28/2011 - 17:35 | Link to Comment boricuadigm-shift
boricuadigm-shift's picture

WTF???  This shit in CNBC? 

Silver Is Way Undervalued Compared With Gold

http://www.cnbc.com/id/42310097

Mon, 03/28/2011 - 17:35 | Link to Comment tekhneek
tekhneek's picture

Brilliant analysis. Just brilliant.

Mon, 03/28/2011 - 22:49 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

Open interest remaining in the expiring March contract is now down to 388 contracts. Deliveries for tomorrow will be lead by Morgan for its own account. Barclays is the largest stopper once again for clients. As stated last week, Barclays has some clients who want to take delivery. Total deliveries for March thus far are 1,417.

blythe has her own silver vault, now!  faster than a speeding bullet, too...

is barclay's gonna deposit with her?

will she say:  your 5000 ounces are in our vault.  trust me.  here is you paper receipt to prove it?

last month jamie D takes gold for collateral, this month, blythe has a new, er, trading toy.

 

In 1913, legendary financier JP Morgan was famously quoted as saying that “Gold is money and nothing else.”

lol---he wasn't saying that in 1914!!!

Mon, 03/28/2011 - 17:36 | Link to Comment malusDiaz
malusDiaz's picture

Psyops:  Just like the hit job on silver & gold by Cramer.  Its not really a 'Bullish piece on silver & gold' but rather a 'If cramer is recomending it, I should short it'.

 

Psyops your psyops.

 

It may backfire though as their retard minions jump on that side of the boat.

Mon, 03/28/2011 - 17:41 | Link to Comment sagefool
sagefool's picture

Yeah, one of my mainstream/options buddies just sent me that. I was a bit non-plussed. It can't be long before Joe Investor starts buying Eagles.

Mon, 03/28/2011 - 17:58 | Link to Comment ch25061
ch25061's picture

Could it be cover to allow the silver price to rise while

still keeping gold surpressed (much easier to keep

the lid on gold).  Maybe they want to stop losing money

on silver but still point to still-surpressed gold and call the adjustment

gold-silver ratio as long overdue and nothing to be concerned

about in relation to the dollar.

Mon, 03/28/2011 - 17:35 | Link to Comment tekhneek
tekhneek's picture

Oh shit! The CFTC did what the banks told them to! No fuckin' way!

Mon, 03/28/2011 - 17:35 | Link to Comment ReallySparky
ReallySparky's picture

All these shenanigans make me so angry.  When will these people start following the rules and abiding by our laws?  I am kinda beginning to believe all these conspiracy theories.

Mon, 03/28/2011 - 17:38 | Link to Comment Quintus
Quintus's picture

Only Beginning?  Oh dear, oh dear....

Mon, 03/28/2011 - 19:01 | Link to Comment jimijon
jimijon's picture

Simple when we open the regulatory bodies to the public. Eliminate the agencies and instead publish the rules and the data and allow we the people and true savants to datamine and YELP the compliance. Then send it up to the judicial system.

Socialocracy!

http://jimijon.blogspot.com

Mon, 03/28/2011 - 17:36 | Link to Comment f16hoser
f16hoser's picture

YES! I was hoping someone would say that! I need to buy more physical Silver! This will help imminsely! Keep the price manipulation going bitchez! I LUV the CFTC. Almost as much as the SEC! The SEC made me get out of the markets and into physical metals!!!!!! YIPEE!!!!!!!!!!

Mon, 03/28/2011 - 17:36 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

Just keep buying and holding the physical. The banksters will keep messing around with the rules until the end, but the end will eventually come.

Mon, 03/28/2011 - 17:36 | Link to Comment Djirk
Djirk's picture

Simple, margin requirments should be 100%, get leveraged speculators out of commodities. Nope not a communist and I believe the market should decide. But leverage has no place in commodities that are the lifeblood of economic growth.

Mon, 03/28/2011 - 17:40 | Link to Comment mynhair
mynhair's picture

Yes.

Mon, 03/28/2011 - 17:50 | Link to Comment kaiserhoff
kaiserhoff's picture

Then, why not the same for housing?

Mon, 03/28/2011 - 17:50 | Link to Comment mynhair
mynhair's picture

That is a good point.

Mon, 03/28/2011 - 18:01 | Link to Comment Djirk
Djirk's picture

should be serious limits on housing too....but no one is using a house to ship goods, make coffee or computer chips. Not to mention the global impacts, US FED prints money, yield chaser leverage up and drive up commodities....people starve in Africa. I dont see that happening if people borrow 80% of the price of THIER OWN home.

Mon, 03/28/2011 - 18:53 | Link to Comment leathaface
leathaface's picture

No one owns their own home.  Dont pay property taxes and see what happens

Mon, 03/28/2011 - 19:03 | Link to Comment jimijon
jimijon's picture

Basically a depreciating option. You have the right to a profit or loss at time of redemption.

Mon, 03/28/2011 - 19:05 | Link to Comment Larry Darrell
Larry Darrell's picture

Exactly.  Read the mortgages & deeds.  Somewhere it will require that "this property can not be sought for use as a homestead" or something to that effect.

 

Mon, 03/28/2011 - 23:52 | Link to Comment Founders Keeper
Founders Keeper's picture

[No one owns their own home.  Dont pay property taxes and see what happens]---leathaface

Yeah. We're gonna have to change that.

 

 

Mon, 03/28/2011 - 18:20 | Link to Comment Flyingtrader
Flyingtrader's picture

Do you have something against futures markets in general?  This would pretty much kill them off.  No one would pay 100% for a commodity they don't yet have posession of.

 

Mon, 03/28/2011 - 19:07 | Link to Comment Larry Darrell
Larry Darrell's picture

"No one would pay 100% for a commodity they don't yet have posession of."

 

Actually, millions of people do this every day when they order things online.

And, everyone who "owns stocks"but does not actually have physical possession of a stock certificate does this as well.

Mon, 03/28/2011 - 17:37 | Link to Comment mynhair
mynhair's picture

Where is the COMEX collapse?  Only people that can't stand up were in?

Mon, 03/28/2011 - 17:38 | Link to Comment SilverIsKing
SilverIsKing's picture

What are we waiting for?  It's just more of the same. Treason used to be a crime.

Mon, 03/28/2011 - 17:53 | Link to Comment mynhair
mynhair's picture

Treason used to be a crime; then we got Obama.

Mon, 03/28/2011 - 18:58 | Link to Comment indio007
indio007's picture

Foreign nationals can't be tried for treason. 

Mon, 03/28/2011 - 19:14 | Link to Comment gametracker
gametracker's picture

Treason hasn't been a crime long before Obama.

Mon, 03/28/2011 - 17:40 | Link to Comment tmosley
tmosley's picture

Yes, and the cat wants you to leave the canary out of its cage.  Just until it can gather a bit more data on whether or not it needs to be in the cage in the first place.

:3

Mon, 03/28/2011 - 17:54 | Link to Comment mynhair
mynhair's picture

This cat just wants you TOMO BONO POMO HOMOs to let AVL drop a bit.

Mon, 03/28/2011 - 18:55 | Link to Comment DeadFred
DeadFred's picture

Got any good recent AVL links?  I haven't checked them out for awhile.

Mon, 03/28/2011 - 17:40 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

Look out below bitchez .....

Mon, 03/28/2011 - 17:44 | Link to Comment Quintus
Quintus's picture

I doubt many metals speculators have bet the farm on a Damascene conversion on the part of the CFTC.  "CFTC fails to regulate" is not a market mover.  More of a working assumption.

Mon, 03/28/2011 - 17:45 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

How many miners are eating shit over the derivative hedges they have pyramided over the years ....

Mon, 03/28/2011 - 17:56 | Link to Comment Quintus
Quintus's picture

You know miners hedging are on the short side, right?

Those foolish enough not to have closed their hedge books long ago are, no doubt, eating shit.  That's fine by me.

Mon, 03/28/2011 - 18:03 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

Of course producers would like to reduce their hedge books in a rising gold price environment. However, when they do so by buying forwards, the question arises as to how the sellers, presumably the bullion banks, are protecting themselves, particularly with respect to being called on at some future time to deliver actual metal in a tight physical market. That question begs another: are some or all of these forwards purchased by producers written to provide for some sort of cash settlement option, thereby sheltering producers from further dollar liabilities on account of their hedge books but sparing the bullion banks from having to deliver physical? 

More generally, with gold prices flirting with backwardation as abnormally low interest rates force lease rates down to derisory levels, the economics of traditional gold lending by central banks in support of forward sales by the bullion banks are more than a little problematic. What is more, central bank attitudes toward gold are changing: more are buying; fewer selling. So it stands to reason that the pool of central bank gold actually available for lending must be shrinking, probably quite sharply

 

http://www.commodityonline.com/news/Gold-derivatives-zoom-by-nearly-2300...

Mon, 03/28/2011 - 18:05 | Link to Comment Quintus
Quintus's picture

Nice cut and paste.  

And your point is?

Mon, 03/28/2011 - 18:08 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

The miners are playing the paper games in debt up to said eye balls .... In dollar denominated debt a monkey hammer for all the doom and dollar gloomers ....

 

( same piece )

In the absence of better data, commentaries at this site have argued that total forwards and swaps as reported by the BIS are a pretty good proxy for the total short physical gold position, which largely consists of gold loans, deposits and swaps from official reserves. As explained in Gold Derivatives: Hitting the Iceberg (12/20/2003): 

Unlike options, forwards and swaps are transactions which generally assume the sale of an equivalent amount of gold into the spot market. Bullion banks borrow gold, usually from central banks, for the purpose of acting as financial intermediaries. They sell the gold acquired by deposit, loan or swap, and then invest the proceeds in an effort to earn a positive spread while at the same time hedging themselves against any unfavorable movement in gold prices as, for example, by taking the other side of a forward sale by a gold producer or by purchasing call options. 

Gold loans used to fund forward sales by a gold producers are typically repaid out of future mine production, and thus are integrated with a hedging transaction that is independent of the gold market. In contrast, gold loans used to fund what for several years was a very profitable gold carry trade required forward sales by non-producers that could be hedged only in the options market. Ultimately, unless settled in cash, these gold loans must be repaid by metal acquired in the market.

Mon, 03/28/2011 - 19:22 | Link to Comment JonTurk
Mon, 03/28/2011 - 17:40 | Link to Comment Confused
Confused's picture

At what point will Ben Bernanke be held in contempt to court for not following the decision of the Superior Court?

Answer: Never. The questions should be, when will the Superior Court be held in contempt for crossing chairsatan?

Mon, 03/28/2011 - 17:54 | Link to Comment FunkyMonkeyBoy
FunkyMonkeyBoy's picture

The real question is, when will the masses actually DO SOMETHING about this in-your-face corruption. People these days really must not give a damn about their children and the world they will inherit, otherwise they would be out of the streets hanging these handful of criminals in 'power' from lamp posts.

Mon, 03/28/2011 - 17:59 | Link to Comment KCMLO
KCMLO's picture

The average Joe doesn't understand, doesn't care to take the time to gain understanding, and is perfectly happy not knowing.  [sarcasm] That's why we send these guys to Washington right?  To know all this fancy stuff and take care of it for us. [/sarcasm]

Mon, 03/28/2011 - 18:08 | Link to Comment stephysat28
stephysat28's picture

the average joe is affraid to be locked up , name ruined , job lost, home siezed, knowone will watch his back and fight for or with him. I think the average are aware just damm scared. If thats not the case than to hell with them and bravo.

Mon, 03/28/2011 - 22:39 | Link to Comment SilverBaron
SilverBaron's picture

The average doesn't understand because it's not being explained to him on nbc,cbs,abc,or fox!

Freedom of the press is a paramount issue.  If we had free press this shit wouldn't fly. 

Shouldn't we pool our money and buy our own air time and lobbyists that will stand up for the truth?

 

Mon, 03/28/2011 - 18:08 | Link to Comment kreso
kreso's picture

From Wikipedia:

The Court currently has six males and three females. One justice is African American, one is Latino, and two are Italian-Americans; six justices are Roman Catholics and three are Jews. The average age is 65 years, 4 months, and every current justice has an Ivy League background. Upon the retirement of Justice Stevens, the Court is without a Protestant for the first time in its history.

 

Mon, 03/28/2011 - 18:15 | Link to Comment FunkyMonkeyBoy
FunkyMonkeyBoy's picture

There's that over-representation of jews again... 33% of the court... best not mention it though, i got junked to high heaven last time i raised this obvious 'issue/agenda'.

Mon, 03/28/2011 - 19:11 | Link to Comment jimijon
jimijon's picture

I hear Kagan help stop all the birther inquests for Brackets Obama. Tit for Tat?

http://www.rense.com/general93/snopes.htm

Mon, 03/28/2011 - 17:41 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

It only costs $5 dollars to dig out of the ground! /sarc

Mon, 03/28/2011 - 19:10 | Link to Comment Hearst
Hearst's picture

$5???  CNBC claims Silver could cost $0 to dig it out of the ground!!

 

..."there is just no financial basis for the price of silver to be at $38 an ounce...No financial basis because the economics of mining silver put the actual cost at anywhere from $0 an ounce to $7, $8 or possibly as high as $15 an ounce."

Link is here http://www.cnbc.com/id/42256617 if anyone wants to waste five minutes of their lives reading some of the greatest BS on Silver ever written.

 

As far as the CFTC goes.  These cocksuckers (save Chilton) have long since been bought and paid for.  Butler's public hope for Gensler is only a tactic he employs to try and steer him to do the right thing.  I sincerely hope no one is surprised by what the government finally decides to do with regards to position limits.  And since this is already long and we're on the subject of government I'll leave with this quote from Deadwood's Cy Tolliver and his reasoning for moving west away from Washington in the 19th century.

"Wasn't half our purpose coming to get shed of the cocksucker? And here it catches up to us again, to do what's in its nature - to lie to us - and confuse us and steal what we come to by toil and being lucky just once in our fucking lives.  And are we gonna be surprised by that boys, government bein' government?  Will we next be shocked by rivers runnin' or trees castin' fuckin' shade?  - Deadwood Season 2 Ep17

 

Mon, 03/28/2011 - 22:58 | Link to Comment ZapBranigan
ZapBranigan's picture

 

Since Lori Spechler basically advises that silver is a bad investment in that article, isn't CNBC required to disclose what her financial market holdings are?  Aren't they subjecting themselves to all sorts of liability issues?

 

Mon, 03/28/2011 - 23:10 | Link to Comment Hearst
Hearst's picture

I would agree she ought to disclose.  Especially that she claims it can cost $0 to mine Silver!  At first I thought the article was just a joke.  Then I realized it wasn't.  But then I saw it was CNBC which is worse than joke because lots of people take their advice!

Mon, 03/28/2011 - 17:45 | Link to Comment Cinfultreat
Cinfultreat's picture

So the CFTC was going to enforce position limits, the info got leaked, and someone (Barclays) started throwing a temper tantrum.

Mon, 03/28/2011 - 17:46 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

Probably more like, the were going to put on a show about limits. Nudge, nudge, wink, wink.

Mon, 03/28/2011 - 17:52 | Link to Comment velobabe
velobabe's picture

sinful, does this make my butt look B I G ?

Mon, 03/28/2011 - 17:52 | Link to Comment zaknick
zaknick's picture

Barclays=Rothschild

The emperor has spoken, slaves!

Mon, 03/28/2011 - 17:54 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

More of the same:  8=====D  (_!_)

Mon, 03/28/2011 - 18:04 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

Buy more silver and return the favor:   (_!_)  O======8

Mon, 03/28/2011 - 17:55 | Link to Comment KCMLO
KCMLO's picture

It's kind of interesting that the Dodd-Frank bill is being shelved for this issue (probably the part that REALLY needed regulation) and is rolling full-steam ahead on the mortgage regulation in spite of months of protests from small businesses saying it will kill them.  Not that it's any surprise but the mortgage regulation part of the bill seems to be almost an afterthought with legislation language geared specifically for killing competition for the top mortgage servicers.  While I understand the intent of the bill (at least as it pertains to mortgages) is supposed to be "consumer protection" the effect of the mortgage portion effectively harms consumers much more.

Brokers have to provide the lowest rate available from their approved banks, yet large banks that dictate rates don't have to as they don't have to disclose what the cost of their rates actually are.  Banks and brokers alike can't give the borrower any lender credits to help with closing costs.  Banks (moreso brokers) can't consider credit scores when pricing rates (which is fucking stupid, higher credit risk [low score] is the very basis for assigning higher rates).  Of course the servicing banks can dictate rates so they can still assign whatever they want.  It would seem the legislation wants every mortgage broker/bank to become a servicing bank, which isn't necessarily a bad idea.  You know, until you read the rest of the bill where they hammer the small banks in red tape to keep them from being able to transition.

The mortgage portion of the bill was so obviously written by BAC, Wells, Citi, etc. it's friggin ridiculous.

Mon, 03/28/2011 - 17:55 | Link to Comment mynhair
mynhair's picture

So, no COMEX implode?

But youse guys promised!

Mon, 03/28/2011 - 19:08 | Link to Comment tmosley
tmosley's picture

This does not have an effect on that.  This was more like trying to push the brakes on a car that has already gone off the cliff and is turning down toward the canyon floor.

But who knows, maybe this pig can FLY!

Mon, 03/28/2011 - 18:08 | Link to Comment rich_wicks
rich_wicks's picture

Listen people.

For all you know the big banks are long on another exchange or even long on an exchange that isn't public.  COMEX isn't the only exchange.

For all we know, the big banks are actually very long silver, and are long in such a way we don't see it and are simply giving the appearance they are net short.  Goldman Sachs is suspected of doing this for gold.

Mon, 03/28/2011 - 18:17 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

That's true. Regardless, Ag is still the weapon of choice to crash the COMEX, store wealth, and counter a known, gigantic short position.

Mon, 03/28/2011 - 18:19 | Link to Comment mynhair
mynhair's picture

Heck, I'm just amazed at the junks.  Like I pay attention to the bugs here.

Mon, 03/28/2011 - 19:11 | Link to Comment The Disappointed
The Disappointed's picture

JonNadler? RoboTrader? Harry Wanger?

Get a new user id?

Changing name does no good when you spew the same disinformation.

Mon, 03/28/2011 - 20:54 | Link to Comment rich_wicks
rich_wicks's picture

Like I pay attention to the bugs here.

Well, just remember, you would have done better listening to the bugs here than the average expurt on teeeveeee.

I'm just saying, we really don't know what is going on with the banks and silver.  I don't think the banks are stupid, but time will tell.  After all, these same morons lost a crapload of money in the mortgage market, and everybody saw that coming from a mile ahead, I was one of them.  I don't know why I'm expressing doubt now, maybe it's because this seems more obvious than the housing bubble?

Mon, 03/28/2011 - 22:51 | Link to Comment SilverBaron
SilverBaron's picture

Could Tyler create a fund that we could all pitch in on to buy comex silver and stand for delivery?  Would he be forced to be quiet about the cash payoff if they were unable to deliver?

Tue, 03/29/2011 - 05:06 | Link to Comment collinar
collinar's picture

He would have to sign a non-discousure, but we would not. Yet we would know the amount of the payoff by our gains.

Mon, 03/28/2011 - 18:24 | Link to Comment silvertrain
silvertrain's picture

something will get done and heads will roll when the fuckers cant make an ipad..This is funny shit that they think industry will acually get that much silver, NEVER HAPPEN, NOT EVEN HALF OF THAT NUMBER....

http://www.kitco.com/reports/KitcoNews20110328AS_silver.html

Mon, 03/28/2011 - 18:45 | Link to Comment Catullus
Catullus's picture

I know this may seem to be incredibly unpopular, but position limits are not the droids you're looking for. You're using the same thug like practices to get someone to move out of a position. It's a little gotcha game they're going to play with you going down this path. In the end, they'll push special exemptions and you're stuck with the onerous reporting. Then some leak in the CFTC gets paid to give away your positions. And so JPM may have a huge net short position (if you actually know what silver they have in international vaults (rbs sempra European desk)), who cares? They're adults and there are enough other market participants to smell blood in the water that they'll get burned doing it.

Mon, 03/28/2011 - 19:08 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Physical market will prevail (cash price). Paper (COMEX, OTC derivatives, etc..) will ultimately burn up.

http://usawatchdog.com/double-dip-recession-2011/

http://www.kitco.com/ind/Turk/turk_mar282011.html

Mon, 03/28/2011 - 18:47 | Link to Comment hitbox
hitbox's picture

i am jacks complete lack of surprise

Mon, 03/28/2011 - 18:52 | Link to Comment bankrupt JPM bu...
bankrupt JPM buy silver's picture

CTFC cancelled the meeting on the 30th....but its the 28th!!????

 

Seriously, WTF IS GOGIN ON HERE?

 

www.silvergoldsilver.blogspot.com

Mon, 03/28/2011 - 18:55 | Link to Comment silvertrain
silvertrain's picture

It was that or either another fire, I guess they thought the fire thingy was a little used up for now..

Mon, 03/28/2011 - 18:54 | Link to Comment Miss Expectations
Miss Expectations's picture

I got this in an email from Peter Shiff today:

From the Desk of Peter Schiff

Dear Investor,

For years, Euro Pacific Capital has offered clients the benefits of offshore purchase and storage of precious metals through the world-renowned Perth Mint Certificate Program (PMCP). The Mint's "unallocated silver account," in which purchasers buy and hold silver bullion while paying no storage fees, has been one of the most inexpensive ways to invest in physical silver.

Unfortunately, the Perth Mint has become a victim of its own success and has found itself holding too much unallocated silver. So, it has decided to discontinue the program as of May 1st of this year. Fortunately, any holdings purchased before that deadline will be "grandfathered" in - meaning free storage until you decide to sell. (This applies to unallocated silver holdings you may already own at Perth, and any you buy before May 1st.)

I'm writing this notice to alert you of the deadline to lock in free storage when purchasing unallocated silver through the Perth Mint Certificate Program.

Mon, 03/28/2011 - 19:38 | Link to Comment rich_wicks
rich_wicks's picture

Unallocated means it's not there, don't kid yourself.

Mon, 03/28/2011 - 18:58 | Link to Comment apberusdisvet
apberusdisvet's picture

I wonder why a group of SLV holders do not file a complaint seeking a true arms-length audit of the vault holding the "supposed" physical.  I'd contribute a few bucks to that legal action as would every other PM bull in the country.

Mon, 03/28/2011 - 19:00 | Link to Comment strannick
strannick's picture

So a Bank tells the CFTC to delay Banking Regulation (position limits) indefinately, and the CFTC obeys the Bank?

Mon, 03/28/2011 - 19:00 | Link to Comment strannick
strannick's picture

So a Bank tells the CFTC to delay Banking Regulation (position limits) indefinately, and the CFTC obeys the Bank?

Mon, 03/28/2011 - 19:01 | Link to Comment strannick
strannick's picture

Chairman Gensler

CFTC Commisioner Jill Sommers

CFTC Commisioner Scott Omalia

CFTC Commisioner Michael Dunn

Betrayers of their nation to financial elites.

Are you proud of yourselves???????

Mon, 03/28/2011 - 19:01 | Link to Comment Argentum
Argentum's picture

I don't post much, but this is crap.   Tired of all the BS from the bankers, guberments, etc.... Going to buy more hard silver this shit is getting personal now. 

Mon, 03/28/2011 - 19:27 | Link to Comment in-Credible Banker
in-Credible Banker's picture

I am sick of waiting for these "EPIC" events that are discussed, that never happen.  Harvey says the Comex is going to default.  Never happens.  On Turds blog we have this dude SGS saying today will be "epic", Gensler is leaving the country, Obama is being briefed about the default.  Nothing happens.  We have the Wynter Benton crap, nothing happens.  We have Stand for Delivery, nothing happens.   Everyone here says ill the bankers, nothing happens.

As of today I'm going back to living my life.  Buying a car when I want to.  Going to Disney with the kids.  Then on a Disney cruise.  Joining a Country Club.  Reading USA Today.  Life is too short to spend being depressed and worrying about water filtration. 

 

GLTA.

 

NOTHING IS GOING TO HAPPEN!  NOTHING!!!

 

 

Mon, 03/28/2011 - 19:36 | Link to Comment gametracker
gametracker's picture

It's BEEN happening for 10 years now. Silver has gone from $4 to $37.

Mon, 03/28/2011 - 19:38 | Link to Comment strannick
strannick's picture

Thats what they said in Ireland, when the Economists from the 'Celtic Tiger' were giving seminars to developing economies on how to manage their finances. Then the bogus bubble popped, and the Irish emperors were standing there knocking their skinny little knees and baring their wattled pasty freckly irish arses.

Our mercenary, silver-accumulating side should be sending the banker's lackeys Blythe Masters and Jill Sommers boquets.

Mon, 03/28/2011 - 19:44 | Link to Comment Catullus
Catullus's picture

I know this may seem to be incredibly unpopular, but position limits are not the droids you're looking for. You're using the same thug like practices to get someone to move out of a position. It's a little gotcha game they're going to play with you going down this path. In the end, they'll push special exemptions and you're stuck with the onerous reporting. Then some leak in the CFTC gets paid to give away your positions. And so JPM may have a huge net short position (if you actually know what silver they have in international vaults (rbs sempra European desk)), who cares? They're adults and there are enough other market participants to smell blood in the water that they'll get burned doing it.

Mon, 03/28/2011 - 20:52 | Link to Comment KickIce
KickIce's picture

Agreed, it will take food, fuel or a big ass natural disaster to bring this monster down.

WW3 might to the trick as well.

Mon, 03/28/2011 - 19:59 | Link to Comment f16hoser
f16hoser's picture

Gensler = PUSSY!

Mon, 03/28/2011 - 21:33 | Link to Comment Fiat Money
Fiat Money's picture

Gensler ain't a "*****" - he's a fox IN the hen house, 

  he's a GS PARTNER  (NO CONFLICT OF INTEREST THERE!)

 he's a CRIMINAL on the lookout for his pals raiding the bank vault! 

Mon, 03/28/2011 - 20:15 | Link to Comment John McCloy
John McCloy's picture

Ben trying to deny the Supreme court. Should be more than enough to removethe veil of liberty from this current crony capitalistic society reliant on the greater fool and GE/MSNBC/NBC/CNBC captured tax free propaganda. I always said Ben was more powerful than the Pres. So what happens now that Pres.Obama requires the GE arm, Wall street donors & centrally planned stock market to have a whimper at reelection. Anyway i found a reality show for the first time in history this week that actually is beneficial to the zombies... "America next great restaurant" which actually fosters and promotes the idea of entrepreneurial spirit and small business backed by gasp..personal capital of investors. Sure it's no teen mom but it is a start.

Tue, 03/29/2011 - 00:08 | Link to Comment Forgiven
Forgiven's picture

I think Barclays would be bust with position limits.

Do NOT follow this link or you will be banned from the site!