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Things That Make You Go Hmmm.... Such As The CFTC's "Endless" Investigation Of Silver Manipulation
From Grant Williams' "Things That Make You Go Hmmm"
...The CFTC proposals stipulate the following: "Spot-month position limit levels set at 25% of deliverable supply for a given commodity, with a conditional spot month limit of five times that amount for entities with positions exclusively in cash-settled contracts What this essentially means is that anybody that has no intention of taking physical delivery of a commodity will NOT be allowed to build a position that is greater then 125% of the total deliverable supply while anybody looking to buy physical metal can only buy 25% of that same supply. They also threw in this little grenade: "Exemptions for bona fide hedging transactions (based on the Dodd-Frank Act’s new requirements for such transactions) and for positions that are established in good faith prior to the effective date of specific limits adopted pursuant to the proposed regulations." In other words, the existing short positions allegedly held by JPMorgan and HSBC amongst others about which the complaints were made, are unaffected by the new rules as they were already established. The WHAT?? Far from being the dog that didn’t bark, the CFTC have become the dog that held the door open for the burglars while they ransacked the house. Elsewhere though, there is another type of barking to be heard as the physical stocks of silver on the COMEX continue to dwindle - from 87,000,000 ounces in 2009 to a little over 32,000,000 ounces a mere 2 years later and sooner or later, if the volatility in silver continues, the answer to the CFTC’s investigation will be discovered not behind closed doors, but in the full glare of the spotlight as the amount of silver available to settle futures expiry gets dangerously close to a shortfall. The more demand we see for physical silver from the likes of China, the more dangerous it gets to allow huge structural shorts to persist. Perhaps that’s why Commissioner Bart Chilton spoke this week in urgent tones about the need to address the issue of position limits? Silver now seems to have stabilized and, with first day notice for the July contract rapidly approaching, it looks as though the battle will once again be joined as silver continues to build a base between $33 and $35. One thing is for certain, the current trend simply CANNOT continue as the stocks of available silver in the COMEX warehouses continue to plummet regardless of fluctuations in the paper price. Sooner or later either the CFTC dog barks, or the market dog will - and THAT will be quite something to hear.
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Ted Butler must be feeling completely deceived. He'd make a great friend. He gave Gensler and their pin up boy Chilton, absolute and unfaltering faith in their character and their word. I hope that he makes a formidable enemy.
Ted, I always doubted your stance on Gensler. He is just too entrenched, an old boy. I gave Chilton kudos for his public stance and announcements about market manipulations but that I fear, was just a head fake. Moral of the story. Tackle these bastards whether they have the ball or not. Never give bureaucrats a chance to pull a head fake on you again. There is no-one in politics or in public office who can be trusted. They are too entrenched and will protect their jobs till the end.
Bart, you have 30 seconds to resign for you to have any respect from anyone remotely interested in these affairs. If your resignation is not broadcast by opening of business this morning, you will deserve the contempt that will now be dumped on your peers from this point on.
It is time for action in America and for that matter the citizens of the world. I implore all to redouble your efforts in convincing those nearest and dearest and their friends, to buy all the physical silver that they can afford. It is a passive protest and any confiscation efforts denied by all means possible. Take your paper credits and dump them in protest and reject debt.
It is time to end this corruption by the single most effective means possible: Reject the paper markets and start using our legal currency.
Fight this menace. Reject the fed and reject all central bank credit notes. Look where it has led us to date.
yet another bullish piece designed to suck punters into buying silver . anyone with a brain should stay away from this market ( if you can call it a market) after the huge plung we saw only a few days ago. if the popular media and your local taxi drivers are also hyping the metal up sounds like a bubble to me (same as condo flipping in 2006).
absolutely! ron paul isn't a bad guy but he needs to rethink. no way with 7 billion people on the planet can gold or silver be used for money. ridiculous. paper represents a contract; the contract of the american people for their work and their country with all our glorious states. gold can never be that valuable. and any idea of making silver money would just make the "dollar" as dominator cede to the latin countries such as peru and mexico, is that what you want? no one would ever voluntarily give up their dominant position because every one with two brain cells knows that game is just to steal the position of dominance by lobbying for more equal standing, then they stick you with the sword, and you are done. the big stick america used to carry has been whittled down through political ACCOMODATION (as in you-are=so=stupid) to a toothpick. and maybe you are in your twilight years, but your children and grandchildren won't appreciate what you've done, at all. you grew up with fresh air, open roads, clean and abundant water. you are giving them polluted air, roads choked with traffic directly due to immigration, water that is on the verge of ecological collapse, and a society that is a mess because the liberals said every language and culture must be recreated here or we are discriminatory. no They are discriminatory. They demand their language, their way of life, your constant accomodation. kick em to the curb, and take america back.
I was an old silver bull and got my physical silver at 15. I took a paper certificate out of the Perth Mint when Jason said to beware and put it into Goldmoney.com Via mat Zurick. Then I heard the Swiss gov passed a law saying they could resrtict the outflow of gold and silver in a financial emergency. Then I paid the goldmoney fees to have my stuff sent to Via Mat Hong Hong Kong. You have to consider possible government consification and/or taxaction tgo take all of your precious metals.
I was an old silver bull and got my physical silver at 15. I took a paper certificate out of the Perth Mint when Jason said to beware and put it into Goldmoney.com Via mat Zurick. Then I heard the Swiss gov passed a law saying they could resrtict the outflow of gold and silver in a financial emergency. Then I paid the goldmoney fees to have my stuff sent to Via Mat Hong Hong Kong. You have to consider possible government consification.
Lng live Zerohedge :)
The CFTC is a lame duck and do what their pay masters tell them to do.
The only time they would look to act is after the fact / failure has occured, quoting the same old bullshit excuses.
oh heck, ya'll have seen that mexico is opening up new silver mines right? as to gold, louise yamada was saying 5200 gold and she has a good track record but she doesn't understand gold. gold can never go above 2200 because at that price you are at the top anyone will pay. people aren't as stupid as they used to be. recent fingers on the burners of bubbles has shown the american public that they've been used and abused and they won't be real quick to let it happen again. they want to keep the few dollars they have and just as with that florida real estate and washington mutual stocks, they've learned that the offer of dinner before being, hmm shall we say...oh let's call it "harumphed", is a mirage. the real money in this country is now going to go into factories to rebuild our manufacturing base. New book out called Made in America makes this point.
Also when the Chinese tell you not to worry about their military power, ratchet up the sweat on your brow: fundamental premise of the Chinese, lie, lie some more, and then lie when you are caught: http://www.military.com/news/article/chinese-general-says-his-military-i...
If you believe what the general has to say, you should be asking yourself how you feel about being a Chinese slave. It's also interesting to note that when the Chinese invade they will come in via the west coast, the very liberal west coast, the pansy west coast, where the most whining about removing the second amendment is. Now the Chinese would think more than twice about coming in through, say, Montana where every Chinese soldier would be met with a shotgun. My God, when did we get so stupid that we actually believe what our enemies say. Time for a new jingoistic America: at least if you want somewhere to live in the future and want your children to have a country of their own. End all immigration. Washington State is being sold to the Chinese by Gov Gregoire, and California will be a pushover for the Chinese when the Mexicans run for home. Oregon is just a buncha pot-smoking namby pamby folks who live off of the farmers in the midwest that they make fun of for their accents.
Ah America, you gave an inch and they are pushing you to the Auschwitz of self-genocide. White and American and English are good words. We can love our black Americans but when we import more foreigners, they will subsume us all. End immigration.
$2200 is the most anyone will pay?
In Zimbabwe dollars?
In hyperinflating US dollars?
What a totally delusional statement... as if utterly worthless, unbacked, fraudulant, unconstitutional, fractional-reserve toilet-paper has value.
You gotta wonder whether some people have neurons.
Every so-called government is simply "predators DBA government". Every so-called central bank is simply "predators DBA central bank". The entire "official" world is 100% smoke-and-mirrors --- and zero substance.
The CFTC likes their investigations 'endless'. That way,
1. as a bureaucracy, they can be preceived to be doing something without having to go to the trouble of actually doing anything.
2. as a bureaucracy that never makes any decision, they can continue to be unaccountable.