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Libor May Be Manipulated, But Silver Is Not, CFTC To Conclude

Tyler Durden's picture


In what may be the most amusing news of the day, according to the FT the CFTC will shortly drop its 4 year old investigation into silver manipulation, "after US regulators failed to find enough evidence to support a legal case, according to three people familiar with the situation." How about evidence to support an "illegal" case? Of course, that this is happening after the recent discovery that the world's most pervasive fixed income benchmark was manipulated for years, if not decades, can only be reason for laughter and wonder if the CFTC used the same assiduous diligence methods in pursuing the alleged perpetrators of precious metal manipulation as it did in letting the fraud at PFG slip through its fingers for two decades. We will probably never know, or at least not until an email mentioning bottles of Bollinger and silver price "fixing", (or "banging the close" for that matter) in the same sentence inexplicably turns up and makes a complete mockery of the CFTC yet again.

From the FT:

The Commodity Futures Trading Commission first announced that it was investigating “complaints of misconduct in the silver market” in September 2008, following a barrage of allegations of manipulation from a group of precious metals investors.


In 2010, Bart Chilton, a CFTC commissioner, said that he believed there had been “fraudulent efforts” to “deviously control” the silver price.


But after taking advice from two external consultancies, the first of which found irregularities on certain trading dates that it believed deserved more analysis, CFTC staff do not have sufficient evidence to bring a case, according to the people familiar with the situation.


The CFTC has analysed over 100,000 documents and interviewed dozens of witnesses since it began investigating the market in 2008, it said last year. The people familiar with the situation said the evidence included records from JPMorgan.


The conclusion of the investigation will come as a relief to JPMorgan. Although no company or individual was named in the CFTC investigation, the Wall Street bank has suffered a torrent of allegations from silver investors on the blogosphere.

The FT continues by referencing the inventor of CDS herself: Blythe Masters:

Blythe Masters, head of commodities at JPMorgan, in an April interview with CNBC conceded that there had been “a tremendous amount of speculation, particularly in the blogosphere, about this topic”, but maintained that the bank had no large bets on silver prices.


“We have no stake in whether prices rise or decline,” she said. JPMorgan declined to comment on the CFTC investigation.

What the FT did not mention is the end of that sentence pronounced in an interview on April 5 with CNBC which goes as follows:

"We have offsetting positions. We have no stake in whether prices rise or decline. Rather we're running a flat or relatively flat matched book.

Of course, the fact that a month later the firm's entire internal $350 billion hedge fund was found to be not only engaging in non-matched book trading, but suffered a humiliating $6 billion loss due to unmatched prop positions, should not influence all those who persist in perpetuating gross lies.

Which of course is why Masters' next sentence was the following:

"What is commonly out there is that JPMorgan is manipulating the metals market. It's not part of our business model. it would be wrong and we don't do it."

Courtesy of Gary Gensler's CFTC, who recently has managed to build up lots of goodwill courtesy of his masterful handling of both MF Global as well as PFG, we will never know whether she was also lying about this as well.

Finally, and tangentially, in the Libor scandal where not even the regulators can mask up years of gross manipulation, we learn that UBS fired dozens of people embroiled in the still evolving Lieborgate scandal, prosecution immunity notwithstanding:

UBS AG (UBSN) has dismissed about two dozen traders and managers in connection with an investigation of manipulation of the London interbank offered rates, Der Sonntag reported.


The Swiss bank terminated the traders for possible involvement in a fraudulent ring across several banks and the managers for not exercising controls or for boycotting an internal investigation, the newspaper reported today, citing an unidentified person familiar with the proceedings. Dominique Gerster, a spokesman at UBS, declined to comment on the report.

So let's get this straight: bankers, for their own selfish and financial reasons formed cabals and manipulated, with the complicity of central bankers, a market worth $500 trillion notional. But they left the one market which has the embedded systemic risk of impairing the perception of fiat, and the viability of the status quo system, untouched? And this despite JPM's implicit admission of guilt when it reduced it massive silver short position back in December 2010.

One could almost make this up.


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Sun, 08/05/2012 - 18:59 | 2680332 PaperBear
PaperBear's picture

That's fine. I will keep exchanging my toilet paper for physical silver and we'll see if shortages begin.

Sun, 08/05/2012 - 19:00 | 2680339 Turd Ferguson
Turd Ferguson's picture


Sun, 08/05/2012 - 19:05 | 2680356 The Shootist
The Shootist's picture

Maybe I'll get me some of them silver meeses from the RCM.

Sun, 08/05/2012 - 19:29 | 2680403 knukles
knukles's picture

They're telling the "truth!"

It's not "manipulated" because it's Official Open Market Management of Monetary Aggregates and Indica (gold and silver) by or on behalf of of the Anglo-American Banking Cartel via the Central Banks .


It's necessary
and good
for you and me
said the very
Powers that Be.


When they do it it's official policy
When the banks do it without their official blessing
Or when they get caught
It's manipulation.

Eddie Bernays would be proud

Welcome to Dystopia

Sun, 08/05/2012 - 19:43 | 2680436 Cognitive Dissonance
Cognitive Dissonance's picture

Here is the "money shot" from the CFTC.

".....CFTC staff do not have sufficient evidence to bring a case......"

See....they are essentially saying that they were looking for a case that could be prosecuted. In no way are they saying that there was no actual manipulation, just that what they found could not be prosecuted. Since the President and the intelligence czar have the right to exempt private and public companies from the law with regard to accounting or even "illegal" market manipulation in the name of national security, the CFTC could easily have found there was manipulation.....but they couldn't prosecute it.

It is how you define what is to be investigated that counts. Can't find what you're not looking for. Remember this? From Businessweek in May of 2006. The link is dead, but I saved the actual web page.

Intelligence Czar Can Waive SEC Rules

Now, the White House's top spymaster can cite national security to exempt businesses from reporting requirements.

President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye.


AUTHORITY GRANTED. William McLucas, the Securities & Exchange Commission's former enforcement chief, suggested that the ability to conceal financial information in the name of national security could lead some companies "to play fast and loose with their numbers." McLucas, a partner at the law firm Wilmer Cutler Pickering Hale & Dorr in Washington, added: "It could be that you have a bunch of books and records out there that no one knows about."

The memo Bush signed on May 5, which was published seven days later in the Federal Register, had the unrevealing title "Assignment of Function Relating to Granting of Authority for Issuance of Certain Directives: Memorandum for the Director of National Intelligence." In the document, Bush addressed Negroponte, saying: "I hereby assign to you the function of the President under section 13(b)(3)(A) of the Securities Exchange Act of 1934, as amended."

A trip to the statute books showed that the amended version of the 1934 act states that "with respect to matters concerning the national security of the United States," the President or the head of an Executive Branch agency may exempt companies from certain critical legal obligations. These obligations include keeping accurate "books, records, and accounts" and maintaining "a system of internal accounting controls sufficient" to ensure the propriety of financial transactions and the preparation of financial statements in compliance with "generally accepted accounting principles."


Sun, 08/05/2012 - 19:51 | 2680442 strannick
strannick's picture

Dear Commisioners;

Now that you have finally concluded your ridiculously lengthy 4 year study to determine if the silver market is an absurd sham or not, the question that seems to be on everyone's mind is not the obvious one, -whether or not the silver is manipulated- but rather if you reached your bogus conclusion via stupidity or corruption.

Also, since you seem to always lack sufficient evidence to ever prosecute manipulation, why does your idiotic agency exist at all? Of course the other reason given for your uselessness in ever finding manipulation was given by retiring CFTC Justice Painter, who said former CFTC Chairman Wendy Gramm told him never to prosecute a manipulation case.

Sun, 08/05/2012 - 20:18 | 2680457 flacon
flacon's picture



Sun, 08/05/2012 - 21:31 | 2680620 SilverIsKing
SilverIsKing's picture

So they haven't found enough to prosecute which we know is BS. Why don't they tell us what they did find out anyway? I'm interested in hearing all about their failed 4 year investigation. I'd also like to know how much they spent on said investigation. Did they talk to Andrew Maguire?


Sun, 08/05/2012 - 22:31 | 2680778's picture

Correct me if I'm wrong but didn't Dodd-Frank call for the CFTC to limit positions by a date which passed some years ago? What's up with that?

Sun, 08/05/2012 - 22:47 | 2680803 flacon
flacon's picture

oh that was for us... limits for us. The big banks get an exemption because they are too big to limit. 

Mon, 08/06/2012 - 01:05 | 2680923 Pinto Currency
Pinto Currency's picture


If JPM has no stake in whwhether the price of silver rises or falls, it seems you would not sell several hundred million ounces of silver in a couple of minutes cascading the price down as you take out all the trading stops time and tme again.

The rigging of gold and silver to force down interest trates are at the core of the world-wide debt bubble that is now collapsing.

Mon, 08/06/2012 - 01:18 | 2680933 strannick
strannick's picture

When I first heard that the CFTC found no silver manipulation after their 4 year old investigation, I assumed based on their peurile findings that they meant the investigation was done by a 4 year old

Mon, 08/06/2012 - 01:51 | 2680949 strannick
strannick's picture

I guess we now know why all those new Commercial (JPM) silver shorts got put on in the latest COT.

 Maybe the CFTC should use as silver-manipulation evidence the fact that shorts got hugely added prior to the publication of the CFTCs finding no manipulation. That way the CFTC could spend another 4 years investigating itself as to whether or not the CFTC is involved in information leakage/manipulation.

Also, Chilton the longhair should be petitioned by hippies everywhere to cut his hair sos to more accurately reflect his investment banker disposition. He should probably shave his head along the lines of Hank Paulson.

Mon, 08/06/2012 - 02:29 | 2680980 malikai
malikai's picture

Sorry, guys. Asking the beauraucrats to investigate a manipulation that is supporting the status quo kleptocracy is like asking your burglar if he can investigate your burglary.

This is not news to most of us, I hope.

Although I must say, they're not even trying to convince people anymore. I think they're getting lazy.

Mon, 08/06/2012 - 08:12 | 2681149 GetZeeGold
GetZeeGold's picture





It appears the FT might be full of BS. Top question of the day is why did they report it on a Sunday night?


Apparently someone with connections is currently getting their ass handed to could be Harry Reid.


Maybe not....but it's out there now.


Sun, 08/05/2012 - 23:27 | 2680858 knukles
knukles's picture

There was a ONE SENTENCE exclusion pertaining to banks' positions in Gold and Silver in Frank-Dodd.

No necessity to limit or report

Mon, 08/06/2012 - 00:16 | 2680898 StychoKiller
StychoKiller's picture

All this could be fixed with position limits in Au/Ag/Pt/Pd/Rh!

Mon, 08/06/2012 - 08:23 | 2681229 jmcadg
jmcadg's picture

Just dropped Gensler this ...

How do you sleep at night?

You are the laughing stock of the finance and precious metals world. But more importantly, if you are genuinely happy playing your part in destroying the lives of the many, to please the few, you need to look deep inside yourself. Sadly you'll no doubt find no soul. This is tragic, pathetic and a blatant sop to JP Morgan. I honestly can't see how you can feel good knowing you are dismissing the truth. Well my friend, the truth will out and the time will come when you have to pay the piper. But if you had any decency about you, you would cut your puppet strings and side with truth. Good luck.


Mon, 08/06/2012 - 10:14 | 2681532 strannick
strannick's picture

Nice one. Bomb them every chance you get, and tell others to do the same.

Mon, 08/06/2012 - 13:15 | 2682075 akak
akak's picture

CFTC to JP Morgan: "You didn't build that manipulated silver market, somebody else did."


(PS: And we don't care who.)

Sun, 08/05/2012 - 20:25 | 2680507 Fecklesslackey
Fecklesslackey's picture

Thank you ... I have saved this in a Word file in my Documents Folder with the filename "Cock Suckers". I will always be able to find it now

Sun, 08/05/2012 - 20:45 | 2680534 Cognitive Dissonance
Cognitive Dissonance's picture

Here is the actual article page. I suggest many people save this one.



MAY 23, 2006

Click here to find out more!


By Dawn Kopecki

Intelligence Czar Can Waive SEC Rules

Now, the White House's top spymaster can cite national security to exempt businesses from reporting requirements

President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye.

Unbeknownst to almost all of Washington and the financial world, Bush and every other President since Jimmy Carter have had the authority to exempt companies working on certain top-secret defense projects from portions of the 1934 Securities Exchange Act. Administration officials told BusinessWeek that they believe this is the first time a President has ever delegated the authority to someone outside the Oval Office. It couldn't be immediately determined whether any company has received a waiver under this provision.

The timing of Bush's move is intriguing. On the same day the President signed the memo, Porter Goss resigned as director of the Central Intelligence Agency amid criticism of ineffectiveness and poor morale at the agency. Only six days later, on May 11, USA Today reported that the National Security Agency had obtained millions of calling records of ordinary citizens provided by three major U.S. phone companies. Negroponte oversees both the CIA and NSA in his role as the administration's top intelligence official.

FEW ANSWERS. White House spokeswoman Dana M. Perino said the timing of the May 5 Presidential memo had no significance. "There was nothing specific that prompted this memo," Perino said.

In addition to refusing to explain why Bush decided to delegate this authority to Negroponte, the White House declined to say whether Bush or any other President has ever exercised the authority and allowed a company to avoid standard securities disclosure and accounting requirements. The White House wouldn't comment on whether Negroponte has granted such a waiver, and BusinessWeek so far hasn't identified any companies affected by the provision. Negroponte's office did not respond to requests for comment.

Securities-law experts said they were unfamiliar with the May 5 memo and the underlying Presidential authority at issue. John C. Coffee, a securities-law professor at Columbia University, speculated that defense contractors might want to use such an exemption to mask secret assignments for the Pentagon or CIA. "What you might hide is investments: You've spent umpteen million dollars that comes out of your working capital to build a plant in Iraq," which the government wants to keep secret. "That's the kind of scenario that would be plausible," Coffee said.

AUTHORITY GRANTED. William McLucas, the Securities & Exchange Commission's former enforcement chief, suggested that the ability to conceal financial information in the name of national security could lead some companies "to play fast and loose with their numbers." McLucas, a partner at the law firm Wilmer Cutler Pickering Hale & Dorr in Washington, added: "It could be that you have a bunch of books and records out there that no one knows about."

The memo Bush signed on May 5, which was published seven days later in the Federal Register, had the unrevealing title "Assignment of Function Relating to Granting of Authority for Issuance of Certain Directives: Memorandum for the Director of National Intelligence." In the document, Bush addressed Negroponte, saying: "I hereby assign to you the function of the President under section 13(b)(3)(A) of the Securities Exchange Act of 1934, as amended."

A trip to the statute books showed that the amended version of the 1934 act states that "with respect to matters concerning the national security of the United States," the President or the head of an Executive Branch agency may exempt companies from certain critical legal obligations. These obligations include keeping accurate "books, records, and accounts" and maintaining "a system of internal accounting controls sufficient" to ensure the propriety of financial transactions and the preparation of financial statements in compliance with "generally accepted accounting principles."

Mon, 08/06/2012 - 00:09 | 2680895 Manthong
Manthong's picture

"It could be that you have a bunch of books and records out there that no one knows about."

Likely MOST of the books and records controlling this pathetic excuse for an economy and market are hidden from scrutiny.

Not surprisingly, a search of the Business Week online archives for May 2006 does not show this article.

If not for the over 400,000 Google hits a search of the title produces, one might think it was propaganda from conspiracy nuts

Infowars and Godlike has the text, too.

But it’s hard to believe that this could get any traction seeing as how a fraudulent layered graphics file birth document published by the highest office in the land does not matter to anyone of significance.

Thanks for the heads up, CD.

Mon, 08/06/2012 - 02:35 | 2680983 malikai
malikai's picture

So, not only do you collect the shiny metals, you also collect golden nuggets of lulz.

But don't you understand? They need to do that to protect us from the terrorists!

Sun, 08/05/2012 - 21:27 | 2680612 Lumberjack
Lumberjack's picture

"Since the President and the intelligence czar have the right to exempt private and public companies from the law with regard to accounting or even "illegal" market manipulation in the name of national security."




Think Enron or what has happened since.

Sun, 08/05/2012 - 19:42 | 2680438 Troll Magnet
Troll Magnet's picture

Le sigh,

I'm just going to turn off the noise and buy more silver this week because it just feels right to be able to exchange pieces of paper for shiny metals.

Sun, 08/05/2012 - 23:03 | 2680540 Al Gorerhythm
Al Gorerhythm's picture

They're telling the truth as they define it. Honest money is still honest money. The paper dollar is the manipulation and the gold and silver (and everything linked to LIBOR thereby masking the paper pricing formula) markets have therefore been manipulated since the dollar inception. This is as in your face as you can get but then again, so was the establishment of the central bank banking system.

It took Ted Butler a fair while to wake up to their ruses but for GATA to believe in Gensler and his butt monkey offsider, Chilton, is beyond comprehension, particulrly after their compilation of so much material that exposes government regulators and politicians for what they truely are; namely, bought and paid for shills.

Calls for Chilton to back up his stance with action, in the form of him going public with a whistlebowing expose`and resigning his pampered position, is like asking a pedophile to stop molesting little boys. He gets his fix just like the others. His sugar daddy is his boss: Wall Street.

You're part of it Chilton and the mask of the "good guy" that you wear in  public is just a deceptive facade. This announcement exposes you for what you are.  Waterboy.

Mon, 08/06/2012 - 00:29 | 2680901 Manthong
Manthong's picture

Read his WIKI BIO
“From 2001 to 2005, he was a senior advisor to Senator Tom Daschle

                      'nuff said.

Mon, 08/06/2012 - 11:24 | 2681754 Kaiser Sousa
Kaiser Sousa's picture

sent ur critique to Chilton....he didn't seem to take it so well...
hope u don't mind....I quoted u anonymously....

Sun, 08/05/2012 - 19:31 | 2680413 SafelyGraze
SafelyGraze's picture

it isn't manipulation when *we* do it

Sun, 08/05/2012 - 19:42 | 2680439 radwon
radwon's picture

Your silvers are safe with us.

Sun, 08/05/2012 - 21:06 | 2680562 Top_Kill
Top_Kill's picture

PLEASE TAKE SILVER TO $18 on this so I can load the vault on last time!!!

Sun, 08/05/2012 - 21:19 | 2680577 bigkahuna
bigkahuna's picture

Manipulate away. When it all catches up people will literally shit their pants.

Sun, 08/05/2012 - 22:33 | 2680782's picture

Long Depends.

Sun, 08/05/2012 - 21:48 | 2680708 Anne Ominous
Anne Ominous's picture

Long Dong Silver was actually a Vietnamese stacker...

Sun, 08/05/2012 - 19:12 | 2680371 vast-dom
vast-dom's picture

the only function of markets is manipulation these days. from the fed to all financial institutions to regulatory agencies. only way any scandal goes public is if something really blows up. SILVER and GOLD are nothing but manipulated.

Sun, 08/05/2012 - 19:29 | 2680414 bank guy in Brussels
bank guy in Brussels's picture

Truth re CFTC and other such 'Commissions' -

« Government Commissions invariably cover for government corruption ...

the Security and Exchange Commission covers for financial corruption, the Medical Commissions cover for Medical Doctors, the State Bar Associations cover for attorneys, and Judicial Commissions invariably cover for all judicial corruption, no matter what the corruption may be. ...

If you want corruption to flourish, create a commission over it, and you will be assured that corruption will abound. »

- Rev. Ron Branson, 'Jail 4 Judges', USA

Sun, 08/05/2012 - 20:27 | 2680510 JohnKozac
JohnKozac's picture

"Whenever you want nothing to be done about the matter, appoint a committee," they say.

Anyone who has an IQ above 75, and reads economic news is losing faith in the system.

Sun, 08/05/2012 - 20:32 | 2680519 XitSam
XitSam's picture

Even my econ professor friend that didn't see much of a problem before is now saying the housing market will be depressed for 20 to 30 years.

Sun, 08/05/2012 - 23:07 | 2680837 Son of Loki
Son of Loki's picture

Shiller's analysis shows house prices will drop another 20%. My guess is that when interest rates regress to the mean (which is inevitable), downward momentum will be accelerated and they may fall 50% to 60% instead of the mere 20% more.  So many areas are still in Bubble territory at $250 psf (or more) compared to rental value and/or median income.

Mon, 08/06/2012 - 01:52 | 2680953 JLee2027
JLee2027's picture

At least 50%. Maybe 80% at the bottom. There is an oversupply problem, and everyone is broke, etc.

Sun, 08/05/2012 - 23:52 | 2680849 Al Gorerhythm
Al Gorerhythm's picture

By the tone of your post , your friend sounds like an over-educated true believer. Maybe he is waking up. Ask him (if he holds tenure in the public system) if he will resign his position, if you think he is aware?

Like Chilton, he will choke on the bile of his own hypocrisy before he gives up his teat for another, even for his children and theirs.

Sun, 08/05/2012 - 20:28 | 2680512 XitSam
XitSam's picture

You know, I'll bet they weren't even offered a bribe. Just doing what is in their job description.

Meanwile, the final report is already written for the Treasury's "audit" of the NYFed. 

Sun, 08/05/2012 - 19:38 | 2680416 vast-dom
vast-dom's picture!


thx bank guy. 


what was net result of LIBOR? Zilch. Or maybe even MORE manipulation as misdirect of compliance with law

Sun, 08/05/2012 - 19:16 | 2680381 SHEEPFUKKER

So nearly every other market in the world has been proven to be manipulated but silver is not.  Oh, o.k. Bart. Thanks for your last 4 years of expert forensics on the matter. 

Sun, 08/05/2012 - 22:17 | 2680759 smlbizman
smlbizman's picture

....and getting a fucking hair look like an investigation required on that...

Sun, 08/05/2012 - 19:33 | 2680396 AL_SWEARENGEN

These Cocksuckerz over at the CFTC dont want to be blamed for igniting the fire that would consume the global fiat ponzi currency scheme.  What a joke.  The FT article didn't even care to mention ANYTHING about how vast JPM's outsized position on the short side of Silver is.. Figures.

Sun, 08/05/2012 - 21:06 | 2680563 wisefool
wisefool's picture

God dammned hooplehead thingies think  the army will stay shen the shiny is gone from the black hills. I have killed road agents who like dessert.

Mon, 08/06/2012 - 02:47 | 2680941 Haole
Haole's picture

Your first sentence is bang on I believe Al.  If I'm not mistaken Steve De Angelo and his research have indicated some miners are actually selling their production at what is almost turning out to be a loss now.   Some of these silver mining company execs could be considered complicit whores in this entire fiasco too. The devil's metal it is and I can only hope that bodies will rain out of windows and down flights of stairs when the evil is finally exorcised, it it ever comes to pass in my lifetime. 

Sun, 08/05/2012 - 20:28 | 2680513 RacerX
RacerX's picture

Good to see you posting, Mr. Turd!

Sun, 08/05/2012 - 20:38 | 2680524 Turd Ferguson
Turd Ferguson's picture

Thank you.

Remember that patience is a virtue.

All is not lost tonight.

Sun, 08/05/2012 - 20:42 | 2680529 XitSam
XitSam's picture

Bring back the Silver Bears!

Sun, 08/05/2012 - 21:23 | 2680605 SPADOC4
SPADOC4's picture

Double down.....  BiTcHeZ

End game in sight.

Sun, 08/05/2012 - 22:09 | 2680751 EHM
EHM's picture

Sun, 08/05/2012 - 23:03 | 2680832 SilverDoctors
SilverDoctors's picture

Tylers and Turd, I spoke with Bart Chilton tonight, and according to Commissioner Chilton the FT's report is 'Inaccurate & Premature'

Mon, 08/06/2012 - 01:55 | 2680954 JLee2027
JLee2027's picture

Ok, but I would expect him to say that. The report is just a trial ballon to see how people react. It it smells too much, the "investigation" will just continue endlessly.

Sun, 08/05/2012 - 23:49 | 2680876 Al Gorerhythm
Al Gorerhythm's picture

Turd, you may note that GATA posted on this subject but left no indignant comment. WTF?

Sun, 08/05/2012 - 19:14 | 2680379 XenoFrog
XenoFrog's picture

As anyone who has taken Econ 101 knows, price ceilings only make the supply problem worse in the long term.

Mon, 08/06/2012 - 12:14 | 2681892 Au Shucks
Au Shucks's picture

Completely true... BUT, "they" only have to hold out for a few more months... when things go BOOM, as they will probably b4 the year is out, it won't matter any more. 

With all the brain power of folks posting on ZH, and I believe that brain power to be significant, it leaves me in awe (or Au?) that so few are seeing the 800 pound gorilla in the room... the gorilla who is starving and who's hunger makes the rest of us look like ripe bananas.  The missing part of this story, and all other financial stories around the globe, is that everything is being extended toward some time period which the PTB realize is the game changer.  Those in high places are not dumb people... evil, yes, but not dumb.  they know FULL well that the jig is up.  If they were worried about the consequences of the collapse that is inevitable and imminent, they would take steps to truly fix the causes.. even defaults would be on the table.  The fact that the extend and pretend "solutions" are actually making the problems FAR worse and the ensuing collapse that much worse (as if that is even conceivable) is all the PROOF any intelligent observer needs to know that there is a big BOOM at the end of this which will either be used to absolve those in power of any responsibility (very unlikely) OR will be so massive and global in nature as to make the immense crimes entirely insignificant and forgotten. 

sorry, but this is the only possible way out of the hole the PTB are quickly and with intention digging.

Sun, 08/05/2012 - 19:27 | 2680410 Silver Bug
Silver Bug's picture

Silver NOT manipulated?? Thats news to me! Hah what a joke.

Sun, 08/05/2012 - 19:41 | 2680435 THECOMINGDEPRESSION

Every stock market, gov't stat, accounting in businesses, Libor, elections, is manipulated..the list is endless. BUT SILVER IS NOT MANIPULATED..A BIG FAT L O L.

They have to be afraid of something with SILVER..really afraid

Sun, 08/05/2012 - 20:47 | 2680541 philipat
philipat's picture

And all are now "Looking for a new challenge"?

Sun, 08/05/2012 - 22:29 | 2680775 maxcody
maxcody's picture

Physical is the only way since JPMorgan conrols the the SLV and they

counting the Bars!

Sun, 08/05/2012 - 22:43 | 2680796 Long-John-Silver
Long-John-Silver's picture

The worlds mines produce less Silver every year even as consumption increases. Silver remains a disposable commodity. Eventually shortages will appear in the manufacturing sector that will impact production. The longer Silver prices are manipulated the sooner that time will come. In the interim simply buy all the physical Silver for immediate delivery you can and hide it away. You'll be very happy you did.

Mon, 08/06/2012 - 03:45 | 2681032 Havana White
Havana White's picture

Your first sentence is incorrect, Long-John.

See this:

"Silver mine production rose for the ninth successive year in 2011."

And here's a chart:

Sun, 08/05/2012 - 18:59 | 2680333 JeremyWS
JeremyWS's picture

sure. We believe this.

Sun, 08/05/2012 - 19:03 | 2680350 slewie the pi-rat
slewie the pi-rat's picture

those big london-connected bullion banksters wouldn't dare

they would go to prison 4evah

Sun, 08/05/2012 - 18:59 | 2680334 death_to_fed_tyranny
death_to_fed_tyranny's picture

Thank you for the LIES! I continue to hoard (non-manipulated) Silver!

Sun, 08/05/2012 - 19:20 | 2680387 SHEEPFUKKER

Now the perfect follow-up to the CFTC's non-findings would be for the CME to hike margins immediately on silver.  lol

Sun, 08/05/2012 - 19:38 | 2680421 knukles
knukles's picture

And borrow all the silver from allocated accounts to enhance the registered/eligible delivery supply via London in a rehypoyhecated solution to who owns what when and where.

A Gordian Knot never to be unraveled


AP- New York (whenever)
Bart reportedly takes senior consultant position to JP Morgan at a rumored $10 bazillion per annum plus Medical/Health Benefits.
Sources who wish to remain anonymous were uniformly surprised not at the low salary level but inclusion of Medical Benefits
"Wow," said one, "Nobody gets that shit anymore.  What a deal.  He sure musta done something special!"
Details to follow

Sun, 08/05/2012 - 19:00 | 2680340 JustObserving
JustObserving's picture

There is complete regulatory capture in the US.  Trade in US markets only if you are suicidal.

Sun, 08/05/2012 - 19:10 | 2680368 slewie the pi-rat
slewie the pi-rat's picture

my great-grampaSlewball was a thoroughbred lemming

Sun, 08/05/2012 - 19:26 | 2680404 slewie the pi-rat
slewie the pi-rat's picture

i'll tell ya...  he got around, too!

here's the banksters' front organizations for their crimex silver manipulations and their inventories:

DJ Comex Gold And Silver Warehouse Stocks-Aug 3

Sun, 08/05/2012 - 19:01 | 2680341 silver500
silver500's picture

Jamie Dimon was 100% right about the "Tempest In A Tea Pot", Blythe must also be right that they have no silver positions.

Sun, 08/05/2012 - 19:27 | 2680407 XRAYD
XRAYD's picture

It was a SILVER TEA pot - so the tempest was not visible in this case!

Sun, 08/05/2012 - 22:38 | 2680790's picture

"Oh, brave new world that has such people in it!" -- Shakespeare's The Tempest

Sun, 08/05/2012 - 19:01 | 2680343 sampo
sampo's picture

Fuck You Bart Chilton!

Sun, 08/05/2012 - 22:39 | 2680792's picture

And the whores he rode in on.

Sun, 08/05/2012 - 19:02 | 2680346 PaperBear
PaperBear's picture

Oh, and Mr Sprott should make another offering for his Physical Silver Trust Fund and much more than the recent $220m.

Sun, 08/05/2012 - 19:03 | 2680347 The Shootist
The Shootist's picture

The bullshit won't last forever. The lies and corruption are as thick as those of Gotham.

Sun, 08/05/2012 - 19:05 | 2680357 mendolover
mendolover's picture

I agree that the bullshit won't last forever, but I'm beginning to wonder just how long this shit can go on.  I'm not getting any younger!

Sun, 08/05/2012 - 19:40 | 2680433 CH1
CH1's picture

I know the feeling. :(

Sun, 08/05/2012 - 19:47 | 2680450 unwashedmass
unwashedmass's picture


yeah but look on the bright side. the government helps JPM hide the manipulation

JPM shorts the price to the ground

and the peasants out there believe....

which lets some of us buy silver up by the the POUND at garage sales, salvation army stores, etc.  I mean I can find it now for pennies per ounce......

and ....well, whatever. eventually i might have, hell not even eventually, i may have more actual silver than JPM.....laughing. and mine isn't leveraged 150:1

Mon, 08/06/2012 - 07:21 | 2681136 clymer
clymer's picture



I was up in your neck of the woods last weekend (Sebago)



Sun, 08/05/2012 - 19:03 | 2680349 ForTheWorld
ForTheWorld's picture

I was going to say "I'm not sure how anyone with a functioning brain would believe this based on the evidence provided", but I think we all know the answer.

Meanwhile... on Dancing with the Voice of American Idols from the OC Jersey Shore of Desperate Housewives...

Sun, 08/05/2012 - 19:04 | 2680353 Random_Robert
Random_Robert's picture

Eh, who cares...? 

Bypass the Comex and purchase  the real stuff.


Sun, 08/05/2012 - 19:05 | 2680355 vinu02
Sun, 08/05/2012 - 19:06 | 2680360 lolmao500
lolmao500's picture

Yeah and no manipulations in the price of oil either right?

Sun, 08/05/2012 - 19:06 | 2680362 danster82
danster82's picture

All I can think about is bitcoins.


Sun, 08/05/2012 - 19:41 | 2680437 CH1
CH1's picture

Mine'em, buy 'em, USE them!

Sun, 08/05/2012 - 19:50 | 2680455 Mr. Fix
Mr. Fix's picture

I'm sure that there is a 12 step program for that by now. 

Sun, 08/05/2012 - 21:45 | 2680695 Papasmurf
Papasmurf's picture

Here we go with the fiat bitcoins again . . .

Tue, 08/07/2012 - 12:23 | 2685000 Random_Robert
Random_Robert's picture

Bitcoins - a virtual emulation of hard money...


however, ONE unavoidable drawback- bitcoins will never make high quality collateral.


Eventually, digital currencies (in all forms) have to be securitized by securable physical assets. 


the entire world's financial system works exactly like a giant pawn shop.


If someone came to you and promised to pay you 20 bit coins next week, for the use of 15 bit coins today, would you leap at the chance to loan them you bitcoins on nothing but their word?


Think about what hard Collateral means in a hard money economy, and think about the substances that form the most immutable (and insoluble) forms of colateral throughout 5000 years of human history. 




Sun, 08/05/2012 - 19:09 | 2680363 JustObserving
JustObserving's picture

If the CFTC in fact does 'drop' the investigation without presenting findings, one could consider that a slap in the face of the American public which on the whole asked for the investigation to be done in the first place, by the regulators who purportedly serve their interests.

Given the recent admission about widespread manipulation in LIBOR, the timing of this outcome to the CFTC invesigation could hardly be more arrogant and high-handed, and designed to put the investing public in their places.

It would probably be unwise to accept this outcome without there being some consequences.

I suggest that a mass cancelling of futures trading accounts and the withdrawal of all funds deposited there might be a step in the right direction. 

Given the serial criminality that has been exhibited in the US futures markets, that action might be long overdue.

Sun, 08/05/2012 - 19:16 | 2680384 XenoFrog
XenoFrog's picture

Prepare to be labeled a domestic terrorist and have your accounts frozen.

Sun, 08/05/2012 - 19:08 | 2680365 roadsnbridges
roadsnbridges's picture

Don't Stolper me, bro!

Sun, 08/05/2012 - 19:09 | 2680366 NOPOMO
NOPOMO's picture

Sounds like a green light to short the precious metals. 


Sun, 08/05/2012 - 19:12 | 2680372 RobotTrader
RobotTrader's picture

Poor Eric Sprott and Ted Butler, all that screeching for nothing.


JPM wins again, as they are the "Blue Blood" TBTF institution backed and sponsored by the Fed, TPTB, the clients of Bessemer Trust, and all the rest.

Why walk head first into the winds of a typhoon when you can walk the other way with the wind at your back?

Sun, 08/05/2012 - 19:33 | 2680422 Fecklesslackey
Fecklesslackey's picture

Walking with the wind at your back diminishes the distance to the cliff more rapidly ... Peak Disaster awaits

Sun, 08/05/2012 - 19:58 | 2680471 slewie the pi-rat
slewie the pi-rat's picture

hey, R_T!

if people get together/talk  5 days/week,  2 X/day  and set silver prices...  how could there even be a question?

oil prices aren't rigged either

that goody-2-shoes blythe! 

blythe should do a celebrityDeathMatch for charity;  maybe Ann Barnhardt would be interested? 

Sun, 08/05/2012 - 22:06 | 2680746 nope-1004
nope-1004's picture

It is my contention that Blythe Masters is Satan.  She is the devil in disguise, after all, she was the one who invented the derivative - the most nefarious, illusionary, gimmicky financial instrument ever created, save tulips.  lol.  Stupid people for believing Satan, that's all.

Silver is manipulated hard core, or else the USD gets called into question.  Gold and silver are the barometer for insanity, and since insanity as at all time highs, manipulation is as well.  Buy physical.  One day it will be let free and explode.

In the mean time, know that Satan is hard at work.  Acknowledgement of such is part of the story to fully understanding why you buy physical in the first place, and being at ease with doing so.


Sun, 08/05/2012 - 23:37 | 2680867 mick_richfield
mick_richfield's picture

The Light Bearer, the Son of the Morning, is a few steps above a little one like Blythe Servants.

He is not a joke.  She is.


Sun, 08/05/2012 - 20:08 | 2680488 alexdg
alexdg's picture

Are you worried for Eric Sprott? Canadian billionaire that has been buying gold and silver when it was at $400 and $4 respectively.

If this crap FT news gives the cartel another opportunity to smackdown the price of silver, I'll gladly take the opportunity and stack some more.

Banks are always winners... #TBTF yadda yadda yadda;  but recently they've been imploding one by one and feeding off each other.

Sun, 08/05/2012 - 20:27 | 2680511 TrulyBelieving
TrulyBelieving's picture

Why walk head first into the winds of a typhoon when you can walk the other way with the wind at your back?  Answer, Principle, proving to yourself and others that even when the advantage to do wrong is great, you refrain from the profit to do what is right. Something it seems you know nothing about.

Sun, 08/05/2012 - 19:13 | 2680374 JLee2027
JLee2027's picture


Sun, 08/05/2012 - 19:13 | 2680375 PaperBear
PaperBear's picture

I want to hear Ann Barnhart sound off on this.

Mon, 08/06/2012 - 02:05 | 2680963 JLee2027
JLee2027's picture

She'll say "What did you expect? Have you been living under a rock? They're all crooks!"


Take Action

- Stop paying paper debts

- Close all online trading accounts.

- Withdraw all possible cash from the bank

- Close all IRA/401K accounts

In other words, starve the beast. Put all your money into Physical Gold and Silver, Weapons, ammo, and survival needs. They've brought tyranny and war to you and your family, you have to take defensive action to protect yourself.

Sun, 08/05/2012 - 19:13 | 2680376 Cognitive Dissonance
Cognitive Dissonance's picture

The PTB's minions, in this case the CFTC, simply cannot admit that PMs are manipulated. The fiat lie must be maintained at all cost.

And so it will.........until it collapses from its own massive weight.

Sun, 08/05/2012 - 19:17 | 2680386 Bastiat
Bastiat's picture

. . .  or lack thereof.

Sun, 08/05/2012 - 19:13 | 2680377 El
El's picture

This is insane! Over and over I've read predictions on what would happen in silver and when, and over and over it happened as predicted. Oh well...I'm not really surprised at the findings. What would shock me is if they actually did their job.

Sun, 08/05/2012 - 23:39 | 2680869 mick_richfield
mick_richfield's picture

They are doing their job.

They're just not working for us.

Sun, 08/05/2012 - 19:16 | 2680382 Its_the_economy...
Its_the_economy_stupid's picture

Well now, I think we can all agree that as a group we all feel much better now that this sad episode is behind us. With faith now fully restored in the futures market, and everyone limited to 1500 contracts w the exception of legitimate producers hedging their production pipeline, we can now reurn to the charts and graphs.

Good luck and good hedging everyone!

Sun, 08/05/2012 - 19:17 | 2680383 Dagny Taggart
Dagny Taggart's picture

... and we're still stackin'...

Sun, 08/05/2012 - 20:24 | 2680492 Cognitive Dissonance
Cognitive Dissonance's picture

Mrs Cog is also stackin'.

Stackin' toilet paper and other sundry bathroom/kitchen supplies as well as medical supplies, water, beans, pasta, rice and so on. She even bought a solar oven and geiger counter. Occasionally she lets me ring up another tube of Silver Eagles.

Such is the life of Cog. :)

Sun, 08/05/2012 - 20:32 | 2680520 Dagny Taggart
Dagny Taggart's picture


I would be willing to bet that if you bought Mrs. Cog more of those pretty gold bars she likes so much, she would green light more silver purchases.

Sun, 08/05/2012 - 23:37 | 2680868 knukles
knukles's picture

Mrs. Knukles kept saying that she wanted more gold shiny to wear.  So I got her to try on a 440 ingot. She wouldn't let me get the ingot (which I couldn't afford anyhow) and have been sleeping on the "smart-ass/asshole" couch since.

Sun, 08/05/2012 - 19:21 | 2680391 CrawdadMan
CrawdadMan's picture

Get your tin-foil hat here folks; with free 5oz of Silver.

Sun, 08/05/2012 - 19:21 | 2680392 devo
devo's picture

Why do these investors want silver to go up? I want it to go down so I can buy more.

Sun, 08/05/2012 - 20:01 | 2680478 Bullionaire
Bullionaire's picture

The answer is that some "investors" have been fully "invested" for years now, and are hoping to be proven right before they die.


Bring it.

Sun, 08/05/2012 - 19:23 | 2680393 Kaiser Sousa
Kaiser Sousa's picture

All branches owned by the bankers....I told ya'll over and over...ain't nothing gonna change until one of the sociopaths meets the lead.... and yes, FUCK U BART CHILTON...

Sun, 08/05/2012 - 19:22 | 2680394 eddiebe
eddiebe's picture

It just means we get to accumulate undervalued real assets a while longer. Thank you very much and take all the rope you want.

Sun, 08/05/2012 - 19:22 | 2680395 wisefool
wisefool's picture

I hope to be able to pay off my taxes in silver when they come with gunpowder and lead.

Sun, 08/05/2012 - 19:48 | 2680452 CH1
CH1's picture

Dude, do NOT give your metal to a state!

If you can't ignore them, give them the worst crap you have!

Sun, 08/05/2012 - 20:21 | 2680502 wisefool
wisefool's picture

Shiny metal is the least of things the state wants from me. Until then, they can have all the PDFs facebook will handle.

Most people dont realize this, but face book failed in a petty dispute with adobe. It is rough out there in silly valley sushi land.

Mon, 08/06/2012 - 00:17 | 2680899 wisefool
wisefool's picture

Ahh yes. the drive by junkers who can not respond with an answer. So let me tell you this. Nobody, I mean nobody is going to take your physical gold or silver from you on an official basis.

Put it the same place I keep my anon junks!

Sun, 08/05/2012 - 19:24 | 2680397 Sean7k
Sean7k's picture

What would anyone expect? Is this not how the State protects those that finance it? 

Yet, people call for more regulation! Anyone that continues to promote government as it presently conceived is a buffoon or deserving of tar and feathers. 

Well JPM, you can't manipulate that which you do not hold. You cannot keep people from using said silver and gold. nor can your feeble police state slaves. The People are the well of approval from which all governments draw their strength and sustainance- not bankers.

Once more, you place a wedge between the People and those that seek to govern us. The chasm is getting wider and soon enough, you will be swallowed whole.

Sun, 08/05/2012 - 19:55 | 2680461 CH1
CH1's picture

Some of the things you wrote were good, Sean, but not this: The People are the well of approval from which all governments draw their strength and sustainance

As an old politicians used to say, that's boob bait for the bubbas.

States are sustained by two things: Violence and manipulation. (Manipulation = an intellectual class that convinces the sheep that servitude is holy.)

Do NOT give them the benefit of the doubt - that's for suckers.

Sun, 08/05/2012 - 20:09 | 2680490 Sean7k
Sean7k's picture

Then you have failed to understand how societies operate. Without the People's approval, no government can stand. No dictator can stand. Tyrants have been removed regularly throughout history because of this simple fact. Talk to Hosni Mubarack about that sometime. Whether or not the CIA ran the arab spring program, the people eventually ousted a terrible tyrant. 

The people will withstand much, because trust is an essential aspect of all governance. Break that trust and governments topple. The continued expose of criminal manipulation has an insidious effect on society. It destroys from within, creating a cancer that kills it's host. The government is the Law and when the law disappears or loses the confidence of the People, that government disappears as well. 


Sun, 08/05/2012 - 20:54 | 2680550 CH1
CH1's picture

Without the People's approval, no government can stand

Close. Without people's COMPLIANCE, no state can stand. Approval is a separate issue.

If people stop complying, they are done... yes, but what you wrote seemed to imply that there is legitimacy in government. There isn't - they are ALL organized theft. "Legitimacy" is a result of the manipulation I referred to.

Sun, 08/05/2012 - 22:18 | 2680665 Sean7k
Sean7k's picture

The potential for legitimacy in some form of governance exists, we just haven't seen it yet.  Even anarcho-capitalism is a form of governance. Pretty sure that all forms of life have a degree of organized theft as well. 

Regardless of our opinions about government, pretty sure mine are well known, we do have a government and these types of actions raise the possibilities of increased violence and criminality- by those that are through trying and those emboldened by the lack of enforcement.

Violence that can provide cover for greater tyranny and danger for those caught in the crossfire. As lovely as all that bravado about revolution sounds, the reality would be nothing I would ever want to experience first hand. Is it any wonder people have hope beyond hope it will change? 

The withdrawl of approval is a powerful tool for meaningful change with a minimum of collateral damage. Which ever form of governance we choose to accept, it must be based on the sovereignty of the person. That concept still exists today, even if we fail to use it or recognize it. No, voting is not what I'm referring to- that is a false legitimacy subject to manipulation as you mentioned. We have decisions rendered by miniscule percentages in many elections.

The withdrawl of approval that no longer accepts law nor is bound by it. That refuses to vote. That refuses to pay taxes or use fiat currency. That creates independent communities that defend themselves against tyranny. There is power here.





Mon, 08/06/2012 - 01:02 | 2680921 Totentänzerlied
Totentänzerlied's picture

"The potential for legitimacy in some form of governance exists"

Ex falso quodlibet.

Mon, 08/06/2012 - 08:56 | 2681309 Sean7k
Sean7k's picture

Which assumes humans are logical. Talk about false assumtions.

Mon, 08/06/2012 - 09:15 | 2681355 i-dog
i-dog's picture


"The withdrawl of approval that no longer accepts law nor is bound by it. That refuses to vote. That refuses to pay taxes or use fiat currency. That creates independent communities that defend themselves against tyranny. There is power here."

Thank you ... you exactly describe anarcho-capitalism ... as a solution to the corruption of government.

There's no reason why it can't also be a permanent solution ... for those independent communities that so choose.

There's also no way that a "one-size-fits-all" 'red team', or 'blue team', or 'grey team', solution makes any sense.

Mon, 08/06/2012 - 04:00 | 2681041 Inibo E. Exibo
Inibo E. Exibo's picture

"Poor, wretched, and stupid peoples, nations determined on your own misfortune and blind to your own good! You let yourselves be deprived before your own eyes of the best part of your revenues; your fields are plundered, your homes robbed, your family heirlooms taken away. You live in such a way that you cannot claim a single thing as your own; and it would seem that you consider yourselves lucky to be loaned your property, your families, and your very lives.

"All this havoc, this misfortune, this ruin, descends upon you not from alien foes, but from the one enemy whom you yourselves render as powerful as he is, for whom you go bravely to war, for whose greatness you do not refuse to offer your own bodies unto death. He who thus domineers over you has only two eyes, only two hands, only one body, no more than is possessed by the least man among the infinite numbers dwelling in your cities; he has indeed nothing more than the power that you confer upon him to destroy you. Where has he acquired enough eyes to spy upon you, if you do not provide them yourselves? How can he have so many arms to beat you with, if he does not borrow them from you? The feet that trample down your cities, where does he get them if they are not your own? How does he have any power over you except through you? How would he dare assail you if he had no cooperation from you? What could he do to you if you yourselves did not connive with the thief who plunders you, if you were not accomplices of the murderer who kills you, if you were not traitors to yourselves?

"You sow your crops in order that he may ravage them, you install and furnish your homes to give him goods to pillage; you rear your daughters that he may gratify his lust; you bring up your children in order that he may confer upon them the greatest privilege he knows is to be led into his battles, to be delivered to butchery, to be made the servants of his greed and the instruments of his vengeance; you yield your bodies unto hard labor in order that he may indulge in his delights and wallow in his filthy pleasures; you weaken yourselves in order to make him the stronger and the mightier to hold you in check.

"From all these indignities, such as the very beasts of the field would not endure, you can deliver yourselves if you try, not by taking action, but merely by willing to be free. Resolve to serve no more, and you are at once freed. I do not ask that you place hands upon the tyrant to topple him over, but simply that you support him no longer; then you will behold him, like a great Colossus whose pedestal has been pulled away, fall of his own weight and break in pieces."

Étienne de La Boétie - Discourse on Voluntary Servitude

Mon, 08/06/2012 - 07:21 | 2681135 Sean7k
Sean7k's picture

Very few people have read this beautiful discourse. Thank you for the reminder.

Sun, 08/05/2012 - 19:24 | 2680400 Everybodys All ...
Everybodys All American's picture

The regulators are crooked. Next question. What do we do about it? For one. Someone needs to take Gensler behind the woodshed and beat him. There are plenty of reasons to now assume mob rule is the only way.

Sun, 08/05/2012 - 20:47 | 2680538 HellFish
HellFish's picture

Here's what you do about it.  Remember the names of the criminals.  The time will come when these issues get settled with the public.  Rememebr the names and know where they are.

Sun, 08/05/2012 - 22:29 | 2680776 CCanuck
CCanuck's picture

Unfortunately HFish all the criminals will be off-shore, eat'n popcorn, watch'n the greatest show on earth! Within the warm embrace and protection of, the best security our money will buy.


Sun, 08/05/2012 - 22:24 | 2680767 CCanuck
CCanuck's picture

That won't work, Genslers handlers beat him steady with an ugly stick.

He is a worm among snakes, does as he is told, no more no less.

Sun, 08/05/2012 - 19:44 | 2680401 francis_sawyer
francis_sawyer's picture

 "So let's get this straight: bankers, for their own selfish and financial reasons formed cabals and manipulated, with the complicity of central bankers, a market worth $500 trillion notional. But they left the one market which has the embedded systemic risk of impairing the perception of fiat, and the viability of the status quo system, untouched?"


once again... francis_sawyer rightfully asks the tiresome & unpopular question (that never gets answered)...

If "The Wizard" is behind all of this... WHO IS "The Wizard"?... (Just an ad hoc collection of individuals, I suppose, who miraculously came together in time & space)... Occam's Razor surely tells you that PURE CHANCE is the most likely explanation... I mean, I'm hearing words like "manipulation" & "cabal" being tossed about here...

BANKERS?... That's as deep as the identity goes?... Don't worry... You won't be tossed off of ZH for speaking your mind... (you'll only get a few red arrows)... Here ~ I'll help... was it the:

- Girl Scouts?

- characters in Pee-Wee's playhouse?

- Trekkies?

- NY Jet's fans?

- Justin Beiber's groupies?

- 3 Musketeers?

- Mouseketeers?

- Moonies?

- Terrists?

- North Koreans?

- NASCAR fans?

- Elephants?

- Donkeys?

any 'BINGO's' yet?...  

Sun, 08/05/2012 - 20:03 | 2680482 Bullionaire
Bullionaire's picture

It's you.



Sun, 08/05/2012 - 20:09 | 2680491 francis_sawyer
francis_sawyer's picture

Shit... You're right!!!... It was ME all along... I thought the whole thing up...

My bad folks... Sorry :-( ... Little voices in my head had me convinced that I was doing 'God's Work'... I should have never listened...

Sun, 08/05/2012 - 21:32 | 2680627 wisefool
wisefool's picture

I am with you brother. Only because I have seen what a "senior" IRS agent looks like. They do not adorn themsleves with gold or silver. They are mostly people trying to make a way for their kids. 80,000 pages is never enough, but that is what they understood uptill retirement. Buy SLV and GLD!

Sun, 08/05/2012 - 20:08 | 2680487 slewie the pi-rat
Sun, 08/05/2012 - 20:11 | 2680493 francis_sawyer
francis_sawyer's picture

slewie's gettin warmer...

Sun, 08/05/2012 - 20:31 | 2680518 JR
JR's picture

“BANKERS?... That's as deep as the identity goes?”

These days, the goings and comings on the world stage bring The Wizard’s identification into view for all to see: bankers, yes, but crooked bankers with an agenda as all encompassing as the world itself.

In an election year, the moves of The Wizard are in sharp focus. While we the citizens suffer the burdens brought by criminal financiers, the candidates for the leader of the free world (sic) are found, not catering to us, but, like Dorothy, have gone to see The Wizard. How much more in focus can the rulers of the world be when Romney and Obama shame themselves and the heritage of this wonderful country on the simple quest: Who loves Israel more?

And where do these two pygmies get the nerve and the leverage to follow this road? Why from the privates owners of the NY Federal Reserve Bank.

Here's Jim Willie's take on the manipulation of the markets for precious metals from his article August 2 on "Systemic Upheaval, Economic Recovery Vs Propaganda Reality Check": 


JPMorgan serves as a symbol for the heavy controls, the corrupted devices, and the rigged game. They do not act alone, but rather serve as the visible syndicate fortress, replete with obnoxious arrogance. The gold market is the center of the corrupted control mechanisms. If the gold price were permitted to sit at a more accurate, more justified, more equitable price of $2500 per ounce right here, right now, it is an absolute guarantee that the USDollar would sink in shame   below the 70 level in the DX index. It is an absolute guarantee that the USTBond would be offered above the 5% yield level amidst hue and cry. It is an absolute guarantee that the US-based price inflation index would be above the 5% level also, complete with screams of pain. What JPMorgan does in order to maintain the price structures, much like a master maestro, is to raid Allocated Gold accounts while at the same time raid the GLD exchange traded fund gold inventories. Their routine naked shorting in the COMEX arena is inadequate, as their strategy requires some physical metal even if stolen or seized or captured. They repeat the process in the silver market for Allocated Silver accounts and the SLV exchange traded fund inventories for silver.

A source for Bill Murphy of the GATA organization has told him that the powerful move in precious metals prices that took place between August 2010 and April 2011 was a direct result of certain restraints placed upon JPMorgan and their interference with the Gold & Silver markets. The story was never told properly. My view at the time was of colossal Chinese purchases overwhelming the system. The system has had the capability to put on a seeming infinite load of naked shorts. The JPMorgan machinery has actually doubled its naked short position in the last two years. Nothing stops them, surely not regulators in their pocket. Well, except the natural forces toward greater randomness and lower potential energy. A great deal of attention has come to the bar inventory of GLD and SLV funds, in addition to the rules that guide the raids from their back door via stock share shorting practices. It will be interesting to see if Eric Sprott will acquire as source for new silver bullion for his Silver Trust the actual inventory from the SLV fund itself. What a coup that would be!

Internal word from the Monaco source who spoke with Murphy indicates that a repeat of August 2010 is soon to occur. JPMorgan is out of time, and their illegal devices will be halted. The event for release of the Gold & Silver prices could occur again in August. The actual enforcement is not clear. But be assured that forces pitted against evil are involved. The JPMorgan machinery might be stalled in ways unclear even to those informed within the gold community. Confirmation of the Murphy source has come from a highly reliable Jackass source. An exciting move is coming for the precious metals markets. Any delay to the revelations of criminal action in the gold market by JPMorgan will be a result of threats and intimidation by the big bank against the whistle blowers. My main hope is that as the price rises, the exposure of corrupt controls is also made more available for public view. The people must see what has occurred to both the gold market and the currency market. The potential energy is growing to incredible levels, as a corrupt lid has been placed on the true money of the world for several millenia, gold. The conflict and pressure will grow until the pressure spills over.

Sun, 08/05/2012 - 22:31 | 2680780 XitSam
XitSam's picture

FYI, Chris Powell of GATA is going to be on Capital Account on Tuesday.

Sun, 08/05/2012 - 20:34 | 2680521 shovelhead
shovelhead's picture

I'm going with PeeWee...

That Cowboy Bob always looked a bit shady to me.

Sun, 08/05/2012 - 23:44 | 2680872 knukles
knukles's picture

Soupy Sales and Bozo when they were live rip shit drunk and high on WXYZ.
That's entertainment.

Sun, 08/05/2012 - 21:49 | 2680703 Global Hunter
Global Hunter's picture


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