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Libor May Be Manipulated, But Silver Is Not, CFTC To Conclude
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.
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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Incroyable! They managed to interview dozens of people over a four-year span. That's some crack team they have there.
Ya can't find what ya ain't looking for.
Tell me it's a rowing erg!
It was supposed to be ergo but my spelling is really bad.
He he heh...
Interviewed 24 midget trannies over at the SEC's offices.
"They managed to interview dozens of people over a four-year span."
Unfortunately for us they were all Bart Chilton's hairdressers...
When evil Pelosi lost her job and Boehner took over, I thought oorah, now were gonna get some sanity in DC (district of criminals). Then Boehner spent the day golfing with the Bamster...and you haven't heard too much out of him since then.
Barf Chilton has had one of those talks. These criminals think they are saving their own ass, while they are digging their own graves. keep stackin
Well -- at least Bart has time to get a haircut now.
So you're saying looking to the cryptkeeper for fashion pointers is a bad idea?
JPM along with the fed manipulates every market every day. They set stock prices, bond prices, commodity prices, derivative prices. This denial is laughable.
The collective party is counting on QE3.
When the collective soul is looking down on a barrel of a gun, they will spout:
Unfortunately, these collective individuals’ are no richer than the person swiping a EBT card under the current mickey money fiat money system.
It's up to us now to bring down this house of paper by loading up on physical.
http://www.youtube.com/watch?v=3A6ar44Ecec
"Hold tight, we're in for nasty weather"
Wait, when did we start taking the CFTC seriously?
TODAY'S PRIZE
Govt "officials" would never lie to us.
Please! We prefer to call it inflation perception management.
Barf Chilton looks like Napoleon Solo's sidekick on "Man from U.N.C.L.E.". He needs a friggin haircut, he looks like a friggin IDIOT. Where do these dipshits come from?????
I always thought he more resembled Vigo from Ghostbusters 2...
http://www.igorslab.com/storage/ghostbusters-guy1.jpg
Something is cooking tonight in the precious markets.
Silver and gold lease rates just went negative big time. Well gold went negative and silver dropped to zero for all months.
Beware. a price drop
as amazing as this is (assuming the FT is right), i guess none of us should be surprised. we know the CFTC is a fraudulent actor for the banks (central and bullion). As ZH implies, egg will eventually show up on their face again.
however, that stated; if Bart Chilton would like to be thought of as an ethical player on this Earth, he should immediately resign in protest when the report is issued. he should not give the report the illusion of honesty. time will tell Mr Chilton.
fast forward to the great fiat train wreck ahead folks, the report will be used to allow continued suppression. allow it to provide you with more time to stack at these incredibly low low prices.
That fuckin' Gensler... working for that fuckin' Gorilla BO... they are so corrupt that they just don't give a shit who knows it... what... are Shapiro and Holder going to prosecute someone? Like hell they are... DImon has paid them all off... time for the machetes...
what a sham,the cftc gang of pussies are to scared to do anything against the banking mafia!
There is no manipulation.
Silver moves freely within pre-defined parameters.
Looks like the farce is about to enter its third act. Those who know anything about basic story structure knows that the end of the second act is where the heros are at their lowest point, and victory for the forces of evil seems assured. Whether it is The Empire Strikes Back, or the real world farce we find ourselves in now, the evil ones have laid all of their cards on the table. Now it is time for the bite of the ant to become the roar of the lion.
About fucking time.
The only reason for a 4 year investigation is to make everyone think they were actually doing something.
The CFTC is on the ground looking UP, WHAT would you say?
http://www.youtube.com/watch?v=u0-oinyjsk0
Like anyone is surprised. The truth will come out when JPM has to explain where all of SLV's silver is.
No troll - Does anybody here still consider Silver to be a good purchase over Gold?
I've done a bit of that freegold reading and am struggling to refute the many long windy posts on the matter.
It's an interesting question, CC. The dynamics are very different. The main silver argument is that whereas all the gold ever mined is still accounted for, most of the silver is now in landfills, in tiny, unrecoverable bits hiding in old VCRs and such. A quick search found these links:
http://news.silverseek.com/TedButler/1104942628.php
http://www.financialsense.com/contributors/ryan-jordan/2011/09/28/peak-s...
FOFOA et. al. are correct that gold will be remonitized at a much higher fiat price. Silver may be as well, but I think the 'peak silver' issue will play a bigger role for it's upward revaluation.
Hope this helps. Keep stacking.
That was the conclusion I came to. As a large holder of Silver I am searching for as much info as possible.
The problem is that peak silver could be a long way away. Information on the S&D of silver is also often wrong/exagerrated. Seems a riskier bet due to its stronger commodity component and lack of clear direction regarding future supply.
If CB's are choosing Gold as the medium for wealth storage, then i'd be inclined to go with them for the majority of my investment from now on. That's the biggest focus of this coming wealth transfer - large changes in the financial/monetry aspects everything.
Whether or not supply contraints are ever allowed to factor, in the event of a one-off gold repricing or remonetization, silver will follow gold simply due to arbitrage opportunity. The ratio may get streched but it won't last for long. ie, people who missed the gold move will pile into silver, quickly.
"Does anybody here still consider Silver to be a good purchase over Gold?"
Compare them on the chart. Look at the historical ratio. Silver looks to me to be selling at a greater discount.
Why are you buying? Investment? Then over what time period? Wealth preservation? Usable as currency in a collapse?
It's kind of like the captain of the Titanic saying to the passengers, "Who are you going to believe, me or your lying eyes?"
They had hundreds of investigators working 24/7 for four years and found nothing after a thoroughly diligent search? Maybe they should employ thousands to look another four years for their long lost credibility. They are going to bill the taxpayers for four years of finding not jack shit? I would rather they came back after four minutes and said that.
They don't work for taxpayers.
Correct indeed.
We just pay them.
Silver bitchez!
Come on now, is anyone actually surprised by this outcome?
'nuff said:
http://farm8.staticflickr.com/7266/7548211312_f041e0a3d1_b.jpg
+1!
The CFTC should go looking for its conscience.
This would add to its perfect track record of failure, since it won’t find that anywhere either.
Realistically, basically zero chance they would / could do say anything else. Laws of Mathematics (as the other article says), Accounting 101, Common Sense, whatever etc. says the bills can't and won't ultimately be paid in Europe, and nor will they later be in the US. Only thing they can and will do is print, in various ways, shapes and forms. One of the main "thorns" in the side of the inkjet boys is commodity price inflation. Eventually, one of their "solutions" is almost sure to be to expand the Liebor / Silver / Citadel-ppt-etc price manipulation model to other commodities/asset classes in order to attempt to "manage" them also. How could that possibly work if some low-mid level CFTC employee's were allowed to honestly do their job. They had their fun, kept busy, time to move along now.
Thats beacause it never existed, you could not work there and have a conscience.
Its a prerequisite to not have one just to work the mail-room.
Look at Gensler, he looks like he barely has a pulse, let alone a conscience.
Cc
When it becomes serious, you have to lie.
I was gonna Juncker you but I hit the up arrow by mistake.
while i have found no way to unvote, you can change your vote - back and forth if you wish.
"I'm going to say this again: I did not have sexual relations with that woman."
Technically he was correct. Sexual relations refers to sexual intercourse. Bill let his cigar do the dirty work -- no harm, no foul, relations-wise.
Anyone else here feel like throwing thier fucking hands up in the air? Anyone? Good grief
Yes, we’ll throw up our hands just as then-NRA president and veteran actor Charlton Heston on May 20, 2000,when he capped a speech at the 129th NRA convention in Charlotte, North Carolina, by concluding:
Near the end of his remarks, Heston paused to pick up a replica of Sharps buffalo rifle and continued:
Take your stinking paws off me, you damn dirty ape!
http://www.youtube.com/watch?v=Cdmqn9JIuzc
"Dr. Watson, I believe our work here is done."
"Quite so, Holmes, quite so."
Who cares as long as we get Food Stamps & Unemployment Benefits and so on! Defunct financial system always manifests this behaviour. It's all good until it isn't.
Keep plundering while the public is not looking....Olympics & Elections should do the trick.
NOPOMO
I am a long term Zero hedge poster. and the one thing I can not understand is the paranoi that confiscation will still happen.
They really dont want your shiny metal. They want tranfered debt and deffered interest.
Too bad their baloney can't defuse the bomb. It simply doesn't matter what the CFTC, the Fed or JPM does. SLV is empty now. The COMEX silver supply has begun to drop very fast again. The silver miners are being confiscated. Maybe they think that they are protecting the system by lying. But it can't be saved. JPM already said they sold all their client's silver via paper hedges, and that includes SLV. It just doesn't matter. This just proves the system is so far gone there is nothing left but lies.
DTCC AND SWIFT NAMED TO PROVIDE CFTC INTERIM COMPLIANT IDENTIFIER
Don’t hurt me. I’ll give you great fortunes.. Please, I’ll give you everything.
-We didn’t come to take your money.
What? Err, you can be rich. Just don’t hurt me.
-We didn’t come to take your money.
Ah, ah, why are you here then?
-Your apart of a problem that is getting cleaned up.
Oh no! please no. I beg for forgiveness. Noooooooooo…. please not that.
One source expressed uncertainty to the FT:
One senior Wall Street executive said his bank was approaching derivatives counterparties to say: “‘We’ve got this contract, it’s in euros, what I want to know is in the event that Spain were to be redenominated are we going to end up being adversaries on this or can we just agree that this is a euro contact? Let’s just move it to London law so we each agree that we know where we stand.’
Another said it's altering the nature of new transactions, which could be part of the reason why peripheral bonds have been underperforming:
A trader heading a eurozone crisis unit at another US bank said counterparties were being told to use collateral that could not suddenly switch from the euro to a new currency.
“You can make sure you post collateral that has less redenomination risk,” he said.
Read more at FT.com.
http://www.businessinsider.com/eurozone-crisis-units-wall-street-banks-prepare-for-euro-exit-2012-8?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29&utm_content=Google+Reader
Investigate the CFTC for being manipulated. Arrest them.
This could technicaly be true, no silver in the SLV fund means silver not being manipulated. You can not manipulate something that is not there.
NOPOMO
I have been net long silver since $4.35 in 2002. Will you whiners that think that Silver is being manipulated puh-lease give your heads a shake?
Any fucking commodity up 7-fold in 10 years is bound to be attacked by shorts, don't ya think?
Whoever is "manipulating" silver since 2002 is doing a REALLY SHITTY JOB since it is STILL up over 650% in that time frame.
I am bullish on silver on the basis of world production measured against global demand - just as I was in 2002 at $4.35 - so please let the JPMORGUE off the hook and let them trash it back down to $4.35 again so I can repeat the trade...ok?
Gold bugs are tough to deal with and are generally assholes; Silver bugs are gold bugs on steroids; completely whacko.
Un-fucking-believable how whacked you guys are...
I was going to say something but I now realise I'm actually Whacked.......................And on 'roids!
You said "Bill Murphy is a GREAT guy and a true patriot" on another thread.
So whats your story? GATA has spent the last 13 years proving manipulation in the gold AND silver markets.
do you think the sale of the LME to the hong kong exchange just recently has anything to do with covering up this metals manipulation?
who owned the LME? and do they have interests in JPM if not actually JPM is the owner. i'm sure between the dizzying chart of entities that own the entities that own....the LME, there is an untraceable connection---somewhere.
why would you sell your interests in the LME? those sales are the biggest most important sales of all, selling control.
or perhaps , is the sale just a front, so that they can sell control to themselves under a different guise to avoid liability or accountability..
China controls the LME through new owner HKEx whose board is stacked by the government of Hong Kong which now takes orders from China, Basic (F)Law be damned. JPM no longer has a seat at this table.
My 12 step to silver.
1- Stack
2- Stack
3- Stack
4- Stack
5- Stack
6- Stack
7- Stack
8- Stack
9- Stack
10- Stack
11- Stack
12- Live your life free from Fiat or Paper games.
Paper games cannot indefinitely mask structural imbalances in physical supply.. curiously the longer they are suppressed the more real metal that will fly at suppressed prices into the hands of ordinary people.
the questionshouldbe " what are the taxpayers actually paying for, and shouldnt the banksbe fundingthem, not the taxpayer?
Keep the manipulation coming, I'm still stacking!
ZH already provided the 'smoking gun' on gold's manipulation by the Fed as early as that 1975 doc presented here in 2009 and a week ago in a republished format.
http://www.zerohedge.com/news/fed-gold-price-manipulation
IMO, by extension, silver goes along for the manipulated ride as both are acknowledged as monetary metals in limited known quantities.
This law an its collaries of course are the stuff of dictators, kings and fascists. Such laws are a total contradiction and repudiation of the notion of Constitution.
The person(s) who have the power to decide what is 'National Security' on their whim, are in fact the King(s) of the country. They would be kings.
These are the sorts of laws the most corrupt murderous and fascisit of countries use to create absolute power for themselves, and the excuse to war monger, persecute, murder, assasinate and corrupt any and evreything according to whim.
A history lecturer from the future will be able to point to this law as a sign post in the loss off American empire and democracy.
This is a law that makes any form of government corruption, 'legal'.
+1
I just sent Fensler an e mail: here it is:
Can't gather enough evidence to prosecute illegal silver manipulation? C'mon Gary. Give me a break. It's soooo obvious. But of course YOU won't go after the crooks because YOUR CFTC is a crooked as all the rest of the securities and banking industry. You have no balls and can't tell the truth. This means, in effect, that your life is more or less meaningless and of no honor whatsoever. Time to retire in an illegal settlment in the West Bank, don't you think?
Ouch!
It is perfectly normal and natural for someone who wants to sell some silver to wait for a time when markets are closed, including some as a result of holidays, to suddenly dump their entire position within one minute, even if the bid drops by $1.00 in one tick between adjacent sales. Not manipulative at all! Such as in late Arpil, 2011. Nope, there's no manipulation in this market at all.
Exactly one of the aspects of the manipulation that is so devious and obvious. Who the hell would unload, all at once, a huge position of silver or gold in the off hours of the market? Either a complete idiot trader who is trying to crash the price of what he is selling, or an evil genius who wants to crash the price to get his short positions in the money. The CFTC are either fucking idiots or lying theiving cocksuckers. This crap has been going on forever in different forms, back in the day Jesse Livermore was a prime example of a marketmaker who pulled crap like this until he was called on it and they changed the trading rules and shut his scams down.
"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?"
In a sense, this makes sense. Admit to controlling the cost of money but never question the legitimacy of said money.
Admitting manipulation of a competing money of substantial historical precendence could shatter the already sandy bedrock that is the current fiat system.
Crooked and Fraud Traders Corral
Those who trade under their auspices beware.
Let alone your optimism to make money your entire capital is at stake.
Gensler is an asshole... why not at least put in some reasonable position limits? Answer? Becasue he is, and has been, taking it up the ass from Dimon.
Discussion on The Golden Truth in January (related to Gensler) to Dave in Denver’s A Couple of Ominous Signs (excerpt):
Of course, there are many. But first I had to get this off my chest, after reading the report that Jon Corzine and his wife were at some party in Paris shortly before MF Global collapsed and they announced that they were looking for a country French chateau to purchase. Perhaps the bankruptcy trustee, whose law firm counts JP Morgan - the primary non-customer creditor to the bankruptcy - should take a look at all cash flows that flowed from MF Global to Jon Corzine. It's a given that will never happen. But it occurred to me that one of the primary co-conspirators in this whole situation is CFTC Chairman Gary Gensler. In my book he is a total failure as a Government regulator and enforcer of laws. He is an employee of the public and should be fired. As a human being he is a loser. Quite frankly, in my book Gary Gensler's status as a human being is between whale shit and the ocean floor. And I extend this to AG Eric Holder for not initiating an independent investigation into this whole mess and to Obama for not forcing Holder to do so and for not removing Gensler from his position. I guess that in and of itself is a very ominous sign for our system and way of life…
Comments:
By Sumo
Gensler is ex-Goldman, and as head of CFTC he is a member of the PPT:
http://en.wikipedia.org/wiki/Working_Group_on_Financial_Markets
Want to laugh until you cry? Then entertain the thought that Gensler is at the CFTC to make sure futures markets work fairly without manipulation.
By Dave in Denver
Not only was Gensler a partner at Goldman, he was Corzine's highest lieutenant and if Corzine didn't get punted and replaced by Henry Paulson, then Gensler would have likely been the CEO after Corzine. He was on that path.
There's no doubt in my mind that Gensler's role has been to protect the big Wall Street banks from being harassed by the inconvenience of abiding by the laws. Of course, Gensler isn't the only one. Most of the other high posts in the White House administration are there for the same purpose
http://truthingold.blogspot.com/2012/01/couple-ominous-signs.html
Gensler sold his soul a long time ago, and he's ugly too.
"This video currently unavailable" message - that did not take long ha?
What kind of premiums are people paying out there over spot? Jus t curious as a fellow stacker. Another question is delivery times. My local coin store is charging $3 over spot for in house stock or $2.19 for orders. I like to save the buck and order, but deliveries can take up to four weeks. Is it just me or this rediculous?
Does everyone still wait anxiously to hear the latest 'rulings' from the CFTC, 'supreme court', etc, etc
The country is run by criminals in a system of bankster/corporate/government fascism. They use their paid media and the public 'education' system to keep people in the dark about this fact. They use their (mainly clueless) enforcers to keep everyone in line. Everything they do is readily understood in light of this.
We already knew the CFTC was going to rule this way, didn't we ?
We know the economy has already crashed and can never recover if they remain in power under this bankster/bankster/crony system - - - and that means Great Depression, massive poverty, debt serfdom, and likely the 'diversion' of global war don't we ?
It's time to quit all the trading platforms that are covered by the CFTC.
They need to be boycotted totally.
Let the crooks like JPM , Goldman Citi etc trade amongst themselves
Tylers, I spoke with Bart Chilton tonight, and according to Commissioner Chilton the FT's report is 'Inaccurate & Premature'
http://www.silverdoctors.com/bart-chilton-ft-report-that-cftc-to-drop-si...
Write down all their names.
10,000 industrial uses for Silver.
Keep buying physical Silver and don't stop.
not sure if this site has it right, but here ya go:
"Bart Chilton: FT Report That CFTC to Drop Silver Investigation is ‘Inaccurate & Premature’, ‘There Have Been Devious Efforts to Move Price of Silver’"
http://www.silverdoctors.com/bart-chilton-ft-report-that-cftc-to-drop-silver-investigation-is-inaccurate-premature-there-have-been-devious-efforts-to-move-price-of-silver/#more-11082
Nothing is manipulated until you get caught
Is Silver Doctors a relable blog?
reliable in what sense?
the doc doesn't make stuff up.
if he says he got a response from chilton, then i would take that as a fact.
Thank you!
bart chilton of cftc responds to silverdoctors.com inquiry about this matter, says FT reporting is not accurate:
http://www.silverdoctors.com/bart-chilton-ft-report-that-cftc-to-drop-si...
The "put up or shut up" factor has gone now, replaced by "just work it for the salary" I guess.
Seems like if you need to keep something really dirty firmly locked in the box, the legal and effective way to do so is to have an inquiry, thus preventing qny serious comment or transparency until all the gagging orders, redactions, and other paraphernalia necessary to a good cover up is in place. That the FT has leaked this crap NOW tells us that someone is getting ready to discuss the issue, and all covers are in place.
The only way there would be a criminal action over this has always been if the conversation when the Bear Sterns short was taken over was miraculously revealed, but somehow I do not think anyone plans on that level of transparency.
Clearly the administration is making good on its promise to encourage the rooting out of corruption by encouraging and rewarding whistle blowers. Howver - WTF has the FSA been doing in the UK? - this rig is discussed as if it was solely a USA thing - but the rig has affected everywhere there is silver trade, which now as we see excludes London as its tradition is "paper only" Ponzis hence the LBMA.
Come on Silver
front page FT article has a slight whiff of trying to sucker in lots of short positions...
not too much a stretch of the imagination with all things lying bastardry considered
I THINK I know what you mean Terry ..... noting that GC heads North for a change going into the AM fix. Perhaps there is a whiff of short covering in the wind then, with the MSM on board to help deliver up some cheap puke
Give the dirty cnuts at the CFTC no peace.
Corrupt national regulators are no different that traitors to a country and should be treated the same.
Did the CFTC even bother to wipe the banker j*zz off their mouth before making this announcement?
they don't have any curtains in the office - just venetian blinds apparently
Buy Silver and starve the beast.
Nobody with a braim thinks the CFTC is going to suddenly turn legit.
It doesn't really matter. Let them float their trial balloons and margin bullshit. Reality will assert itself.
Silver is priced stupid low and if they don't let it correct, it will eventually (maybe soon) run short. Then it all blows up in public, and we win.
They are just stalling, a last ditch effort to discourage you as best they can. So BTFD.
Guess I will just pack up and go home then.
test
Since the FT is based in London, their pronouncement might just be a few more weeks of "buying time."
In fact, having the audacity to quote Ms. Masters-Of-the-Universe in the story pretty much confirms it.
Previous intentional leaks from THIS side of the Atlantic said a "decision" would not be reached until the beginning of October, I believe, which is quite a ways off.
Note big takeout of one Australian miner by another overnight - and a possible VERY big merger of two North American Gold index members dead ahead.
It's time the conspiracy heads and gatagoons accepted, that the criminal manipulation allegations are groundless.
If after an investigation of this length, and the oportunities for 'whistleblowers' to get their arguments before authorities ending up nowere, then it is time to accept that the fairy tales of cabals of secret manipulators is a nonsense.
The overwhelming power of the market is stronger than the actions of players in that market.
Silver is in plentifull supply, but as an industial commodity has been wacked by the economic crisis. That's why it's price is down.
..._
A 'whistleblower' that claims to have worked for Goldman Sachs, who recounts hearsay, predicts 'manipulation' by looking at price action and goes on to sell trading signals is not much of a whistle blower, to be honest.
I want to see hard evidence.
Bart Chilton disagrees with you, one hour ago
From: Chilton, Bart [mailto:BChilton@CFTC.gov]
Sent: 06 August 2012 12:38
To: Richard Guthrie
Subject: Re: Today's headline in FT: US Set to drop 4 Year Probe into Silver Price!..
This is what I'm saying to the media, Richard, and about all I can say. The Financial Times report related to silver is not only premature, but inaccurate in several respects.
Whenever the CFTC does take an action or actions related to our silver investigation, I am hopeful that we will do so in a fulsome and transparent manner. That will certainly be my quest in anything we do.
I continue to believe, consistent with my previous statements and information from the public, that there have been devious efforts related to moving the price of silver. There have also been silver and gold market anomalies outside of the silver investigate window that have raised, and continue to raise, market concerns.
B
Chilton and Gensler pimps play 'good cop, bad cop': late Sunday release, muddled response, during Olympics, Canada closed monday....ideal conditions for regulators under gov't payrolls keep screwing over Main street and profit and benefit Wall Street; BUSINESS AS USUAL!
Treasury has cftc's and jpm's back!! Only physical silver in OUR hands can slay this dragon.
my Friend Richard Guthrie regularly exchanges communication with Bart Chilton
this email arrived 1 hour ago
Bart says the FT are talking bollocks
From: Chilton, Bart [mailto:BChilton@CFTC.gov]
Sent: 06 August 2012 12:38
To: Richard Guthrie
Subject: Re: Today's headline in FT: US Set to drop 4 Year Probe into Silver Price!..
This is what I'm saying to the media, Richard, and about all I can say. The Financial Times report related to silver is not only premature, but inaccurate in several respects.
Whenever the CFTC does take an action or actions related to our silver investigation, I am hopeful that we will do so in a fulsome and transparent manner. That will certainly be my quest in anything we do.
I continue to believe, consistent with my previous statements and information from the public, that there have been devious efforts related to moving the price of silver. There have also been silver and gold market anomalies outside of the silver investigate window that have raised, and continue to raise, market concerns.
B
But there's "good people" at CFTC.gov and SEC.gov...
Just ask Vic Vinegar. LOL!
Jesse thinks FT article could have been a trial balloon, concluding:
"Apparently the key metric in determing investigations into economic fraud these days is political. And this is the essence of the Glenn Greenwald piece I ran last night, which is that the rule of law has been replaced by the rule of expediency, where might makes right, or at least grants special exemptions from the law."
http://jessescrossroadscafe.blogspot.com/2012/08/curiouser-bart-chilton-informs-press.html
Au Shucks,
WW3 would be great misdirection.