So Which Is It, Commissioner?

Because I'm just too angry today to stay away.

Last night, while interviewed on camera for the CBC documentary, CFTC Commissioner Bart Chilton said this:

"What we have seen all too often is where you have an individual trader who has excessive concentration - when I say "excessive concentration" I mean concentration that can lead to pushing prices around - and we've seen it in the precious metals. In silver. In gold. And some of the other commodities."

The full clip is below, with Commissioner Chilton's clip beginning at about the 0:30 mark.

 

This stands in stark contrast to an email exchange that Commissioner Chilton had with Turdite "GoldMania300" just last Friday. Copied below is the entire exchange, with GM3000's email address removed for his privacy.

 Fri, Apr 12, 2013 at 9:01 AM

To: bchilton <bchilton@cftc.gov>

are you looking at the gold and silver market today.  what does your
boss think about the manipulation?

   Chilton, Bart <BChilton@cftc.gov>     Fri, Apr 12, 2013 at 9:12 AM
To: xxxxx
We are looking.

  Fri, Apr 12, 2013 at 9:33 AM
To: "Chilton, Bart" <BChilton@cftc.gov>
why is there always looking but nothing being done or said about the progress?

   Chilton, Bart <BChilton@cftc.gov>     Fri, Apr 12, 2013 at 9:53 AM
To: xxxxx
Well, if we find something we do something, although of we are
investigating, we aren't allowed to discuss it. But we do look, in
detail at trades--particularly large positions. Many times, however,
what we see isn't "right" in my book, but not against the law. We see
a lot of HFT cheetah traders in the pm markets, for example. Without
saying anything I'm prohibited from saying: what we have seen ain't
what some in the pm community suggest. There isn't currently one large
firm with huge short positions trading to keep prices down.

Finally, when prices rise, we never hear a peep. When they go down, my
mailbox fills. I understand that, and I know it is frustrating to
folks. I wish we would explain some of this in a public conference
call--perhaps regularized. Even take questions from folks. Again, we'd
have to be careful about not giving out trader info, but it could be
done.

OK, so Commissioner Chilton is now on the record stating that: "What we've seen is all too often an individual trader who has excessive concentration...". The only plausible metrics that Commissioner Chilton could be using to determine this would be the Commitment of Traders Report and the Bank Participation Report, both of which are regularly supplied and updated by his own agency, the CFTC.

In the email above, Commissioner Chilton is now on the record stating: "There isn't currently one large firm with huge short positions trading to keep prices down". But is this truly the case?

Industry expert and longtime silver analyst Ted Bulter disagrees. Last week, in his weekly summary for his subscribers and using the CFTC-provided data, Ted estimated the current JPMorgan naked short position to be approximately 19,000 to 19,500 contracts. Remarkably, this number is half of what Ted reported just two months ago when the JPMorgan naked short position had grown to 38,000 contracts. At that time, this represented nearly 37% of the entire short side of Comex silver futures, once spread contracts were deducted from the total. Most rational people would conclude that 37% of one side of the market represents an "excessive concentration". Even though JPM has since been able to cover nearly half of the position, it no doubt continues to be "excessive".

So, which is it, Commissioner Chilton? How do you define the "excessive concentration" you freely mention in the documentary? Which data are you now utilizing to claim that there "isn't currently one large firm with a huge short position". How do you reconcile that with the information provided by Ted Butler? Is it simply that you aren't being honest? Were you deliberately misleading GM3000 when you replied to his email?

The old ways are passing away. Tomorrow will not be like yesterday. The time for truth is upon us. Whose side are you on, Commissioner Chilton. Your constituents demand an answer.

TF

463 Comments

phanophite's picture

First

First

Mr. Fix's picture

2nd

Thanks Turd For coming back to join us.

I realize that the misinformation concerning the gold and silver markets is at epidemic proportions now, but there is so much more bull crap being spewed as in breaking news concerning the Boston Marathon bombing.

Airports are closed, a city is in lockdown, federal troops are patrolling the streets, and Amtrack has been shut down for the Northeast corridor, and full-blown martial law is being instituted.

The cover stories are falling apart as fast as they can get them out, and I think there's just a little bit more going on right now then gold manipulation.

The end of the great Keynesian experiment is upon us, and it is being shut down in front of our eyes.

I wouldn't be holding too many paper investments over the weekend,

things are changing both quickly and radically. 

Edit:

I told Harvey Organ over two years ago that  Bart Chilton was a "lying sack of shit".

At the time, he was still saying that Bart was one of the good guys.

I'm telling you folks, the truth is quickly coming out, but it has not been all that well hidden for quite some time.

The corruption in our government is absolute and complete,

there are no good guys.

punchbowl's picture

2nd

For two dead patsies by the end of the day.

edit:  3rd -- For the 100's of millions that will believe this absurd revision to the narrative.

champuga's picture

Trading down at a perfect 45 degree angle from the highs

Same shi* different day.  But it's not manipulated

Nana's picture

Do The Commissoners Get Bonuses? Kickbacks?

Pay to play? Parrot? Toll the line? Puppet?

GoldMania3000's picture

Im about

to email bart and ask him. 

AlexCojones's picture

Thunder Lips is Controlled Opposition

T, my man, Mullet Boy, Mr CFTC Surfer dude himself, "Thunder lips", whatever you want to call him, is just another dog-and-pony show for the PTB. 

Chomsky said: “The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum....”

Thunder Lips does that....and looks and sounds ridiculous doing it.

Strongsidejedi's picture

Yes TF, you are correct.

As the US federal government looses legitimacy in regulation, the USD-FRN value sinks more into the historical context of paper currencies.

CFTC's lack of oversight in critical markets and the utter absence of law enforcement in prior theft (i.e. MF Global et al) stands as a sad legacy of Mr. Chilton's time behind the desk at CFTC.

You would think a bureaucrat would be more concerned about their personal legacy in history.

Strongsidejedi's picture

@Mr Fix (martial law/police state)

@Mr Fix - About one month ago, I was posting on the Christopher Dorner manhunt here in LA.  It was the first time that I saw local and regional law enforcement impose a "no-fly" zone over a tactical area.

When media are put in a position of "no-fly", there is no ability of any party to observe the hand of government.

I accept the importance of keeping tactical information and advantage, but I can not agree with the concept of strategic "no-fly" impositions on media or observers by any agency of government WITHOUT clearly defined and LIMITED reasons.

Now, in watching Boston, they have imposed "no fly" zones again.

This is unacceptable because the media should be permitted to fly choppers into position to observe the facts.

The media has been doing a really lousy job releasing actual facts in this entire story.

The absence of cameras in the air is a big part of that problem.

pickaxe's picture

Two Faced Politico's

I think the hypocrisy really hits home in this instance because of how close we all here at TFM are to PM manipulation; but frankly, lying and pandering to various constituencies is standard operating procedure for today's political class... all the way up to His Imperial Majesty: B. O'bottom.

Stock_Canines's picture

And there it Goes

Gold back to being negative; Silver kicked down once again. Physical demand is strong, but there is no impact to paper price. I think the powers to be are hoping that if they can keep price down for a while longer, the physical demand may begin to subside, as buyers realize the price is not moving back up (what's the rush to buy). If physical demand subsides, they probably think they can then bring the paper price lower.

My concerns are the same as last week, last month, last year; namely, if everything that is going on can not support a higher gold/silver price, what will? Assuming the currency doesn't collapse, what will ever drive prices back to 1900 and 50. I wonder if we have seen the highs in this bull market?

EdC's picture

Simple

We are dealing with control of the world. Mr. Chilton values his own life and his families' lives. Waste of valuable time to dwell on it.

pforth's picture

There isn't one big short...

There isn't one big short...you just don't understand the market silly boy, it's all complicated algorithms doing complicated things and we can't tell you about any of it because it's all proprietary or under perpetual investigation.  Now why don't you run along and play with some kids your own age and leave the bankers and I to handle the adult business.

Excalibur's picture

We're doing our bit over here

From the UK Royal Mint:

'Demand for gold bullion coins during April has seen an increase of over 150% in sales on the previous month, and over 200% on the same period in 2012'.

My good lady hasn't panicked, but has rather bought 5 gold sovereigns. The bugs are being joined by anybody with a few brain cells, ears, eyes and some cash in the system. 
 
This mini gold run is BEFORE any serious shit has come out in the MSM. We (in the West) might have been the 2%, now maybe another 18% are starting to nibble. When the remaining 80% decide it's time to buy there really will be nothing left. Gone, zilch, nada.
slaughterer's picture

End of open outcry, and the

End of open outcry, and the barkers bring it down--nobody wants to be long into the weekend after last.
Schaueble coming out against liquidity, and the prospect of Fed talking heads talking more exit talk, the PMs are blasted.
EZ sovereigns having to sell gold to satisfy the ECB.
Paulson, other gold-invested HFs getting redemptions, pulling out in a disorderly fashion.
The ONLY bullish thing I can see is JPM whittling down their short Silver position to get within their new reduced VaR model.
But will take a long time for JPM, et. al. to flip long, if they ever do.
The end of the great Keynesian experiment is upon us--and you know who is going to end it? Not gold/silver bugs, but the Fed itself.

rpboxster's picture

"I'm not giving up my _____". Really?

guns, gold, kids, whatever.  This is a scary pic.  I doubt many internet commandos would resist.

GoldenSilver's picture

CME Contracts

Turd,

CME Group Announces New Physically Delivered 1,000 oz. Silver Futures Contract

I find it interesting tha the CME is going to introduce a smaller contract in Silver. Maybe this is to suck more retail into the paper game and away from the purchase of it directly. Maybe it has something to do with finally seeing position limits implemented so they need more players to keep the casino rolling. I also find it ironic that the current contract size is 50:1 silver to gold and the new contract will be 10:1, more inline with historic levels.

http://online.wsj.com/article/PR-CO-20130418-908355.html?mod=googlenews_wsj

Goldensilver

dropout's picture

The Hieght of Hypocracy

Bart is a hypocrite.

He has two mouths. Talks out of both sides of his face depending on who he's talking to!

The other members of the CFTC are just plain crooks and bankster toadies, who don't pretend to be anything different.

Chilton, on the other hand is a two faced, two mouthed, back stabber. Pretending to do and be something with one side of his face, then turning around and doing the opposite with his other face.

He is of course a bankster toadie, but much worse. Also a "Judas Goat". Slaughter houses employ the use of a goat to lead the cows, calmly to their deaths, so as not to have them panic. Upon completion of the parade, the goat is rewarded and sent back out to do it all over again. Bart Chilton is your quintesential Judas Goat!   

Strongsidejedi's picture

Dare I make a 250 year comparison?

I can not help but think of the Battles of Lexington and Concord.

These events are playing out on the literal ground over which British military units enforced Royal law on individuals who became disgusted with the transgressions of the crown.

Care should be taken to not overstep Constitutional law, lest we see a repeat of the ride of Paul Revere via Twitter....

"The APC's are Coming!  The APC's are Coming!"

Does Old North Church burn with a candle once, twice, or thrice?

"Give me liberty or give me death!"

Xavier Cromartie's picture

COT anticipation

The most bullish silver COT ever was 29 July 1997. The commercials were net short 4,770 silver contracts. Commercials have never been net long. Last week they were short 17,924.

Strongsidejedi's picture

It's the EXACT anniversary of Paul Revere's ride!

Let's hope the Bostonians get the matter resolved quickly... but for historical perspective... 238 years ago to the day, Paul Revere's ride

"The colonists were also aware of the upcoming mission on April 19, despite it having been hidden from all the British rank and file and even from all the officers on the mission. There is reasonable speculation, although not proven, that the confidential source of this intelligence was Margaret Gage, General Gage's New Jersey-born wife, who had sympathies with the Colonial cause and a friendly relationship with Warren.[24]

Between 9 and 10 pm on the night of April 18, 1775, Joseph Warren told William Dawes and Paul Revere that the King's troops were about to embark in boats from Boston bound for Cambridge and the road to Lexington and Concord. Warren's intelligence suggested that the most likely objectives of the regulars' movements later that night would be the capture of Adams and Hancock. They did not worry about the possibility of regulars marching to Concord, since the supplies at Concord were safe, but they did think their leaders in Lexington were unaware of the potential danger that night. Revere and Dawes were sent out to warn them and to alert colonial militias in nearby towns.[25]

S Roche's picture

Ted Butler?

Is this the same Ted Butler who claims Comex trades more gold & silver than London?

Truly Turd, you need to get out in a wider circle.

Karankawa's picture

How in the hell,

can people in positions like his SLEEP at night!!!!!!!!!!!!!!!!!!!!!!!!!!!

tmosley's picture

Wow, S Roche.  That's some

Wow, S Roche.  That's some kind of arrogance you have there.

Perhaps you should learn the difference between the words "trade" and "deliver".  Such knowledge might just save your life one day.

The COMEX trades a years production in a day.  I don't think London's physical market is quite THAT active.  It's just that very few take physical delivery off of the COMEX.

Groaner's picture

That good old 45 deg trend lines..

I see it all the time. In fact I see that when the trend breaks either way out of the line, generally an opposite trend starts.. why?? ASK the stinking manipulators and their HFT algos

For example last night from the bottom, @7:30 till 3AM there was a nice up trend..From 3am till NOW! we have been in a down trend all day.. in gold and silver..

It looks like a reversal is in progress. Maybe..

I think that the only ones trading on the Comex futures right now is the bullion banks and their buddies in Crime, the hedge funds with their HFT computers.. have at it kids..

Karankawa's picture

Update from Chris Duane, He's Pissed

Update 3: I Have Severed ALL Ties With Rob Gray and Mulligan Mint

Update 3: I have completed my research and will be moving on many fronts to protect those that are involved in this mess.

I have gotten word that the new date they are stringing people along with April 26th. Snap out of denial and stop hearing what you want to hear. April 8th was the drop dead date... then the 15th... get a refund or a tracking number! If you bought by credit card...

What they probably did not tell you is that their caster is down and blanks are pretty hard to come by right now. It sure does look like they are trying to get this stuff out and when you tell a guy like me that I am getting "nothing" that frees up (in Rob's mind) some time and capital. I know he has bought time with some others that want to believe, but the fact is the circle is getting tighter as people start talking and wising up.

I have also heard complaints about the Free Lakota Bank is not returning calls. Shocker.... I will be releasing more on the truth about Free Lakota Bank later. I already suspect that I am going to get "nothing" also.

I am posting some helpful links and phone numbers and suggest you do your own due diligence.

Texas Attorney General Greg Abbott
The Federal Trade Commission hotline 877-382-4357
South Dakota Attorney General 605-773-3215
You can also contact your local State Attorney General

While everyone else is left hanging, life goes on for them... Last night dinner for the staff and then off to the Dallas Mavericks game. And you can check out Rob Gray's Facebook page of a very cute picture of Rob with two men that will never speak to him again....

Silver Shield Group LLC.

PO Box 1303
Brunswick, OH
44212
US

I think Chris is a stand up guy.

Rui's picture

You are already lucky that Chilton even responds to it

Turd, tune down your expectation from this corrupted government. Getting upset at this machine is not worth it. Even if Chilton wants to do the right thing, he's one guy. He has no muscle to take on the axis of financial evil AKA Fed, Treasury, BIS, IMF, ECB, LBMA and so on. Notice OTOH the rest 4 commissioners do not even bother at looking into the issue.

Turd Ferguson's picture

Right, Roche...

MODERATOR

Character assassination. Attempt to defame the messenger. Way to go.

What about the facts and the numbers? What Ted says about the CoT and the BPR. Care to discuss that?

Keep it up and you'll find yourself stuck with the Screwloose crowd. 

Response to: Ted Butler?
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