CFTC Confirms Its Complicity

In what can't be termed a surprise, Reuters reports today that the CFTC is prepared to close it's silver investigation.

In the end, why should this surprise anyone? They've covered up the manipulation for five years. If they were to act now, they would be opening themselves to liability based upon their inaction. All they can do now is cover up and hope that the entire issue slips away into irrelevance.

The institutions of government are hopelessly corrupt. I believe fear know now that we are too far down the path of tyranny and corporate fascism to ever be rescued.


From Reuters:

The U.S. Commodity Futures Trading Commission on Wednesday said it has closed its long-running investigation into complaints about manipulation in the silver markets, and is not recommending charges.
The CFTC publicly confirmed the probe in September 2008. At the time, the agency had received complaints about whether the silver futures contracts traded on the Commodity Exchange Inc (COMEX) were being manipulated.
"Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets," the CFTC said in a statement.

The full CFTC statement is here:



Turd Ferguson's picture

From yesterday's post


Worth re-posting:

"Though it's likely that, being firmly entrenched in the back pocket of the TBTF banks, the CFTC will only choose to ignore, delay and obfuscate, we can always hope that one day their collective consciences might get the best of them. Regardless, in the end it won't matter as the sheer weight of the supply/demand distortion will collapse the entire manipulation scheme eventually. In the meantime, just continue to add to your physical stack of metal, taking advantage of the discounted prices brought about by this deliberate bullion bank price manipulation scheme."

achmachat's picture

sad day

did we just lose a battle?

how long is this war going to last?

brad_pitts_betterlooking_brother's picture

"Based upon the law and

"Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets," the CFTC said in a statement."

says gensler while licking his chops...

the fox has thoroughly searched the hen house and found no problem at all.

ForWhomTheTollBuilds's picture

As Mr Maquire said

Paraphrasing:  The sheer brazenness of the attacks during low volume periods executed by people with no interest in getting a good price indicates government involvement.  Even amateurs can see how obvious and consistent these slam-downs are.

Who knows what kind of paper losses stackers will have to sit on before this is over, but this won't be the first ever price suppression scheme that works forever.

Sit tight and be right (.... eventually).

pforth's picture

The only way forward...

Is for anyone who has contact with the whistleblowers to contact them and convince them to take their story and evidence public.  Snowden didn't try to work with the government...he just went public with everything.  That's what we have to do. With incontrovertible public evidence eventually someone will have to act on it.

tmosley's picture

Fuck sad day, this is a rally

Fuck sad day, this is a rally to battle!  Turd, you must disclose EVERYTHING you know, and convince everyone else involved to do the same.

Fred Hayek's picture

Grammar police make more arrests than CFTC. It should be "its"

There shouldn't be any apostrophe in the "its" in the thread title. 

IntuitiveAnalyst's picture

Sorry to hear that...

though not surprised. It seems that more and more it is the lie that parades down the street while the truth hides in the shadow. Being a good steward of what I have been given seems to look more and more like being prepared against thieves and fools on all sides.

Turd Ferguson's picture

And again, here's the thing


At the end of the day, what today's "decision" should confirm for you is this:

Everything you've read, all the "conspiracy theory" stuff regarding true.

All your darkest concerns about "shadow bankers" pulling the levers of true.

Big money runs the show. There is no "representative republic". It's all just a charade, maintained to keep the masses numbed and quiet. 

ForWhomTheTollBuilds's picture

As I was saying over on zero hedge

Assuming Mr Chilton has any integrity he must now come forward.

Problem is, he must have considered what happened to Mr Snowden, who, lets face it, broke news that ought to be of much more immediate concern to every iphone toting American.  What we see now is Mr Snowden having thrown his life away for something no one cares about.

Mr Chilton can step into no man's land for the sake of the truth or he can hold onto his relatively comfortable life as he knows it.  But no one will be throwing him a parade if he does come forward.  It will be a total act of utter self sacrifice before a largely oblivious populace. 

I hope he does it, but don't really blame him if he doesn't

ForWhomTheTollBuilds's picture

And again, here's the thing

I don't have any insight into the law on this, but I can sort of imagine:

- CFTC tracing trade activity through JPM back to the BIS and the BIS saying, "when we do this it's not illegal or even untoward, its policy.  Like how if you print money its counterfeiting but when a central bank does it, its called 'monetary policy'.  Your job is to stop the illegal from happening so why don't you go concentrate on that?"

- CFTC gets legal opinion from own lawyers who tell them the same thing.

- CFTC makes "proper" finding that nothing illegal is happening.

Turd Ferguson's picture

But, see, I don't know how to


But, see, I don't know how to reach any of these people. I'm not in the loop. At this point, they'd have to come public themselves in a Snowden-esque fashion and that takes courage rarely found in ordinary men.

The Dodd-Frank "whistleblower" protection supposedly only grants legal protection to those coming forward to assist in active investigations. It's my understanding that, without an open investigation, anyone divulging corporate information can be considered criminally liable for damage caused. With this in mind...Did the CFTC rush to close the case in the hopes that they can permanently muzzle these two individuals?

Orange's picture

Staff Hours

They said they did exhaustive work.

Let's see, 7,000 hours divided by 40 is 175 work weeks or 35 single person work weeks per year. I can only guess how many people would need to be involved plus management oversight now let's say 10 which is likely low.

3.5 weeks per year does not seem to me to be exhaustive.

The Division of Enforcement’s investigation utilized more than seven thousand enforcement staff hours. The staff reviewed and analyzed position and transaction data, including physical, swaps, options, and futures trading data, and other documents and information, and interviewed witnesses.

Orange's picture


Turd, if I understand correctly, they contacted you and you passed them on to Andy.

Perhaps they are Turdites?

silverwhere's picture

CFTC website - CFTC Closes Silver Investigation

[ Another repost (can't keep up to the threads) - see also the last posts on the Andy & Max thread ]


September 25, 2013

Washington, DC – The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets. The Division of Enforcement is not recommending charges to the Commission in that investigation.

From the CFTC website:


glimas's picture

sign of collasping empire

The sign is open theft no longer being hidden but done out in open sight for all to see.  We are here, buckle up we are gonna ding boyz.  Time is short, prepare as best you can. 

Pining 4 the Fjords's picture

Sure make you ponder the meaning of the word FRAUD

Reposted from the other thread, this is CFTC's  Precious Metals Fraud tips and comments page here.

And did you know that "advertising on radio, television, or online" is a sign of a possible fraudulent sales pitch when it comes to Precious Metals?  The CFTC wants you to be aware of this (from the CFTC metals fraud page):


0 Made by people who call themselves "metals dealers" or "merchants."

0 Advertised on radio, television, or online.

I presume that a hand-lettered cardboard sign saying "I sell gold" is OK, that seems to be the only form of advertising they DON'T consider to be a sign of potential fraud.  Thank you CFTC !  I assume they post similar warning for corn, soybeans, lumber, and all the other commodities they regulate too, right?  Those shady lumber salesmen, always trying to defraud you by "advertising on radio, television, or online".  Yup, you can spot them a mile away

Be Prepared's picture

CFTC.... really TCFC....

The Crap Factory Commission (TCFC)....

Need I say more.... there's a river flowing out of that institution and it smells like $hit.....  so I guess you could say "Same $hit Different Day!"

Pining 4 the Fjords's picture


jezfry's picture

What distinguishes PM manipulation

...from all the other dodgy dealings at J P Morgan is that it isn't just about making money and breaking the law - this is a cartel driven attempt to keep the corrupt and broken system alive. This goes as deep and wide as we can imagine...

hsofiak's picture

Only because the price went up ....

SilverRunNW's picture

Senate Vote

Did the Senate just surpass the required 60 votes to move the bill along to pass the spending bill and defund the health care law?

Now it's well over 60!  I guess C-SPAN is good for something.

Turd Ferguson's picture

That's not how it happened


I was contacted by a guy who had previously been contacted by the first potential whistleblower. I simply passed along Andy's email and the whistleblower contacted Andy directly. I never had any direct contact with him nor did I ever hear what his "evidence" was. After hearing what the guy intended to do, Andy immediately sent him to the law firm in DC so that he could get legal protection.

The second guy that Andy's been referencing is something completely different and something with which I had no involvement.

Response to: Whistleblowers
brolgaboy's picture

interviewd witnesses

question is "what didn't they witness?"

think about it!

Turd Ferguson's picture

This is fun


From the full statement found here:

The Division of Enforcement takes complaints it receives seriously. The Division will not hesitate to use its authority, including new manipulation authority in the Dodd-Frank Act, to bring market manipulation charges as supported by the evidence.

If you have information about a violation of the Commodity Exchange Act or Commission regulations, you may either file a tip or complaint under our whistleblower program, or report such violations or other suspicious activities or transactions to our Division of Enforcement. The CFTC will pay awards to eligible whistleblowers who voluntarily provide us with original information about violations of the Commodity Exchange Act that lead us to bring an enforcement action that results in more than $1 million in monetary sanctions.

Urban Roman's picture

This law firm in DC ...

the one that "takes care of" whistleblowers? 

Does anyone know if the two individuals ever left the law office? 

wildstylechef's picture

The evedence is clearly there

After Andrews releasing his newest evidence of proof that gold and silver have been manipulated and then waiting for it to hit the mainstream news  and seeing nothing. Not even a mention with the only main new source coverage coming out of a German news paper and then a semi independent article that was widely quoted, disappearing off the map with a 404 to replace it. Made it obvious that the legal dogs have been let loose. Here is a question for you Turd has anyone been set upon by the JPM  lawyers to retract the article? My thoughts are that  only a collapse or a default  will bring forth the truth and even then we will be waist deep in the brown and the US dollar will be finished and the remnibi will be the reserve currency

Good watching of that on BNN here in Canada

looks as the Gold is leting loose and have for febirnachi has been a huge influence , we have to get above 1336

Turd Ferguson's picture

Rumor always had it that


Rumor always had it that Whistleblower #1 had fled to China.

I don't know anything about the circumstances of Whistleblower #2.

AlienEyes's picture


"The brighter the light, the fewer the cockroaches."

tmosley's picture

Better get on the phone with

Better get on the phone with Andy.  

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