CFTC Confirms Its Complicity

Wed, Sep 25, 2013 - 12:37pm

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:

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Howard Roark
Sep 26, 2013 - 3:37pm

CFTC and nothing comes...

I said it: the wolf is keeping the chickens... but not for safekeeping, of course! Just keeping some backs free of trouble. EE at its best.

It would be nice if some coordinated buy of metals made a difference, would it not?

Don´t forget other attempts (with more visibility): Max Keiser being one of them. For me I´ll go with that co-op. In a smaller scale, I guess, since I´m waiting on some "portions of our precious".

Keep strong and beware of the napalm in the morning,


Sep 26, 2013 - 2:35pm

Two choices

Either assemble a group of people to march on DC and the financial sector to capture it and commandeer it, or let the Chinese, Indian, and middle east armies come over and stop this mess. That's what happened to the German people in WWII.

John Galt
Sep 26, 2013 - 1:23pm

@ FWTTB re: 1% and Obscurity

You make a couple of valid points, and not just related to government rules changes surrounding taxation and future changes to the legality of owning PMs.

Obscurity is a key consideration, and I have stated many times on this site that stackers who have their names and mailing addresses listed with their LCS or online PM marketers are going to be vulnerable to government types showing up at those establishments seeking customer lists.

Another thing I believe stackers should consider is where they hide their shiny.

Obviously at home is not good, especially if the address is the same as the PM shipping address. Many joke about taking boating trips, but my advice would be that anyone taking those trips should leave their smartphones and other devices with possible embedded tracking technology elsewhere.

Anyone moving around with a smartphone is leaving a digital trail, and anyone following that trail will pay attention to journeys to unusual locations.

Sep 26, 2013 - 11:46am

"1% of americans are gold/silver bugs."

I think a goldbugs real safety will be in his/her obscurity.

The miniscule amount of gold owned by Americans means a massive sweeping confiscation scheme is unlikely to be useful to the govt this time around.

On the other hand, its no trouble at all for the govt to slip into a 4000 page bill a note about a 99% windfall profit tax on gold or a 10 year federal prison sentence for anyone caught with bullion (financial terrorism).

Anyone with the ability to keep their trap shut should be fine. Anyone who cannot will be in danger of being turned in by their neighbors under some "defend the country from the speculators that ruined us" program.

Sep 26, 2013 - 9:45am

The Exchange Stabilization Fund

Can't seem to find anything posted by Eric deCarbonnel after January 22, 2012. Anybody know anything about him?

Fat Willie
Sep 26, 2013 - 9:29am

93 to 1

Every once we buy, is pressure on 93 ounces of paper. 1000 ounces phys- 930000 ounces paper. Keep that in mind.

Sep 26, 2013 - 7:32am

the chart clearly shows higher lows and highs since june 28

all the bluffs and cappings and raids aside, the gold/silver charts clearly show that gold/silver has been making higher lows and higher highs since june 28!

i still strongly believe june 28 is the absolute low!

the raiders still take every opportunity to intimidate the longs and some longs not only get scared but also scare themselves into submission, onto the sidelines, and even into the short side!

yeah, brilliant! short it at 22! were short at 50, 44, 35, 30, 26? smart ass?? did you cover on june 28, smart ass?

the good news, today, in asian session. silver not only held up but also broke thru 22 despite CFTC closing and throwing out the cases!

for me, ever since june 28, the best indicators beside the GOFO rates are the penalty directions on shanghai gold exchange!

since june 28, at SGE, whenever the silver shorts pay penalty to the silver longs because they are either unwilling to deliver or simply run out of silver, price of silver has bottomed and will rebound!

since sept 10, at SGE, silver shorts have been paying this penalty to the longs every day for more than 10 trading days in a row!

my bet is silver has bottomed at 21.22 before the FOMC taper bluff. 21.22 is a higher low, folks!

once it clears 22, the rebound game is still on!

let's keep our fingers crossed.

i bet gold will clear 1350, silver 22.5 next week!

Sep 26, 2013 - 4:29am


I see where you're coming from, kind of hope you're wrong though. Don't think I'll be shorting silver but I seriously start purchasing at that level if it goes there.

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Sep 26, 2013 - 4:21am


Well all has been said in chart explanations.. Charts suggest something, explanations come along..or they don't. It would /should not mean end of bull market, actually end of bear phase. If though price drops below 13,5 for a longer period of time ( it may shoot for a day or so), then bull market 2002-> comes under question, but i do not think it will, it will be also clear from macro events happening at that time. For the end of the downturn, I would be looking for a double bottom.

My macro events looking short term at this potential drop to 13,5 is : Debt ceiling with government shutdown,. it all shall play out pretty soon- by the end of this year.

Still I have no good idea what happens to the USD IF a) Obama after shutdown decides to issue executive order to raise the debt ceiling or b) FED writes down 1 trillion of the USG debt to make debt ceiling debate irrelevant, or both. May be there arises a military need for funding, suddenly. We know Syria is still a current target, Israel may create another one if needed , etc.

In case of a-> that should be metals positive as debt continues to increase and undermine the USD as USG debt=NET savings in USD worldwide, and as these savings increase, depending on saver feelings towards the USD stability ( or intentions to destabilize ) - as USD net saving amount increases, so has the price of potential safeguard against the USA devaluation.

In case of b-> that is not so clear as initially if FED writes of 1 trillion of USG debt, the DEBT is 1 trillion less, plain and simple, USG can operate at will, etc. Should be PMs negative, I feel, at least initially, as Bank excess reserves with FED will also be reduced by 1 trillion , so less inflation risk if they overflow into lending. Same time, FED will reduce its balance sheet by 1 trillion- that is what they want, do not they? No need to taper. Clearly PM negative.

After that who knows. Congress may step in to bring FED to order or turn to Chicago plan and take away USD from FED, and issue "greenbacks" -debt free money instead. That initially would clearly send PMs up, since everyone thinks such money is inflationary. Will it be, I do not know, but it will reduce USG debt further as it can be used to pay it off 100% and more. Not pay off deficit- that is not possible, but debt. USG debt can even turn negative-meaning USG will be able to lend money out at interest. So longer term it might be not so obvious PMs will skyrocket. Then of course the CB system as whole will impact prices- if only FED is kicked off money printing, or will it be a new system for most countries who want to get rid of debt. Against wishes of banks, of course.

Sep 26, 2013 - 3:55am

@ ivars


Care to elaborate?

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