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CFTC Confirms Its Complicity

174
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.

TF

From Reuters: https://www.reuters.com/article/2013/09/25/us-cftc-silver-idUSBRE98O0SR20130925

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: https://www.cftc.gov/PressRoom/PressReleases/pr6709-13

About the Author

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turd [at] tfmetalsreport [dot] com ()

  174 Comments

· Sep 25, 2013 - 1:42pm

The frustration is duly noted. The realization by TF et al., that the CFTC is a corrupt entity, that the entire fiat system is replete with corruption, inherently so, that we, as a society of law-abiding citizens who used to believe in the rule of law because it actually meant something, have passed the tipping point and are doomed to endure continual, endless corruption and manipulation by the elites until the bitter end, is a sight to behold indeed.

About time, I say.

The corruption is so patently apparent as to be laughable at this point, and the sooner one is able to grasp this central tenant, the easier it becomes to prepare and position for the inevitable.

Long ago I said, repeatedly, that Chilton is a positioned stooge. Comparing Chilton's credentials to any of the elites' credentials, at once creates an instant understanding that Chilton was "installed" to be a mouthpiece for the elite.

CFTC is just part of the plan, like the PPT, the Fed, et al. So, relax. Nothing new to see.

The whistleblowers, on the other hand, that is something to talk about, and which will be the subject of my post of later today.

Prepare accordingly.

woofwoof · Sep 25, 2013 - 1:42pm

To the coin shop I go. 

¤ · Sep 25, 2013 - 1:43pm

Divulge what you can because at this point the investigation appears to be over and dead in the water.

It appears this has ended in one big anti-climatic fizzle with the fear of loss of life or well being not probable.

Why cling to silence at this point? It's over.

Keg · Sep 25, 2013 - 1:44pm

I guess in the next week or two we will learn if Chilton really is a good guy like Andy thinks or just another go along to get along douche bag not wanting to lose his job and benefits.

Greg Gresens · Sep 25, 2013 - 1:45pm

Because the government really does not want to hear your story. If the bankers don't like it either..... better consider moving to China or Russia very fast.

Sad day for Americans who used to believe in a "free" republic. Now, it obviously only applies to the few. And you know what is worse?

THEY DON'T CARE WHAT WE THINK!!!

288

Keg · Sep 25, 2013 - 1:47pm

ggnewmex, you believe they don't care what we think? Did you miss the story on the NSA? 

Irene Bernhard · Sep 25, 2013 - 1:48pm

To keep my sanity, I began re-reading some of the classics, and am currently around Canto 17 in Dante's Inferno where "usurers" (bankers) are spoken of. Even back in the 14th century the world was plagued by corrupt bankers who perverted "art" (production) and contributed not one whit to the good of the world. Dante considered these people worse than violent murderers as they waged unceasing violence against all their neighbors, thus he placed them in lowest portion of the 7th circle of Hell.

Some thing never change.

Ancient · Sep 25, 2013 - 1:49pm

https://jimstonefreelance.com/

Not sure if this guy is legit or not . . . this link sent to me by another watcher.

Greg Gresens · Sep 25, 2013 - 1:52pm

Apparently not?? The one where they track everything word we speak or type? Yeah, I know that one, but seems like they are doing it more and more anyway.

It is just so frustrating! you all know that. May of 2011, 50% of annual production sold in 3 min at 3 in the morning. THAT is considered normal?

whatever.

I just think I may have to start buying again, and encourage others to do the same

modi · Sep 25, 2013 - 1:53pm

According to Andrew Maguire, in the interview with Max Keizer, Bart Chilton from the CTFC would go public himself if the investigation would be stopped or lead to nothing. Let's see if he has the balls to come forward. Otherwise he is just the front for the CTFC as many already expect.

Edit: sorry Keg, didn't see your post. I agree 100%.

James Tetreault · Sep 25, 2013 - 1:56pm

I saw Bill Holter make this point about the Fed's backtracking on tapering but it applies here as well.

Back when Bretton Woods made the dollar the reserve currency there were a few very strong reasons why that was acceptable to the rest of the world.

1) The U.S. was the biggest industrial producer in the world -- NO MORE

2) The U.S. had more gold than anyone else in the world -- NO MORE

3) The U.S. had a legal, political and economic framework to it that was not perfect but deemed reliable by the rest of the world. -- NO MORE

And this farcical decision by the CFTC further degrades any claim by the U.S. to number three. This has to make other nations look at us even more skeptically.

modi · Sep 25, 2013 - 2:07pm

I noticed that, in both interviews, Andy said that "Chilton promised to make a statement if the CFTC failed to do anything before the end of September", or something to that effect.

The CFTC has now "done something".

Chilton no longer needs to "make a statement".

· Sep 25, 2013 - 2:12pm

We knew that Bart had been deceiving us, that he was following orders.

We knew the CFTC was corrupt

We knew they would never rule against JPM.

But it still pisses me off that they can so brazenly flaunt the laws of this nation.

We have seen another brick of our society officially crumble.

I knew the country was corrupt and that any semblance of the rule of law did not apply to TPTB. Those synecdochal cigar-smoking people in the dimply lit room from the TV show X-files really are out there somewhere and they are firmly in control at this point.

All I can do is go live my life and prepare for a time when this hollowed out world economy collapses from the weight of fat sociopathic bankers & politicians sitting in its upper balconies while its infrastructure crumbles.

At this point, I am thinking less about metal and more about solar power equipment to run a well, lights and freezer.

johnny comelately · Sep 25, 2013 - 2:18pm

I can't help feeling this is excellent news, as silly as this may sound. Hear me out, and give me some wiggle-room as its early days in the release of this statement and what Chilton and other parties may say about it.

Did we really expect the CFTC to find JPM guilty of this?.......

The torturous and non-existent 'investigation' process had actually managed to provide in my opinion excellent cover for the perpetrators to manage the situation, precisely due to the legal cotton wool wrapped all around the subject matter. One could argue that this has been VERY helpful to the Morgue in managing Precious Metals markets into their current state, covering huge short position etc.

Various people will presumably have the ability/need to speak publicly about what they know and may even be able to depose hard data into the public domain now that the cotton wool is no more.

Perhaps MOST interestingly and central to the positive spin thesis, if JPM were to cash settle all or part of their Gold and Silver 'obligations' (as must happen) surely this would only be 'allowed' (which it surely will) once the 'investigation' is completed and cannot be used as a legal weapon in the ruckus that will follow this default by JPM on its PM obligations?

I could certainly be accused of looking for a shine on a stinky Turd but then where better to do that than here...?

johnny comelately · Sep 25, 2013 - 2:19pm

Well that's certainly a possibility to consider.

Additionally, now that JPM is net long something like 70,000 Comex gold contracts, perhaps this tacit approval of business as usual will see prices actually rise...

John Galt · Sep 25, 2013 - 2:20pm

While many of us here are lamenting the (lack of) findings by the CFTC, perhaps we should see the big picture and realize that the vast majority of people on this planet would actually prefer continuation of the status quo.

The TBTF banks, of course, are pleased with the CFTC decision because they can continue their shenanigans and continue to rake in their huge bonuses.

The Western governments will be pleased because by looking the other way they can continue to keep the broken Ponzi system going for a while longer, and not have to risk the wrath of a furious populace figuring out that their savings, pensions and other entitlements are literally and figuratively wiped out. In this regard the TBTF banks are playing a role for the governments to keep the "markets" inflated with the illusion of normalcy and growth.

Since PMs are the speedometer on the printing press the ongoing price suppression also means that no admission of real inflation needs to be made, which means that interest rates can be kept low which, in turn, keeps government debt from blowing up, the bond market from collapsing, and real estate and stock markets from imploding. Once stock markets implode, any illusion that pension plans are worth anything will be vaporized. 

Eastern Governments, for different reasons, are going to be happy because the artificially low prices will keep the flow of real PM moving from west to east. If PM markets were to be set free, and people started to notice line up to buy the PMs the flow of metal to the east would be greatly hindered. 

And for the 99% of the planet who are largely oblivious to what is happening, this news (which won't even register a tick on their collective radars) will simply mean that they can continue to buy their 6 pack and watch their television as the never ending spectacle of Bread and Circuses continues to roll. 

By the time the news comes on television tonight I doubt that most people will even notice anything to do with today's CFTC decision, unless it could somehow influence the Wild Card race to this year's MLB post season.

I can honestly say that there's a small part of me that also secretly hopes this charade can continue. While it would be easy to hope for higher PM prices and the prospect of either "getting rich" or, at least, preserving one's purchasing power by holding physical PM, that "upside" will be more than offset by the hellishness that will result from the new paradigm following TEOTGKE.

Urban Roman TF · Sep 25, 2013 - 2:20pm

That was my thought exactly when I saw the news this morning. 

Welp, they said that they would do something. And this is it. 

John Galt Doctor J · Sep 25, 2013 - 2:24pm

That is a conclusion I too have reached. While I do not discount the long term merit of holding physical, there are far too many other more important things to be done.

Jason W · Sep 25, 2013 - 2:35pm

Well, I am sure they ended the investigation now so they didn't have to consider the information from the latest whistleblower. The heat was probably on. I hesitated to call Chilton a buffoon because I am naive and an optimist. He is a clown and the perfect representative for CFTC. They spent 7000 hours on the investigation because there is only 7000 hours of free porn available on the internet. The worst part is that we actually pay these jackasses who intentially don't do anything. I guess I am fortunate that I don't have to do something so meaningless to make it is this world. Fuck'em!

Chad · Sep 25, 2013 - 2:39pm

Why not file a Freedom Of Information Act and see what documents they do have. Some of the docs are 5 yrs old now. Since case is closed and no wrong doing, surely they would not mind making the info public.

Bollocks · Sep 25, 2013 - 2:41pm

On Channel 4 News in the UK just now they showed an exchange by text message between those involved in rigging LIBOR rates where one party was annoyed that the rate was going up and urged the other to drop it - promising a Ferrari in his bonus if he gets it done asap!

I don't have the exact details, or who was texting whom, I was a bit distracted as I saw it, but it's accurate.

Absolute proof of LIBOR rigging and that gifts were offered to those who would do the rate-rigging.

Derrick Michael Reid · Sep 25, 2013 - 2:41pm

Told you so. :o

https://www.youtube.com/watch?v=YgPvRSAdK6o

https://www.youtube.com/watch?v=1TIimigZOgc

Some like it hot

Submitted by Mad5Hatter on September 25, 2013 - 11:26am.

In order to stop the manipulation, suit must be brought in gun-totting state district court, showing that 400 tons in 5 second can only be for price manipulation, and show who is the most likely culprit, to established prima facie cast in tort for interference and fraud, naked shorts, selling something you dont have, frying them in reply, with injunction relief in terms of staggered FIFOs client and in house sales to avoid CTFC jurisdiction. They may try to keep FED client activity from seeing the light of day, but pitting the bullion banks against the FED in open court, is the way to go. But then I told you all that months ago. right?

default.jpgmedia-play.png The Power Station - Some Like It Hot https://www.youtube.com/watch?v=qavSfl1jATU FOIA are great for getting what you dont need. :o WRONG AGAIN
Derek N · Sep 25, 2013 - 2:42pm

What does an investigation into "silver MARKET manipulation" imply?

What do stories about people who have evidence of "MARKET manipulation" imply?

The fake (Gameware driven) silver market charts behave as dedicated analysts might think manipulated "MARKET" charts would behave. What does this imply?

It implies there is actually a silver MARKET! There is not. 

The fake paper silver market is a hoax. Forget the false questions of "manipulated or not manipulated?" 

The whole thing is a hoax, a "front" to legitimize the bankers little zig-zaggy daily fake silver price index charts.

These 'charts' deceive the public as to the monetary nature and value of real Silver, thereby perpetuating the fraud of fiat currencies and the fraudulant power of the bankers who create the fiat currencies. 

It's time to take that final step back and see the whole thing for what it is. 

And to "stack it up' while it's still available at these fake market prices!!

James Tetreault · Sep 25, 2013 - 2:43pm

Stopping the investigation now didn't prevent them from having to consider the info from the two recently disclosed whistleblowers. They've already had that information for 15 months! It wasn't just about to land on their door and they had to close up shop before it was officially in their possession. They've had it for 15 months and yet they claim there's no basis for charging anyone with anything.

¤ · Sep 25, 2013 - 2:48pm

It simply isn't.

I like the lemonade aspect of your comment though. Hope springs eternal.

The only way I see these PM markets gaining traction is if a real supply/demand issue develops like TF has previously mentioned.

How that occurs is beyond me. All it would take is for all or most of the big names at KWN to put up or shut up and stand for delivery collectively. It's that simple but they won't, can't and don't want to. My rhetorical question is why???

Because they're probably shorting the same markets they keep saying not to trust. Simply put, they're not interested or capable of moving the markets and ending their own gravy train. I see it as being disingenuous at best with a healthy dose of Chicken Little pumped into the mix.

I also don't see the Chinese/Hong Kong PM market cracking the egg open either anytime soon. As I expected, it appears even more early and late market Hong Kong shorting shenanigans are gaining traction as those PM markets increase in size.

You can see the price movements just before and during Hong Kong's opening and as soon as the Sydney markets close around 2:00 a.m. EST.

The more things change the more they remain the same. 

Dagney Taggart · Sep 25, 2013 - 3:01pm

While obviously disappointing and blatant complicity, I can't help but think of the big picture:

1. What a wonderful opportunity for the banksters to "neutralize" Bart, Gary, etc., and their families to be blamed on "vigilante precious metals anarchists".

2. If Maguire really has anything, the next logical step would be to sue the CFTC for incompetence and probably criminal complicity. Force them to publicly disclose why there is insufficient evidence to recommend prosecution including evidence they have been presented, by who, and when, and the laws they are referencing to make their determination.

Unless Maguire is a straight-up Charlatan and liar, they have first-hand witnesses! That is a little too big of an obstacle for even the banksters ................... unless there is complicit help.

Oh well. It will end at some point, comrades. I promise. Chin up.

· Sep 25, 2013 - 3:03pm

I would love to agree with you. And maybe after I sleep on it, I will come to see that this is a more positive development than it might at first appear to be.

But I have to say, right now? This is how I see this thing :

My cynicism aside, thank you for trying to shed a different light on this thing- as always, it's greatly appreciated!

· Sep 25, 2013 - 3:04pm

He's not.

"Unless Maguire is a straight-up Charlatan and liar, they have first-hand witnesses!"

· Sep 25, 2013 - 3:05pm

Echoes many of my thoughts on the matter...

"Well, after five years of investigation...the CFTC found nothing "actionable" in the Silver market. My first thought is that now, apparently the Pope isn't Catholic and no, bears don't "sit" in the woods? Nothing actionable huh? Really? Oh I get it, there was nothing "actionable" because if that was their finding there would be no action in any market anywhere by this coming Monday.
As I have written several times before, "what can they say"? What did anyone expect? The CFTC to come out and tell us what we already know...Gold, Silver and virtually every other market on the planet is rigged? That more paper Silver has been sold than could possibly exist? That 50% of the world's entire annual Silver production was sold at night during the thinnest hours of trading in less than 5 minutes and knocked over $10 off of the price instantaneously? Could they tell us that they pulled the "time and sales" sheets and found that the same sellers dumped paper Silver at key junctures to paint the charts and depress the price? Or maybe they just should have come out and announced that since low metals prices are necessary to have low interest rates and a "strong" Dollar...we are better off accepting what "is" for the common good of mankind on the entire planet!
...Or, they could just come out and say "nevermind, nothing to see here, please move along" which is exactly what they did. Since this of course was the expected outcome, now we get to sit back and wait untilOct. 1st. No, not to wait to see if the government shuts down... now we wait to see if one Bart Chilton is heard from. He has said that by the end of Sept., if the CFTC did not tell the truth then he would. It is time for Mr. Chilton to stand tall. I have my own opinion and will keep it to myself until we either hear from him or not. If he comes out and tells the obvious truth then I will applaud him. If he says nothing then that means that he agrees with the ruling. He has the opportunity to tell the truth, lose his job (or resign) and go down in history as a man who stood by truth, justice and unbending principles.
Were Mr. Chilton to come out with the truth AND with specifics...which is the outright fraud that the Silver market is, I don't believe it will take much more than 2-3 weeks for a meltdown to occur. Investors would storm the COMEX vaults and have even the cobwebs delivered out. Confidence in paper everything will crack wide open and busted derivatives will domino. No, I have a hard time seeing Bart Chilton telling the truth because the truth is just too ugly and in today's world no market "can handle the truth".
Unfortunately, now we can look forward to the "there is no manipulation" crowd (Armstrong, Christian, Doug Casey) stepping up on soapboxes telling us "see, I told you so". I am usually blunt and say what I think but try not to offend anyone (unless they deserve it) with what I write but this is different. Anyone, anywhere and for whatever faulted logic who believes that Gold and Silver are not manipulated are either an idiot or lying. "Naïve" is not strong enough of a word. "Stupid" doesn't work because an average 3rd grade mentality could figure this one out. "Disingenuous" won't work because it doesn't go far enough. There is no way to be kind here as this is black and white. 
So, am I pissed off and screaming at the TV screen? No, not at all and this was exactly expected. All I can do is shake my head and wonder whatever happened to that guy I used to see on TV who was faster than a speeding bullet...something about "truth, justice and the American way". What happened to that? The only course of action is to purchase and have delivered to you exactly what "they" don't want you to have and do it while "they" subsidize your purchase price. When you get your metal in your hands...say...thank you very much and then wait for the game to blow up! It mathematically will. Regards, Bill H."
BagOfGold johnny comelately · Sep 25, 2013 - 3:11pm

"Did we really expect the CFTC to find JPM guilty of this?".......

Sorry...but I have to agree with Pining on this one!...I'm still blaming this all on you too!!!...

Oh no!...It can't be!...

0nqZXHK.png

Bad Tabberto!...Bad boy!!!...

Video unavailable

Bag Of Gold

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Key Economic Events week of 6/11:
6/12 Trump-Kim summit
6/12 8:30 ET CPI
6/13 8:30 ET PPI
6/13 2:00 ET June Fedlines
6/13 2:30 ET CGP presser
6/14 8:00 ET Count Draghi presser
6/14 8:30 ET Retail Sales
6/14 10:00 ET Busi.Inv.
6/15 9:15 ET Ind. Prod

Key Economic Events week of 6/4:
6/4 10:00 ET Factory Orders
6/5 9:45 ET PMI Svcs
6/5 10:00 ET ISM Svcs
6/6 8:30 ET Intl Trade and Productivity
6/8 10:00 ET Wholesale Trade

Key Economic Events week of 5/28:
5/30 8:30 ET Q2 GDP 2nd guess
5/31 8:30 ET Personal Income
5/31 9:45 ET Chicago PMI
5/31 10:00 ET Pending Home Sales
6/1 8:30 ET BLSBS
6/1 9:45 ET PMI Manu Index
6/1 10:00 ET ISM Manu Index
6/1 10:00 ET Const Spend

Key Economic Events week of 5/21:
5/22 10:00 ET Richmond Fed
5/23 9:45 ET PMI Composite
5/23 10:00 ET New Home Sales
5/23 2:00 ET May FOMC minutes
5/24 10:00 ET Existing Home Sales
5/25 8:30 ET Durable Goods
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Key Economic Events week of 5/14:
5/15 8:30 ET Retail Sales and Empire State Fed
5/15 10:00 ET Business Inv.
5/16 8:30 ET Housing Starts
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5/17 8:30 ET Philly Fed

Key Economic Events week of 5/7:
5/9 8:30 ET PPI
5/9 10:00 ET Wholesale Trade
5/10 8:30 ET CPI
5/11 8:30 ET Import/Export Prices

Key Economic Events week of 4/30:
4/30 9:45 ET Chicago PMI
4/30 10:00 ET Pend Home Sales
5/1 9:45 ET PMI and ISM Mau Idx.
5/1 10:00 ET Const. Spending
5/2 2:00 ET FOMC fedlines
5/3 9:45 ET PMI/ISM Svcs.
5/3 10:00 ET Factory Orders
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Key Economic Events week of 4/16:
4/16 8:30 ET Retail Sales, One Fed Goon speech
4/16 10:00 ET Business Invt.
4/17 9:15 ET Industrial Prod., Four Goon speeches
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Key Economic Events week of 4/9:
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4/10 10:00 ET Wholesale Trade
4/11 8:30 ET CPI
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4/13 Fed Goon Speeches...Rosengren 7:30 ET, Bullard 9:00 ET, Kaplan 1:00 ET

Key Economic Events week of 4/2:
4/2 9:45 ET PMI Mfg Idx
4/2 10:00 ET ISM Mfg Idx and Construction Spending
4/4 9:45 ET PMI Svcs Idx
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