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:

About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 25, 2013 - 11:48pm

Me 2

I'm in as well.

Sep 25, 2013 - 11:48pm

my 2 cents

CFTC closes. Paper silver to $0.00 phys ???? but not much lower than where it is now.

US government creep is eroding our future and we step closer that future everyday. we need to wake up others to what we here see developing.

fight to hang on to your stack

Sep 25, 2013 - 11:42pm

@Mr Fix - @Woofwoof

Mr Fix,

There is no reason to coordinate the Ag purchases through one specific source.

In fact, I'm more in alignment with "woofwoof" regarding the tactical impact.

Market disruption for the sake of disruption should not be the goal.

In fact, if JPMC or BM has lurkers paid to be here, then they will see the tactics first and position their shorts to counter the long play.

Given the tactics at US Mint and the fact that many here are US citizens, the most likely intermediary is the US Mint. However, the US Treasury Sec can adjust the Ag content of the US ASE by written decree. Given the situation with the debt ceiling and the Congress, it would not be surprising if the US Treasury Sec already has such orders in place and just classified. I've wanted to send ASE samples to a metallurgical assay company in order to test the silver content to double check on the US Mint.

Another play would be to drain other silver sources internationally. It would be more logical to buy from a legit government mint with nice coinage but lower sales figures. A coordinated purchase should drain international silver supply from closer to the source (the miners themselves). This would bring that government mint to buy more from the miners.

I believe Eric Sprott was rumored to be buying from the miners themselves instead of through RCMint.

The US silver supply appears fairly strong. The question is what happens in Shanghai, Tokyo, or Perth if several tons of silver move on the same day. Does that mint just get more currency printed and buy more silver with the paper currency? Or, is it more like London and Chicago where they can print more paper promises and hypothecate the sold bullion?

Sep 25, 2013 - 11:39pm

Mass Buy-in... Silver Bail-In

It's a good tactic. In this battle the Marquess of Queensberry's rules are of no use.

Best of luck with it.

Sep 25, 2013 - 11:31pm

i'm in

I'm in, been in, will be in. I have no fiat barely getting by on my paycheck but i'll figure something out to buy 5-10 ounces.

Obama Bin Lyin
Sep 25, 2013 - 11:24pm

GLD is now "NewGold Debentures (GLD)"

just typed GLD into yahoo finance and they changed the name to "NewGold Debentures (GLD)." Below is a screenshot.

Definition of 'Debenture'

A type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond in order to secure capital. Like other types of bonds, debentures are documented in an indenture.

NewGold Debentures (GLD)


128.79 1.13(0.89%) 4:00PM EDT|After Hours : 128.75 0.04 (0.03%) 7:59PM EDT

Add to Portfolio
Prev Close: 127.66
Open: 127.57
Bid: 128.55 x 200
Ask: 128.78 x 200
Net Assets²: 19.57B
YTD Return(Mkt)²: 0.60%
Day's Range: 127.52 - 129.21
52wk Range: 114.68 - 174.07
Volume: 7,519,080
Avg Vol (3m): 10,180,600
P/E (ttm)²: N/A
Yield (ttm)²: 0.00

²As of Aug 30, 2013

People viewing GLD also viewed:SLV GDX GOLD GG TLT GDXJ
Mr. Fix
Sep 25, 2013 - 11:17pm

The coordinated silver purchase:

I'm in also, big time, but make it soon, and make sure were dealing with somebody that actually has it to sell.

I've been putting in a lot of extra hours lately, and I don't like sitting around on hundred dollars bills that are about to become devaluated.

I was going to buy a couple of tubes of maples next week anyway.

Sep 25, 2013 - 11:11pm

@the team

I'm in.

Just let me know when...

Fat Willie
Sep 25, 2013 - 11:06pm

I'm in too

Screw it. Why not. Might as well throw my last 5 shekels at it. When?

Fat Willie
Sep 25, 2013 - 11:04pm


I think you hit it exactly.

“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.

They did NOT say there was no manipulation. They said they can't enforce anything given current law and evidence. So the Fed is "legally" manipulating, and the CFTC is "legally" not bound to enforce anything. Everybody walks away happy. We may not like it, but this is how they are defending the dollar. And they will do it until the day the dollar dies, or the Fed dies, which may be redundant with the former.

And by the way, they can PRINT the money to control the silver market. They are printing multiples of the market size every freaking month. Going after the physical is the only way this will end. And when it does end, there goes the whole stinking neighborhood.

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