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 - 7:30pm

Indeed, it should not be a

Indeed, it should not be a problem, but i was illustrating that the average investor could easily buy silver and lots of it (I wish I could buy 1.5 tonnes of silver). Have you noticed how since the price has settled low that the "out of stock reports are occurring less and less). That is what was used to hold up this notion that the buyers would overwhelm supply at x level but in reality a lot of it has been brinkmanship in my opinion.

Now, as for the multi millionaires you know lining up to corner the silver market...that's all bs, all they are interested in is making money.

Whether that's long silver, short silver, silver mining stocks etc. Yes, they may buy physical but not really causing an overwhelming of anything.

Clearly there are no major strains being placed on supply or we would see premiums soar, in fact I will go further than that, clearly there are no intermediate concerns about supply or premiums would soar. When premiums double or triple, then good, finally I might start getting a return on my investment.

In the meantime I am just gritting my teeth and when i really like a particular coin or coins, buying them. However look at not simply the price but the stability in premiums, that's what underlines that there is plentifuls of supply.

I want to be wrong on this but I am just not seeing any major shift in prices (at the retail level) now, if someone can challenge that assertion, then by all means.

Sep 25, 2013 - 7:57pm

Remember daveyboy

Its all about "at the margin".

Once you clear the slough from the supply (we are talking about minimal froth at this point but enough to make it APPEAR like supply is loose), then the tightness re-appears VERY quickly....a move through $26 and up to $30 would do that. the paper game, the price can be manipulated very quickly....and the short squeeze above $25.50 or so would catapult us to $30. This would clear physical inventory and then propel the market higher based on the very same cascading effect you get in a down market...except this is in reverse. If and when it suits them, it'll happen. I wouldn't wait around though. Once it happens, it happens and then its done.


gw Dagney Taggart
Sep 25, 2013 - 7:57pm

Update on Tulving

I filed a complaint with the California State Attorney General Consumer Fraud Office on Monday. Yesterday I opened a case file with the CFTC regarding my 500 maples which has not been delivered for 2 months now after wiring the 11K the same day. I gave him until next Monday to ship, if not, I plan to file criminal charges against this thief. The thing that bugs the hell out of me is his total lack of communication and total disregard for his buyer/seller obligation. If a buyer fails to make payment, it is considered fraud. I am totally in the dark. For whatever reasons, he chooses not respond to my emails, and will not return my telephone calls.

Sep 25, 2013 - 8:00pm


Celente has said it for years: Justice=JUST US. Keep voting for true financial liberty with every ounce of silver taken off the market and held by a true sound money patriot. One who never gives up their stack until the corruption cracks, fails, and is broken up by the natural force of economics. By small and simple things, great things are brought to pass. This one thing by a growing number of JUST US, will like a drop of water, consistently dripping upon granite over time, will eventually erode through what seemed impenetrable financial corruption. Cracking; having it fail; and breaking up corrupt forms of worldly paper currencies; contrary to the constitution. An inspired document. Truth freeing all men. All things possible with God. We the people of JUST US have our eyes dimmed and our ears dull of hearing what great things God has brought to pass with our patriot forefathers independence from tyranny. What shall we the people, JUST US, offer up in an offering acceptable to God the Father of our patriot forefathers. He is the same yesterday, today, and forever. What did these, our forefathers, offer in exchange for true freedom from tyranny. We the people, JUST US, know the answer. JUST US, love our lives more than the God of our patriot Fathers. Our patriot Fathers knew what cleanses a land of true liberty from tyranny. It was accomplished by such. It will be cleansed only with blood as it has always been. Either by JUST US or others down the road who know and act where we the people, JUST US, never had the courage. Our courage swallowed up in the things of this world. Gaining the world in exchange for true freedom and the security of our lives; whatsoever we cold and timid souls may gain by not knowing victory as we the people, JUST US, were unwilling to know defeat at any cost. When those people more courageous than JUST US arrive, I will consecrate my stack to them that they may go forward in truth. For now I keep stacking and look for a Washington, and those of like character to arrive on the scene. A seen of a vision beyond me, as the world gets in the way. I do so hate being human! Enough that I will go beyond my human self in a time, and a place; not unlike those who knew the true and living God and gained victory over tyranny. If not now when? Considering where we are now when we the people, JUST US, allowed constitutional money to be taken out of circulation in 1964 and became slaves of debt and debt based currencies without a whimper. A time near present and a time of total consecration by JUST US. We the people make the decision now freely or it will be compelled upon JUST US. As certain as the Declaration of Independence is an inspired readable document and signed of men absolutely consecrated to its realization. Faith not having a perfect knowledge but believing in that which we cannot see but which is true. Like the God of our patriot forefathers and our God is my sincere hope. Lord I believe, help thou my unbelief. Assist me to back my hope with your plan of freedom, whether I live or die unto it's worthy cause and implementation. Amen and Amen my friends.

Timeline of the Revolutionary War

The French and Indian War
June 19-July 11 The Albany Congress
Oct. 7 Proclamation of 1763
April 5 The Sugar Act
September 1 The Currency Act
March 22 The Stamp Act
March 24 The Quartering Act of 1765
May 29 Patrick Henry's "If this be treason, make the most of it!" speech
May 30 The Virginia Stamp Act Resolutions
Oct. 7-25 The Stamp Act Congress
March 18 The Declaratory Act
June 29 The Townshend Revenue Act
August 1 Boston Non-Importation Agreement
March 5 The Boston Massacre
June 9 The Gaspee Affair
May 10 The Tea Act
Dec. 16 The Boston Tea Party
March 31 Boston Port Act, one of the "Intolerable Acts"
May 20 Administration of Justice Act, one of the "Intolerable Acts"
May 20 Massachusetts Government Act, one of the "Intolerable Acts"
June 2 Quartering Act of 1774, one of the "Intolerable Acts"
June 22 Quebec Act, one of the "Intolerable Acts"
Sept. 5-Oct. 26 The First Continental Congress meets in Philadelphia and issues Declaration and Resolves
Oct. 10 Battle of Point Pleasant, Virginia (disputed as to whether it was a battle of the American Revolution or the culmination of Lord Dunmore's War)
Oct. 20 The Association (prohibition of trade with Great Britain)
Oct. 24 Galloway's Plan rejected
March 23 Patrick Henry's "Give me liberty or give me death" speech
Apr. 18 The Rides of Paul Revere and William Dawes
Apr. 19 Minutemen and redcoats clash at Lexington and Concord "The shot heard 'round the world."
May 10 Ethan Allen and the Green Mountain Boys seize Fort Ticonderoga
May 10 The Second Continental Congress meets in Philadelphia
June 15 George Washington named Commander in Chief
June 17 Battle of Bunker Hill: The British drive the Americans from Breed's Hill
July 3 Washington assumes command of the Continental Army
Nov. 10-21 Ninety Six, SC, Patriots sieged
Nov. 13 The patriots under Montgomery occupy Montreal in Canada
Dec. 11 Virginia and NC patriots rout Loyalist troops and burn Norfolk
Dec. 22 Col. Thomson with 1,500 rangers and militia capture Loyalists at Great Canebrake, SC
Dec. 23-30 Snow Campaign, in SC, so-called because patriots are impeded by 15" of snow
Dec. 30-31 American forces under Benedict Arnold fail to seize Quebec
Jan. 1 Daniel Morgan taken prisoner in attempt to take Quebec City
Jan. 15 Paine's "Common Sense" published
Feb. 27 The patriots drive the Loyalists from Moore's Creek Bridge, North Carolina
March 3 The Continental fleet captures New Providence Island in the Bahamas
March 17 The British evacuate Boston; British Navy moves to Halifax, Canada
June 8 Patriots fail to take Three Rivers, Quebec
June 12 The Virginia Declaration of Rights
June 28 Sullivan's Island, SC, failed British naval attack
June 29 The First Virginia Constitution
June 28 Patriots decisively defeat the British Navy at Fort Moultrie, South Carolina
July 1 At the instigation of British agents, the Cherokee attack along the entire southern frontier
July 1-4 Congress debates and revises the Declaration of Independence. See Chronology of the Declaration
July 4 Congress adopts the Declaration of Independence; it's sent to the printer
July 8 The Declaration of Independence is read publicly
July 15 Lyndley's Fort, SC, Patriots fend off attack by Indians and Tories dressed as Indians
Aug. 1 Ambushed by Cherokees, Patriots are saved by a mounted charge at Seneca, SC
Aug. 2 Delegates begin to sign The Declaration of Independence
Aug. 10 Tugaloo River, SC, Andrew Pickens defeats Cherokees
Aug. 12? Andrew Pickens' detachment surrounded by 185 Cherokee Indians, forms a ring and fires outward. It is known as the "Ring Fight."
Aug. 12 Col. Williamson and Andrew Pickens defeat Cherokee Indians and burn Tamassy, an Indian town
Aug. 27 Redcoats defeat the George Washington's army in the Battle of Long Island. Washington's army escapes at night.
Sept. 15 The British occupy New York City
Sept. 16 Generals George Washington, Nathanael Greene, and Israel Putnam triumphantly hold their ground at the Battle of Harlem Heights
Sept. 19 Col. Williamson's patriots attacked by Cherokees at Coweecho River, NC
Oct. 11 Benedict Arnold defeated at the Battle of Valcour Island (Lake Champlain), but delayed British advance
Oct. 28 The Americans retreat from White Plains, New York. British casualties (~300) higher than American (~200).
Nov. 16 The Hessians capture Fort Washington, NY
Nov. 20 Lord Cornwallis captures Fort Lee from Nathanael Greene
Dec. 26 Washington crosses the Delaware and captures Trenton from Hessians
Jan. 3 Washington victorious at Princeton
Jan. 6-May 28 Washington winters in Morristown, NJ
Apr. 27 Benedict Arnold's troops force a British retreat at Ridgefield, Connecticut.
May 20 Treaty of DeWitt's Corner, SC: Cherokees lose most of their land east of the mountains
June 14 Flag Resolution
July 5 St. Clair surrenders Fort Ticonderoga to the British
July 27 Lafayette arrives in Philadelphia
Aug. 6 The Redcoats, with Iroquois support, force the patriots back at Oriskany, NY, but then have to evacuate
Aug. 16 American Militia under General Stark victorious at the Battle of Bennington, VT (actually fought in Walloomsac, New York, several miles to the west)
Aug. 23 British withdraw from Fort Stanwix, NY, upon hearing of Benedict Arnold's approach
Aug. 25 British General Howe lands at Head of Elk, Maryland
Sept. 11 The British win the Battle of Brandywine, Pennsylvania
Sept. 16 Rain-out at the Battle of the Clouds, Pennsylvania
Sept. 19 Burgoyne checked by Americans under Gates at Freeman's Farm, NY. This is part of the "Battles of Saratoga."
Sept. 21 Paoli Massacre, PA
Sept. 26 British under Howe occupy Philadelphia
Oct. 4 Americans driven off at the Battle of Germantown
Oct. 7 Burgoyne loses second battle of Freeman's Farm, NY (at Bemis Heights). This is part of the "Battles of Saratoga."
Oct. 17 Burgoyne surrenders to American General Gates at Saratoga, NY
Oct. 22 Hessian attack on Fort Mercer, NJ repulsed
Nov. 16 British capture Fort Mifflin, Pennsylvania
Dec. 5-7 Americans repulse British at Whitemarsh, Pennsylvania
Dec. 19 Washington's army retires to winter quarters at Valley Forge
Feb. 6 The United States and France sign the French Alliance
March 7 British General William Howe replaced by Henry Clinton
May 20 Battle of Barren Hill, Pennsylvania. Lafayette with 500 men and about 50 Oneida Indians successfully evade British onslaught
June 18 British abandon Philadelphia and return to New York
June 19 Washington's army leaves Valley Forge
June 28 The Battle of Monmouth Court House ends in a draw
July 4 George Rogers Clark captures Kaskaskia, a French village south of St. Louis
Aug. 8 French and American forces besiege Newport, RI
Dec. 29 The redcoats occupy Savannah
Feb. 3 Maj. Gen. Moultrie defeats British detachment at Port Royal Island, SC
Feb. 14 Patriots Andrew Pickens and Elijah Clarke beat Loyalists at Kettle Creek, GA
Feb. 23-24 American George Rogers Clark captures Vincennes (in what is now Indiana) on the Wabash in the Western campaign
March 3 British Lt. Col. Jacques Marcus Prevost defeats Americans under Gen. John Ashe at Brier Creek, GA
May 11-13 Maj. General Augustin Prévost (brother of Jacques, see above) breaks his siege when American forces under Maj. Gen. Lincoln approaches
June 20 Stono River, SC, Maj. Gen. Lincoln inflicts extensive British casualties in indecisive battle
June 21 Spain declares war on Great Britain
July 8 Fairfield, CT, burned by British
July 11 Norwalk, CT, burned by British
July 15-16 American "Mad" Anthony Wayne captures Stony Point, NY
Aug. 19 "Light Horse" Harry Lee attacks Paulus Hook, NJ
Aug. 29 Newtown, NY, after two massacres, American forces burn Indian villages
Sept. 23 John Paul Jones, aboard the Bonhomme Richard, captures British man-of-war Serapis near English coast
Sept. 28 The Tappan Massacre ("No Flint" Grey kills 30 Americans by bayonet)
Oct. 9 American attempt to recapture Savannah, GA fails
Nov.-June 23, 1780 Washington's 2nd winter at Morristown, NJ (the harshest winter of the 18th century)
May 12 British capture Charleston, SC
May 29 British crush Americans at Waxhaw Creek, SC
June 20 Patriots rout Tories at Ramseur's Mill, NC
July 11 French troops arrive at Newport, RI, to aid the American cause
Aug. 6 Patriots defeat Tories at Hanging Rock, SC
Aug. 16 British rout Americans at Camden, SC
Sept. 23 John André arrested, leading to the exposure of Benedict Arnold's plans to cede West Point to the British
Oct. 7 King's Mountain, SC: battle lasts 65 minutes. American troops led by Isaac Shelby and John Sevier defeat Maj. Patrick Ferguson and one-third of General Cornwallis's army
Oct. 14 Washington names Nathanael Greene commander of the Southern Army
Jan. 1 Mutiny of unpaid Pennsylvania soldiers
Jan. 17 Patriot Morgan overwhelmingly defeats British Col. Tarleton at Cowpens, SC
Feb. 1 The Battle of Cowan's Ford, Huntersville, NC
March 2 Articles of Confederation adopted
March 15 British win costly victory at Guilford Courthouse, NC
April 25 Greene defeated at Hobkirk's Hill, SC
May 15 British Major Andrew Maxwell cedes Fort Granby, SC to patriot Lieutenant Colonel Henry Lee
June 6 Americans recapture Augusta, GA
June 18 British hold off Americans at Ninety Six, SC
July 6 "Mad" Anthony Wayne repulsed at Green Springs Farm, VA
Sept. 8 Greene defeated at Eutaw Springs, SC
Sept. 15 French fleet drives British naval force from Chesapeake Bay
Oct. 19 Cornwallis surrounded on land and sea by Americans and French and surrenders at Yorktown, VA
March 20 Lord North resigns as British prime minister
July 11 British evacuate Savannah, GA
Nov. 30 British and Americans sign preliminary Articles of Peace
Dec. 14 British leave Charleston, SC
April 19 Congress ratifies preliminary peace treaty
Sept. 3 The United States and Great Britain sign the Treaty of Paris
Nov. 25 British troops leave New York City
Dec. 23 Washington resigns as Commander
Sept. 17 U.S. Constitution signed
June 21

U.S. Constitution adopted, when New Hampshire ratifies it

Sep 25, 2013 - 8:02pm
Sep 25, 2013 - 8:03pm

@Turd Ferguson


Check out this article on KWN from Powell.

If this is the case, then its time to kill the utility of acting in secret.

Therefore...contacting Drudge for the silver manipulation story is as good as it gets. Get the word out, everyone knows, and the gub's ability to manipulate dwindles real fast.



Sep 25, 2013 - 8:16pm

Thank God for the

Thank God for the subscription service. No trolls co-opting entire threads in the Vault.

Sep 25, 2013 - 8:18pm


Thx for posting the video. If I could give you a thousand hat tips, it still wouldn't be enough.

Sep 25, 2013 - 8:58pm

my response to the CFTC & JPM

2 boxes of shiny Ag bars coming soon to a canoe near me.

If there's a "buy-in" week set up, I'll participate.

silver foil hat
Sep 25, 2013 - 9:42pm


great idea, but it could likely be considered attempted market manipulation.

And we all know how that is viewed with our fair regulators.

(For those thinking I'm being <sarc>, I'm not.

Attempted manipulation is dealt with strongly.

Actual.... nothing to see here.

Here's the video of the picture previously posted.

When the comex blows up due to no more phyz...

Nothing to see here
Mr. Fix
Sep 25, 2013 - 9:46pm

Whats in your pocket?



In response to the continued Fed mismanagement and growing world currency war, it’s becoming clear according to Jim Rickards, that, “[Countries] want physical custody of gold…[they're] positioning for the day when there’s a massive loss of confidence in paper money…You’re seeing it with massive acquisitions of gold by Russia and China taking place through channels that bypass the London Bullion Market Association…They’re buying mines in Western Australia. They’re having the ore refined right there in Australia at the Perth Mint, and then shipping the gold straight to Shanghai. They’re completely bypassing the London market where they minimize their market impact, which is a smart move. That’s what you would do if you were trying to buy gold and not run up the price. You would do everything in secret and that’s what’s going on.”

While many still question the validity of gold, Jim notes that, “When the international monetary system collapses and it comes time to rewrite the rules of the game and create a new system…[it's] going to be [all about] how much gold you have. [Read more...]

Sep 25, 2013 - 9:52pm

as Kcap posted...

But I'm posting again with a little more from the write-up so people see what it says a little more this from Chris Powell of GATA. I don't know about everyone else, but what he says here is the first time I've heard of this. Wow!!!


Eric King: “Chris, we have had this announcement today from the CFTC that they have dropped their investigation of silver manipulation.”

Powell: “A lot of the complaints which have been made about market manipulation over the years have been directed at JP Morgan. In recent years, JP Morgan has said they are innocent of manipulating the metals markets -- that they don’t trade in the metals markets in their own account, they do it just for clients.

I am inclined to take them at their word, insofar as those ‘clients’ are likely to be the US government. The US government very likely trades in the metals markets every single day, either through agents or through the Bank for International Settlements. Remember, the BIS is a gold bank whose only clients are governments....

“If the CFTC discovered that the rigging of the monetary metals markets is essentially government policy, being conducted through intermediaries, then it would not be able to act against government agents.

By federal law, the Gold Exchange Act of 1934 specifically authorizes the US government to rig not only the gold market, but to rig any (financial) market surreptitiously through the Exchange Stabilization Fund. If the CFTC has discovered that market rigging is taking place because of US government policy, then according to law there is nothing to be done about it.”

More here:

Sep 25, 2013 - 10:07pm

Harvey's Up!

GoldCore: The Federal Reserve is “concerned about suspiciously heavy trading of gold futures” after its meeting last week, that may have been triggered by a premature release of market sensitive information according to Associated Press. Reuters: Turkey's central bank raised its gold holdings by 23.344 tonnes in August to 487.351 tonnes, preliminary data from the International Monetary Fund showed on Wednesday. Canada reduced its holdings by 0.03 tonnes, according to the IMF's website. In July, Turkey lifted its gold holdings by 22.5 tonnes, the biggest increase among the 15 central banks that raised their gold reserves. Gold holdings by central banks are keenly watched since, as a group, they became net buyers in 2010 after two decades as net sellers. Bloomberg: YLG Bullion International Co., Thailand’s biggest domestic gold importer, expects to more than double purchases this year after the bear market in prices spurred a surge in demand for physical metal. The company may import as much as 200 metric tons in 2013, from 92 tons last year. Jeff Clark: Since January 1, gold ETF holdings have fallen by roughly a quarter (26%, according to GFMS). But Chinese housewives aren't refraining from buying and certainly aren’t selling. China has absorbed roughly twice what most North American ETF holders have sold. What's even more astonishing: year-to-date deliveries on the SGE are close to global mine production. In the first six months, delivery reached 35.3 million ounces (1,098 tonnes), just 20% less than what all gold companies mined last year. It's not just the Chinese, of course. India, for now, is still the largest gold market. China and India accounted for almost 60% of the global gold jewelry sector last quarter, and roughly half of total bar and coin demand. Further, both countries saw almost 50% more consumer demand in the first half of the year compared to the same period in 2012. Physical demand also soared in Thailand, Indonesia, and Vietnam last quarter, with increases ranging from 20% to 40% being reported. Add it all up and the Asian/emerging countries comprise the lion's share of consumer demand for gold, about 70%. James Rickards: Rickards indicated that the U.S. Fed is manipulating every market in the world in an attempt to abort the country’s first depression since the 1930′s. As a consequence, he notes that emerging countries are abandoning paper currencies in favor of physical gold, in anticipation of a collapse in the international monetary system. veryone is using cyclical models…expecting some kind of robust recovery…they’ve been wrong every single time, [and] the reason is that we’re not in a cyclical recovery…We’re in a depression. We are in a depression for the first time since the 1930s…[So] if you’re curious and you want to know what a depression feels like, it feels like this because we’re in one.” Bill Holter (Miles Franklin): 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. Alasdair Macleod: Recent reports indicate the economy is recovering, but what we are seeing is expanding nominal GDP, which is not the same thing, but this is inflation. As prices start to rise so too do costs for their employers, many of which will be squeezed out of business. How can interest rates possibly be permitted to rise in the face of these dangers? Central banks have drawn their line in the sand over interest rates and they will eventually be forced to reconsider their position. They are almost certain to be too slow in raising interest rates and so the markets will continually expect higher bond yields and higher interest rates to come. Aggressively raising interest rates to stabilise the purchasing power of the currency is not an option: it will simply break the banking system lumbered with its share of the $150 trillion invested in bonds. Markets are blithely assuming that central banks are in control of events. Currency inflation is in the process of becoming apparent to all. Unless this policy is somehow reversed we risk a global rerun of the collapse of the German mark in 1923. All this and more on... The Harvey Report! DayStar

Sep 25, 2013 - 10:18pm


When I first saw the video was 1:40 I thought, "geez, no way". Then I watched it. THIS is EXACTLY the ESSENCE of all that is WRONG today. Many, many thanks!

maravich44 Save_America1st
Sep 25, 2013 - 10:21pm

Sep 25, 2013 - 10:33pm

Parsing words

"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" NOT There is no manipulation of the market NOT there has been no law broken Note: "any firm or its employees" -- government employees are (arguably) not employees of any firm 1. PPT/SecTreas 2. FRB Affiliate 3. Private agent with 'in the interest of NatSec' double-0 license / waiver 4. Non-US sovereign, via one of the above. Nothing to see here, move along... It's a feature, not a bug. Not anomaly but policy.

Sep 25, 2013 - 10:38pm


Gotta ask some follow-ups to the KWN post I put up above, cuz I guess I'm confused. I've been reading and reading and reading about all this stuff for over 3 years that also means please bear with me... But I've never seen anything regarding the info Chris Powell just divulged on KWN in that interview before. He states he's understood this since a court case in 2001. Is that law well known? I've never seen that explanation before. Is that story and law posted or explained anywhere on GATA's website that I've missed somewhere? Have you or anyone else written of or explained that law in that manner as you understand it or in any other way on tfmetals ever before and I've missed it? If that is basically the law (as criminal as it obviously is), then how....geez, I don't even know how to ask the question...but then how is it that Andrew Maguire's whistleblowing was such a revelation, so to speak? Wouldn't those like Chris Powell have just come out and explained that what Andrew discovered is just evidence of a "legal" activity? And why all the years of frustration with the CFTC if it was already known that there was nothing they could do because of this law. Am I misunderstanding or confusing things? Because now it all seems like everything was, I don't want to say for nothing...that's not how I want it to sound like from me...but I mean it kinda seems odd that for 3 years I've read about all this criminality with manipulation, which of course it is...and I've read nothing other than about major anger and frustration from everybody about these acts...but if GATA knew it was "law" then why haven't I ever seen it explained this way until now? I understand fighting an unjust law...but I've just apparently missed everywhere that it was all "legal". I'm still gonna keep stackin' my ass off because I still believe its all gonna come crashing down some day soon. But this still also kinda baffles me.

Sep 25, 2013 - 10:39pm

The Gold Reserve Act & ESF

Thanks for posting that KWN link with Chris Powell's comments.

We've previously discussed both of those elements on here and at one time others on here and myself have posted a series of ESF vids that are kind of mind blowing.

That's why none of this CFTC stuff is really phasing me. It's just another "business as usual" aspect I've come to realize awhile ago. The whole part about certain banks acting on behalf of the govt. as federal agents is something I distinctly remember being discussed on here and their immunity from prosecution.

In that regard, some of the disbelief this would end any other way shouldn't surprise anyone if you knew about the ESF and what took place in the 1930's besides the well known Gold Reserve Act and so called confiscation.

TPTB make the laws and rules for their benefit and only enforce them (or not) to our detriment mostly. It's their policy.

Sep 25, 2013 - 10:40pm

Hate to Say I Told You So

Just Sayen' ;-)

"The CFTC will never do anything about the silver market manipulation" - Zoltan, for years now to anyone who will listen. Thanks for listening and not giving me the funny looks that I get from the sheeple.


Sep 25, 2013 - 10:47pm


Thx, it's like you read my freakin' mind by what you just wrote! You posted that while I was typing out my confusion on my tiny little phone, so I didn't see it until after I posted my questions to Turd. So I guess that sums it up then as you said...if I had understood the ESF and that law (which I really haven't seen it all explained in that way like Chris Powell did), then yeah, I wouldn't be so shocked as I was tonight after reading it. Am I alone on this though? Oh well...pretty crazy story about that 2001 court case though. Has anyone read about that before? Well, thx for answering a good part of my questions before I even posted them. That's a pretty amazing case of ESP you just threw out there man! Lol Have a good one...

maravich44 tmosley
Sep 25, 2013 - 10:54pm

God replies ...

and casts away the trolls who seek to co-opt these threads. yep.

Sep 25, 2013 - 10:57pm

The Exchange Stabilization Fund

I'm pretty sure for those of you who know little or nothing about the ESF that this series of vids will fill in some gaps and provide a moment maybe.

What I have been afraid to blog about: The ESF and Its History_Part 1
What I have been afraid to blog about: The ESF and Its History_Part 2
What I have been afraid to blog about: The ESF and Its History_Part 3
What I have been afraid to blog about: The ESF and Its History_Part 4
What I have been afraid to blog about: The ESF and Its History_Part 5

The Exchange Stabilization Fund: How It Works

Exchange Stabilization Fund
  • The Treasury Department's Exchange Stabilization Fund (ESF) buys and sells foreign currency to promote exchange rate stability and counter disorderly conditions in the foreign exchange market.
  • The ESF is used to provide short-term credit to foreign governments and monetary authorities and to hold and administer Special Drawing Rights.
  • ESF operations are normally conducted through the Federal Reserve Bank of New York in its capacity as fiscal agent for the Treasury Department.

The Exchange Stabilization Fund (ESF) of the United States Treasury was created and originally financed by the Gold Reserve Act of 1934 to contribute to exchange rate stability and counter disorderly conditions in the foreign exchange market. The Act authorized the Secretary of the Treasury, to deal in gold, foreign exchange, securities, and instruments of credit, under the exclusive control of the Secretary of the Treasury subject to the approval of the President.

When the United States adopted the revised articles of agreement of the International Monetary Fund (IMF) in 1978, Congress amended the Gold Reserve Act to provide that the dealings of the ESF were to be consistent with U.S. obligations to the IMF. The ESF also may provide short-term credit to foreign governments and monetary authorities. These ESF "bridge loans" are financed through swaps. That is, the dollars held by the ESF are made available to a country through its central bank in exchange for the same value of that country's currency.

The ESF is used to hold and administer Special Drawing Rights (SDRs), which are assets created by the IMF that the IMF lends to countries that need help to finance balance-of-payment deficits. SDRs were created to increase international liquidity and are permanent resources of the ESF after they are allocated to, or otherwise acquired by, the United States Treasury.

The Federal Reserve and the ESF
ESF operations are conducted through the Federal Reserve Bank of New York in its capacity as fiscal agent for the Treasury. The New York Fed, which executes foreign operations on behalf of the Federal Reserve System and the Treasury, acts as an intermediary for the parties involved when the ESF provides short-term financing to foreign governments. However, it neither guarantees, nor profits from, the loans.

Several times each day, the foreign exchange trading desk of the New York Fed provides current information on market conditions to the Treasury. Whenever necessary, the trading desk buys or sells foreign currencies on behalf of the Treasury, through the ESF, for intervention purposes. Treasury and Federal Reserve foreign exchange operations are closely coordinated and typically are conducted jointly. Operations on behalf of the Treasury are made under the legal authority of the Secretary of the Treasury and those for the Federal Reserve System under the legal authority of the Federal Open Market Committee, the central bank's policy-making group. The ESF does not provide financing to the Federal Reserve System for foreign exchange operations. Rather, the Federal Reserve participates with its own funds. The Treasury reimburses the New York Fed for expenses incurred in carrying out Treasury actions.

Since 1963, the Federal Reserve occasionally engaged in "warehousing" transactions with the ESF. In warehousing a transaction, the ESF sells foreign currencies to the Federal Reserve for dollars and simultaneously arranges to repurchase them, typically within a year. The dollars are immediately credited to the Treasury's account at the New York Fed, and the Federal Reserve invests the warehoused foreign currency, separate from its regular accounts, to earn a market rate of return. Any effect warehousing has on domestic bank reserves is offset by open market operations.

ESF accounts and activities are subject to Congressional oversight. The Treasury provides monthly reports on U.S. intervention activities and a monthly financial statement of the ESF to Congress on a confidential basis. In addition, the quarterly report to Congress by the New York Fed's manager of foreign operations, covering Treasury and Federal Reserve foreign exchange operations, is issued publicly by the New York Fed.

ESF Financing
The ESF was structured to be self-financing. Its resources, which are held in both dollars and foreign currency, include its original Congressional appropriation and retained earnings. The Gold Reserve Act of 1934 initially funded the ESF with resources resulting from the devaluation of the dollar, in terms of gold. Congress appropriated $2 billion of the resulting valuation gain to the ESF; $1.8 billion of that was later used to fulfill the initial U.S. quota subscription to the IMF.

Currently, the New York Fed invests ESF foreign currency balances in instruments that yield market-related rates of return and have a high degree of liquidity and credit quality, such as securities issued by foreign governments. In addition to interest earned on assets, the ESF's balance sheet also includes gains or losses on exchange operations.

As of March 31, 2007, total assets were $45.9 billion and included $20.8 billion in foreign currencies, $9 billion in SDRs, and $16.1 billion in U.S. Government securities.

Dyna mo hum
Sep 25, 2013 - 10:59pm

Cordinated silver purchase....

I'm in. I will do it for the hell of it..We all need to hang together and you know the rest of that story. Say 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.

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?

Sep 25, 2013 - 11:11pm

@the team

I'm in.

Just let me know when...

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.

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
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.

surfeitndearth woofwoof
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.


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