CFTC Confirms Its Complicity

173
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

Founder
turd [at] tfmetalsreport [dot] com ()

  173 Comments

Bollocks
Sep 25, 2013 - 2:41pm

LIBOR manipulation - wow!

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.

SilverSurfers
Sep 25, 2013 - 2:41pm

CFTC complicity?

Told you so. :o

Video unavailable
Video unavailable

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?

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
SS121
Sep 25, 2013 - 2:42pm

All just more smoke from the fake silver market (that isn't)

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!!

Fred Hayek
Sep 25, 2013 - 2:43pm

@jaw777 But they got the information 15 months ago!

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

This is not excellent news

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

A Few Thoughts

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

Tabbs, my friend...

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

I can assure you...

He's not.

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

Sep 25, 2013 - 3:05pm

From Bill H at MilesFranklin

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."
BagOfGoldTabberto
Sep 25, 2013 - 3:11pm

Tabberto...

"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!...

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

Video unavailable

Bag Of Gold

Subscribe or login to read all comments.

Contribute

Donate Shop

Get Your Subscriber Benefits

Private iTunes feed for all TF Metals Report podcasts, and access to Vault member forum discussions!

Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
10/9 10:00 ET Job Openings
10/9 10:00 ET Wholesale Inventories
10/9 2:00 ET September FOMC minutes
10/10 8:30 ET Consumer Price Index
10/11 10:00 ET Consumer Sentiment

Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
10/1 9:45 ET Markit Manu PMI
10/1 10:00 ET ISM Manu PMI
10/1 10:00 ET Construction Spending
10/2 China Golden Week Begins
10/2 8:15 ET ADP jobs report
10/3 9:45 ET Markit Service PMI
10/3 10:00 ET ISM Service PMI
10/3 10:00 ET Factory Orders
10/4 8:30 ET BLSBS
10/4 8:30 ET US Trade Deficit

Key Economic Events Week of 9/23

9/23 9:45 ET Markit flash PMIs
9/24 10:00 ET Consumer Confidence
9/26 8:30 ET Q2 GDP third guess
9/27 8:30 ET Durable Goods
9/27 8:30 ET Pers Inc and Cons Spend
9/27 8:30 ET Core Inflation

Key Economic Events Week of 9/16

9/17 9:15 ET Cap Ute & Ind Prod
9/18 8:30 ET Housing Starts & Bldg Perm.
9/18 2:00 ET Fedlines
9/18 2:30 ET CGP presser
9/19 8:30 ET Philly Fed
9/19 10:00 ET Existing Home Sales

Key Economic Events Week of 9/9

9/10 10:00 ET Job openings
9/11 8:30 ET PPI
9/11 10:00 ET Wholesale Inv.
9/12 8:30 ET CPI
9/13 8:30 ET Retail Sales
9/13 10:00 ET Consumer Sentiment
9/13 10:00 ET Business Inv.

Key Economic Events Week of 9/3

9/3 9:45 ET Markit Manu PMI
9/3 10:00 ET ISM Manu PMI
9/3 10:00 ET Construction Spending
9/4 8:30 ET Foreign Trade Deficit
9/5 9:45 ET Markit Svc PMI
9/5 10:00 ET ISM Svc PMI
9/5 10:00 ET Factory Orders
9/6 8:30 ET BLSBS

Key Economic Events Week of 8/26

8/26 8:30 ET Durable Goods
8/27 9:00 ET Case-Shiller Home Price Idx
8/27 10:00 ET Consumer Confidence
8/29 8:30 ET Q2 GDP 2nd guess
8/29 8:30 ET Advance Trade in Goods
8/30 8:30 ET Pers. Inc. and Cons. Spend.
8/30 8:30 ET Core Inflation
8/30 9:45 ET Chicago PMI

Key Economic Events Week of 8/19

8/21 10:00 ET Existing home sales
8/21 2:00 ET July FOMC minutes
8/22 9:45 ET Markit Manu and Svc PMIs
8/22 Jackson Holedown begins
8/23 10:00 ET Chief Goon Powell speaks

Key Economic Events Week of 8/12

8/13 8:30 ET Consumer Price Index
8/14 8:30 ET Retail Sales
8/14 8:30 ET Productivity & Labor Costs
8/14 8:30 ET Philly Fed
8/14 9:15 ET Ind Prod and Cap Ute
8/14 10:00 ET Business Inventories
8/15 8:30 ET Housing Starts & Bldg Permits

Recent Comments

by Ozymandias, 8 min 48 sec ago
by Blackwatersailor, 14 min 37 sec ago

Forum Discussion

by sierra skier, 6 hours 15 min ago
by NW VIEW, 6 hours 26 min ago
by sierra skier, 8 hours 7 min ago
by Trail Trekker, 9 hours 32 min ago
randomness