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

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gwDagney 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.

Kcap
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. Remember...in 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.

Kcap

daveyboy
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.

ancientmoney
Sep 25, 2013 - 7:18pm

Coordinated silver purchase . . .

I like this idea--we could take pledges just as was done when Gold Dog put up stuff for raffles, but the money is used to buy silver, and each gets his own silver shipped to his/her address.

I am buying silver regularly anyway, so I would sure take part.

Kerbouchard
Sep 25, 2013 - 7:17pm

Lifted from R. Russell, today

"But here's something that worries me. I'm of the opinion that the government (actually, any government) will do whatever they have to -- to retain power. Once the US government runs out of money, they are going to look for where the money is. And if the money is in IRAs, savings plans, pension plans, etc., I think that ultimately, the US government is going to go after this money, leaving bonds and IOUs in exchange."

Bollocks
Sep 25, 2013 - 7:15pm
woofwoof
Sep 25, 2013 - 7:02pm

Mass Buy-in

I just visited my LCS and shared with him the concept of a mass coordinated purchase. He thinks it is a great idea and would be willing to participate and share with his customers to stir things up. We need to start acting and stop complaining. Guys like Turd and McGuire can give us guidance on the timing.

Recall a few months back when the price of silver was dropping and a mass purchase ensued? The pipeline was clogged for a month. We can win this thing.

It is not the 100,000 oz that matters it is disruption and uncertainty and shock that's the key. It is the catalyst to wake up the masses that will drive the market. It is the same game the bankers play with paper to influence the market … except we do it with real silver.

Mantis
Sep 25, 2013 - 6:59pm

Rage against the machine

Rage Against The Machine - Killing In the Name
boomer sooner
Sep 25, 2013 - 6:55pm

@ Bollocks

Love the print. The CFTC must have dug in the trash for the wallpaper I removed from the first rehab I did!!! On a second thought, shoulda kept some for wrapping paper for shiney Christmas presents.

Kcap
Sep 25, 2013 - 6:46pm

Oh daveyboy

1.5 tons is NOT A LARGE AMOUNT OF SILVER.

So, if at 3 tons he had a problem, then supply would have a problem.

If not, then 6?

If not 6, then 12?

Any of these numbers are not large at all. So, if indeed supply is constrained at Europe's largest wholesaler when say, 6 tons is removed, then we would have a serious supply issue on hand.

You better get back on the horn and figure out what is going on. If 6 tons is a problem, then thats a huge supply problem.

Kcap

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