Time To Take Action

Wed, Sep 24, 2014 - 9:10pm

In this effort, I ask for the full participation of Turdville. If you have a few minutes and if you're tired of feeling helpless in the face of the endless price manipulation, I beg you to read this post and then take action.

As most of you are aware, I was very optimistic in the summer of 2012. I was excited. It was hot. And I expected the summer to be historic. It wasn't...and by the time the calendar flipped to 2013 I was dejected and suffering from "Low-E". (https://www.tfmetalsreport.com/blog/4413/low-e) Then, in September 2013, just 24 hours after Andrew Maguire went public with revelations of two actual JP Morgan whistleblowers in the silver manipulation case, the CFTC quickly and summarily closed what had been an ongoing, 5-year silver market investigation. In a curious development, just two days later the chief investigative officer of the CFTC, David Meister, suddenly resigned his position and left the agency. Case closed.

Fast forward to yesterday...

I'm on a conference call with Ned Naylor-Leyland out of London. The call was organized by David Morgan and it also included Andy Hoffman and Chris Duane. During the call, Ned dropped a bombshell.

It had come to Ned's attention that the "CFTC Affair" did not end in September of 2013. Nope. Not by a long shot. According to Ned, Andrew's lawyers had contacted a well-known and well-regarded financial journalist named William Cohan. Mr. Cohan then reviewed all of the evidence that Andrew and the whistleblowers had provided to the CFTC. And here's the thing...Mr. Cohan has apparently written a scathing article that fully summarizes the clear evidence of silver market manipulation. And what do think has happened with that article? NOTHING.

It seems that both Mr. Cohan AND the mainstream financial media want nothing to do with the story and they are frightened or otherwise afraid to publish it. Why? Well, I think you can imagine why.

Today, Ned typed up a summary memo and sent it over to Bill and Chris at GATA. So far, it has appeared on Bill Murphy's LeMetropole site. With his permission, it is reprinted below:

Within days of the CFTC Silver ‘investigation’ finally closing in August of 2013, CFTC whistleblower Andrew Maguire’s lawyers had contacted William D Cohan, a reknowned NY-based financial journalist, and had him sifting through the folders full of detailed evidence regarding the use of the dark arts in the Precious Metals market. A month later (September 2013) I was told that the mooted article had indeed been written and that it would be the biggest mainstream broadsheet in the US within 2 weeks as an extensive editorial piece. Although I was excited by the direction this was moving, I vocally doubted that it would happen and warned Maguire and his lawyers not to rely on any mainstream publication, as I felt they would likely be ‘all mouth, no trousers’. Around 6 months later (Spring of 2014) I was informed by a frustrated Maguire that the story had indeed been ‘nobbled’, by no less than 4 different mainstream newspapers/publications since Autumn 2013, despite Mr Cohan’s stellar reputation. Cohan has since confirmed the above ‘nobbling’ to me, independent of Maguire and described his story and the clear cover-up that has followed it as ‘amazing’ and as ‘a story that needs to be told’.

Despite these positive responses from Cohan, both he and the New York based lawyers now refuse to publish the story, thanks apparently to an argument over the publication or not of some minor details. I have accused both Cohan and the lawyers of sitting on the pot without relieving themselves for a whole year, but received little back to reassure me that anything material was happening. I made the point that people need to know either the full story, or I would have to put what I know in the public domain, as I am now doing. The importance of this Precious Metals manipulation story is that it proves regulatory collusion, cartel behaviour and the breakdown of the rule of law in financial markets. In light of the current ‘investigations’ into FX manipulation by big banks, this story is so ripe it is bursting at the seams. All the details lie just out of reach and I am told that William D. Cohan even spoke directly to ex-CFTC commissioner Bart Chilton, who expressed his belief that the Maguire evidence was valid and that there had been some kind of cover up within the agency.

I very much hope that pressure will now be brought to bear on William D. Cohan to publish the article that he wrote a year ago and is still sitting on; the suppression of this evidence and regulatory collusion is helping to keep this rig going. An investigative financial journalist of repute has looked at the evidence, wrote a long and scathing editorial piece about what happened (a year ago) and yet STILL we sit waiting for discovery or publication of his piece. While nothing comes of this Precious Metals investors continue to experience real losses, something that is unacceptable to me as an observer aware of the background story. I take no pleasure in naming and shaming in this way, and am heartened that Cohan confirmed and corroborated Andy’s evidence, but now is the time for the pot to be filled and the perpetrators flushed out. If it takes intervention by a third party to set fires in order to get it out there, then so be it. At the moment the cynic would infer that either the journalist or the lawyers (or both) are colluding to continually keep this most important of stories under wraps. If this is not the case then they must drop the petty infighting over specific details and publish immediately.

Investment Director
Quilter Cheviot Investment Management

So, there you have it and this is where the collective effort of Turdville comes in.

Per Ned's request yesterday, PLEASE take a moment to review the contact information for Mr. Cohan that is listed below. Then, pick a venue and drop him a line. PLEASE be responsible, polite and courteous. However, PLEASE feel free to demand that Mr. Cohan make every effort to see his article published as soon as possible.

Some background on Mr. Cohan can be found here: https://en.wikipedia.org/wiki/William_D._Cohan

His twitter page can be accessed here: https://twitter.com/WilliamCohan

He can be reached by email at: wdc[at]williamcohan[dot]com

You might also contact his literary agent: Joy Harris of The Joy Harris Agency. Her email is joy[at]joyharrisliterary[dot]com and her phone number is (212) 924-6269. (https://williamcohan.com/contact/)

In the end, I must admit that I'm not certain much will come of our efforts but we have to try. Thanks for your help.



About the Author

turd [at] tfmetalsreport [dot] com ()


Sep 24, 2014 - 9:15pm


way to go Craig!

Sep 24, 2014 - 9:18pm
Sep 24, 2014 - 9:25pm
Sep 24, 2014 - 9:26pm

All mouth and no trousers?

Haven't heard that one before.

What If
Sep 24, 2014 - 9:26pm

Count me in.

Count me in.

Sep 24, 2014 - 9:27pm


I'd be going under the knife tomorrows for knee replacement but after I'm back I 'll write

Pounds of Money
Sep 24, 2014 - 9:30pm

Maybe Mr. Cohan Has Been.....

Maybe Mr. Cohan has been too busy buying physical silver and dumping each paycheck since writing the article into even more coins and bars to actually get around to publishing his article.

Sep 24, 2014 - 9:31pm

This is what I wrote, feel free to punch it up and fix it.

I am given to understand Mr. Cohan has authored an article exposing the manipulation taking place in the silver market - the manipulation that is painfully obvious to all of us, and that the mainstream media refuse to acknowledge. The article I'm referring to is mentioned at tfmetalsreport.com where a grass roots movement is being started to have the report published. I am confident each of us would be willing to contribute to see it published. Further, the person who brings this to light publicly is going to be a true hero, and their book(s) will be bought by every stacker out there, and there are a lot of us. We don't know what levers are being pulled to prevent you from publishing, but if you let us know we'll help you in any way we can - including of course paying for the article directly. Not to take advantage of the material presented therein - we all know about the manipulation, but to force whomever is doing it to admit that's what they're doing. Don't be surprised if you hear from more of us soon.


Louis Nardozi

Sep 24, 2014 - 9:33pm

Harry Reid

Largest silver producing state in the country is Nevada, Harry Reid the highest ranking democrat in the senate is directly affected by the economy in his state and certainly major corporations operating in the state. If there was anything he could do to help the miners by fixing the silver market he would scream it from the capital. Tells me the company line is to look the other way and let the banks run the market OR there is nothing he or anyone else CAN do to fix the markets.

Mr. Fix
Sep 24, 2014 - 9:37pm

Yes, it is time to take action.

I've got a few things on my mind about this topic, time to send some notes out.

Sep 24, 2014 - 9:40pm

sent a Tweet to Mr. Cohan

this is its contents:

When will you publish your "silver manipulation report"?

the Tweet was refused and I got a message to try again sometime:

This request looks like it might be automated. To protect our users from spam and other malicious activity, we can't complete this action right now. Please try again later.

Sep 24, 2014 - 9:48pm

Harvey's Up! (TFMR)

Harvey's Up! https://www.tfmetalsreport.com/comment/624145#comment-624145

  • Mark O'Byrne: A Bank of America economist on visit to Venezuelan central bank last week was allowed to view the bank's gold vault and the gold repatriated by President Hugo Chavez. Is any of the country's gold encumbered, loaned or leased to Goldman Sachs or other banks? Is there a possibility of this given the Venezuelan economy's weak position? An arbitration court of the World Bank ruled that Venezuela needs to immediately repay $740 million to US mining company 'Gold Reserve'. Repayment is connected to Venezuela having terminated Gold Reserve's gold and copper mining project in 2009 as part of Chavez's nationalisation of energy and mining projects. This ruling could set a precedent for other companies to seek compensation from Venezuelan government during a time in which Venezuelan economy is weak and heavily indebted.
  • Tyler Durden: In what is certainly the most important news of the day, the WSJ reports that China's long-serving central banker Zhou Xiaochuan, "the face of the Chinese economy to markets globally" is about to be given the boot. According to the WSJ, "Chinese leader Xi Jinping is considering replacing Mr. Zhou, say party officials, as part of a wider personnel reshuffle that also comes after internal battles over economic reforms." And while it is true that at the age of 66, Zhou has passed China's retirement age, and his departure will be spun as an old man spending more time with his family, the reality is that this is part of a major Chinese shift in the "balance of power between reformist and reactionary forces, with the momentum for reforms being eroded by the loss of growth momentum in the economy," said Eswar Prasad, a Cornell University China expert. Zhou's replacement: a career banker, who will do the bidding of, you guessed it, banks, which means "liquidity to the max." Per the WSJ, "The top contender to succeed Mr. Zhou at the People's Bank of China is Guo Shuqing, a former banker and top securities regulator who is currently governor of Shandong, a prosperous eastern province, the officials said."
  • Zero Hedge: China will never support or join recently imposed sanctions against Russia, Valentina Matviyenko, the speaker of the Russian parliament’s upper chamber, said on Tuesday following her talks with Chinese President Xi Jinping. The speaker of the Federation Council quoted the Chinese president as saying, that China will never support sanctions against Russia, no matter how much pressure is exerted on them. According to Matviyenko, China publicly stated its opinion on the inadmissibility of unilateral sanctions, their illegitimacy and counter-productivity. “This is where our positions absolutely coincide,” she said adding that both Russia and China consider such sanctions as “ineffective and view them as attempts to exert pressure on sovereign states in order to weaken them and change their positions, to restrain their development...This is China’s public position and we are grateful to China for such evaluations,” Matviyenko, who is currently on an official visit said.

All this and more on...

The Harvey Report! indecision



Sep 24, 2014 - 9:57pm

My submission..... to the man

Mr. Cohan, It has come to my attention that you have taken the time and effort to review information and documentation regarding the" beheading " of what was once Our free markets in The United States of America. Specifically, it is my understanding you have had the courage to write an article on what can only be described as the criminal manipulation of the silver market...... an article that has yet to be published. Mr. Cohan, it is time to step from the shadows and present your work to The American public. To allow The Powers That Be to continue to suppress and censure your work, and in the process continue to "behead" our markets and Our country, strips Freedom & Liberty from every American. John F. Kennedy said, " One Man can make a difference..... and EVERY man must try." Mr. Cohan..... it is time ! In addition to my roles as an Orthopaedic Surgeon, health care policy analyst and clinical researcher.... I host a radio show every Sunday, Operation Freedom. I would like to offer you a 30 minute slot of an upcoming show to present your work which has been suppressed. Warm Regards, David H. Janda M.D.

Mr. Fix
Sep 24, 2014 - 9:58pm

The powers that be need to hide economic reality:

Paul Craig Roberts: "A Rigged Gold Price Distorts Perception Of Economic Reality"

Submitted by Tyler Durden on 09/24/2014 - 20:43

The US economy and financial system are in worse condition than the Fed and Treasury claim and the financial media reports. Gold serves as a warning for aware people that financial and economic trouble are brewing. In the 21st century, US debt and money creation has not been matched by an increase in real goods and services. The implication of this mismatch is inflation.Without the price-rigging by the bullion banks, gold and silver would be reflecting these inflation expectations.

Turd, we are running up against the most powerful financial interests on the planet,

They will literally kill to keep their secrets, and we will see no appreciable benefit until they are exposed.

That is the conundrum.

Sep 24, 2014 - 9:59pm

silver producing states

I believa alaska or idaho is the top silver producing state now

Sep 24, 2014 - 10:00pm

From Reuters

PRECIOUS-Gold extends losses as stronger equities, dollar weigh Wed Sep 24, 2014 8:56pm EDT EmailFacebookTwitter SINGAPORE, Sept 25 (Reuters) - Gold extended losses on Thursday on stronger equities and robust U.S. economic data that curbed its safe-haven appeal, and the metal looked likely to fall back towards January lows as the dollar index rallied to four-year highs. https://mobile.reuters.com/article/idUSL3N0RQ06M20140925?irpc=932

Alonzo Jazzberry
Sep 24, 2014 - 10:07pm

Any confirmation of this

From Andrew Maguire himself?

Sep 24, 2014 - 10:09pm

@philipat re:CFTC

The specific language used leaves a lot of speculative wiggle room: "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." https://www.cftc.gov/PressRoom/PressReleases/pr6709-13 NOT a statement that there was no wrongdoing or manipulation...

Alonzo Jazzberry
Sep 24, 2014 - 10:13pm

Andy and Ned

They are very good friends.

Sep 24, 2014 - 10:14pm


I am still wondering why nobody has asked CFTC to disclose all their materials in the Silver investigation under the FOIA? Alternatively, well-structured legal action could have been used to allow "Discovery", which would be the main objective.

Also, what happened to the JPM whistleblowers? Why has their evidence never been published elsewhere?

Remember also that the CFTC never stated that there was no manipulation, just that there was no evidence of "Illegal activity". Of course, if the manipulation was being conducted and/or orchestrated by The Fed, then our definition of "Manipulation" would fall under their definition of "Monetary Policy" and would be above the law, so not "Illegal activity".

I'm sure that Cohan and his intermediaries are being subjected to enormous pressures by the Elites not to publish, including all the usual threats and intimidation, which is presumably also why the MSM won't touch it. The system is "All in" in defense of The Ponzi and they are not going to roll over now, having invested so much time and energy (And freshly printed Fiat) in the manipulation scheme. Frankly, our best hope to get things started is a physical Silver shortage and a major player standing for a large delivery or, increasingly perhaps, an over-strong USD resulting in imploding exports and the attendant need to weaken the USD, Allowing PM's to rise, with MSM leaks that "Inflation fears" are the reason would be one way of doing so without having to admit continuing manipulation of, well, everything really.

But I agree that anything and everything that can be done needs to be done and I applaud you for your efforts. I will email the applicable players with a polite note arguing that the piece should be in the public domain as a matter of public interest.

Sep 24, 2014 - 10:16pm


I know this is rather simplistic, but has Andy's legal team considered this simple step: Tips: tips [ at ] zerohedge.com They would almost certainly publish, and it would easily be the top post of the year, if not the site's history.

Sep 24, 2014 - 10:17pm

Sent my email.

What's the next play capt'n turd? We need more moves like this.

Sep 24, 2014 - 10:17pm

@ArtL re: Twitter

One of the spam filters in private tweets is follower count, as most spam bots have a handful of (20-40) followers, generally other bots. If you are not very active on Twitter, this basically bars you from private Tweets. If you post your handle, perhaps enough of us can follow you to put your account over the threshold. But if Mr. Cohan monitors his account, a public Tweet sent to his handle should show up in his app inbox. It would also give others a chance to retweet your message, giving it more visibility. So far there are 7 tweets about the article referencing this post on TFMR.

Sep 24, 2014 - 10:18pm


Via King World News contributor Chris Powell (Sept 2013) “I bumped into the Exchange Stabilization Fund and JP Morgan back in 2001, when we were underwriting Reg Howe’s lawsuit against the Bank for International Settlements, the Fed, the US Treasury, JP Morgan, and other bullion banks. Reg was charging them with gold market manipulation."

"In one hearing I attended in US District Court in Boston, an assistant US attorney got up, speaking on behalf of the US government, and he said that the US government under the Exchange Stabilization Fund Statute, the Gold Reserve Act of 1934, had precisely the power to interfere with the pricing of gold that the lawsuit complained of -- that is, a US government lawyer declared in open court, in 2001, that rigging the gold market as government policy is totally authorized by law."

Reall now Turd! don't you know by now that the U.S. gov has given it self a mandate via it's central banker handlers, to fix not only gold prices, but any and all markets everyday? Cmon don't you get it! Its all rigged and all legal... The same bankers own all the media, off course these type of stories will never see the light of day. Wake up dude...

Sep 24, 2014 - 10:23pm

I just sent two emails....

To both addresses. I was polite and courteous and offered up our support in the face of whatever pressure got him to not publish the information and I encourage everyone else to do the same. There's no reason to be mean about it because we have no idea what kind of pressure he faced to shut up.

But, speaking of Magiure...

I believe he told Craig in the spring he'd come on in the summer for an A2A and it never happened. It's almost October now... and he's done a few interviews over the same time period with Eric King. Also what's the story on Jim Rickards? He said he'd come on after his book tour was over in the fall and again it's almost October is that still a go? I think interviews with both or either could be crucial at this juncture...

philipat J Y
Sep 24, 2014 - 10:23pm


Yes, precisely. I used some "Poetic legal license" in summing up their statement as "There is no evidence of any illegal activity". And also agreed, as I pointed out, they did NOT deny that manipulation had in fact taken place. This is what captured Regulators always do.

All the stranger to me, therefore, that nobody (Sprott, GATA, TF etc.) has, to the best of my knowledge, attempted to access CFTC documents under FOIA or under Dicovery provided by filing of a strategically-worded legal action, within which Discovery would actually be the main objective.

Sep 24, 2014 - 10:24pm

what I want to write, but won't

Something with a little more umph..

If WC really has evidence of manipulation than by refusing to come forward or acknowledge it he has become complicit in it. By keeping it from the public domain he has actively participated in/aided/abetted the conspiracy. What are his motives for choosing to further/empower the conspiracy instead of exposing it.

Other questions. If AM paid for WC's services, do the things the WC produces belong to AM? Why can't AM simply get a copy of whatever was written and publish it himself. Even with 'humble' beginnings on some alternative website (or 20), or in lesser known magazines it would still become a national news item in a week or two. Or at least it would have a chance to unlike all the super secret squirrel non-sense that has accomplished exactly 0 in the last year.

Also Philipat + 1.

Spartacus Rex
Sep 24, 2014 - 10:30pm

Gee, Apparently There Is Only ONE Financial Journalist On Earth!

As if Maguire and his Attys cannot find another journalist to take the evidence public?

How about handing it off to Glenn Greenwald?

He did a splendid job with the NSA .

What the hell, after a whole year, I would settle for even Matt Taibbi taking the story public.

Cheers, S. Rex

Sep 24, 2014 - 10:32pm

To those who may want to judge the guy...

I would suggest watching this movie first:


True story and a great example of what can happen (and has most likely successfully happened to many potential whistle blowers) if you attempt to become a white blower against the most powerful of men.

Sep 24, 2014 - 10:34pm


Are these Cohan's lawyers or Andrew's?

I'd throw in Matt Taibbi. He's done some pretty hard hitting exposes on finance in the last years. I believe he was the one that coined the phrase "vampire squid".

I would also visit the Russian and Chinese embassies in London. I'm sure they would like to see this info as well.

Become a gold member and subscribe to Turd's Vault


Donate Shop

Get Your Subscriber Benefits

Exclusive discount for silver purchases, and a private iTunes feed for TF Metals Report podcasts!

Key Economic Events Week of 2/11

2/12 12:45 ET GCP speaks
2/13 8:30 ET CPI and three Goon speeches
2/14 8:30 ET Retail Sales (December)
2/14 8:30 ET PPI
2/15 8:30 ET Import Price Index
2/15 9:15 ET Cap. Util. & Ind. Prod.

Key Economic Events Week of 2/4

2/5 8:30 ET Trade Balance
2/5 9:45 ET Service PMIs
2/5 9:00 pm ET Trump SOTU
2/6 8:30 ET Productivity and Unit Labor Costs
2/6 7:00 pm ET CGP speech
2/7 9:30 ET Goon Clarida speech
2/8 10:00 ET Wholesale Inventories

Key Economic Events Week of 1/28

1/29 10:00 ET Consumer Confidence
1/30 8:30 ET Q4 GDP first guess
1/30 2:00 ET FOMC fedlines
1/30 2:30 ET CGP presser
1/31 8:30 ET Personal Inc, Cons. Spending and Core Inflation
1/31 9:45 ET Chicago PMI
2/1 8:30 ET BLSBS
2/1 9:45 ET Markit Manu PMI
2/1 10:00 ET ISM Manu Index
2/1 10:00 ET Construction Spending

Recent Comments

by Trail Trekker, 2 hours 28 min ago
by Trail Trekker, 2 hours 32 min ago
by fluxplus, Feb 15, 2019 - 11:21pm
by HappyNow, Feb 15, 2019 - 11:09pm