Bart Chilton: FT Report That CFTC to Drop Silver Investigation is ‘Inaccurate & Premature’, ‘There Have Been Devious Efforts to Move Price of Silver’

*BREAKING*

When we first learned Sunday night that the FT was reporting that the CFTC was dropping their 4 year silver investigation, The Doc contacted CFTC Commissioner Bart Chilton for his take and role in the decision.

Just like Usain Bolt at the 2011 World Championships, it appears that the FT has jumped the gun.
Commissioner Chilton has informed us that ‘The Financial Times report related to silver is not only premature, but inaccurate in several respects‘.
As to whether Chilton believes the silver market has been manipulated the Commissioner informed us:
I continue to believe, consistent with my previous statements to which you referred, and based upon information from the public, that there have been devious efforts related to moving the price of silver. Incidentally, I also believe there have been silver and gold market anomalies outside of the silver investigate window that have raised, and continue to raise, market concerns.

The Doc’s full correspondence with Commissioner Chilton is included below:

Commissioner Chilton,

As I’m sure you are aware, the FT tonight reported that the CFTC will be dropping its 4 year investigation into silver market manipulation, ‘after US regulators failed to find enough evidence to support a legal case, according to three people familiar with the situation.’

In 2010 you made a public statement regarding the silver market that ‘there had been “fraudulent efforts” to “deviously control” the silver price.

I am wondering whether you agree with the decision to drop the investigation due to lack of sufficient evidence or whether your opinion was overruled by Commissioner Gensler and the rest of the Commissioners.

Once the CFTC officially confirms that the investigation has been dropped, we would love to have the opportunity to speak with you regarding your thoughts on the conclusions of the 4 year investigation as you mentioned previously.

The Doc,

SilverDoctors.com

Commissioner Chilton responded:

‘There has been no such decision. I’ve been on the blower with some reporters saying what I can about the inaccuracies. Hopefully there will be a story or two that contains some of this.

In general, what I’ve said is this:

The Financial Times report related to silver is not only premature, but inaccurate in several respects.

Whenever the CFTC does take an action or actions related to our silver investigation, I am hopeful that we will do so in a fulsome and transparent manner. That will certainly be my desire in anything we do.

I continue to believe, consistent with my previous statements to which you referred, and based upon information from the public, that there have been devious efforts related to moving the price of silver. Incidentally, I also believe there have been silver and gold market anomalies outside of the silver investigate window that have raised, and continue to raise, market concerns.

Perhaps there will be more coverage on this matter soon.

B

Comments

  1. Thanks for writing this, Doc.  Man, the cartel is so desperate, they’re willing to discredit themselves in psy-op, sloppy journalism.  To be refuted the very same night, means they’re losing their touch. 

    Way to go, Doc!
  2. Though I suppose it’s easy for me to claim this now, one of the first thoughts I had when I read the FT thing was, “hmmmm, this doesn’t seem right, this might be a purposefully deceitful “leak” by someone who has nefarious intentions… why would Chilton outright lie saying they were about to reveal their findings, if there are none”.

    Who knows, maybe FT is right and the CFTC really won’t release findings, but that whole article seems off to me. either way doesn’t change much for me, but it would be neat if my instincts were actually right about this being a deceitful maneuver (maybe to make silver crash? who knows).

    We’ll find out in the coming weeks and months, won’t we.

    And in any case, whatever happens on this, let’s not forget the RARE “RED ALERT” issued by the Laboratoire Europeen d’Anticipation Politique (LEAP2020) about the comming Sept/Oct timeframe being earth-shattering and being the moment where war breaks out between the Ayatollahs and Israel/USA, and being the timeframe when the $US gets dethroned, and the moment everything comes crashing hard. These guys are professional, well-connected Europhiles (yeck on the Europhile aspect) who don’t go about issuing alerts without cause. They’re usually a bit more calm and cold-blooded.

    All that meaning, it’s coming soon, which means who cares about the CFTC? (Well, I would like to see the CFTC come out with pro-silver findings!)

     

  3. a

    the Sept – Dec time frame will…….be………interesting……..maybe even ……..world changing

  4. There  is no reason to believe the CFTC will find any other way.  If they do, then they better have armed guards and body armor. The charade will continue.

  5. If the CFTC finds no evidence (or insufficient or inconclusive evidence) of silver price manipulation after a full 4 years of investigation, it will be time for everyone to take action… 

    The time for words alone will be past…  People must henceforth commit to taking action based upon the knowledge that has been gleaned.  Knowledge in action is power.

  6. Remembering the 2008 crash,  it started out slow, with denials, and then a steady drum beat of banks and other financial institutions failing, culminating in the Sept-Oct crash of Lehman and Merrill, AIG and GM, Fannie and Freddy.  P1616,  you note that time frame and when one looks back on the crashes of the last 30 years, there is a spike in the Sept-Oct time period..  With all the chatter on the internet of the coming financial failures in Europe and the US, it’s reasonable to assume that where there’s smoke there’s fire. 

     2012 seems to be shaping up as a repeat of 2008 and for some of the same reasons; one of which was that the banking crisis was not resolved. It was just papered over and everything financial asset in the world fell into a series of manipulations as Wall Street, DC and the Euro zone tried to keep everything together.  I’m not sure if the silver story is the linch pin to these events but it is a key factor. 

    The presidential race is also a vital element in this scenario.  Obama wants desperately to win. He has to win to pay back his people.   He owes his people; his supporters;  everything and his desperation will add some real volatility to the mix.  His means to get reelected includes methods which some might call tin foil hat.  

     The silver story gets lost in the wash of all these factors but it, and gold,  are key and pivotal in the world financial picture as the present day bankers and  elites are waging a huge struggle to survive. Precious metals may be seen as the most important element in this war of paradigms.  It is going to get very interesting and maybe dangerous in the next 3 months.  I wish everyone well in this time period.

  7. Regardless of what happens with this mess, we know one thing for certain:  SilverDoctors has become a class act in the blogosphere.  A+  journalism here, by the Doc and beyond…

  8. Hi Doc or anyone,

    Could someone look into or explain how the precious metals derivatives held by the major banks fit into the Precious Metals suppression scheme.

    I understand that the two main players by far are JPMorgan who are holding $135 billion of precious metals derivatives and HSBC who are holding $45 billion.

  9. CFTC shouldn’t it now be called the COMEDY Futures Trading Commission

  10. The agency’s five commissioners have not yet formally determined the outcome of the investigation, leaving the possibility that staff could be instructed to dig deeper. A CFTC spokesman said: “The investigation has not reached its conclusion”. He declined further comment.

    There are 3 likely reasons for this story based on the most substantive paragraph in the article:

    1. The article is true and Bart Chilton is lying or is completely out of the loop;

    2. The article is not true and someone in the CFTC has an agenda;

    3. The article is not true and was merely a hit piece by Jack Farchy in London and Gregory Meyer in New York.

  11. Banksters own the government-CFTC is government– 4 years already and nothing has been done! Nothing will be done!

  12. As the World Turns, the Bold and Beautiful keep ripping off the Young and Restless.  LOL.  I’m still waiting and will keep on waiting til the end.
    ————————————————————-

    Could someone look into or explain how the precious metals derivatives held by the major banks fit into the Precious Metals suppression scheme. I understand that the two main players by far are JPMorgan who are holding $135 billion of precious metals derivatives and HSBC who are holding $45 billion. –From what I’ve read over the years is they only hold Short Derivatives, no Longs. That’s what they call fair and balanced.

  13. Both the FT and WSJ are mouthpieces of the cartel.  My 2 cents is that they are preparing for one more gigantic smash shortly and this article was a psyops attempt to get current holders to liquidate once the smash begins.  The last 2 month’s price action indicates that there is a major player (a sovereign like China perhaps?) that has effectively put a floor on silver at $27, and there are many rumors that the SLV’s hoard of 311 million ounces may be less than 1/10th that amount, and that JPM has been stealing from SLV for months to provide silver for COMEX deliveries.

    Since the world be will out shortly that the FT article is untrue, we might see the smash occur this week.

  14. People…   It is very possible you are overlooking the simplest and most obvious explanation for these two quotes:

    The FT reports:

    the CFTC is set to drop their investigation into silver market manipulation ‘after US regulators failed to find enough evidence to support a legal case, according to three people familiar with the situation.’

    And Bart Chilton says:

    Whenever the CFTC does take an action or actions related to our silver investigation, I am hopeful that we will do so in a fulsome and transparent manner. That will certainly be my desire in anything we do.

    You all know the manipulators have the full blessing of the US Government and regulatory agencies.  Why???   It is because they are acting as agents of the US Treasury.   They have immunity for their actions.   So while nobody is saying the manipulation is not happening, there is no evidence to support a legal preceding against the manipulators.

    My hunch is Bart Chilton does not like what is going on.   He hopes that a full and transparent explanation is made by the CFTC why they can’t and won’t go forward to call the manipulators to the carpet.   Or for that matter, probably why they won’t stop them from continuing to manipulate the prices.

    Until shortages undermine the manipulation, we are stuck with what is going on.   And the shortages will (and are) be mitigated by raiding what ever physical silver SLV has.

  15. I figure we’ll run out of available silver soon enough unless the price goes up substantially and the economics of its mining improve.  The problem is that we will never run out of junk currency and debt and that’s going to gum up the works for the foreseeable future.  Patience.  Chilton is probably little more than the organ grinder’s monkey capering to the tunes.

  16. Chilton is a good guy for the most part.  Bill Murphy from GATA met him face-to-face two times and came away with that assessment and I think Bill has a good sniffer for character.  Chilton also was the reason why Andrew Maguire’s testimony got into the CFTC public record.   Chilton forced additional question time against the wishes of Vampire Squid towel boy Chairman Gary Gensler during the hearing to permit Bill to read Maguire’s testimony into the public record.  That strongly implies that Chilton really is on the side of the good guys.  But he can’t fix anything inside the CFTC.

    Chilton is mistaken if he thinks he can remain immune when and if the system falls down — and the bullion scandal is big enough to take the system down.  All of these higher-up regulators and bankers run the risk of facing a re-awakened American public and an atmosphere akin to the French Revolution.  I’m not joking.  The one thing that could wake up America is an economic collapse and the oligarchy damn well knows it.  That’s why they’re building a police state.

    Chilton would be safer becoming a whistle blower and American hero.  Time will tell if he has the brains and balls for destiny’s calling.

  17. This is such a joke. I agree with those who say we must run out of silver first. This so-called commissioner is just a bureaucrat holding down the fort. Meanwhile the manipulators will be allowed to short a years worth of metal in a matter of minutes

  18. Paper, paper, paper. It’s all manipulated. To believe otherwise is absolute naiveté.

  19. Crazy news swings, thanks for keeping us informed.

  20. what is up is down, what is down is up, what is false is true, what is true is false. Just remember what times we live in when reading anything from the press, or what the banksters might release in to the main stream press

  21. I still can not understand how J.P. Morgan has extricated 80% of it naked short position in Ag these last 9 or 10 months while at the same time smashing Ag by selling short everyday? Could anyone explain that for simple stackers?

  22. Less than 1% own any PMs. The public couldn’t care less, and are hoping you never hit the jackpot, because they are screwed and misery loves company.

    The fundamentals are our only hope, so keep your heads down and buy, buy, BUY.
    This is the path to the moon shot.  Not some court case or statements from some suntanned golden-boy banker’s Pinocchio.

  23. What else is the bribed Good Cop fluffer supposed to say.

  24.                     “I still can not understand how J.P. Morgan has extricated 80% of it naked short position in Ag these last 9 or 10 months while at the same time smashing Ag by selling short everyday? Could anyone explain that for simple stackers?”                                                                                                                       RR glare- IF they are net long.  I don’t believe it. Normally they hold intensely short positions they created to keep the price from running high. They cause sudden waterfalls at critical junctures by offering still more.   Then cover some at the bottom via algoes that can buy without raising prices much. They cover others by siphoning phyzz from SLV (some people say). When their shorts are minimal, they have new capacity to begin offering shorts for the next cycle. They don’t do all the selling, they do enough to get momentum heading downward, and they take advantage of the weak, the uncommitted. The leveraged paper chumps.                                                                                                                              When they can’t (or don’t want to) cover, the fed provides fiat to buy off those standing for delivery as a last ditch safety-valve. We lost millions of ounces standing in July to a ‘mysterious’ disappearance. They were there one day, gone the next.  It’s all done behind the curtains.  There must be a gag clause to get the payola, because nobody ever tells.   Then there are the more blatant moves, like taking down MFG. Many PM contracts and holdings were ‘liberated’,  and ended up at the morgue.   One fine Sunday night we killed OBL, the stock market moved way up, and silver lost 30% in a week. It started while the market was closed and the leveraged paper chumps couldn’t extricate themselves.  Akin to locking the barn and setting fire to it.   Whatever it takes, is ok by them.  Just reciting all this makes me feel like a wacko, so conditioned have we become.

  25. GATA quotes SilverDoctors!  Way to go!

    A drama of the monetary system:
    1) The world was under sound money system (physical gold and silver).
    2) Silver was 1st demonetized.
    3) Then Gold was demonetized.
    4) Fiat debt currency takes over as ‘money’.
    5) Gold will 1st be re-monetized.
    6) Then silver will be re-monetized (by popular demand).
    7) The world will once again be under sound money system.

    Fiat ‘money’ system is debt.  Debt is slavery.  No more debt slavery under the fiat ‘money’ system.

    “The desire of gold is not for gold. It is for the means of freedom and benefit.”
    –Ralph Waldo Emerson

  26. David Greenberg! CEO of Greenberg Capital LLC stated on Capital Account w( Lauren Lyster) stated that 4 out of 5 CTFC regulators have no trading,  exchange and clearing experience! Go to Facebook and look up their background and you will be shocked at the lack of knowledge they have on the stock market. So how are they ever going to do a proper investigation, when themselves don’t know what is going on!
     
    http://www.youtube.com/user/CapitalAccount

  27. Acruzn808

    0
    Acruzn808 August 6, 2012 at 8:01 PM David Greenberg! CEO of Greenberg Capital LLC stated on Capital Account w( Lauren Lyster) stated that 4 out of 5 CTFC regulators have no trading  exchange and clearing experience
     
    That is right
     
    That way they do what they are told …….by TPTB

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