The Doc contacted CFTC Commissioner Bart Chilton this week regarding the delay by the CFTC and the SEC in enacting position limits in silver, as well as the CFTC’s silver manipulation investigation, which is now in it’s 4th year.

As the CFTC’s Commissioner’s have recently come under extreme criticism by the silver community, with long-time supporter Ted Butler finally throwing in the towel last week and calling for Chilton and Gary Gensler’s dismissal, we offered Bart the opportunity to speak with The Doc to update readers on the progress of both the silver investigation as well as the implementation of position limits.

Commissioner Chilton has deferred a live interview until the silver investigation is concluded ‘in the next 2-3 months if not sooner‘, but has allowed SilverDoctors to publish his response regarding these inquiries.

Bart Chilton: Silver Investigation to Conclude in 2-3 Months

Doc, Thank you for the invitation, but I must decline a verbal interview. As you know, I’ve spoken a lot about this (radio, television, and in the press). I’ve also answered many emails, including this one at 1:30 am.

I expect the investigation to conclude in 2-3 months, if not sooner. As you know, I can’t take an action by myself (I would have done so long ago if that were the case). It takes at least 3 of the 5 Commissioners.

What I will say is that if this matter was as simple as some writers state and many believe (large concentrated positions regularly manipulating the silver market) this would have been over years ago. It just ain’t so. These are complex global markets–with an emphasis on the global and the “s” (think foreign regulators, foreign holdings, various entities and trading partners to start off with) where things are traded and sliced and diced into physical and other myriad exotic products. These markets can sometimes be like giant shell games.

On limits, I’m hoping we and the SEC will conclude the swaps definition later this month or just after July 4th. I also hope the bankers law suit seeking to stop the rule from being implemented doesn’t have any life. It is frivolous in my opinion.

Finally, there has been a lot of action in silver markets for the past several months. We have a new individual with lots of experience (former silver trader and regulator who caught manipulation before at FERC). He, and his staff, have been looking at trades in detail each time some potential anomaly occurs. There has been more staff hours dedicated to looking at silver in the past few months than anyone would believe.

You may feel free to put this up on your site in its entirety. I was surprised when I was told you put a portion of our emails up the last time we communicated. Anything I write can logically be expected to get on the web, I get that. I just would have made sure to spell check and be more thoughtful than a simple email response if I’d known. Anyway, I guess people had a vulgar on-line party in my honor. Such is life. We do the best we can.

Thanks again for the interview offer. Perhaps when we conclude the investigation, we can talk.

B

  1. If the CFTC takes 4 years to perform an investigation, and then conclude that there is price manipulation of silver, wouldn’t that show that they are completely incompetent or even complicit in the matter?

    Therefore, what are the chances that the CFTC will find silver price manipulation at the conclusion of their investigation?

    This is no different from what the medical field does when they claim “the evidence is inconclusive” when they don’t want people to know that certain herbs and supplements can actually treat and cure diseases better than any man-made drugs.  They pretend this “evidence is inconclusive” BS is actually scientific.

  2. Well, well, well Inspector Bart  Cloo-So   Did you miss your bit part in Casablanca    I’m shocked! shocked! to find   gambling is going on in this establishment.  Where Humphrey Bogart when we need him?   Maybe Lauren Bacall could ram it up Bart’s a**.  We can all hope. 

  3. In brutally honest, I don’t really care whether the CFTC comes to the party or not. I want to see the paper manipulation end with a huge physical silver shortage and complete and/or utter collapse of the fiat and/or debt-based monetary system, the point of no return, where the bastards hit the silver wall head-on at full speed. The silver wall built by those the world has chosen to ignore up until the point of no return. This is my heart’s desire.

  4. Bart off the Chain! He’s going to slay those dragons, free the princess and bring those banks some pain, baby….. yeah!

    uhmm, in a few months, I need to get more commissioners on board, uhhh, defining ‘swap’ is the hardest job I’ve ever tackled, now piss off I’m late for my tanning appointment. I want to look good for my date with Miss Blythe.

  5. ROTFLMA…………….O

    2-3 months

    Yo  Bart

    gots to axe you a question ?

    define 2-3 months

    from my perspective ( & using banker math ) that could be 2-3 YEARS

    Kinda sounds like willie clintion telling me what the defination of”is “………is

     

  6. Anyone can address and conclude any situation. That doesn’t mean any action will happen in the favor of the people vs. the banks. Sorry Bart, only good tasting Tuna gets to be Starkist. Words are not actions and unfortunately for you, we are not the standard sheep. After four years we have not forgotten and will continue to press. 

    P.S. But thanks for answering the DOC. 
  7. Mr. Chilton,

    The CFTC can subpena trading records.   From there, it will be easy to
    demonstrate intent and manipulative action, a big part of the legal test
    required to prove manipulation.   Sorry, but a big part of proving any
    case really is that simple;  you can’t pull the wool over our eyes.  
    You already have a representative sample of trading dates to pull from
    given what you have said publicly about “warning” email communications
    you have had with traders forecasting specific events that indeed came
    to pass.

    If you are not a fraud, you need to resign and go public as a
    whistleblower because it’s clear your agency and powerful people above
    it are not going to do anything until a crash.  The misguided effort to
    protect the dollar and the financial system by managing the price of
    both gold and silver will backfire, causing irreparable damage to the
    status of the dollar, while likely taking financial institutions down
    with the crash.  You will go down in history as a stooge
    for the powers that be.

    This silver manipulation problem is such a tar ball that it can serve
    as the trigger that implodes a major section of the derivatives market
    — and the global economy, in turn.

    Finally, it will be clear to many you’re obfuscating and dodging when you say, “Perhaps when we conclude the investigation, we can talk.”  Fact is, you’ve given many interviews while the investigation has been ongoing.  Your change of disposition is most curious.

  8. Mr. Chilton… You act like a man caught between the powers of darkness and the power of the light. Maybe you’re one of the good guys gone undercover working toward the larger goal of ousting the bad guys once and for all.  Or maybe you’re a disinformation specialist.  Don’t know.  Hard to get an exacting reading on you.  

  9. No one is buying this shit anymore. We’re supposed to believe the ‘silver investigation’ is so complex it’s taking 4 years to complete? BULLSHIT. A 4 year investigation is one that is never designed to be completed. The ’911 investigation’ (we won’t get into the details) was completed in two years…are we supposed to believe the silver issues are more complex than 911? Keep sitting on your hands Chilton/CFTC. Whoever decides your timeline knows it will be irrelevant in 2-3 months.

  10. Mr. Chilton,

    In your interviews you’ve made ample use of pop culture metaphors.  It’s clear you have a deep love for rock and roll.  We therefore dedicate this song to you. If nothing will be done, the ship will go down with you on it. 

    Resign.

    Make history.

    Become a whistle blower.


    The American people will support you if you only act and ask for our support.

  11. Bart Chilton really needs to get a proof reader for his scripts
    - to check consistency

    Question – come on now BART
    - ARE YOU LYING IN A ……OR IN B
    (you can’t have it ….both ways)

    Quote exhibit A
    I can’t take an action by myself
    EMPHASIS …..(I would have done so……. long ago……. if that were the case).

    Quote Exhibit B
    What I will say is that if this matter ….was as simple….. as some writers state and many believe (large concentrated positions regularly manipulating the silver market)…….. this would have been over years ago.
    .(EMPHASIS)………… It just ain’t so. …….These are complex global markets.

    Is it
    SIMPLE and you could have……. taken action yourself….long ago
    OR
    Has it taken so long – because…. IT.. Quote…”AINT SO” SIMPLE
    - as….”These are COMPLEX global markets”

    BULLSHIrT springs to mind :o)..sorry to be pedantic

  12. If Ted Butler is throwing in the towel then we should all do the same.    He’s received a lot of heat for his endless support.  Any hope for the cftc to do anything after Ted Butler throws in the towel is insane.  For those who may not know the definition of insanity, it is doing the same thing over and over again expecting different results.  Let’s all be sane and say fuck you j.p. morgan chase and to hell with you bought and paid for beurocratic shills at the cftc.  It’s just embarrassing, time to move on.

  13. Interesting Date: 

    That’s My Date For A Possible Inflection Point In The COT–When We Might See The Beginning Of The Long-Awiated Rally In Silver—->Bart Says, “On limits, I’m hoping we and the SEC will conclude the swaps definition later this month or just after July 4th.”

    Bart Also Says, “Anyway, I guess people had a vulgar on-line party in my honor. Such is life.”<—-Yes, Bart, But Listen, We’re You’re Potential Friends. You’re playing with fire if you think siding with banksters will help you to advance your career.

    Hey Bart—What’s the CFTC Charter?

    “The Committee’s Objective And Scope of Activities Shall Be To Conduct Public Meetings To submit reports and recommendations on matters of public concern…”

    Don’t Whine About Having To Do Your Job, Bart <—Instead—make some of these other members respond like you do and maybe your committee won’t need to hide under the corrupted skirt of JPM’s BLYTHE MASTERS and Orange JumpSuit Of Jamie Dimon.

    Once You Accomplish that, We Won’t Have “Vulgar On-Line Parties”

  14. No prob excepting that this is a complicated international market.
    Really want to believe this guy. Can’t shake that Chilton is one of the
    good guys.
    But ya gotta get it up if you wanna get off.
    CFTC looks pretty limp from my vantage point, at best….possibly complicit
    to a crime in progress in a worst case scenario. Rubber meets the road here in
    the next 2-3 months. Thanks for throwing us that crumb.
  15. Yea Right Bart…. but mean while the people you are supposed to be protecting are getting sliced and diced. If its 23 or more of your fellow commisioners then expose them for being criminally compliant as you say. This BULLSHIT IS GETTING OLD.

  16. Well at least Doc you received a better response than I did from your e-mail. But I do give him credit for responding. I still believe that God is in every human being but we have to find him before we can change and I trully hope Bart finds him before it’s too late. This Manipulation Has To Stop.

    Charles
    We are looking at the trading you suggest.
    B

  17. Hi. This is President Obama. I just need yet another four more years to complete my Agenda21. Don’t worry, I have Bart Chilton working on it. He will get 2 more of the needed 5 Commissioners, heck maybe I’ll even make it 3, once I am re-elected and have…. more flexibility.

    After nearly 4 years and while we still don’t know whether to think the Silver market is more complicated than the Tax Code or not,  I promise you this. I will bring the Troops home as soon as I get re-elected, and you can take that to the Bank. It will be so that they can arrest American Citizens, but only those that are threat of course. A threat to what you ask? Well, first I’ll need to wait until I have more flexibility to answer that.

  18. “This silver manipulation problem is such a tar ball that it can serve as the trigger that implodes a major section of the derivatives market — and the global economy, in turn.” – Flying Wombat

    Exactly!  And here we have the essence of why the CFTC cannot EVER find manipulation in the silver market.  JPM is in this up to their blood-shot eyeballs. JPM is the largest bank in the US.  If JPM falls, the entire US banking system will fall.  The banking systems of every other country on Earth will soon follow. The result would make the 1930s Great Depression look like a Sunday school picnic.  Ergo, they CANNOT find silver manipulation, no matter how effing obvious it is!

  19. How hard is it to see manipulation when the price of silver gets beat down by huge trading volume the same time every day as of late? They don’t even try to disguise it anymore.

  20. DID ANYONE SEE THIS?

    Report: CFTC Hits JPMorgan With Subpoena Tied to Trading Loss

    I’M HUNGRY!–WHEN DO WE GET LUNCH? –YOU’VE ALREADY BEEN SERVED JAMIE!

    By Matt Egan

    Published June 01, 2012

    FOXBusiness

    The Commodity Futures Trading Commission has reportedly subpoenaed JPMorgan Chase (JPM: 31.93, -1.22, -3.68%) as U.S. regulators ramp up their probe into the banking giant’s $2 billion trading blunder.

    According to The Wall Street Journal, investigators at the
    CFTC’s enforcement division are issuing subpoenas requesting emails and
    other internal documents from JPMorgan. The inquiry is focusing on what
    traders told risk managers and their supervisors as the complex bets
    went bad, the paper said.

    As they probe what went wrong at JPMorgan, federal regulators are
    deploying new powers they received from the Dodd-Frank financial
    overhaul law, the Journal reported. This could mark the CFTC’s first use of these new tools.

    Last month JPMorgan, seen as Wall Street’s best run bank, shocked the
    markets by disclosing a trading loss of more than $2 billion tied to
    what it called a hedging strategy. The fallout has erased more than $29
    billion from the company’s market cap and raised questions about its
    risk management.

    If the CFTC probe discovers evidence that employees made deceptive
    statements to superiors, that could amount to fraud under investigators’
    authority to regulate the swaps market, the paper said.

    However, the Journal cautioned that the CFTC probe is at a
    relatively early stage, isn’t confined to traders and won’t necessarily
    lead to civil enforcement actions.

    Shares of New York-based JPMorgan slumped 2.5% to $33.15 ahead of the
    opening bell on Friday, slightly outpacing a 1.91% slide on the S&P
    500 in the wake of bleak labor data.

    In addition to the CFTC, other regulatory agencies such as the
    Securities and Exchange Commission, Justice Department and Financial
    Services Authority in the U.K. are all reportedly probing the JPMorgan
    trading losses.

    Language in the Dodd-Frank law allows the CFTC to investigate fraud
    and market manipulation as well as probe “deceptive conduct” tied to
    credit-default swaps.
    While the CFTC has yet to issue enforcement
    actions tied to this authority, the agency may have an easier path for
    charges against JPMorgan than other regulators, the Journal reported.

  21. No Jake I have not seen that until you brought it to the site. Thats what is grate about SD many many eyeballs. Killer deal, it would be grate to see the FBI luging out computers.

  22. Hay Doc, 

    I just wanted to say that you and BullRun did a excellent job this week. A whole hell of a lot top noch news had to be posted this fast paced week. You all stade right on top of it not missing a beat.
    Thanks!
  23. Let’s just hope they forget about the amount of time it took for the investigation to come to a conclusion and they end up doing the right thing ending the manipulation, imposing position limits, and imposing charges on manipulators.  I don’t believe Ted Butler was contacted to provide his input on the matter during the silver investigation; it should be interesting to see what resolution they come up with.

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