*Updated 11pm EST 9/25*
Well, that didn’t take long.  After Andrew Maguire went public last Friday that the CFTC is holding evidence that JP Morgan manipulated the gold and silver markets, moments ago the CFTC announced it is closing its 5 year investigation into silver market manipulation, and that after 5 years of investigation the CFTC has found:

“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.”
Something tells us Mr. Chilton won’t be releasing any contrary statements by the end of September as promised either.
Let the manipulation continue indefinitely until the last ounce of physical gold and silver are removed from COMEX vaults!

 

Sunshine Mint Rounds(1)


*Update: Bart Chilton has not responded to SD inquiries whether the 2 JPMorgan whistle-blowers evidence submitted in August of 2012 was included/examined by the CFTC as part of their decision that no viable evidence of manipulation in the silver market could be found.
JP Morgan CEO Jamie Dimon and (likely outgoing) commodities head Blythe Masters were unable to be reached for comment.

Courtesy SD investigative reporter Pining, we were however able to capture the following image reflecting on Blythe and Jamie’s thoughts:

Blythe Masters Jamie Dimon

From the CFTC:

Washington, DC – The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets. The Division of Enforcement is not recommending charges to the Commission in that investigation. For law enforcement and confidentiality reasons, the CFTC only rarely comments publicly on whether it has opened or closed any particular investigation. Nonetheless, given that this particular investigation was confirmed in September 2008, the CFTC deemed it appropriate to inform the public that the investigation is no longer ongoing. 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.

In September 2008 the CFTC confirmed that its Division of Enforcement was investigating complaints of misconduct in the silver market (see CFTC Release 5562-08, October 2, 2008). At that time the Commission had received complaints regarding silver prices. These complaints were focused on whether the silver futures contracts traded on the Commodity Exchange, Inc. (COMEX) were being manipulated.1 For example, the complaints pointed to differences between prices in the silver futures contracts and prices in other silver products, including retail silver products. The complainants generally asserted that because the prices for retail silver products, such as coins and bullion, had increased, the price of silver futures contracts should have also experienced an increase. By reference to publicly available information concerning large traders with short open positions in the silver futures contracts, the complaints also alleged that the large shorts in the silver market were responsible for lower futures prices. The Division of Enforcement conducted an exhaustive investigation of these and other complaints and focused on identifying and evaluating whether there was any trading activity in violation of the Commodity Exchange Act and Commission regulations including the anti-manipulation provisions.

The Division of Enforcement’s investigation utilized more than seven thousand enforcement staff hours. The staff reviewed and analyzed position and transaction data, including physical, swaps, options, and futures trading data, and other documents and information, and interviewed witnesses. The Division’s investigation included an evaluation of silver market fundamentals and trading within and between cash, futures and over the counter markets. The investigation was also undertaken with assistance by the Commission’s Division of Market Oversight, the Commission’s Office of Chief Economist, and outside experts.

Separately, the Division of Market Oversight continued surveillance of the silver market contemporaneously to the Division of Enforcement’s investigation. The Division of Market Oversight’s market surveillance function encompasses a robust monitoring of traders’ positions and transactions at the ownership and account levels to identify potential violations of the Commodity Exchange Act and Commission regulations including, but not limited to, price manipulation, disruptive trading and trade practice violations. For example, after an episode of sharp price moves in any commodity, staff utilizes numerous visualization and analytical tools on data submitted daily to the Commission to discover indications of potential manipulation and other violations. Where questions remain, Division of Market Oversight staff regularly utilize the Commission authority such as the Special Call under Regulation § 18.05 to obtain additional detailed information from traders.

The Division of Enforcement takes complaints it receives seriously. The Division will not hesitate to use its authority, including new manipulation authority in the Dodd-Frank Act, to bring market manipulation charges as supported by the evidence.

If you have information about a violation of the Commodity Exchange Act or Commission regulations, you may either file a tip or complaint under our whistleblower program, or report such violations or other suspicious activities or transactions to our Division of Enforcement. The CFTC will pay awards to eligible whistleblowers who voluntarily provide us with original information about violations of the Commodity Exchange Act that lead us to bring an enforcement action that results in more than $1 million in monetary sanctions.

1 The CME Group now includes the New York Mercantile Exchange (NYMEX) as well as the Commodity Exchange, Inc. (COMEX).  Market participants generally still refer to the silver futures contracts offered by the CME Group as “COMEX silver futures.”

Media Contacts
Dennis Holden
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    • Was the LIBOR manipulation even a big deal?     What was the market response?    Nothing. If the LIBOR manipulation was a big deal, the markets would have let us know.

    • zman, how long are you going pollute this board with your propaganda and nonsense? You bring nothing to the table, and only promote and defend the ongoing deception, fraud and corruption in the markets. I call bullshit. You are either a plant or troll.
       

    • BOP,   I question things, when some one makes claim that LIBOR was some type of huge manipulation, I ask what was the significance of it, I think everyone thus far can say NOTHING.  That could change down the road, but so far it’s not a big deal.
      I don’t defend deception, fraud and corruption, but I do question those that throw out serious allegations without any proof.  It’s easy to make cries of fraud and manipulation, providing real evidence is another matter.
      For the record, I have never seen anything insightful from your posts, you’re a complainer and nothing more, you complain about the markets and people that you disagree with, you contribute nothing else.
       
       
       
       

    • The LIBOR scandal was, and is, a proven fact. Why you choose to ignore it is the real question.
      I have been involved in PM’s for over a couple of decades zman. Many posters at Mish’s, Rick Ackerman’s and especially at Zero Hedge, consider me a valued poster and semi expert in this sector. Especially when flushing out idiots, plants and trolls like yourself. I have seen your type a thousand times before.
      Now go get your shine box.

    • Libor is still in court with some pretty hefty fines handed out already. What did it affect? Everyone who got a home mortgage during the manipulation, any business that borrowed money for product or raw materials, car loans, you name it. This will result in some hefty penalties as the court cases wind through.

    • Zman, the markets HAVE showed a reaction, but you need to understand the situation from a different perspective in order to see the reaction.  First of all, LIBOR manipulation involved a few basis points across a massive swath of debt.  Return to “market rates” vs. what was manipulated would by definition involve a tiny move that you wouldn’t have even noticed in terms of “market reaction.”  So, you’re framing this situation incorrectly.  What you need to understand is that the rule of law and the honesty of financial markets have been massively damaged by a multiplitude of scandals, from LIBOR and MF Global, to market manipulation of nearly all major asset classes to some extent.  The market reaction can’t be seen as a reaction to LIBOR alone.  It’s a reaction to the decline of the rule of law and honest markets in general, and some of the market-visible impacts include:
       
      - massive decline in man-on-the-street trading volume of equities;  the NYSE’s typical daily volume is in excess of 70% computer driven bots flipping paper in a way that provides fake liquidity that will result in more flash-crashes;
       
      - massive decline in open interest in precious metals markets over the last ten years because more and more people recognize that market is just full of shit;
       
      - massive resistance to long-term holding of long-term and intermediate-term debt because the entire interest rate market worldwide has been polluted by ungodly sums of QE, forcing the Fed in the US to become the buyer of last resort in the bond market and creating monumental “malinvestment”
       
      I could go on, but the direction to see the market impacts are not in the price of interest rates pre- and post- LIBOR manipulation revelations…
       

    • No, that they could come up with in 5 minutes, not 5 years.  None of us signs their (real) paychecks, so they don’t need to worry about upsetting any of us.
       
       

  1. Just one more reason the rest of the world is turning against the USA!!
    Do as I say not as I do. Its gonna be lonely when the rest of the planet doesn’t want to play in your sand box.
    Mr Chilton was nothing more than another paid puppet and window dressing.

    • “Its gonna be lonely when the rest of the planet doesn’t want to play in your sand box.”
       
      Yes, it will… right up to the point where WE head out to the stars and leave them here.  ;-)
       

  2. That’s a load off my mind.  Sheww!
    I was worried we might be getting hammered by the bullion banks all these years, now I realize that silver is really not that valuable.
    Time to stack Beanie Babies, they have some real growth potential.  The fed can’t print Beanie Babies.
    I’m thinking of pulling the trigger on this one, what a find!

    http://www.ebay.com/itm/Ty-PRINCESS-the-Diana-Bear-1997-Beanie-Baby-MINT-RETIRED-/390656056204?pt=Beanbag_Plush_US&hash=item5af4ea5b8c

    haha

    edit: Wanted to add, Thanks goes out to our man Bart, he has really lived up to his hair-do.
    Nice tan, too. Kudos, Mr. Integrity. Enjoy those perks and pay! :)

    • wow, those look attractive .. silver vs. beanie babies .. hmmm, what to do now I am sure silver is a dud :|
       
      This announcement is a prelude for something big imo. Seems October / November has alot of things happening. THEY are currently demonstrating the fall of the twin towers of Politics and Finance (confusion over Obama and war, and confusion at the Fed) which was depicted in the j programming movie, I, Pet Goat II. Fall of finance would involve all that we are expecting, due to the cosmos fighting greed and corruption (because it is wrong .. and wrong things can’t survive for long, they tell us) (and not some Ben Shalom pressing a button – that would never be the way).

    • I dunno, Chief.  You got me to thinking along the lines of… what will life be like after banksters?  My first reaction is, PRETTY DAMNED GOOD!  lol
       
      On the other hand, we stackers just might BECOME the next wave of bankers.  I mean, who else has any real money?  How’s that for a thought?  Weird, huh?
       

  3. We have seen this movie before.  It’s  re-run.  There is a NEW MOVIE in the works.  The end is already in the can.  Total collapse.  The good part is watching how it gets there.  Coming soon to a theatre in your area!

    • He got his investigative skills from watching Keystone Cops, Marx Brothers, The Three Stooges (expanded to 5 at the CFTC) and Laurel and Hardy movies.  X-[
       

    • Speros, according to Andrew McGuire who had given the evidence directly to Bart Chilton from the  J P M London whistleblowers and talked directly to Chilton, “Chilton replied to McGuire that if the Governors did not speak out about the manipulation, that (he) Bart Chilton would!” So by the end of this month we shall see where Barts integrity lay.

    • I would venture to wager half my stack that Chilton’s view of the CFTC speaking out on silver manipulation was today’s CFTC report.  Don’t expect any contradiction coming from Chilton.  I’ve sent an email to Chilton for clarification, but if you have read his recent comments on silver over the past few months, he has been distancing himself from his own previous statements regarding the silver manipulation case.

      -Doc

    • I sent Chilton an email too…not that I expect a response. I was cordial, but pointed out the hypocrisy of being an agency that is supposed to protect us from manipulation doing nothing. Government sanctioned ponzi schemes get a free pass. The Federal Reserve gets to continue their interventions via the exchange stabilization fund until they can’t…currency wars ongoing and will escalate.

  4. “Our country is now taking so steady a course as to show what road it will pass to destruction, to wit: by consolidation of power first, and then corruption, its necessary consequence.  The engine of consolidation will be the Federal judiciary; the two other branches the corrupting and corrupted instruments.”  Thomas Jefferson 1821

  5. LOL   Bart Shillton is da man!!  I wonder how they will manipulate markets when there is very little physical metal to supply?  On a side note – I’d like to see an analysis of the duration of time that the food stamp program in the USA has left.  With something like 11 million people on food stamps I’m assuming that it can’t be that long.
     
    It should be interesting to see some charts at the end of the year depicting the supply and demand of physical silver.
     
    HI HO!!

  6. For a while there I thought good ole Bart would have grown a pair and actually enforced the law…silly me and f**k him. The owners are firmly in command and have made it abundantly clear to their underlings that the rest of us are a little more than a nuisance. Well to hell with the lot of them… this epoch will come crashing down. Divine or Alien intervention is welcome by me. Self extinction is also a probability given the penchant we have for power and subjugation…bring it. 

    • “Divine or Alien intervention is welcome by me.”
       
      While I would not rule either of those out, my money is on the US military growing a pair, saying enough is enough, and arresting the silly bastards who have FUBAR’d this country.  After a sufficient number of hangings for treason, if they would then return us to constitutional government without all the frills and BS, I would be all for it.
       

  7. This silver scandal is just too small a matter to get the interests of the judiciary.  How much would they fine JPM  $50 million.   Pocket change.  The DOJ and others are going after JPM for $10-20 billion.  That’s serious coin.  And this is for the mortgage scandals that happened 5 years ago.  The LIBOR rigging and mortgages (kissing cousins) cost us trillions.  The LIBOR rigging was based on trillions in loans with damages easily approaching $250 billion according to the last estimate done several months ago.  The class action law suits may easily equal the tobacco settlement of $250 billion.  The LIBOR rate rigging is one of the biggest scandals and will provide fines and regulatory penalties that will easily feed the government’s insatiable appetite for a decade or more.  JPM’s stock crashed this AM over the potential total cost of $20 billion in fines.  That’s serious money even for Dimon.

    • There is no question you are 100% correct on all of that AG. Their days are numbered.
       
       
      The totally captured and completely toothless CFTC must have concluded that selling 350 million oz. (50% of annual mine supply) of silver in 3 minutes during Asian trading hours and taking the price down ten dollars overnight is completely normal.
       
      Move along…nothing to see said zman.
       
       

    • “…selling 350 million oz. (50% of annual mine supply) of silver in 3 minutes during Asian trading hours and taking the price down ten dollars overnight is completely normal.”
       
      Yeah, well, that’s just it, Bay.  By now, IT IS!  :-(

  8. I wish this article, outcome, whatever it is was relevant to my plans, but no it isn’t. The rich keep getting richer, poorer keep getting poorer, and I keep on stacking. Once you realize that your up against the whole Fiat system, you realize that the only way you win is either through the dumb twats expand the money supply into oblivion or the whole system blows. I think it it will be the former. Its the only way to kill debt, by expanding the actual money supply, inflating the debts to zero.

  9. I’ve been following Harvey Organ’s reports for a couple years now.  One thing jumps out at you.  No matter what the situation in silver is, there is always 39 to 43 million ounces registered and ready to go on the comex.  Price low, delayed deliveries from Provident or Gainesville, no matter!  Still 42 million lying about in the comex vaults.
    Every day there are withdrawals in the hundreds of thousands of ounces, even over a million some days, and still the ‘eligible’ numbers rarely change, always steady at about 120 million ounces.  While they sometimes show huge inflows in ‘eligible’, the withdrawals can be enormous without altering the bottom line.  Whatever an ‘adjustment’ is, these can be hundreds of thousands of ounces sometimes, while the dealers report nothing in, nothing out most days. They claim they have over 160,000 thousand-ounce bars all piled right there.  Believeth thou this?
    At any rate, the delivery notices are grudgingly issued over the entire month, often taking til the last couple days to complete the required transfers.  What’s the holdup? 
    The numbers and this so-called market stink on ice.  If it weren’t for the ingenious and timely invention of the diabolically clever ETFs, the lid would have blown off this farce about three years go.  I shall wait some more.  Huzzah. 

    • Delivery notices are heavily weighted towards the front of the month.  The remaining ones happen to take so long when one person ignored their position and is now captive to one or two other people to let them out and the long will not, or when someone simply forgot they were short.  Happens more than you would think it should.

      Also, can be a sense of ‘who is right’. if deliveries happen early the shorts are letting the longs take the phys and are saying, give me my cash please. In the other way the shorts may be wrong but longs make it painful to get out, so the short waits and tries to get out, but in the end it is the long with power, if the long does not sell, the short has to give him the phys.

  10. I can’t believe it, just check in and find out there’s no Manipulation. Boy have I been hoodwinked. Anyone want to buy some Silver cheap? Like say $100 an oz? On second thoughts maybe there just saying that to manipulate the market. Boy am I getting confused. What the Hell I’ll just Keep Stacking. :lol:

  11. 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.”
     
    That sounds a lot like “There is massive manipulation going on, but the government has secretly legalized manipulation on a case-by-case basis, so in this case, everything is ‘legal’”.

    • yeah that about sums it up SpyderTL. As others have mentioned, ‘do as I say, not as I do’. Don’t think it’s a case by case really, they claim blanket ‘authorization’ to manipulate virtually every market to support the dollar:
      “Since the ESF’s inception, the Federal Reserve Bank of New York has been the officially designated agent for the ESF in intervention operations. In 1962, the Federal Reserve System’s Federal Open Market Committee (FOMC) authorized open-market transactions in foreign currencies for the account of the Fed, and since then, the Federal Reserve Bank of New York has acted as agent for both the Fed and the ESF in such transactions. Starting in 1978, the ESF and the Fed have almost always intervened jointly.” – See more at: http://silverunderground.com/2012/08/do-they-or-dont-they-silver-market-manipulation-and-the-u-s-treasury/
       

  12. ZMAN is a Cass Sunstein/Obombass administration paid troll.
    ——————————————————————————————————————————————–
    “Cass Sunstein, the Regulatory Czar, had suggested, in a 2008 paper, that government agents, or allied groups, infiltrate and undermine groups that spread “conspiracy theories.”

    In a 2008 academic paper, President Barack Obama’s appointee to head the Office of Information and Regulatory Affairs advocated “cognitive infiltration” of groups that advocate “conspiracy theories” …….

    Cass Sunstein, a Harvard law professor, co-wrote an academic article entitled “Conspiracy Theories: Causes and Cures,” in which he argued that the government should stealthily infiltrate groups that pose alternative theories on historical events via “chat rooms, online social networks, or even real-space groups and attempt to undermine” those groups. ” 1

    1 http://conservativehideout.com/2010/01/17/czar-wars-trolls-cass-sunstein-advocates-“cognitive-infiltration”-of-groups/
    ——————————————————————————————————————————————————————–

    Another article describing what job ZMAN is paid to do: Obama Information Czar Outlined Plan For Government To Infiltrate Conspiracy Groups: “Put into English, what Sunstein is proposing is government infiltration of groups opposing prevailing policy,” 2

    2 http://www.prisonplanet.com/obama-information-czar-outlined-plan-for-government-to-infiltrate-conspiracy-groups.html

    • Thank you for pointing that out. zman clearly fits the bill on that. Always undermining every article posted here disparaging almost every pro gold and silver writer that the Doc puts up.

    • The job pays well, it lets me accumulate more cheap silver with every pay-check, please don’t tell my bosses about that habit! (sorry guys, but I’m just joking)
      I’m a silver bull once the fundamentals improve for PM’s, the key element being the hedge PM’s provide protection from, (currency devaluation/inflation).
      I admit I was wrong with my investment thesis, I truly thought ZIRP and global QE would spur heavy inflation, but with no velocity of money the inflation never materialized.
      If inflation does materialize, I believe that physical demand will spur the price higher, no paper market can stop that aspect, so in a way I am more positive on the metal than you are,  you think no matter how strong demand is, paper wins.  
      I don’t think owners of silver ETF’s and long futures contracts are silver investors, you do.  I don’t expect paper silver investors to move the price higher, you do.   I don’t think anything can manipulate a physical market for very long, you do.
      My thesis has hope, more physical demand=higher prices, yours doesn’t.  You think the CFTC has to fix a corrupt market for the price to move higher, I don’t.  For the record, I hate both political parties, so I could never work for them.

    • Not safe to assume, i rather like zmans critical thinking and always cordial despite being insulted by those who bring no logic or proof to a contradictory argument.

    • Okay, one person then mikey.
       
      Plenty of logic and proof provided on a daily basis here by Doc and other posters. Like zman, apparently you don`t read the articles either.

    • i promise more than one.  You also have a comprehension problem.  He points out good thinking points and with the exception of Eric, people just dismiss the opinin because it disagrees with their own.   

  13. From TFA: The Division of Enforcement’s investigation utilized more than seven thousand enforcement staff hours.
     
    That may sound like a lot, but lets look at the math.
    5 years * 40 hours a week * 52 weeks in a a year = 10,400 hours.   7,000 hours means that they had less than one guy/gal working on it.
     
    Im sure there were more important things to investigate.
     
    Three cheers to the system!  

  14. Many people were disappointed by the announcement today that the CFTC closed their “investigation” into the Silver Market. Here was the announcement:
     
    CFTC Closes Investigation Concerning the Silver Markets 

    http://www.cftc.gov/PressRoom/PressReleases/pr6709-13
     
    Washington, DC - The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets. The Division of Enforcement is not recommending charges to the Commission in that investigation. For law enforcement and confidentiality reasons, the CFTC only rarely comments publicly on whether it has opened or closed any particular investigation. Nonetheless, given that this particular investigation was confirmed in September 2008, the CFTC deemed it appropriate to inform the public that the investigation is no longer ongoing. 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. 

     
    On the surface the average silver bug will be saying “What else is new from the CFTC…they let the bad guys go.” but, like usual, hidden beneath many of the statements coming from the mainstream lies another hidden truth..
     
    THAT THERE IS ANOTHER SILVER INVESTIGATION THAT HAS NOT BEEN CLOSED!
     
    A classic diversion necessary for progressing to the End Game and laying blame directly on the Bad Guys. 

     
    I will dive deep into this angle in this week’s Friday Road Trip but for our cause it’s all about timing of the end game now. The fact that this haphazard announcement came out in late September is what is important. You didn’t really think that the CFTC would announce the real charges PRIOR to the Global Banking Meltdown did you?! 
     
    IT WOULD HAVE CAUSES THE MELTDOWN!
     
    Again, more on this announcement in the Road Trip.
     
    In the meantime – laying to rest this issue for the mainstream silver investors has cleared the way for the BIG STUFF to take place.
     
    Buckle up!
     
    May the Road you choose be the Right Road.
     
    Bix Weir
    http://www.RoadtoRoota.com
     
     PS – This announcement was meant to hit the markets as a “no big deal” and attract as little attention as possible due to the real issues that are about to hit as discussed in last week’s Road Trip:
     

  15. Hey Bix   good to see you pop over to Silver Doctors
    Here we have some dingleberry GS 12 making $71,000 sitting in a smal office playing Grand Theft Auto for 7,000 hours.  Part time work for 5 years.  Sheesh.  There’s another skate job I missed  getting into my resume  LOL

    • I can see the application form for CFTC Investigator I:
       
      1.  Can you tell your ass from your elbow?  Y / N
      2.  Have you ever seen a silver or gold coin, round, or bar?  Y / N
      3.  Are you unwilling to kiss every ass that comes along to get ahead in this department?  Y / N
      4.  Do you have even a cursory knowledge of commodities laws, rules, and regulations?  Y / N
      5.  Can you do math above the 4th grade level?  Y / N
       
      OK, that does it.  If you answered N to every question, you’re hired!  Congratulations!
       

  16. I can’t remember where and when, but I recall reading something about as long as the investigation wasn’t thrown out, nothing would happen to prices. Or maybe it was a lawsuit. Anyway, What Bix Weir said sounds about like what I had read, sort of haha.
    Anywho, so I learned something interesting about atomic warheads the other day. Interesting stuff, but I can’t talk about it. It’s a funny world full of secrets.
    But secrets are best kept as such.
    So keep talking about silver and those neat things instead :)

  17. It is pitiful that the per capita demand for silver is still far < 1/10 of an ounce a year. 
    So long as we can still stack in the $20 range; lets consider the big picture:
    If you were stacking when Johnson announced silver no longer in coins; you probably had a nice opportunity to benefit from the 1980 peak. If you were stacking thru the 90s, you probably have a low single digit DCA with silver now over$20…
    Anyone stacking now while there’s massive paper shorting ignored by the CFTC will likely be selling some ounces at > $100 an ounce.
    While the CFTC verdict is deplorable; it is the same as it ever was. Nothing we have said or can do will change what is coming.
    That is the TRUTH confirmed in todays decision.

  18.  just typed GLD into yahoo finance and they changed the name to “NewGold Debentures (GLD).”  Below is a screenshot.  
     

    Definition of ‘Debenture’
    A type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond in order to secure capital. Like other types of bonds, debentures are documented in an indenture.
     

    NewGold Debentures (GLD)
     -NYSEArca

    128.79  1.13(0.89%) 4:00PM EDT|After Hours : 128.75  0.04 (0.03%) 7:59PM EDT

    Add to Portfolio

    Prev Close:
    127.66

    Open:
    127.57

    Bid:
    128.55 x 200

    Ask:
    128.78 x 200

    NAV:
    N/A

    Net Assets²:
    19.57B

    YTD Return(Mkt)²:
    0.60%

    Day’s Range:
    127.52 - 129.21

    52wk Range:
    114.68 - 174.07

    Volume:
    7,519,080

    Avg Vol (3m):
    10,180,600

    P/E (ttm)²:
    N/A

    Yield (ttm)²:
    0.00

    ²As of Aug 30, 2013

    People viewing GLD also viewed:SLV GDX GOLD GG TLT GDXJ

    • Instead of all that fancy talk and $2 words, why don’t they just come out and say, “This is a real smoke and mirrors investment”?  lol
       

  19. Ranger a while back some of the regulars surmised that the reason that the CFTC would and could not talk in real terms about silver price manipulation was they simply could not go after the real culprits.  Your note relating to KWN makes this clear.  When the government assigns a government agency to investigate high crimes and misdemeanors and the real criminals are the government itself, then nothing will come of the investigation.   Nearly every major crime of the century was uncovered and prosecuted in 5 years including most of the major investigations into organized crime.  The organized crime syndicate called the US government won’t allow itself to be investigated or prosecuted, at least from the inside by its own people.  It will take someone or some agency from the outside to do this. Like the Nuremberg trials for instance.  Gold price manipulation is something else that won’t be imvestigated or prosecuted for the same reason. The US Government wrote the rules
    JPM can be forced to cough up $11 billion over the mortgage scandals and has paid $16 billion in fines and penalties over the last few years. Yet the most blatant and obvious price rigging, hiding in plain sight, is silver price rigging.  JPM is the agent of the US government and co-conspirator with the ESF. JPM could have easily been scapegoated in this criminal activity and paid a nominal fine of a few hundred million, like the price fixing of the oil market. But to seek justice and force the fine would have required disclosure of the reality of the situation. So nothing was discovered. All bodies were buried. And frankly, no one will care in even the smallest way because silver is a tiny, obscure market relating to 1 billion ounces of white metal.Paper trading is meaningless to the Average Joe and Jane. They don’t any silver. No one cares but us and some of those to whom justice actually means something.
    Those speculations we made a few months ago are being shown for what they are; clear truth as to who is responsible for this silver price control.  Chilton is just a pawn, puppet and chair warming talking head for the CFTC.  No wonder Gensler was fired by Obama. He got to close to the truth and too good at this job. He had to go.
    Silver??? Sure. Maybe 1-2 years.  We will see. It will be external forces that break the deadlock hold on these cartel controlled paper prices once we are devoid of precious metals in the physical sense. And then we can sell for whatever price we wish since we will have the stacks to provide suppy.

  20. one more thing 
    No matter what happens with the toothless lap dog CFTC and the ESF, they cannot change human nature. There will be a flash trade into precious metals just like the one that started in early 2011 and particularly in 1979-1980.
    Human nature and fear of loss will bring buyers in to the precious metals purchase market with an unstoppable force of nature that will catch the prices like a whirlwind upwards. 
    Any time a commodity is scarce and and the government imposes controls or regulations over its ownership, we the people will chace it with a vengeance   Another poster quoted Eric Hoffer.  He said, and I’m paraphrasing, ‘whatever the government fears the most they will use as their weapons against the people.”
    Whether it’s debt, FIAT or precious metal manipulation, the government fears all of this and knows it will explode out of their control eventually. Eventually is getting very close.

  21. Didn’t CFTC chairman Gensler work for GS for 18 years prior to being appointed head of the CFTC?  So no surprise there.  Those that thought that the CFTC was going to be fair just needed to see Gensler’s resume to know we were going to get screwed.   You’d have to have committed one major fraud or been part of the mafia to work for GS.  Once a thief always a thief, or was he just “doing God’s work”?

  22. You know we complain the price is being suppressed by manipulation, but if it were to suddenly rise to $100+/Oz  I have a sneaking suspision we all would regret not buying more while the price was low, and boosting our profits relative to fiat, So conclusion, dont let the price in fiat bother you just think atleast you got PM’s cause not everybody is going to be so lucky!

  23. CFTC, just another rubber agency stamp for sale at the right price. Bought off and corrupt, about as legitimate as a Nobel Peace Prize, or a AAA rating on an MBS, or a NIST report on a 47 story building collapse, or a ‘Climate Change’ Analysis from the IPCC.
     
    Yep, more of the same in America … the good thing is that we will soon have as much credibility as an Indian, Pakistani or Somewhere-i-Stan government, so who says that Globalism doesn’t work? … the great equalizer … the race to the bottom! at least we got there near the end though hey, it was a great achievement when you think about it. (NOT)

    • Pity is, none of them seem to realize that the “race to the bottom” was won by Zimbabwe in 2008.  There is more bottom in that country than in the rest of the world combined.  But… all is not lost.  We are madly trying to catch up and fill the bottom gap!  X-[
       

  24. Well folks I think we all know what’s coming. A big smash down tomorrow afternoon and/or Sunday evening. Now that JPM received their get out of jail free card, we can expect a smack down of Gold and Silver. Sigh……… Well I guess it will be time to buy again!

  25. In the grand scheme of things, the manipulation of Silver and Gold has been the greatest manipulation to befall man in modern human history.  The manipulation of Silver and Gold is the manipulation of money, the modern foundation for all human economic activity.  People work for money, but now they work for paper (that someone else creates out of thin air).  Silver was demonetized in 1873, after which Gold was in 1971.  It is only by forcing people to use debt-based fiat currency as ‘money’ that people have forgotten what money truly is.  The financial system that exists today could not exist if Silver and Gold were still the only lawful forms of money.  It is no wonder Silver and Gold face such antagonism from the mainstream financial system.  Therefore, the manipulation is about their survival and self-preservation.  It will go on until enough people decide it must not.  And more and more people are deciding each day that it must not.
     
    When people anywhere in the world take their fiat paper currency and convert it into real money (Silver and Gold), they are deciding that the manipulation of money must stop.  It only takes a small percentage of the world population to do this, and then the manipulation will stop.  Many people in China and in India, and indeed all of Asia, and also the Middle East, are already deciding that they don’t want money to be manipulated.  They are converting their paper currencies into Silver and Gold.  When enough people do this, the manipulation of money will end.

    • 1971 was when governments stopped using gold in trade settlements but as far as citizens are concerned, gold was pretty much demonetized in 1933. 41 years after that, Americans could once again buy and own gold bullion, even if it was not a monetary standard.
       

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