CNBC invited Chris Whalen of Tangent Capital onto Squawk Box to discuss JP Morgan’s Q2 earnings report July 13th, the widening LIBOR scandal, and the European debt crisis.

Shockingly, at 9:26 into the clip, the CNBC host Andrew Sorkin (not Whalen, the CNBC host Sorkin!) brings up Barclays’ manipulation of LIBOR rates, and states: ‘You hear about these things and you used to think these are conspiracy theories! You used to hear things that people are manipulating LIBOR, people are manipulating the silver markets

CNBC’s Michelle Caruso-Cabrera: ‘And they are!!

Sorkin: ‘And they are!!

Chris Whalen: ‘It’s because these markets have become so concentrated that a few players can do it.

It appears Blythe and JP Morgan’s Commodities Desk have a serious issue on their hands, as now even CNBC hosts are openly admitting that silver is manipulated and that silver manipulation is a fact, and NOT a conspiracy!

  1. This is good. Eventually, the truth will come out and us stacker’s will be vindicated. These kind of reports are becoming more common on the MSM. Soon, Bart Chilton will have no choice except to go after the manipulators. In the meantime, keep stacking.

  2. I am telling you guys if we keep up the pressure on our congressmen and woman we will win this fight. Every day I email my congressmen and senators about this and they are growing more and more interested. Talk about the SC Treasury Office report, the comment by Bart admitting silver is manipulated, Andy Maguire’s testimony, the recent LIBOR scandal (b/c if they can manipulate something that seemingly esoteric and massive, they can manipulate silver and gold), and now the recent admission of CNBC…. Here is one of my sample emails:

    Hi Jana,


    So here is the official South Carolina Office of Treasury
    report below:



    The section of the report I am particularly concerned about
    is at the bottom of page 1:

    “Similar to other commodities, the value of gold and silver is determined by
    supply and demand, as well as speculation. The Federal Reserve, The London
    Bullion Market Association, JP Morgan Chase, and HSBC Holdings have practiced
    fractional-reserve banking and engaged in naked short selling causing
    artificial price suppression.”


    Now, with that said, I have contacted the SC Treasury Office
    and after a short discussion no one I talked to could provide me with an ample
    answer as to how they came to this conclusion. They proceeded to tell me that
    they would contact me back when they did have an answer and that was over 2
    weeks ago.


    I have decided to call my own representatives in an attempt
    to get to the bottom of this information. Did you know that the CFTC is sitting
    on a 4 year investigation of silver manipulation? It is the longest
    investigation in recorded history relating to commodities. With mounting
    evidence and even an official governmental agency reporting on this, they sit
    idly by and allow the effects of price distortion wreak havoc on not only
    countless futures investors but the integrity of the US Dollar.


    Even one of the CFTC’s commissioners, Bart Chilton, has
    admitted to it to a degree in November 2011:


    “So to me that was the reason why I thought we needed to look at
    this (silver), investigate it.  That’s why I called for it, Commissioner
    Dunn also called for the investigation, but I can tell you based on what I have
    been told by members of the public and reviewed in publicly available
    documents, I believe that there’s been violations of the law, The Commodity
    Exchange Act.


    They’ve taken place in
    the silver market and I think any such violation, of course, should be
    prosecuted to the full extent of the law.  I believe there has been
    repeated attempts to influence prices in the silver market.  And there’s
    been fraudulent efforts to persuade and deviously control the price.” 


    I would
    really appreciate it if you could help me in this endeavor and allow the free
    market to work the way it is supposed to, free of manipulation and price
    suppression schemes that only hurt the honest investor. This to me represents
    an obvious moral injustice and needs to be dealt with swift and decisive action
    if we are ever to believe the free-market is not just a big casino for the
    major banks and institutions of the world. Thank you for your time and
    attention to my inquiry. I look forward to any further correspondence and
    update to this matter. As a concerned Pensacola native, I thank you.



  3. Will Diamond and Dimon survive? It depends on your definition of survive.
    Will they be prosocuted? Will they be imprisioned? the answer to both is NO.
    Will they lose their jobs? Possibley.
    Will the leave with a golden parachute? Absolutley.
    Survive? They will live, thrive and survive.

  4. WOW!  LOVE IT!  When The CommunistNBC comes out in the open with the manipulation and rigging of silver, the conspiricy theory is definatly  OVER! Hopefully the end is near for JP’s game. As for the CFTC….disgraceful !! Treasonous!!!

  5. Meanwhile some interesting news on the US economy in the FT, looks like you guys are joining the party.


    US manufacturing contracts in June.

    US manufacturing contracted in June for the first time in nearly three years as new orders tumbled, signalling a loss of momentum in the country’s economic recovery.

    The Institute for Supply Management’s purchasing managers’ index – the most important measure of the sector’s health – fell more than expected to 49.7 in June from 53.5 in May, indicating contraction in the manufacturing sector for the first time since July 2009

    Readings above 50 signal expansion. Analysts surveyed by Bloomberg had forecast a level of 52.

    ISM surveys more than 300 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories.

    New orders dropped to 47.8 in June from 60.1 the month prior, indicating a decline in new orders for the first time since April 2009.

    The employment gauge slipped to 56.6 from 56.9, while prices also saw heavily losses, down 10.5 per centage points to 37.

    US stocks gave up early gains and turned lower after the data were released.


  6. Did the mainstream presstitutes find God and decide to get honest? No. Did the presstitutes just figure out there is crime in the markets? No. Did the ownership or management structure of their propagandist organization change?  No. Are the media scum talking heads risking their paychecks to proclaim the truth? No. Something is up and it is not that media, politicians, and civil servants have decided it is time to start protecting free markets or common citizens. This has to be part of a plan by the elite themselves. The elite declare there is a problem and then swoop in with a disguised solution which surely will only benefit the elite and further impoverish everyone else.

  7. Impressive how clueless CNBC is on Europe and what the economy is like. Hearing CNBC you’d think that Europe is stifled economically and free enterprise is bad as the Soviet Union; obviously in the USSA things are perfect and we must all hail Govt Motors, Solyndra and USPS.

  8. Concentrated is the key word here. Can you say “MONOPOLY”? Yes, and the day will come (shortly I think) when the monopoly will end. All the bankers are trying desperately to cover their shorts. Hang on.

    ich1baN, please post the website again for the contest. My wife is going to hit all her friends to push the vote button for you. Also, e-mail me at the g-mail address I sent.

  9. Silverdollar,
    You asked if Dimon will survive. 

    Of course Dimon will survive and benefit from all of this shit.  These banks have been siphoning billions and get fined millions. No
    prosecution or imprisonment. Maybe a public hearing with no legal
    recourse. Just say I’m sorry and I promise to never do it again.  It’s all a big circle jerk. The system is so
    corrupt. The banks own the governments and the regulatory agencies.
    They have no fear of getting prosecuted. It’s a good old boys club and
    we aren’t in it. Different set of law for us.

    About the other Diamond.  He will also get off with nothing.  Corruption is the major business in the UK when it comes to finance.
    Without corruption, the UK would have defaulted years ago. It’s the
    wild west over there. No regulation at all. All the US major banks have
    subsidiaries over in the UK to get by the US regulations. You can
    rehypothecate unlimited amounts over in the UK. NO laws against it. They
    don’t have to post more collateral and just re-sale the existing
    collateral over and over again. Total fraud but legal in the UK. It’s a

  10. @reddy: I think that mostly the PreSS is realizing the emperor has no clothes and feels somewhat more empowered. Add that to fewer and fewer ppl watching their shows, and they might want to have a few where some actual truth comes seeping through. Like the dark haired chick in the purple. Online, they have less viewers than Alex Jones. I bet that hurts and that the media outlets are all zooming and buzzing inside on how to become Teh Mediah again. But their role is played out. They’re history.

    Btw, actually Chris Whalen seemed to come off as one of the lesser guests I think. Gets better near the end.

  11. @duck: Both of the precious Di(a)mon(d) ones will survive and be painted as heros onto the pots and pans that will be dug up somewhere in the 3000s while they wonder what happened to this civilization that had it all but done nuthin … 🙁

    Cheer up, the middle ages surely weren’t as bad as the i-i-i-i-i-illuminati history books portray them! Otherwise they wouldn’t have lasted that long 🙂



  12. ich1ban,

    Nice video.  One question, why do you think the dollar index is a factor in determining metal prices?  Andy Hoffman has been banging on this drum that the metal price movements have zero influence on the dollar index.  I believe it did before the markets were manipulated.  Before the dollar would more lower and the metal prices would more higher.  Not as much anymore.  The dollar has move down with the metals many times and the inverse as well.  These indicators are becoming irrelevant and useless.  I think traders get trapped in this old school way of thinking.  The market environment has changed since 2008.  With the TBTF model, supply and demand isn’t really all that important.  Earnings and PE ratios, who cares when you have central bank interventions to save the markets (plunge protection team). Charting is also a tool that can be thrown in the garbage can.  Did any charts forecast a 7% move in crude on Friday?  A 5% move in silver?  A 277pt move on the DOW?  They didn’t because they can’t since every market move is based on rumors, zero interest rates, and more QE to stimulate or manipulate the market.  I tend to side with Andy Hoffman and his opinion of the dollar index.  What do you think? 

  13. ricin3000,

    Both of these Diamonds are more like cubic zirconia because they are fake as hell.  They are lowest levels of human beings on this planet.  I agree, nothing will happen to these turds.  All we can do is just expose these frauds and if you try to make their lives a living hell. 

  14. This is why the psychological war is so important. If the regular investors that never bought silver can be kept away, the big moves can’t happen. They can provide enough shorts to keep the current silver market on its chain. It’s so tiny a few billion dollars would buy it all.
    There is so much investment money sloshing around that 1% of it going after silver would blow the manipulators off the road like tumbleweeds. These currently 401(k)ed people have the power so they must be kept out.
    The tipping point is on the horizon, but you just never know when another rabbit will be pulled from the hat.
    Harvey reports that over 1100 July contracts disappeared. Bought off or rolled over.
    So the beast fights back.

  15. This thought has crossed my mind on many occasions… Manipulation… It has been going on in the silver market for a long time… It’s acknowledged in public by many near the top… It is like the inside joke of the markets along with a personal ATM for those involved… It’s been going on prior to JPM… So what is to say that it will ever end? What’s to say when JPM gets bumped off there highchair that someone else won’t come along and pick up where they left off? Sadly as long as there is any type of paper market there will be some type of manipulation… There is no way around it… Reason being people see a way to make a bet and “profit” by getting the core holders on the same page… Of all the paper holders out there I doubt anyone would opt to not be involved if they were aware that there was price control going on, it would almost guarantee a loss of funds if they didn’t know what to do and when with most others on board… Who would be involved knowing what is taking place and what they stand to loose unless they play along…
    Even if there is a total collapse and it must be rebuilt on a gold standard or some form of metals standard they will do everything possible to get the markets back up and going cause that is what the majority of the public knows and believes in… We, the stackers, are in the minority no matter how many awesome spokes people we have… No matter what each of us says and actually shows someone they still aren’t sold on what is taking place… They still want to believe in there “paper” and “digital” financial markets… Even if only half the people still believe in the markets they will still have the potential to keep there thumbs on the paper price which will make them a profit…
    My thought is that we need the paper and physical price to split… Each needs to trade on there own fundamentals.. Paper being zero of coarse…LoL…  It is the only way I see the physical price having the potential to trade at a free and fair price… BUT, who’s to say someone won’t figure a new way to use “creative math” that will affect the physical price?? Who’s to say there won’t be a monopoly??
    I’m thinking when we reach the current “end game” it will just be another chapter ending making way for the next chapter of  “How they profit from our metals”….
    I hope I am wrong and we get to start the new book we have all wanted to see…

  16. In addition to ich1baN’s suggestion to send letters to politicos, it’s also helpful to write to CNBC with a polite thank you letter, along with a request for further coverage on the subject of silver.  They really do pay attention to stuff like that.

  17. Hey, Not Sure:

    It’s one thing to be a cynical dude, and quite another to just bend over and let someone ram you.

    Sure, the powers that be will only incrementally change, at best, as pressure rises.  But they are losing the war even though they win select battles (see 10 year chart).

    Sure, it’s quite possible that nothing will be fully fixed until the whole damn house of cards comes crashing down. 

    But when it comes to our stacking and the extra time it takes to spread the word to others to stack and to write a letter to media/political representatives, who are you to talk down on those efforts?  Some folks have a bit of extra time and if they expend the effort, great. 

    Take the example of Bart Chilton.  That guy isn’t going to do squat.  But he and the CFTC have been forced to talk about the subject of silver manipulation in the media on MANY occasions and, on each occasion, more and more people look into the situation, with some of them becoming silver investors as a result.  Even the CNBC admission is a product of the sum total of pressure on the CFTC and viewer feedback to CNBC overall.

    I don’t understand why you feel so motivated to post defeatist messages on SilverDoctors.  We’re all grown-ups here.  We know a great deal of our efforts falls on death ears — thank you very much.  But slowly, inch by inch, in the very least, activist silver owners are waking up other people – mostly individuals, not media nor politicos – and each of those awakened people have a new chance to protect themselves by joining all of us that already are investing in silver and gold.

    So, enough already.  We get it.  Thanks for reminding all of us the odds are stacked against us.  We all know that.  But when and were possible, it’s better to put up a bit of a fight rather than bending over and taking it up the ……………….. 

    Meanwhile, if each person on this site only was able to awaken just one other person to take protective action, that’s a damn good thing.  Each of us will do what we can. 

    Thanks for your posts.

  18. Good post FW. It is inherent the those that are in power will try to increase and hang on to their power regardless of the effects it has on the common man. We are seeing this daily as we lose our freedoms by laws and regulations installed by TPTB and by  increasing our debts through stimulus, QE, twisting, etc. The world has more debt now than anytime in history and the only two ways out are a total reset or to inflate the debt away. Both end in total economic destruction. Total reset, IMO, is the best. Painful for all but the time period will be shorter. However, the “Inflate your way out” is what will happen because the banksters and PTB don’t want to lose their power and inflation will help them get out of debt and then offer a solution for the people. This will hurt the average Joe much more than total reset. The baby boomers (a very large part of the population) are retired or retiring and will increasingly save rather than use credit for things. The more they save the less that will enter the economy. The day is done and night falls now.

    I, as FW says, will not take it up the hind end. I’ll continue to stack and encourage family and friends to do the same. I will also encourage them to become more self sufficient like our parents/grandparents were in order to make it through the crash that is inevitable.

    The proverbial house of cards will fall and indeed is already on the way down. The “New Euro” deal is just talk. It only adds debt to the existing debt and there is not enough money in the world to bail them out period. As of now, it’s just an idea that may or may not be implemented.

    Stack as high as you can while you have the chance.

  19. Well, the good news is some bullion banks have flipped to being long on the COMEX and JPM has their short position down to 12,000 contracts.   That is the lowest in 10 years.   It is very possible they really are going flat and will step aside on the next rally.

    But my fear is this is kind of like a soldier that has been in a fire fight.  He steps aside to reload and can start firing at will once that happens.   With JPM being down to 12,000 contracts, they might have just ‘reloaded’ and are ready to fire at will now.   

    With that said…  I have a hunch they are going to step aside.  They are getting a lot of flak for all the manipulation they have been doing and with the other bullion banks going long, it is very possible they don’t dare to keep going.

  20. JP Morgan has been manipulating the silver markets for years, holding the vast majority of short contracts on the CME.   The CFTC knows but is in bed with them.   Now everyone is up in arms because the LIBOR is being manipulated.  If you want to catch firms manipulating markets, all you have to do is watch Jamie Dimon and company go at it.  They manipulate any market they can, meanwhile taking gratis funds from the Federal government.   Bigger bunch of crooks than the mafia, but they must be paying off the government people like Bart Chilton of the CFTC who continue to let them get away with it.

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