The CFTC’s Gary Gensler discussed the Commodity Futures Trading Commission’s oversight (or lack thereof) of commodity “futures,”on C-Span Tuesday afternoon, and he also responded to telephone calls during a live Q&A .

Gensler attempted to explain the function & role of the derivatives & swaps markets, and confirmed the CFTC is continuing to investigate JPMorgan’s CIO derivatives lossesprior to taking calls live.

Wouldn’t ya know it caller after caller wanted to know about silver, the CFTC’s now 4 year old investigation (Gensler stated he couldn’t comment on an ongoing investigation and that it started before he came to the CFTC), position limits, and market manipulation (Gensler stated ‘there are hundreds of actors on the stage’.

Gensler’s full interview and Q&A can be seen below:

  1. Lol Pretty long interview but well worth it. Learn, Lear, Learn.  At the beging of the program he was smiling at the end he couldn’t wait to come of. I do believe the public is waking up and asking some great questions. Wall Street. Understands The Market Sure they do, criminals have to know what their doing. Speculators should be hanged. I wonder being a Stacker is a Speculator. Mmmmmmm

    One way of cutting the CFTC budget get rid of the high salaried shirts and skirts at the top

     that don’t know diddly and are just there as a favor or a reward.


  2. He admitted some things toward the end. That the banks need to be allowed to break the rules to prevent more bailouts, and the ‘market makers’ can’t have position limits because, well, they are the market makers. Implying that without market makers making markets, it would be chaos.. (for them)
    He actually said this and it sounds reasonable to mom and pop.
    Since there’s nothing he can do about laws and regulation enacting processes, and since he only gets 308 million for 700 employees, he needs a budget increase to protect you; mom and pop from evil speculators. Or was it more bailouts?
    But.. . but he just said he has to protect the banks and the market makers.. and around it goes.. the mind wobbles.

  3. Gensler At 11:07: CFTC Oversees Silver And Gold Trading—“We Want To Make Sure The Market Is Free Of Fraud?
    –So, daily silver short position sizes are not fraud?
    –Almost Daily Raids Are Not Fraud?
    –Yanking Bids On Silver And Providing No Market So That Markets Drop On
        Thousands Of Contracts, (Sometimes In Globex Trading), Is Not Fraud?
    –Short Positions Concentrated Among Just Eight Banks Is Not Fraud?
    –Waiting for Jobs Report Releases And Bernanke Speeches To Dump
        Thousands And Thousands Of Contracts, Equaling Hundreds of Thousands
        of Oz. of Silver Onto The Markets To Drop Silver, Yet Other Markets Stay
         Unchanged Is Not Fraud?

    Gensler At 11:14: “Markets Are Free of Manipulation” –HUH?
    –So, Week After Week, Day After Day, Markets See Constant “Push Down” During The US Session. Then They’re Allowed To Move Up Overnight—Then Killed When The New Day Starts—And There’s No Manipulation?

    Gensler At 11:18: “Markets Are Free of Manipulation is Critically Important To Silver And Gold”
    —So, If It’s Critically Important, Why Haven’t You Done Anything About It?
    –Why Haven’t You Enforced The Law?
    –Why Are You Allowing The Banksters To Have Position Exemptions?
    –Why Haven’t You Responded To Those Who Have Documented This For

    Gensler At 11:19: “It’s Critically Important That Speculators Not Have Out-Sized Positions”
    –So, JPM and Others Have The Equivalent Of The Entire USA Production Of Silver In Contracts Short At Times, But This Isn’t Outsized? 60,000 NET SHORT Contracts Isn’t Outsized?
    –Paper Shuffles In The Comex To The Tune Of millions of oz. Back And Forth On A Daily Basis Isn’t Fraudulent?
    –Bankster Cover-ups of Shorting By The Tuesday COT cut-off Isn’t Fraudulent?

    Gensler At 11:23: “We’re Working On Putting Position Limits In Place”
    –So, How Long Does This Take?—50 Years?

    The “moderator” Asks “What Is A Speculator?”
    Gensler Starts Talking About Farmers?

    At 17:23 One Caller Asks When Did “The Current Manipulation Investigation Start?”  –Gensler–“It Started Before My Tenure, Maybe In Late 2008”—Yeah—It Started 4 Years Ago Gary!—And You Say Now Because The Investigation Is “On-Going,” You Can’t Comment?—Whata Buncha Bull!

    Gensler Goes On To Say Later In Answer To A Question By The Moderator That They Might Implement The Volcker Rule By The End Of The Year—BULL! These Banksters Will Always Be Able To Trade For Profit. This Will Never Change.

    As Usual, This Was A White-Wash Interview Designed Like The Blythe Interview To Appear As If They’re Doing Things When They’re Actually Never Going To Do ANYTHING!—Nothing To See Here—MOVE ALONG!


  4. I Want To Say That—The Paper Shuffle In The Comex, GLD, SLV Doesn’t Really Matter To Stackers In The End Because This Too, Will Collapse.

    But It’s The Bankster Fraud That Irks Me As It, I’m Sure, Irks All Of You. This Manipulation Is A Violation Of Laws And They Desirve To Be Prosecuted. But, Of Course, My Frustration Lies With The Knowledge That They Never Will Be.

    Their Demise Lies With The Decisions Made By The Physical Market Participants. Eventually, They Will Only Trade The Hot Air Enclosed Inside Their Stuffy Vaults!

  5. A rat?  A weasel?  A pig?  Nay says I!  How about this fellow?  Does he not look a lot like GG?  Dune fans will recognize Baron Harkkonnen’s doctor, aka actor Leonardo Cimino.  lol
  6. The body language of this guy is very revealing, the hand clasp is a sign of frustration, holding back negative attitude. Rapid blinking is a sign of trying to avoid detection. When he is comfortable with the question(s) or talking in general his blinking returns to normal intervals, hands open up. Especially when he talks about what his organisation actually does, he is more comfortable.

    My guess is the bloke knows what’s going on but is not allowed to do anything about it. Why do you think they are cutting his budget. He must be making a nuisance of himself.



  7. Great comments Jake. One thing I noticed that when Gary mention Gold and Silver in the one sentence, which he did several times, he said “Silver and Gold” in that order. That is very odd, the natural, learned way to say the names of both metals in the one thought is “Gold and Silver”. Gee even me the massive silver bug can’t automatically reverse the order when speaking in a conversation. The clients I speak to in the bullion store I work for 99 times out 100 say “Gold and Silver”, it is so rare to hear the order reverse I remark on it if I ever hear it. It is like saying “Cheese and Chalk” instead of “Chalk and Cheese”. So for Gary G to say “Silver and Gold” makes me think that SILVER is giving him nightmares – what we fear is always front of mind, even if don’t consciously think about those fears.

    I suspect he also has a fear of CDSs as well as he mentions them excessively in the interview.

  8. Screw transparency. What good is transparency if they won’t enforce what they see?! I say get rid of these useless derivative products. They are just there to complicate things and allow un-productive people to earn while the productive struggle.

    I am so tired of being told that we need to make things more “transparent”. I want to hear that we are turfing all of this speculation. It’s time to get back to the basics.



  9. Tears Of The Moon Says,

    “One thing I noticed that when Gary mention Gold and
    Silver in the one sentence, which he did several times, he said “Silver
    and Gold” in that order. That is very odd, the natural, learned way to
    say the names of both metals in the one thought is “Gold and Silver”

    YES—I Noticed This Too…But Didn’t Comment!—He Must Have Been Keen On Silver Comments From Callers Ahead Of This Interview And Nervous To Answer Them.—This Shows They Know The Public Is Furious About The Criminals, But Of Course, He Can’t Do Anything For Fear Of His Job. The Banksters Have Him By The Cross-Hairs.

  10. Ok I give up… WtF is with shuffling the topics AGAIN… It’s hard enough to keep track of things but then we have to get pissed off all over again on something we’ve already gotten pissed about having to watch the first time… Sweet merciful crap this shit urks me… But hey who am I… A nobody… Fuck it…
    There I commented… No idea why it’s reposted… But atleast I got to go through it all again… And hey look at that… Same fuckin conclusion as first time… Fuckin weasel…

  11. I am so tired of being told that we need to make things more “transparent”. I want to hear that we are turfing all of this speculation. It’s time to get back to the basics.”

    Agreed.  We seem to be at a fork in the road.  Either we keep doing the derivative thing OR we have an economy that is viable.  We can’t do both as they are diametrically opposed.  All of the G20 governments need to act in concert to put an immediate halt to derivative buying, selling, and owning… all at once, all at the same time… so that no one can profit or lose from them.  After all, they have no real value of any kind, exist off the books, are not regulated, and have only “notional” value, whatever the heck that is.  I suppose that it is only of value because some people think it has value?  Whatever.  Failing to do this ensures a world wide economic collapse in the not too distant future.

  12. M45 glad to see you around today… We fragged that ass last night… Don’t need to worry bout that BS for a while hopefully…
    As for the repeats… I guess if that’s my biggest problem today I’ll live…LoL… Does get fuckin annoying though… I’m sure Doc has a good reason… Maybe he can make a column for articles that need to be reposted or something like that…
    Anywho good to see you brother…

  13. Are you trying to trick us BullRun? I know I commented on this one yesterday in regards to whether it’s proper to say silver and gold or gold and silver.

    Jake I’m surprised you’re willing to draw any conclusion from this. You say tomato. I say tomato. But yet you don’t know how I pronounced it just now to tell where I’m from. And what I just stated folks makes as much sense as Burl Ives being, “….Keen On Silver Comments From Callers Ahead Of This Interview And Nervous To Answer Them,” when he sang silver and gold, silver and gold.

    I learned to say tomato while you learned to say tomato so obviously the learned way to say it is gold and silver? Are you dealing in absolutes by suggesting every teacher in the world throughout the history of the world has taught every single student there ever was that the only way to say it properly is gold and silver? Jake you of ALL people should know only the Sith deal in absolutes!

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