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On this week’s show, GATA’s Bill Murphy joins The Doc & Eric Dubin to discuss:

  • Manipulation in a big-picture context:  What’s the end game?
  • Panama bank holidaystory developing, but some things are fishy- Panama is an off-shore tax haven like Cyprus

This week’s SD Weekly Metals & Markets breaks down the metals, markets, and official manipulation with GATA’s Bill Murphy below!

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We cover much ground on today’s show.  We hope you find it insightful.

We’d like to encourage all our listeners to read The News Doctors’ open letter and petition to CFTC Commissioner Bart Chilton.   Click here to read it.

Generally speaking, the precious metals community is of two minds when it comes to Bart Chilton.  During his last interview with Andrew Maguire (advance to 12:20 mark), financial journalist Max Keizer characterized Bart Chilton as a “stalking horse.”  Mr. Chilton’s statements in the mainstream media have periodically raised hope that the U.S. Commodity Futures Trading Commission would ultimately do something productive given well documented silver market manipulation.  Without fail, those expectations have been dashed.

October Silver GiveawayWhile it’s not clear what Mr. Chilton believes in his heart of hearts, we can say with certainty that he did make space for Bill Murphy to provide GATA testimony before the CFTC in 2010.  That fact suggests Mr. Chilton has honorable intentions.  It’s quite likely he has been powerless in the face of institutional forces arrayed against him.  Circumstantial evidence points to the rigging of the precious metals markets as nothing less than misguided US economic policy.  If that were indeed the case, it’s no surprise to see the CFTC closing its silver investigation.  How could the CFTC prosecute a case that ultimately leads to the US government itself?

Do the right thing.  Sign the petition.  Even if the temptation to take a cynical attitude proves wickedly seductive, what do you have to lose?  Declare your support for this man should he care to respond.  Few people have the chance to make history.  Few people have the opportunity for the pages of history to record their name as among those that stood up for what’s right, and for actions that preserve the Republic.  Mr. Chilton might surprise us all and become a whistleblower.  But that’s not going to happen if you – yes YOU – don’t have the minimal bravery to stick your name on a list and not give a rat’s arse about the government profiling you.  It’s too late for that.  You’re already on countless lists.  The only way to end this madness is to recognize that there’s a rising tide of indignation starting to surface in the American body politic.  I’ve written about this trend in many essays on TND;  click here to go down that rabbit hole.

The bastardization of our financial markets most assuredly is a threat to the general welfare and health of the Republic of the United States.  Create the space for Mr. Chilton to speak before the American public by elevating that petition’s signature count.  Whistleblowers derive personal protection in direct proportion to how public their story becomes.  Sign it and spread the word.

Have a great weekend — Eric Dubin


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    • That’s just a practice run.  Its a feeling out process.  The government, for all their negatives, they are using kid gloves, aren’t they?  Sure, they don’t need to whack you in the head with a hammer.  They rule (not govern) using the “catch more SHEEPLE with honey rather than with a shovel to the back of the head”

  1. Thanks for the interview, but the issue I have with this paper manipulation discussion,  we all know that the bankers have “trading range” games that they play, it trips up paper players and they profit from it, I get it.  
    What evidence is there that this trading range “manipulation” actually suppresses the silver price in the short term (1-2 months) or the long term (1-2 years). There is a big difference in pushing around paper players in the trading range (18-22 oz), and then saying that price suppression is taking place, and that there is proof of this.
    If the price was really suppressed, buyers in the physical world take advantage of this fact, but they really haven’t thus far, that kind of makes the price suppression theory go out the window in my opinion.
    If investors don’t take physical delivery, is that JPM’s fault?    What no one ever says is, what should be the price of silver IF price suppression is taking place?   $30 oz, $ 100 oz?     

    • So you believe it’s happening, know it’s going on, but think it’s really a clean market in the end?

      Are you Bi-Polar?

      Anyway, old Bill has been making his way around the circuit the last few days. 3rd time I’ve heard him.

      Chilton should have charges brought against him for not doing his job, and probably taking bribe money…

    • Are you living in another world all your own? India silver imports are up like 200%, still see lots of sold out on silver items online and my local coin store has zero for sale.

    • siliver products are different than silver for industrial use.  Even so, while we see some hiccups in some products availability, the physical stocks unerlying the price are near 10 year highs and have stayed there despite the price crashing like it has.
      Further, we see premiums on all silver products continuing to trend lower, further evidence that those making the silver and silver products are trying to outcompete due to available supply and demand from the market.
      @zman, I really don’t know what they price “should be” but my lean is that it is fairly priced to a bit of a deal considering the big picture.  At this point I prefer gold.  @SilverHawk says his trading post will trade at a gsr of 16:1, however he won’t take my silver :). like I said, prefer gold at this point, but I’m acquiring new as opposed to trading my silver for gold… unless silverhawk changes his mind!

    • “the physical stocks underlying the price are near 10 year highs”   Any evidence to back up this claim?
      “it is fairly priced”   I tend to agree with this statement, until we see dealers not selling at $22 oz and only buying at $24, the claims of paper manipulation price suppression have no basis.

    • @zman
      I admire your seeking truth, and wanting proof. 
      One explanation (and I’m sure it will not satisfy your questions, alone) 
      Is that the US PM markets are supplied FIRST, in order to boost confidence in the U$D. 
      You see, OUR confidence in the U$Dollar is of prime importance. If the US Citizens lose 
      faith in the U$D, it crashes instantly. Game Over, Man! So they move the PMs prices LOWER, 
      and keep enough metals liquidity in the LCS and online sellers, so we believe every thing is 
      Hunkey-Dorey while it is actually dunkey-whorey instead! 
      Walked into my closest LCS (antique shop) and checked prices of “junk SILVER” 
      and they want $35 for Morgans, and $40 for ASE’s! OUCH! 
      I will wait until the owner comes in and haggle with him. I have gotten deals, but still a bit above SPOT. 
      Go Figure!

    • @zman, absolutely, i generally don’t spout off specific figures without knowing them.  And actually appears I’m a bit off, close to 15 year highs.
      Check the chart below for history *Update* it should be obvious that this chart stops a while ago and is intended to show history *End Update* You can look at CME group for current levels, or you could trust me that they are currently 165.4 mln oz.

    • mikey, That graph looks a year and a half old (April 2012?).
      So much info and mountains of evidence have been posted on the gold and silver story (GATA, Frank Veneroso, Reg Howe, etc), it’s really sad we still have posters here claiming otherwise. The Adrian Douglas link I posted here months ago showed exactly how they bullion banks have done it over the years. Seriously, who has the “comprehension” issues around here? 

    • Once again, please read the post in it’s entirety.  This chart is old, and I provide the current inventories as well.  30 seconds of searching on google gave me a few charts to choose from, feel free to find one that you like better and post it here.  The cme does not provide history so you either need to track yourself or find someone who does… Ed Steer is my pick.  he has a more recent graphic but with less history.

      Can you repost the adrian douglas link?

    • @mikeyj80 says:

      Apmex selling ‘cull’ silver dollars for ~23 if you buy 100 at a time.  
      I have no experience buying the ‘cull’ grade from them.
      APMEX Used to have a very good description, with pix, of culls. Very low-grade stuff! 
      Definitely what most LCS send off for melt, when prices are HIGH. Some have holes, drilled 
      for jewelry use, like a necklace. All are dinged up and worn. My LCS in the other town where 
      I was living 2 years ago, had “culls” for the same price as APMEX, and they were like the ones 
      APMEX sold for their lowest graded collectibles! I love that LCS but it’s too far to go on a regular 
      basis, and they charge tax even on ASE’s which most places do not do… in fact NO other place has. 
      If they have culls for $23, that is the same as saying $30/oz! 
      A Morgan or Peace contains ~.77 oz Silver, best case, so $23 for 3/4 oz of Ag equals OVER $30/oz!
      These are STRICTLY for bullion stacking! Not collectible at all. Also, overpriced, IMO. But it reflects 
      the CRIMEX manipulated markets! 

    • Thanks for the clarification on quality.  I have been happy with all apmex purchases, but they were all high grade or bullion products.  
      Only intent was to share a source for the coins much cheaper than the 35 per coin you mentioned.  And you are dead on with the price per oz of silver… some of my competition at auctions do not fully understand this which makes buying more expensive than i sometimes think it should be.

    • @mikeyj80
      Correction: I actually described “worse than cull” but their 2 lowest grades seem to be 
      lower than LCS culls. Reviews of CULL silver dollars seem to say that most of the coins are
      at least slightly better than APMEX’s written description. The culls seem to be a good deal in
      the current “junk Silver” buying environment.  

      PS: My old LCS had one grade of culls, it included the holed ones (very few) and I found one
      with a hole that was very very nice! Minimal Silver loss. Still opted for one without the hole :-/

    • “Walked into my closest LCS (antique shop) and checked prices of “junk SILVER” and they want $35 for Morgans, and $40 for ASE’s! OUCH!”
      Was that when you informed them that you can buy all of the ASEs you want from on-line vendors for under $25 each?  

    • “Wouldn’t be surprised to be on a no fly list by now”
      Not to worry, Mary.  My wife and I put ourselves on the “no-fly list” when the TSA goons started rousting old people, terrifying children, and acting like a-holes and sexual predators to everyone else.  The 1st TSA agent who grabs my crotch will be looking up at the ceiling about 2 seconds later.  Yeah, they’ll call in their rhinos to subdue me but I am not putting up with that crap.  No one else should, either.  We just don’t need to fly badly enough to put up with that crap.  AND IT IS CRAP!  Until the airlines grow a pair and provide their own security that is not so ham-handed and overwhelming, we WILL NOT FLY.  EVER.  We can easily afford to fly 2-3 times a year but have not for the past 6-7 years.  Tough noogie for the airlines.  I know that this is not their doing but we are avoiding a major BS storm by not flying.  I wish that everyone else out there would do the same, making a point via an economic boycott.  It really is about the only way of getting their attention but numbers matter and so far there are not enough of us protesting this nonsense.

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