Open Letter To Bart Chilton

ChiltonFailure to address precious metals market manipulation is your true legacy, Mr Chilton.  Position limits by themselves fix nothing.  To your credit, you did make the space for GATA’s Bill Murphy to introduce critical testimony to the CFTC during a 2010 publicly broadcast hearing.  But that’s the only thing we can objectively point to suggesting your job performance wasn’t just another example of a spineless regulator captured by the industries he is supposed to regulate.
But it’s not to late, Mr. Chilton.  You can still become a whistle-blower.  [Read more...]

Pic of the Day: Bart Chilton Steps Down

Our talented Pining caught up Bart Chilton on his way out the door at the CFTC today… [Read more...]

“At Last”: Bart Chilton Stepping Down from CFTC!

ChiltonIs it Mission Accomplished for the CFTC’s “Good Cop”?
In a statement just released by the CFTC, Bart Chilton has sent President Obama notice that he will be stepping down from his position as a CFTC Commissioner.

Chilton’s full statement on position limits & resigning from the CFTC is below: [Read more...]

Market Manipulation & The Sicilian Code

mafiaCriminal enterprises the world over are tied together by a particular conduct so endemic to organized crime that it might accurately be referred to as Mafiosi Best Practices.  It is based on the very common-sense principle that one should never, ever leave a paper trail of one’s criminal activity.  Any document, from notes at a meeting to a list of goods, is a tangible piece of evidence that could be used against you at some future date.  The Sicilian Mafia, renowned for their “code of silence”, had an old saying which sums this up perfectly: Never write when you can speak, and never speak when silence will do.
What does this have to do with Gold and Silver?  Perhaps a great deal.  [Read more...]

CFTC Files and Settles Charges Against JPMorgan Chase For Manipulative Conduct In Connection with “London Whale” Swaps Trades

Jamie DimonThe CFTC has announced Wednesday evening that it has settled with JP Morgan for $100 charges that the bank violated prohibition on manipulative conduct in connection with the London Whale swaps trades which saw the firm lose nearly $9 billion.
In the settlement, JP Morgan admitted that its traders (no mention of Mr. Dimon, who assuredly approved his traders actions removing IG9 swaps delta hedging interest rates) acted recklessly, and agreed to the $100 million penalty. [Read more...]

Precious Metals Markets: The New Wild, Wild West

Precious metals markets are now the Wild West: a lawless territory where the Judges are bought and paid for, and where brutal and rapacious men are allowed to pillage the populace at will, unchecked by the rule of law.  The Sheriff is too cowardly to emerge from his office, let alone do anything to go after the bad guys.  He slumps impotently behind his desk, mourning his receding hairline and hoping against hope that nobody brings in more evidence of wrongdoing- not because he would then have to do something (there is no crime so egregious to cause him to bestir himself) but because such revelations make his inaction and cowardice even more publicly humiliating than they already are.
Meanwhile, the townsfolk are realizing they are completely on their own.  They stay inside and keep their heads down, trying not to get preyed-on by the gangs of sanctioned looters roaming the territory.  The smart ones are quietly stacking all the gold and silver bullets they can lay their hands on, knowing that they and they alone are responsible for their own safety. [Read more...]

Friday Humor: Bart Chilton: If You Don’t Want Consumers Protected, Fire Us All!

ChiltonBart Chilton provided Friday humor a little early yesterday on Bloomberg: “If you don’t want consumers protected, fine, fire us all, shut us down.
If you want the markets safe, secure, efficient, and effective, that helps markets and consumers, you’ve got to keep us on the job.”

Chilton’s full Bloomberg interview on why strong regulators (an oxy-moron if we’ve ever heard one) are needed is below:

[Read more...]

Gensler to Step Down as CFTC Chairman

Gensler

H. Darr Beiser USAT

The WSJ is reporting that Goldmanite Gary Gensler has declined an invitation from President Obama to serve a second term as CFTC Chairman, and will leave the CFTC by the end of the year.
Apparently Goldman no longer needs their man at the CFTC now that the agency’s 5 year “investigation” into silver market manipulation has been put to rest. [Read more...]

Did Bart Chilton Predict Today’s Gold & Silver Smash?

Bart Chilton on today’s metal’s smash:  You’re on your own.
Chilton’s prediction that the “do-badders” would attack due to lack of any gov’t oversight of the markets in light of the gov’t shutdown is below: [Read more...]

Another Day, More Algo Silver Manipulation: SD Dissects Today’s PM Smash

This morning’s trade in silver demonstrates a pattern regular observers of this market will instantly recognize. 
This pattern happens so frequently that any claim by the CFTC that they couldn’t get to the bottom of this sort of crap is just nonsense.
But we have a pretty good idea why the CFTC closed it’s investigation.  How can you bust the government that your agency is a part of?
We see the firm control of manipulation algo patterns operating in the early morning hours both yesterday and today.  Then, we have a flash crash running of the stops going into the COMEX open, which has been a one-two punch set-up we’ve seen countless times.    The only thing different today is that there was more low hanging fruit to harvest on account of gold and silver speculators fearful of what a government shutdown could mean such that these speculators were operating with tighter stops.
This was furthered by the fact that support levels informing the views of these technical analysis dependent speculators were targeted and blown out of the water by the fast crash algo manipulation.
[Read more...]

SD Weekly Metals & Markets: A Discussion on The End Game With GATA’s Bill Murphy

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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! [Read more...]

Bart Chilton, RESIGN and Become a Whistleblower: Open Letter & Petition

ChiltonTheNewsDoctors.com Exclusive:

Open Letter & Petition to CFTC Commissioner Bart Chilton
Petition Background (Preamble):

CFTC Commissioner Bart Chilton has claimed he stands for honest markets. We, the undersigned, call upon him to read the open letter below and take the only appropriate action remaining. Mr. Chilton: Resign, become a whistleblower and take your rightful place in history.
Click here for The News Doctors’ Exclusive open letter to Bart Chilton calling for the CFTC commissioner to resign and become a whistle-blower on the manipulation of gold and silver markets:

 

 

*Breaking: CFTC Closes 5 Year Silver Investigation- No Viable Evidence of Manipulation

*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! [Read more...]

Banks Are Fined for LIBOR & Energy Manipulation, But Prosecution of PM Rigging Cannot Be Permitted!

Jamie Dimon

We know market rigging occurs every day. We may not be able to see it, as it’s hidden in vast arrays of high frequency trading at the nanosecond level. The manipulators can conceal their work through offshore accounts.  Proxy traders conceal their actions, but we still know it goes on.
Why do these excesses and criminal actions get punished only lightly, with no jail time and little more than a miniscule fine?
Because it is in the interest of the government to disclose only enough to the viewing public so that it is possible for a prosecutor to wage his little war against JPM, while, in the full knowledge that the real story is infinitely deeper.
It’s like prosecuting the Mafia. A don or two goes down but the enterprise continues to thrive. Every one prospers; banks, criminals, attorneys and the government. Its a win-win for all except the marks who suffered predations by these people.
But the one market that can never be prosecuted is the market in which the government is running the fraud. The government is in the precious metals market. That market belongs directly to the government. That market must be suppressed because if it is not, the government is screwed.
Legal beagles, attorneys general, and private lawyers cannot get a handle on this manipulation; they cannot be allowed to find the bodies and levy fines because the government cannot allow it.
The government is the market, manipulates the market and this game MUST continue.

[Read more...]

Free Market Forces Will Do What the CFTC Will Not!

gold & silver sold outThe CFTC IS the watchdog for abuse in the options and futures markets and Friday April 12-Monday April 15 were beyond obvious as to what was done.  Reportedly 1,000+ tons of paper Gold were sold in less than 8 hours of trading.  This is 32 million ounces.  This is 40% or more of ALL Gold produced on the planet in 1 ENTIRE YEAR!  “Who” in their right mind would sell in this fashion?  Who in the world even holds this amount of Gold?  The answer in case you are wondering is NO ONE (other than central banks and THIS may not even be true any longer)!
Forget completely the nuts and bolts, look at this through the eyes of an 8 year old.  The price of the physical metal is different than the futures prices.  ONE of these two must be wrong by definition as they cannot both be correct.  The “price” is and has been “set” by the paper markets.  The “tail is wagging the dog”, this is more than obvious.  The futures markets were set up originally to create liquidity and facilitate suppliers hedging and speculators speculating.  This has gone on for years now (at least since 1996).  Obviously “something” isn’t right when one market has one price and the other another price so …what to do?  Just sit back and wait…for the inventories to be wiped bare.
[Read more...]