Our talented Pining caught up Bart Chilton on his way out the door at the CFTC today… [Read more...]
Is 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...]
Criminal 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
The 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 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...]
Bart 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:
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...]
David Morgan joins Elijah Johnson to discuss the Federal Reserve’s recent decision to continue printing $85 billion each month to “stimulate the economy.”
Morgan declares that the truth of the matter is, the Fed continues their printing to “keep the banking system, the ‘Too Big to Fails’ intact.”
Morgan also discusses his view on the recent announcement by U.S. Commodity Futures Trading Commission (CFTC) regarding silver market rigging, and whether the US will raise the debt ceiling and re-open the gov’t, or whether the US will default for the first time in history.
David Morgan’s full interview is below: [Read more...]
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...]
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.
Open Letter & Petition to CFTC Commissioner Bart Chilton
Petition Background (Preamble):
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:
*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...]
What makes the silver (and gold) manipulation the perfect crime are a number of elements; short term price control through High Frequency Trading, compliant regulators and the fact that most victims don’t even realize they are being had, as the sellers are mostly just reacting to the deliberately-set lower prices. It’s hard to end an ongoing crime in progress when so many don’t realize it is in progress. Worse, there are still some who profess that there is no manipulation underway. And for the few who do realize what’s really going on, what can you do about it when the regulators are in bed with the manipulators? Perhaps the options are limited, but that’s not the same as non-existent.
I believe that an impartial review of the CFTC by the GAO could end the silver manipulation.
The 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.
By SD Contributor Ted Butler
We’ve just crossed a few important anniversary dates that relate to silver that taken in proper perspective point to a disturbing conclusion. That conclusion is that the US commodities regulator, the CFTC, has done more public harm than good over the past few years. Simply put, the public and our markets would have been better off had the agency not been run by the commissioners in place, specifically including Chairman Gensler and Commissioner Chilton. In fact, rarely has so much promise for genuine regulatory reform been squandered as badly as has been the case over the past few years.
I single out Gensler and Chilton because they were once the good guys on the Commission or the only ones pushing for position limits. Since they have allowed position limits, the silver investigation and the unprecedented price declines in silver to fade into the sunset unresolved, they must be held to the greatest standards of failure. In a very real sense, Gensler and Chilton have done more harm as a result of first championing the important issues and then abandoning them. [Read more...]