Ted Butler: COMEX – Why It’s Corrupt

GLDIt is one thing to label (libel?) the world’s most important precious metals exchange as the most corrupt; but perhaps quite another to prove it in terms beyond reasonable doubt.
First, let me be clear in what I am asserting – the Commodities Exchange Inc. (COMEX), owned and operated by the CME Group, has come to control and manipulate the price of gold and silver, as well as copper, for the sole benefit of certain exchange insiders, most prominently JPMorgan. [Read more...]

CME Attempts to Install Price Limits on Gold & Silver Reflects Frantic Desperation

dollar collapse panicPerhaps the most unsettling recent event was the announcement by the CME that it was looking at putting daily price limit curbs on gold and silver futures.   Why now?  The daily volatility of gold is at a 4-yr low.  Why were limits not in place a year ago when the bullion banks took the price of gold down $200 in a 24 hour trading period?
The only reason to put price limit curbs in is to prevent true price discovery.
Something is seriously wrong behind the scenes and I have a bad feeling – as do many of my colleagues – that we might find out exactly what it is before the end of the summer…

[Read more...]

Prices Successfully Smashed to Multi-Year Lows, CME Seeks to Introduce Daily Price Limits on Gold & Silver Futures

Bernanke-Dimon-Fed-TunnelYou have to give the Western bullion banking cartel credit.  They are leaving no stone un-turned in their efforts to suppress precious metals prices and sentiment.
With gold and silver completing a 3 year correction, and both metals trading near multi-year lows, Reuters reports that the CME is looking to introduce daily price fluctuation caps (reportedly 1%) in gold and silver futures in a bid to “reign in wild volatility”.
It looks like GATA’s 2% rule in gold is about to be cut in half.  [Read more...]

CME Announces Plans to Launch Physically Settled Asian Gold Futures Exchange

CMEWhile many precious metals blogs and investors have proclaimed an imminent COMEX default since 2008, we have long maintained that the COMEX is more likely to fade into irrelevance than to outright default on gold or silver bullion as physical Asian demand would facilitate the development of physical exchanges in the east.  
It appears that the CME decision makers have seen the light and agree with us, as Reuters reports this morning that the CME plans to launch a physically settled gold futures exchange…in Asia.  [Read more...]

The Gold Spread and Wall Street Banks

It is so obvious, and so apparent, that I wonder why commentators have only now seen fit to begin commenting.
“It” of course, being the pronoun referencing the gold spread and the insane, short-term profits the Wall Street Banks have been reaping right before our eyes.   [Read more...]

*Breaking: The Comex Confirms That Its Gold and Silver Inventory Reports Are Fraudulent!

“The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness.  This report is produced for information purposes only.”

[Read more...]

Nearly 20% of CNT Silver Inventories Withdrawn from COMEX Vaults Monday!

COMEX SILVER 40913Epic drainage of physical silver inventories continued Monday, as Brinks’, CNT, and Scotia all reported massive withdrawals of silver from their COMEX depositories.
The biggest withdrawal came in the CNT vault, where 1.138 million ounces (including 737k REGISTERED oz) were withdrawn- an astonishing 17.3% of CNT’s entire physical silver inventory vaporized overnight! [Read more...]

Gold & Silver COT Report 2/22/13: Commercials Cover Astonishing 44 Million Ounces of Naked Silver Shorts!

goldCOTBy SD Contributor Marshall Swing:

Gold & Silver COT Report 2/24/13:

Commercials added 2,026 additional long contracts to their total on the week after tremendous gains last week and covered a huge 6,815 shorts to end the week with 47.11% of all open interest, a huge decrease of 2.35% in their share since last week, and now stand as a group at 189,780,000 ounces net short, which is a decrease of over 44 million net short ounces from the previous week!!! [Read more...]

CFTC Files Suit Against the CME

CMEThe CFTC Thursday filed suit against the CME seeking civil monetary penalties and trading and registration bans for to CME employees, William Byrnes & Christopher Curtin for allegedly intentionally disclosing material non-public information pertaining to specific customer traders.

The suit alleges that from February 2008 to September 2010, Byrnes & Curtin intentionally disclosed material nonpublic information about CME NYMEX trading and customers to a commodity broker on nearly 80 occasions.

Full complaint from the CFTC is below:
[Read more...]

Gold & Silver COT Report 2/15: Commercials Cover 27 Million Ounces of Silver Shorts!

gold COTBy SD Contributor Marshall Swing:

Gold & Silver COT Report 2/15/13:

Commercial gorged on 5,889 additional long contracts to their total on the week and a net modest 740 new shorts to end the week with 49.46% of all open interest, an huge increase of 1.76% in their share since last week, and now stand as a group at 233,985,000 ounces net short, which is a decrease of 25,745,000 net short ounces from the previous week[Read more...]

18.3 M oz SLV Deposit & JPM’s New Silver Vault: JPM Discovers Way to Bypass COMEX Re-entry Process

shell-game1Submitted by AboutAG:

Why Was 18.3Moz of Silver Deposited into the SLV Jan 16th?

The obvious answer is “JPM opened a new warehouse!”.
However, that does not answer the question, as only 10 Moz went into their new warehouse.

The experts seem to agree that one of the most plausible explanations is that JPM closed out their short position in SLV.
One or more people have 17,016,600 shares of SLV short (about 16,458,115oz) at last count (which could be a couple weeks old). It is believed that JPM is likely responsible for much or all of that short position. The unexplained addition of 17,410,210.4oz to SLV (remember, 967,881.6oz are considered a ‘normal deposit’) would cover the entire short position and then some. Or if another 967,881.6oz (1M shares) were a normal deposit, that would leave 16,442,329.4oz unaccounted for, almost exactly matching the short position.

It appears that JPM has found a way to bypass the COMEX re-entry process, making the transfer of bars from SLV to COMEX and vice-versa extremely simple.
[Read more...]