JP Morgan Dimon MastersIn December 2012, I received a phone call from the Government Accountability Office (GAO), and that led to me providing documentation about the silver manipulation and the CFTC that led to a number of conference calls with the GAO. The GAO’s mission is to make sure that all federal agencies are conducting their missions appropriately.
I kept my contact with the GAO private so as not to jeopardize any action by the agency, although I must tell you that I was quite excited about the situation
. In time I was informed by the GAO that as the one government agency that reports directly to Congress that it needed to be directed by Congress to look into the matter. In May 2013, I sought to stimulate action by writing publicly about the matter and asking readers to write to their elected officials to urge the GAO to pursue the matter. A good number did just that.
Several months passed and, once again, I grew weary about any follow up by the GAO.  I had heard nothing and assumed the matter was dead.
As it turns out, I was dead wrong. 


 

 

Submitted by Ted Butler:

First, here’s some background. Two years ago this month, a subscriber (Dr. Jeff Lewis – www.silver-coin-investor.com) had a chance social encounter with an employee of the Government Accountability Office (GAO) and as a result suggested that I contact the agency about the silver manipulation and the CFTC’s role in it. Having taken an oath to myself never to pass up any opportunity to help expose and terminate the silver manipulation, I promptly wrote to the GAO on its Fraud Net complaint hotline and just as promptly forgot about it. I admit to having grown weary of waiting for a regulatory remedy in silver.

Seven months later, in December 2012, I received a phone call from the GAO and that led to me providing documentation about the silver manipulation and the CFTC that led to a number of conference calls with the GAO. I kept my contact with the GAO private so as not to jeopardize any action by the agency, although I must tell you that I was quite excited about the situation. In time I was informed by the GAO that as the one government agency that reports directly to Congress that it needed to be directed by Congress to look into the matter. In May 2013, I sought to stimulate action by writing publicly about the matter and asking readers to write to their elected officials to urge the GAO to pursue the matter. A good number did just that.
http://www.silverdoctors.com/ted-butler-busting-the-perfect-crime/

Several months passed and, once again, I grew weary about any follow up by the GAO. In fact, to anyone who had written to me over the past 6 to 8 months asking about the GAO, I told them to forget about it, as I had heard nothing and assumed the matter was dead. As it turns out, I was dead wrong. Another subscriber, Kevin Crosby, didn’t forget about it but instead wrote to his senator from Minnesota concerning the GAO.   Thanks to Kevin’s persistence, Senator Amy Klobuchar contacted the GAO and then sent him the GAO’s response, which I received on Monday.

Here’s where it gets even more interesting; the GAO’s response included a letter the agency had sent to a Virginia congressman, Robert Hurt, back on December 11, 2013. Another subscriber and friend, Chief Nesbit, had been petitioning Representative Hurt for years about the silver manipulation and I had spoken with the congressman’s staff about the issue; yet I was unaware (as was Nesbit) of the GAO’s response six months ago until Monday. Let me stop here for a moment to acknowledge and thank all subscribers who not only provide the financial support that enables me to do what I do, but also for going out of their way to participate in a personal manner. Without subscriber involvement there would have been no contact with the GAO.

If there is anything I have grown expert at over the past 25 years, it is in quickly deciphering letters from government agencies telling me that I’m all wet about my allegations of silver manipulation because that has been all I have ever received. The response from the GAO to Congressman Hurt and Senator Kolbuchar read the same way at first, but on closer review was markedly different. I’ve taken the liberty to reproduce the GAO’s response, but have added emphasis for the two key sentences that made all the difference in the world -

 

 

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December 11, 2013

The Honorable Robert Hurt

U.S. House of Representatives

Subject: Allegations of Manipulation in the Silver Futures Market

Thank you for your letter in which you provided information about allegations of manipulation in the silver futures market and the Commodity Futures Trading Commission’s (CFTC) investigation into the matter. We reviewed the information, which includes allegations of manipulation by Mr. Ted Butler (who comments on the silver and gold markets), and collected additional information for our review.

In brief, the information that you provided indicates that some elements needed to prove manipulation may exist. In May 2008, CFTC issued an empirical study that found no evidence of manipulation in the silver futures market from 2005 through 2007. In September 2008, CFTC announced that it had been conducting an enforcement investigation into the possibility of manipulation in the silver futures market. In November 2011, CFTC noted that its staff had analyzed more than 10,000 documents, interviewed dozens of witnesses, and had obtained expert advice. On September 25, 2013, CFTC announced that it had closed its investigation and that there was not a viable basis to bring an enforcement action. According to CFTC, the investigation utilized more than 7,000 enforcement staff hours. (See the enclosure for more details about the information we collected and reviewed.) We plan to share our information with Mr. Lavik, Inspector General of the CFTC’s Office of the Inspector General, which is responsible for investigating the economy, efficiency, and effectiveness of CFTC’s operations.

Sincerely,

A. Nichole Clowers

Director, Financial Markets and Community Investment

After more than 25 years, this response from the GAO is a stunning development. Two personal thoughts spring to mind. For absolutely, positively the first time ever in more than a quarter century, a US federal agency has acknowledged that some elements of a silver manipulation may exist and has further indicated it is taking up the issue with the prime commodities regulator, the CFTC. The second personal observation is that all the hard core manipulation deniers who ignored the facts and hid behind the consistent denials from the CFTC must now confront the fact that the prime US government watchdog has indicated a silver manipulation may exist.

A word about the GAO. In essence, the GAO is the Inspector General of every other federal agency. All federal agencies report directly to the President, except the GAO which reports to Congress. The GAO’s mission is to make sure that all federal agencies are conducting their missions appropriately. The GAO is not the prime commodities regulator so it is not responsible for determining if silver has been manipulated. But it is responsible for determining, if directed by Congress, if the CFTC has conducted itself properly in reviewing the facts surrounding the allegations of a silver price manipulation.

I know that the CFTC has not conducted itself properly in matters related to the silver manipulation and never has, just as much as I know that JPMorgan and the CME Group are every bit the market crooks I allege them to be. In my documentation to the GAO, I recited chapter and verse as to why the CFTC was not coming close to fulfilling its most basic mission of preventing market manipulation and was further guilty of fraud and abuse in its wasting of taxpayer funds on a phony five year investigation. I was elated at the opportunity to do so.

What’s next? I can’t know for sure, except that the GAO prides itself on thorough, fair and impartial investigations. That’s a dream come true for me as it is all that I have ever asked the CFTC to do. Based upon the GAO’s letters to elected officials, I don’t find it unreasonable that this special agency just might get to the bottom of this sordid affair. A complete and impartial review by the GAO of how the CFTC has conducted itself in matters related to silver should be welcomed by silver investors everywhere.

After more than 25 years, I know better than to place all hope for ending the silver manipulation on any one government agency. Besides, I know the coming silver shortage will accomplish that in time anyway. Still, the apparent interest on the part of the GAO should not be minimized in its potential importance. It’s not every day such a pleasant surprise comes along. In a special note to subscribers, I feel an obligation to make this article public, as so many non-subscribers did write to their elected representatives as a result of the public article last year and I don’t know of any other practical means of letting them know their efforts may have had an impact.

Ted Butler

For subscription info, please visit www.butlerresearch.com


  1. The criminal  fraud & manipulation is evident to all who have eyes to see & read
    I am not going to hold my breath waiting for one government agency to investigate another & end up doing nothing & calling it good that a government agency turned a blind eye to a fraud of the public PM investors by wallstreet to big to jail tribal bankers.
    The below quote speaks volumes of our just-us system.
    My grandfather once said “Ya cant convict a million dollars” back when a million was real money & he was right.
    adjusted for inflation insert billion or trillion & you are good to go
     

  2. Its become increasingly evident that the manipulation will continue until one of these two events occur:
    1. Countries start backing their currency with gold and silver. 
    2. The last silver bar was just sold and there is no more available.  Plus the mines are unable to supply anymore cheap silver in predictable quantities.   
    Until one of those two events happen, expect the manipulation to continue.
    Given the Eastern demand it will most likely be gold availability that breaks the camels back?!  Most likely gold will surge first then little sister silver will start running to catch up. 

  3. I continue to see these price levels as a gift rather than an attack. The metals will never be bargain priced again in my lifetime, and if it ever is considered bargain prices during that time, those bargain prices will not be THESE bargain prices. It’s a gift to stackers so soak it up and enjoy knowing you accumulated while the biggest players accumulated. Only those who read can see the writing on the wall……..after all. If you are a reader too, it’s time to stack the metals.

    We know metals are still valuable. In fact, silver is the most undervalued hard asset I know of. Precious still means precious, in spite of the anti-metal media campaign and the paper pricing.

    • Amen Silver

      P.S. Why would they come to a different decision than the last time they ‘looked into the PM manipulation’ and couldn’t move forward because it was the Govt. who was influencing the market(and they can manipulate in the name of National security)

  4. Regardless of what happens with the GAO, CTFC, CRIMEX, FBI, CIA, ABC, XYZ, etc. I am of the opinion that the very next silver coin minted, regardless by whom, MUST be that of Theodore Butler!
    Any dissenters can kiss my baboons red spot!

  5. Silver is being…..MANIPULATED?
     
    I don’t think so, I haven’t heard a word on CNN, FOX, CNBC, FNC, CSPAN, CBS, NBC or ABC or any of the top major News Papers. I seriously don’t think you people are placing priorities on what’s really interesting in today’s trending arena of major news topics. For example, a bunny eating a raspberry has well over SIX MILLION VIEWS SO FAR!!!
     

    http://news.yahoo.com/blogs/trending-now/video-of-a-bunny-eating-raspberries-has-over-6-million-views-175812484.html

  6. For the first and last time.  It’s the US Government doing the manipulating.
    That’s why the CFTC can’t reveal any of this & why the GAO “investigation” will never amount to anything more than the CFTC’s did.

  7. TheRedPill  It was a quick read and fascinating. I even found a long distant relative in the list  Low level munchkin no doubt.
    Not something you want as bedtime reading but very interesting. thanks for posting it.  

    • I dunno, Mary.  Maybe starting your letters with something other than, “Now, listen up, dumbshits!”, would get a better response?  ;-)
       
      Not that they don’t deserve it, of course.

  8. Ted is just selling newsletters again. The Government is never going to admit the markets are rigged, although the investigations have some use – they will keep Ted in business for years. 

    Of course, after it all collapses, “speculators” and “greedy rich people” will be blamed. 

    • …after it all collapses, “speculators” and “greedy rich people” will be blamed.   
      Which is partly true, but some “not quite 1%’ers” will be blamed and witch-hunted so as to divert attention from the 
      .001%  as they try and make their escape. 
      Who wants to take bets against the possibility that they try and blame PM Stackers for toppling the U$D ?

  9. Just listened to the Greg Hunter/Martin Armstrong interview on Gold/Silver. Hate to admit he’s right after hanging in there for 3 years, but we have several more years of depressed pm’s pricing and a booming stock market ahead of us driven by a powerful Fed that has proven all of us wrong.Best wishes to you die hards that will continue to believe. I am calling Apmex in the AM and bailing out.Going to buy a couple properties and rent them out for now.Wish I had left that money 3 years ago in the annuity-I have lost 75K since the summer of 2011.Only positive takeaway from this miserable experience is that once pm pricing begins to recover(if they are ever allowed to do so), I will know what to look for and get back in. One final word to all the gurus. Thanks for the painful lesson. Regards from a jilted silver lover.

    • Please don’t take everything Armstrong says as gospel. Armstrong refuses to acknowledge that precious metals are heavily manipulated, couldn’t explain why Germany only received five tons of gold last year and when pressed on this issue wrote a ridiculous article stating that it  didn’t even matter if the US Treasury had any gold.

      http://www.gata.org/node/12543

      He also doesn’t seem to understand that the world is undergoing a global paradigm shift away from the fraud ridden financial system run by the USA/UK to eurasia. This is easily observed by massive gold movements east as well as the increasingly desperate attacks launched by NATO sponsored terrorists in Libya (2011), Syria, Mali, CAR, Ukraine, and now Nigeria, Boko Haram being the latest Al Quaeda (US/UK) franchise.

    • @Bradford
      If I were in your shoes, I’d just liquidate what was needed to keep afloat as long as possible. 
      I know there have been lots of “troll predictions” of $15 Silver, even here on SD, but that is 
      all just TPTB desperation, and some of it is getting into good people’s heads as well.
      Total BS,* IMO. 
      Bad time to sell, as we keep bouncing off a pretty solid BOTTOM, it seems. Has ANYONE 
      ever witnessed such a multiple bottoming of markets like we are seeing NOW? EVER??? 
      Don’t let the A-Hoes get into your head Bradford. I’m thinking I see light at the end of this tunnel, 
      doesn’t look like a train to me! lol
       
      * see attached pic ;)

  10. Silver is NOT what`s at stake here. U.S. Currency is what`s at stake. Let me remind you what`s happened.
     
    1. Silver was removed from the coinage in 1965.  Not many cared.
    2. Nixon closed the Gold window in 1971. Not many cared.
    3. A fictitious gasoline shortage was thrust upon us in 1973. THEY (and in this context THEY is a very big word.) wanted to see if we would obey and line up for gasoline. We did. And nobody complained much.
     
    The above examples are the events that led to the ruination of our currency. Lets look at what`s happened since.
     
    The NSA is listening to your calls.  The NSA see`s what you wright on the internet. The NSA fly`s drones around our cities. The NSA knows how much you have in the bank.
     
    A wise man once said “You cannot trade Liberties for Security.”  Thomas Jefferson
     
    It`s a pittifull shame whats going on in Afganastan. We have engaged a low tier foe for a total of 12 years now.
    Let me put that into perspective,
    1. If you were  6 years old on 9/11, your now old enough to be on the battlefield.
    2. It took less than 1/3 of that time to defeat the Nazi`s, and Japan. Think about that one.
    3. Our boys are fighting dudes squating in a cave with a cell phone and a AK47.
    4. We have ZERO vested intrest in Afganstan. We should get out now. Yesterday, or mabey sooner.
     
    At the foot of the Statue of Liberty, the inscription say`s   Send us your poor, your tired, your huddled masses yearning to breath free.
    The God Damn Islamic radical don`t yearn to breath free, and thats the only qualification stated on the Statue of Liberty. And we fucked that up too.
     
    That`s it for tonight.

  11. “What’s next? I can’t know for sure, except that the GAO prides itself on thorough, fair and impartial investigations. That’s a dream come true for me as it is all that I have ever asked the CFTC to do. Based upon the GAO’s letters to elected officials, I don’t find it unreasonable that this special agency just might get to the bottom of this sordid affair. A complete and impartial review by the GAO of how the CFTC has conducted itself in matters related to silver should be welcomed by silver investors everywhere.”
     
    Indeed.  Unfortunately, some low level eager beaver at GAO has responded to Mr. Butler and given him an answer that isn’t a flat “NO!”.  I suppose that can be taken for “yes” but it IS a stretch.  At about this time, some wizened long-time gov apparatchik is explaining the facts of life about how gold and silver manipulation work, what their goals are, and exactly who is doing them.  Once that is heard and understood, it will be clear that the eager beaver is now on a short leash and their career in government will be in limbo for a time until they decide to support the team fully and not wander off the reservation again.
     
    As to “what’s next“, I think that we all know the answer to that and it’s… not a damned thing… as usual.

     

  12. After reading the post from TheRedPill,  re: the Charles Savoie book about the Pilgrim Society, we have some serious work to do.  
    These people are mortal but they breed more Pilgrims, Pilgrims who are all about continuing their self appoint role as destroyers of humanity and enrichment of the Pilgrims and their accolytes.
     It appears that most of the top  leaders of the UK and US. many members of the Dark State and top crony capitalists are part of this secretive group.  They are remorselessly opposed to silver. Stealing and debasing silver takes wealth from the people.   That cant would tell anyone who knows a bit about evil men and the evil they do, that silver is real money, the real deal and worth saving, both as a stacked commodity and as something important to our wellbeing and maybe even our souls. It’s kind of hard to be charitable and giving when these sons of bitches are trying to kill us. But we must try to be more charitable in the face of these storm forces.
     They more they rage against us, the more we can take heart that our work and fight against them is having an effect.  It is possible for them to lose. It is possible for the Rothschilds and Roosevelts to lose.  They can be exterminated by a determined people.   I am very martial in that attitude.  I don’t think they will give up wiithout a fight, even if it means we go FULL RETARD AFGHANI and fight these bastards in the fields and streets of their domain. They are easy to ID. Just look around. The lists are full of their names.
    We all seek answers, asking questions as to why we face such steep odds, realizing that some questions have not been answered because of the welter of confused opinions and voices that are seeking the elemental truths. The 1% seeks to confuse the 99% or buy them off or enslave them or us.  That must not stand and in the age of the internet even the most illiterate can see their penury and enslavement, doing so with a mere click of a mouse. Eyes are opening across the globe and people seek liberation from their chains.  Debt must be destroyed.  Enslavement to the empire of FIAT cannot stand or we will be slaves to this paradigm forever.  And this will happen with a greatly deplete population.  This is also the mission of the evil empires.  We and our families are their targets.  
    The old saying “the enemy of my enemy is my friend’ is appropriate.
     My enemies are those who look to take my liberty, freedom and real money.  
    My friends are silver and gold; and the people who seek understanding or have it and share it.
    They are my inorganic allies in troubled times. My organic allies are growing as well.
    Cheers

    • My dear esteemed and learned colleague AGX-
       
      Again, when researching this long ago I vaguely recall coming across data that claimed that these members are at the top of the heap. Kinda makes sense when one realizes the power Rhodes whom created this organization  wielded when representing The City of London. Keep digging as this is about the only thing we can do while ‘Rome’ burns.
       
      Since we need all the tools we can muster, here’s another little gift for your library…Enjoy!
       

      http://www.bibliotecapleyades.net/esp_temas2.htm#sociopolitica

  13. TheRedPill.   Thank you   The first article that caught my eye was unlocking the secret code of the brain.  There was a tweet just a moment ago about privacy and someone said ‘the only privacy we’ll have at this rate is the privacy inside our brain–the privacy of our thoughts’
    NOT likely.  even with a little reading on this subject, it appears that scientists and researchers are not far from the day when a bit of electronic apparatus can be inserted in the brain case, attached to our bodies with a cyber-neural interface or maybe just scanned remotely with a chip or smart card/phone, that continuously reads our thoughts—not every word—but certainly enough neural signals to interpret these signals as a pattern of thinking that would have some meaning to the person interpreting these signals from afar.
     I’d imagine in this world, the mind scanners would immediately send the goons or a drone to have a friendly talk to the malefactor.
    Hopefully that won’t take place in my lifetime cuz’ at some time or other y’all would not be hearing much from me anymore.
     Driving while Thinking could be a federalized offense PQD.  
    Of course we can go FULL RETARD John Conner and smash these metal M******** to junk
    I’ve always enjoyed breaking things with a sledge hammer.  LOL

  14. Cool.
     
    My emails To McIntyre, Hagan, and Burr. Nearly fell over when I got a phone call from Burr’s office asking me4 more info. 
     
    There is a bad problem going on in this country and it has been going on since at least 1986. JPMorgan and the Federal Reserve have been price fixing the price of silver and gold down. They have many tricks but one of the most blatant is selling silver and gold contracts they don’t own the silver gold short, this is called naked shorts. The entire integrity of the USA is compromised because of this price fixing scheme. The letter below is from a guy who has been trying to get the agency in charge of stopping this illegal crime CFTC to do their job. The CFTC is not doing its job because JPMorgan or the FED has compromised them from doing its job. So Mr. Butler has contacted the GAO, a government department you can insist that the GAO make the CFTC do its job. 
     
    America is based on true Americans doing things because they are honest and right regardless of the consequences. If one talks to JPMorgan or the FEd they are going to say they price fix metals down because if they don’t the US dollar will crash further. Believe me. This talk is nothing more than a talk for their benefit. What is going to happen is going to happen. Stealing the silver and gold from people and confiscating silver and gold miners who are being run out of business is going to make the USA such an evil country there is nothing anyone on earth could do that is more evil. Making sure silver and gold is not cornered by JPMorgan and the FED may be the only step that can be taken that MAY stop this world from being terminated. This may sound a little exaggerated. But its not. If JPMorgan and the FED are not stopped from cornering all gold and silver, this world will die. That’s it. That’s all. People of power may yawn and say we’ll see. Yes we will. It boils down to this. Stop JPMorgan and the FED from price fixing the price of silver and gold down, or die. 
     
    —–Original Message—–
    From: fasttedb
    To: GravesR
    Sent: Mon, Jan 7, 2013 1:30 pm
    Subject: Re: Information
    Mr. Graves,
    I am requesting that the GAO investigate the Commodity Futures Trading Commission’s (CFTC) handling of allegations of a manipulation and price-fixing in the silver market. The allegations are based on public data published regularly by the CFTC and in correspondence from the agency to various lawmakers. Data from the Commission’s weekly Commitment of Traders Report (COT) and monthly Bank Participation Report indicate such an extreme degree of concentrated holdings on the short side so as to make it impossible that this extreme market share is not artificially depressing the price of silver. According to my analysis, one bank, JPMorgan Chase, has held a short side concentration that has amounted to as much as 35% of the entire COMEX silver futures market and the equivalent of 25% of the annual world mine production of silver. Such levels of concentration constitute price manipulation, which is the agency’s primary mission to prevent…

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