Comment Text:
10-005
COMMENT
CL-02445
From:
Sent:
To:
Subject:
Michael Royea
Friday, April 2, 2010 3:11 PM
Metals Hearing
metals position limits
CFTC: Obey Your Plaque!
(Stop the Fraud!)
Silver Stock Report
by Jason Hommel, April 1, 2010
The Plaque reads:
THE MISSION OF THE
CFTC
IS TO PROTECT MARKET
USERS AND THE PUBLIC
FROM FRAUD,
MANIPULATION, AND ABUSIVE
PRACTICES RELATED TO THE
SALE OF COMMODITY10-005
COMMENT
CL-02445
FUTURES AND OPTIONS, AND
TO FOSTER OPEN,
COM PETITIVE, AN D
FINANCIALLY SOUND
COMMODITY FUTURES AND
OPTION MARKETS
CFTC, obey your plaque!
When the open interest in silver futures contracts exceeds 800 million oz., and when the silver on
deposit for delivery is a mere 50 million oz., it does not take a genius to figure out that something
is out of balance. That's onlya 6% backing!
When the London OTC market trades in excess of 125 million oz. of silver per day, and only has 75
million oz. of physical in the vaults, again, it does not take a genius to figure out that something is
out of balance there, too. The BIS notes that the OTC "over the counter" other precious metals
derivatives exceed $200 billion, which is about 12 billion oz. of silver, or almost 24 years worth of
mine supply, and 160 times the 75 million oz. they have left!
It should not take any hearings or investigations. But the investigations serve the purpose
of revealing the numbers to CFTC commissioners who may not otherwise know.
The London fraud is easier to understand, even though it is bigger. Why? In Europe, there is the
VAT, and on silver, it's about 17% if you take your silver out of the banks, and take delivery.
Therefore, most people leave it with the banks. But there is no "it", no silver.
YES, THIS IS THE WORLD'S BIGGEST FRAUD! BIGGER THAN EVERY OTHER FRAUD, EVER!
PERHAPS BIGGER THAN ALL OTHER MONETARY FRAUDS IN THE HISTORY OF THE WORLD,
COMBINED!
The world's gold market is likea Ponzischeme, or bucket shop. Around 100 years ago, there were
brokerage houses (bucket shops) that let you buy stocks, and they would give you a receipt, but
they would not buy the stock, they would simply buy back your receipt if the stock went up, and if
you cashed in your receipt. Two big"ifs". Jesse Livermore wrote about the bucket shops in his
famous book, "Reminiscences of a Stock Operator".
http ://www.a mazon.com/rem in iscences-stock-operator-edwin-lefevre/d p/0471059706
The government eventually put the bucket shops all out of business, because they were all fraud.
(Also, the government banks don't like competition.)
Jesse notes that the bucket shop trading was different than a real market, as you would not move
the market price of stocks you bought or sold, and so, you could buy the stocks cheaper, not
paying such large commissions, and also, not moving the market price up against yourself as you
were buying.
Same thing in the gold and silver markets. The big brokerage houses promise silver at lower
commissions, but only if you don't ask for delivery.
The gold and silver markets are no different than a bucket shop, it's cheaper, but if you don't take
delivery, your silver does not exist.
GATA seems stunned by the admissions of Jeff Christian at the CFTC hearing, where Jeff admitted
that the leverage of paper gold to physical gold is over 100 to 1 in the London Market. Listen as
they explain:10-005
COMMENT
CL-02445
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/31
GATA files/GATA%
203% 3A31% 3A2010.mp3
I was not stunned by that, because I've read the CPM Group's reports, and I've read the BIS
reports, and I've been mentioning the BIS report for nearly a year now, since April 6th, 2009.
BIS Admits $190 Billion Silver Fraud
http ://silverstockreport.com/2009/OTC-silver-fra ud. htm I.
I don't know why a verbal admission by an idiot has more weight than the written reports of the
BIS, but there it is.
More stunning than the plaque is the BIS report. It puts the fraud in writing! See the OTC"other
precious metals" derivative obligations at $203 billion!
http ://www. bis.o rg/statistics/otcder/dt2 lc22a, pdf
Second table, towards the bottom, middle of the page.
Heading is "Notional Amounts Outstanding"
Column: Jun 2009
Row on left, "Other Precious Metals"
It's right there, black and white, full admission, by PEOPLE IN POWER, the BANK OF
INTERNATIONAL SE-I-I-LEMENTS. This is not a secret.
It should be daily front page business news, but the report only comes out once every 6 months.
Also, if the media don't know where to look, and if they never learned how to read a chart, then
what chance is there of coverage? At least the CFTC hearings put this on center stage from many
who were in denial.
Sincerely,
Jason Hommel
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