Comment Text:
[CFTC Chairman] Gary Gensler,
I came across this writeup from Ed Steer's "Gold & Silver Daily"
today. This speaks for itself. The CFTC has been investigating the
alleged manipulation of the price of Silver on the COMEX for
more than two years now. The CFTC has not done a thing about
this yet. The illegal manipulation of the price of silver has been out
in the open for many years now. How can the CFTC, in good
conscience, let this go on for so long? The small investor depends
on fair, open and transparent markets. The CFTC is sworn to
protect the little guy. How can you (the CFTC) let this continue?
We don't need another financial meltdown on the CFTC's watch!
It is time to set position limits of 1500 contracts for BOTH LONG
and SHORT positions in Silver, without exceptions, on the COMEX!!!
Thanks for listening.
Heinz
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Silver analyst Ted Butler has the following comments on Tuesday's silver price 'action' in a note to his subscribers yesterday. "The sell-off began, as it almost always does, during one of the most illiquid times of the trading day, during the wee hours of the Comex Globex session. That this is a recurring circumstance is no accident. Very rarely do we see sharp spikes up during these quiet trading times. It's much easier for the dominant Comex commercial crooks to dictate prices at such thin trading times. They can sell a few hundred silver contracts to get the snowball rolling down the hill in order to get speculative long liquidation to join in.
"The commercials then buy back the contracts that the leveraged speculators sell in greater quantities than what they initially sell short at the outset. The process is then repeated until the long speculators are flushed out."
"In this case, it was important for the sell-off to commence when it did because the news from Japan was likely destined to cause precious metals prices to jump in the absence of such collusive commercial manipulation. Given the state of the silver market, had the commercials not rigged prices lower in the wee hours, it would have been much harder for the crooks to contain a rising price. This is the essence of the 25-year silver manipulation."
In response to what happened in the silver market on Tuesday, Dr. Dave Janda over at WAAM 1600 Radio in Ann Arbor, Michigan, sent the following note to Bart Chilton over at the CFTC...."Bart, Over the past two weeks there have been at least two HUGE Criminal takedowns of the precious metals markets. Unfortunately, the CFTC has remained mute. So, I thought I would pass on a quote that I feel is very appropriate regarding the relationship which has developed between The CFTC, Jamie Dimon, Blythe Masters, JP Morgan, HSBC and The CME Group.
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it...and a moral code that glorifies it." –Frederic Bastiat
