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Posts Tagged ‘CFTC’

Kartellen kan ge guldköpare ett gyllene tillfälle

De som ännu inte av olika anledningar tagit steget fullt ut och köpt guld ser ut att kunna få ett gyllene tillfälle de kommande dagarna då kartellen verkar ha bestämt sig för att ta chansen och måla upp en sk dubbeltopp för guld.

Vi fick redan igår en första signal om att man inte tänkt tillåta en fortsatt uppgång mot 2000 dollar då SNB dumpade ett stort antal papperskontrakt på marknaden minuterna före sitt historiska interveneringsbesked. När vi imorse fick se ytterligare en stor påse med papperskontrakt dumpad under den mindre likvida asiatiska handeln så kunde signalen inte bli tydligare.

Som många noterat efter gårdagens besked från SNB så är guld just kanske den enda tillflyktsorten undan världens allt snabbare urholkade pappersvalutor. Som vi uppmärksammat tidigare så försöker alltid kartellen göra sitt yttersta för att guld skall falla när alla förväntar sig att det skall stiga för att förvilla, varför det är så lätt att genomskåda manipulationen i samband med SNB-beskedet.

Precis som vi såg förra året försöker kartellen med all sannolikhet också att pressa tillbaka guldet (och lyfta dollarn) innan Fed-beskedet den 21 september så att guld kommer att stiga från en lägre nivå och för att dollarn inte skall braka igenom det psykologiskt oerhört viktiga stödet kring 71 på dollarindex.

Noterade ni förresten uppgiften att CFTC ledamoten Bart Chilton lovat att ‘tala ut’ om manipulationen i slutet av månaden om CFTC fortsätter att förhala införandet av ‘position limits’. Skall bli intressant att följa.

Fann för övrigt följande kommentar från James McShirley intressant:

Traders who for decades shadowed the cartel’s 1% and 2% rules (a virtually risk-free trade) must now be terrified of shorting gold for ANY reason, let alone at 1% and 2% daily gains. That risk-free trade has suddenly become VERY dangerous, as last Friday proved. This will further isolate the cartel, as they lose the support of locals and savvy traders who were previously glad to take a sure thing when it was offered.

Tror James analys är ‘spot-on’. Sannolikt kommer det bli svårare för framförallt mindre handlare att ta rygg på kartellen och blanka guld då man inte kan lita på att manipulationen kommer att lyckas med tanke på att allt fler nu kastar sig över guld vid minsta nedgång.

Kategorier:Guld Taggar:, ,

Kartellen gör allt för att förhindra/fördröja ‘position limits’ från CFTC

Måndagen bjöd på en del intressanta händelser för guld- och silverinvesterare. CFTC har under en tid samlat in kommentarer till deras planerade ‘position limits’, som är extra intressanta för silverinvesterare, och när vi närmade oss deadline så kunde vi igår läsa följande:

• BARCLAYS SAYS CFTC SHOULD DEFER DECISIONS ABOUT NATURE AND EXTENT OF POTENTIAL LIMITS UNTIL AFTER IT COLLECTS NEW DATA ABOUT OTC MARKETS

Inte för att det kommer som någon direkt överraskning. Det är mycket som står på spel och även om bankerna kommer att hitta kryphål även i ett nytt regelverk, så kommer de göra allt för att behålla status-quo.

Här är en kommentar från ZeroHedge:

Well, we know at least one bank has some sizable, non-grandfatherable commodity block positions. Why Barclays thinks CFTC does not have data on OTC markets is beyond us. So while we await the CFTC to issue its decision on position limits, any minute now, we wonder just how many other banks (wink wink Blythe) will follow up with comparable objections demanding an ”indefinite” delay to what may soon unleash true price discovery, particularly in the PM market. And incidentally, whatever happened to the Fed’s mandated disclosure of the confidential bank rescue information. At what point will Ben Bernanke be held in contempt to court for not following the decision of the Superior Court? 

Vad som skapade en hel del diskussion inom bloggosfären igår kväll var följande info från CFTC (via ZeroHedge), vilket många tolkade som om något mycket stort är på gång:

The U.S. futures regulator said on Monday it has canceled its latest rule-making meeting scheduled on March 30.

The U.S. Commodity Futures Trading Commission did not give a reason for the cancellation. The agency had planned to introduce at its 13th rule-making session a measure for data recordkeeping and reporting requirements for swaps prior to implementation of the rule, as well as transition swaps.

The CFTC is writing dozens of regulations to implement the Dodd-Frank law, which was enacted last July and gives the agency oversight of the $600 trillion global swaps market.

The agency also has scheduled a meeting on April 7 to introduce another batch of proposals. Measures including capital and margin requirements for non-bank companies, and a definition for the types of swaps that will be required to clear and trade have yet to be introduced.

Här är en kommentar från Harvey Organ:

As many of you know, our CFTC commissioners are meeting and assessing what all of us complained to them. I did not realize that the meeting was set for March 30.2011.  Now this meeting has been cancelled. I am very angry at this. I will report when I get more information.

ZeroHedge publicerade även igår ett intressant inlägg där man lyfte fram en del intressanta kommentarer som inkommit till CFTC, bl a från Goldman Sachs och Morgan Stanley. Inget från JP Morgan, men väl intressanta kommentarer från World Gold Council, som uppger sig stödja guldbranschen, men i själva verket går kartellens ärenden.

Här är en kommentar från GATAs Chris Powell:

The council’s objection to position limits involves to a great extent their potential to interfere with the derivative instruments that have diverted monetary demand for gold away from real metal and into paper promises of metal that suppress gold’s price but can’t be fulfilled, and the potential for position limits to interfere with hedging by gold miners, another price-suppressive practice.

In essence, the council’s statement is a defense of an unlimited supply of paper gold issued by the several big international banks that control the gold and silver markets, paper gold being the enemy of real metal priced in a free market as well as the enemy of accountability for government currencies.

The World Gold Council’s letter to the CFTC has been posted at GATA’s Internet site but apparently not at the council’s own Internet site. One has to wonder here whether the council is representing mining companies or their bankers instead.

Och här är en kommentar från ZeroHedge:

The public comment period for the CFTC’s proposed position limit rule has come and gone. It should come as no surprise to anyone (and particularly those transfixed by the massive surges in various commodities, among them most certainly gold and silver) that what is at stake here is not some actual position limit definition and subsequent regulation and enforcement (although that most certainly is), but yet another challenge to the klepocratic status quo which naturally prefers the status quo to remain as is, and public interests, which seeing 100% moves in the price of grain, cotton, corn, and other commodities, would obviously prefer to reign in speculative fervor. At the end of the day, Wall Street will find loopholes in whatever the end rule is as it always does, but the polemic on the way there is quite interesting. Which is why having combed through some of the last minute public comment submissions (of which there were 5,561 in total at last check), we present some of the most indicative ones: one the one hand that of Carl ”Shitty Deal” Levin, Chair of the Permanent Subcommittee on Investigations, who obviously is for the most prompt implementation of position limits as envisioned in Dodd Frank, and on the other hand institutional money managers and traders such as PIMCO, Morgan Stanley, the World Gold Council, and, naturally, Goldman Sachs (oddly, we have yet to track down the response by one JP Morgan).

Här är ett intressant utdrag från Reuters:

Most are reframing familiar complaints: Banks, traders and exchanges say the rules would make it harder to hedge risk, and that it would reduce liquidity and increase consumer costs.

If the proposed rules are adopted with no change, ”there is a substantial risk that they would undermine the efficiency of the markets for hedgers, by reducing liquidity and disrupting markets which currently function well”, Linda Cutler, a Cargill vice president, said in a letter to the agency.

Och en passande kommentar från ZeroHedge:

Ah yes, the same ”we provide liquidity” straw man excuse that the HFT scalp brigade uses every time someone threatens to take away their market frontrunning power. 

Och slutligen, här är en passande kommentar från Jim Sinclair som påminner oss om betydelsen av den fysiska marknaden för guld och silver:

My Dear Friends,

The paper gold market is not the gold market. As in the 1970s, cash will rule the ultimate price. Gold’s involvement in a new virtual world currency will sustain 80% of that high price.
In the 1970s paper gold was a short term game and influence on price. Today paper gold has been just that.
Pay no attention to the games the gold banks are playing. That is for their short term benefit.
Gold will trade at $1650 before it goes much higher.

Regards,
Jim

JP Morgan slingrar sig undan CFTCs nya regler som var tänkt att begränsa manipulationen av silver

CFTC (Commodity Futures and Trading Commission), den myndighet som reglerar råvaruhandeln på börserna i USA, har nu presenterat nya striktare regler för att bl a komma åt manipulationen på silvermarknaden, som representanten Bart Chilton tidigare bekräftat.

Många silverinvesterare har sedan en lång tid tillbaka sett fram emot dessa striktare regler, då man hoppats och trott att det skulle innebära slutet för JP Morgans, HSBCs och andra bankers manipulation och bedrägeri.

De investerare som varit med ett tag, och som dessutom vet att bankerna skapar spelreglerna eftersom de köpt i princip alla politiker, har dock ställt sig mycket skeptiska till varför bankerna inte skulle komma undan även denna gång. Det faktum att bankerna sett till att Gary Gensler, från ingen mindre än Goldman Sachs, blivit ordförande för CFTC har inte direkt gjort dessa investerare mindre skeptiska.

När de nya reglerna nu presenteras så visar det sig att denna skepticism varit välgrundad. Här är nämligen de tre viktigaste punkterna från den nya regelboken, med kommentarer från Chris Martenson, som visar att JP Morgan och andra banker inte behöver vara det minsta bekymrade:

1) Bara den sk spot-månaden omfattas av de nya reglerna. Terminskontrakt för leverans längre fram i tiden kommer att omfattas först långt senare, kanske ‘tidigt nästa år’.

Chris Martenson: Watch out for crazy out-month behaviors as JPM, et al. seek to skirt this rule.

2) Begränsningarna för spot-månaden sätts till 25% av vad CFTC kallar ‘deliverable supply’ för en given råvara och för de som inte har för avsikt att ta leverans (som JP Morgan) tillåts en position som är hela 5 gånger så stor.

Chris Martenson: That’s just horrible. For anybody like JPM that has no intent of taking physical delivery, they will be prevented from accumulating a position that is more than 125% of the total deliverable supply. What sort of a limit is that?? That’s like trying to limit the damage from auto accidents by ‘limiting’ freeway speeds to ‘no more than’ 175 mph. Also, anybody who might want to actually buy the physical is limited to 25%, so any potential Hunt Bros. need not apply. The outer limits of this game have been exclusively reserved for speculators and manipulators.

3) Undantag ges för transaktioner och positioner som har gjorts innan de nya reglerna träder i kraft, eller som CFTC uttrycker det ”exemptions for bona fide hedging transactions and for positions that are established in good faith prior to the effective date of specific limits adopted pursuant to the proposed regulations.”

Chris Martenson:

Translation: ”JPMs silver position is in complete violation of even these generous new ‘rules’ so we’re just going to let them keep it.”

Impact: Just check the price behavior of gold and silver for the impact. The gold and silver markets have traded upwards of late in part because of the thought that JPM would finally be forced to play fair and reduce their outlandish precious metals short positions. Nope. Guess not.

Det skulle förvåna mig om silverauktoriteten Ted Butler, som länge velat ge Gensler en möjlighet att visa att han menar allvar med att ta tag i manipulationen, nu öppet visar sitt missnöje med Gensler och erkänner att denne aldrig kommer att göra något som inte är godkänt av JP Morgan och de andra bankerna.

Nedan är Chris Martensons utmärkta genomgång av de nya reglerna:

JP Morgan Wins: CFTC Position Limits Do Not Apply (To Them)

Friday, January 14, 2011, 12:17 pm, by cmartenson

Speaking of changing the rules…

Gold and silver are now down hard over the past two days, and the reason may have something to do with the fact that the CFTC utterly caved to JPM in their long-awaited decision on position limits in a 4-1 vote.

While position limits will eventually be set, maybe, someday, the course of action taken by the CFTC grandfathers in JPM’s (and HSBC, et al.) current outlandish positions.

Here’s the background (emphasis mine):

On July 21, 2010, the Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, the Dodd-Frank Act amended the Commodity Exchange Act to:

  • Require the Commission, as appropriate, to limit the amount of positions, other than bona fide hedge positions, that may be held by any person with respect to commodity futures and option contracts in exempt and agricultural commodities traded on or subject to the rules of a designated contract market (DCM).
  • Require the Commission to establish position limits, including aggregate position limits, for swaps that are economically equivalent to DCM contracts in exempt and agricultural commodities (collectively, economically equivalent swaps). Such limits must be imposed simultaneously with limits on DCM contracts.

(Source)

The only wiggle room in the Dodd-Frank bill is for ”bona fide” hedge positions, which, I should state, I think is not a good idea because the exact definition of a ‘bona fide hedge’ is elusive.

For example, you and I could decide to engage in a massive short-hedged position where you short a commodity but buy calls from me. Your ‘hedge’ is only as good as my credit. Or perhaps you decide that oil and natural gas have enough negative correlation that you are ‘hedged’ by being equally short and long on both substances. What if your correlation blows out? You’re not hedged, is the answer to that question.

Continuing into the meat of the new position limit ruling, we find these discomforting items:

The Commission’s proposed regulations call for:

Position limits to be placed on 28 core physical-delivery contracts and their “economically equivalent” derivatives.

Establishment of position limits on physical commodity derivatives in two phases:

  • Initial transitional phase: spot-month position limits only, based on deliverable supplydetermined by and levels currently set by DCMs.
  • Second phase: spot-month position limits, based on the Commission’s determination of deliverable supply, and position limits outside of the spot month.

Translation: Only the front month of any contract will be subject to the position limits initially. Later, at some undefined point ”early next year,” out months will be included. But for now it’s just the spot month.

Impact: Watch out for crazy out-month behaviors as JPM, et al. seek to skirt this rule.

Okay, that’s not too terrible.

But this is:

Spot-month position limit levels set at 25% of deliverable supply for a given commodity, with a conditional spot month limit of five times that amount for entities with positions exclusively in cash-settled contracts

That’s just horrible.

For anybody like JPM that has no intent of taking physical delivery, they will be prevented from accumulating a position that is more than 125% of the total deliverable supply. What sort of a limit is that?? That’s like trying to limit the damage from auto accidents by ‘limiting’ freeway speeds to ‘no more than’ 175 mph.

Also, anybody who might want to actually buy the physical is limited to 25%, so any potential Hunt Bros. need not apply. The outer limits of this game have been exclusively reserved for speculators and manipulators.

That’s not even remotely the outcome I was hoping for. This ‘ruling’ tantamount to saying ”carry on!”

And what does ‘deliverable supply’ mean? Does it refer to COMEX warehouse deliverables in current storage or can special players receive additional preferential treatment by including ‘deliverables’ available to them via contractual arrangements with the LBMA? Lots of questions are emerging for me here.

But it gets worse:

Exemptions for bona fide hedging transactions (based on the Dodd-Frank Act’s new requirements for such transactions) and for positions that are established in good faith prior to the effective date of specific limits adopted pursuant to the proposed regulations.

Translation:JPMs silver position is in complete violation of even these generous new ‘rules’ so we’re just going to let them keep it.”

Impact: Just check the price behavior of gold and silver for the impact. The gold and silver markets have traded upwards of late in part because of the thought that JPM would finally be forced to play fair and reduce their outlandish precious metals short positions. Nope. Guess not.

Once again, all sense of fair play has been abandoned in the interest of giving a special handout to a set of large banks that are reporting near-record earnings. When, I must ask, is enough enough?

The message that I receive from this ruling is that US markets are now hopelessly and irrevocably captive to the behind-the-scenes wishes of the banking class, for which ”everything and then some” seems to be not quite enough.

Worse, an already-battered faith in the markets has been kicked again.

Here’s my prediction: Someday the US commodities markets will experience a very painful set of failures, big banks will be caught on the bad end of that experience, and they will simply, once again, lobby to have the rules changed in their favor.

To everybody who hopes to make money by being on the opposite side of that trade, good luck collecting your winnings. They will simply be rule-changed right out of your hot little hands.

Thank you for playing sir, and sorry about your luck; would you care to try again?

The CFTC is now playing the role of Lucy holding the football. If you don’t wish to be the Charlie Brown in this story, I’d advise that you take delivery.

Here’s CFTC Chairman Gary Gensler describing the rationale, such as it is, for the CFTC’s ruling [with my reactions inserted in-line]:

Position limits help to protect the markets both in times of clear skies and when there is a storm on the horizon. In 1981, the Commission said that “the capacity of any contract market to absorb the establishment and liquidation of large speculative positions in an orderly manner is related to the relative size of such positions, i.e., the capacity of the market is not unlimited.” [So far, so good!]

Today’s proposal would implement important new authorities in the Dodd-Frank Act to prevent excessive speculation and manipulation in the derivatives markets. The Dodd-Frank Act expanded the scope of the Commission’s mandate to set position limits to include certain swaps. [Still good]

The proposal re-establishes position limits in agriculture, energy and metals markets. It includes one position limits regime for the spot month and another regime for single-month and all-months combined limits. It would implement spot-month limits, which are currently set in agriculture, energy and metals markets, sooner than the single-month or all-months-combined limits. [Okay, spot-month goes first, before single-month and all-months combined. Got that. With the grandfather and ‘bona fide hedge’ exemptions of course. Left that part out…]

Single-month and all-months-combined limits, which currently are only set for certain agricultural contracts, would be re-established in the energy and metals markets and be extended to certain swaps. These limits will be set using the formula proposed today based upon data on the total size of the swaps and futures market collected through the position reporting rule the Commission hopes to finalize early next year. [Will be set?” Early next year? Isn’t that a year from now? Why so long?]

It will be some time before position limits for single-month and all-months-combined can be fully implemented. In the interim, if a trader has a position that is above a level of 10 and 2 ½ percent of futures and options on futures open interest in the 28 contracts for which the Commission is proposing position limits, I have directed staff to collect information, including using special call authority when appropriate, to monitor these large positions. [For silver, this amounts to some 5,300 contracts. Well above the 1,500 contracts Ted Butler called for based on the 1% of world production limit. It’s too high.]

Staff will brief the Commission and make any appropriate recommendations based upon existing authorities for the Commission’s consideration during its closed surveillance meetings at least monthly on what staff finds. [Oh, so this is not a regulatory action, but a fact-finding mission? It’s rather unusual to find a government body that takes care to under-interpret a congressional mandate for regulatory power, but we seem to have one in the CFTC. Odd that such a loss of regulatory nerve only seems to occur when the interests of big banks are on the line…]

(Source)

Let’s close with a statement of regret by Bart Chilton, who tried very hard to do the right thing, but couldn’t get the other four commissioners to see things his (and my/our) way.

Statement of Commissioner Bart Chilton at the 9th CFTC Public Meeting on Rulemaking under the Wall Street Reform and Consumer Protection Act

January 13, 2011

As regulators, I think we have one key mission. It is embodied in the Commodity Exchange Act. We have a singularity of purpose to ensure efficient and effective markets and to prevent and deter fraud, abuse and manipulation. Quite frankly, I think we can do better. We can because the new Wall Street Reform and Consumer Protection Act requires that we develop what many of us consider to be some fairly precious parameters.

Today, I am hopeful we will move forward to propose a position limits rule, a most precious parameter that we should have proposed much earlier in a way that would have implemented the provision as Congress intended. That’s not happening.

Yesterday, eight U. S. Senators told us to move forward on limits. That follows two other senatorial letters from last month.

This is a Commission of five individuals, a group of people who make these decisions. That pretty much ensures no individual will get their way all the time. I’m certainly not getting my way on position limits, nor are the Senators who wrote to us.

I am thankful that we will have position points in place as a kind of glide path to position limits. As I’ve said repeatedly, points are not limits. However, they will help us learn more and do better as we go forward in further developing important—and precious— parameters.

(Source)

Thank you for trying Bart. I am grateful for your efforts. I wanted to give Gary Gensler, the former Goldman Sachs executive, the benefit of the doubt, and I did that. All benefit and all doubt now removed. Once a squid, always a squid, I guess.

I am still trying to get my arms around this ruling and its likely impact on gold and silver prices going forward. Long-term this changes nothing, except to reinforce my conviction that I have no interest in playing in rigged markets.

Further, given the opportunity to do the right thing in an open and transparent manner, the CFTC, quite predictably, caved to large interests – the same large interests that are helping to shape, if not drive, current fiscal and monetary policy.

For more on rule changing, please read yesterday’s piece, Don’t Worry, They’ll Just Change the Rules. I guess I should append the following to that title ”…or decline to enforce them.”

Januari-rean för guld och silver har börjat

guld och silver reaGuld, silver och i stort sett hela råvarumarknaden backade kraftigt på tisdagen, som de flesta läsare säkert redan noterat. Trots att nedgången var bred så är det ändå svårt att inte undgå att ‘kartellen’ satte lite extra press på guld och silver.

Kanske var det extra viktigt eftersom FOMC-anteckningarna visade på att Fed inte ens överväger att avluta sitt QE-program, vilket är positivt för de båda metallerna. Reuters rapporterade dessutom senare på dagen att CFTC börjar närma sig ett förslag för sk ‘position limits’, vilket också är mycket positivt. På fredag kommer dessutom jobbrapporten för december och kartellen brukar i princip ALLTID trycka till guld och silver innan den presenteras, speciellt om den är positiv för de båda metallerna. Alla tre var därmed utmärkta anledningar för kartellen att ‘sätta sig’ på guld och silver.

De som planerar att utnyttja denna realisation av guld och silver kan kanske därför vänta tills på fredag innan man lägger in en köporder för att försöka få bästa möjliga reapris.

Nedan är en kommentar till guld- och silverutvecklingen från Dan Norcini:

Gold and silver are starting off the New Year doing what many professional traders, myself included, expected them to do during the last few trading days of last year! They went soaring to the upside in front of the New Year and are just now experiencing a pullback as funds lift some longs and some new shorts are seemingly being emboldened by the notion of an “improving economy”. I was extremely surprised last week to see them shooting so sharply higher with new money coming into the market as the calendar year wore down to a close. Now it seems as if we are finally seeing some of that selling showing up during the first full week of trading, which again, is out of the normal pattern. Then again, not much of anything in these markets is “normal” anymore since the funds have taken over everything.

Some of this is rebalancing associated to the changes in the commodity indices that I mentioned yesterday but there is definitely a bit more to it than that. For whatever the reason, commodities are experiencing a general wave of selling today after the CCI went on to make yet another all time high yesterday. It’s not just gold and silver; crude oil, the grains, the meats, etc, all are seeing a wave of selling as the algorithms trip into the sell mode for the time being. We’ll just have to wait and see where the buyers surface in the sector. The “buy commodity” strategy will be in effect as long as the FOMC does not change monetary policy or scale back its QE2 program which based on today’s release of their minutes, suggests is not going to happen anytime soon.

Silver needs to find enough buying support to climb back above the $30 level to cement that as a base and prepare it for a leg higher. Failure to do so will drop it further and see it move down towards the $29 level. We’ll have to watch if it can entice some fresh buying should it move that low. From a bullish perspective, I would prefer that it not move below $28.50 for any length of time.

Gold needs to climb back above $1400 to give the bulls some encouragement for another try at $1420. I would not like to see gold get a close below $1380 as that would portend a deeper setback down towards $1365 or so. It is sitting right on the 50 day moving average which a lot of technicians watch so it will be important for the bullish cause for it to move up and away from that level quickly to keep the sentiment firmly bullish.

Momentum has been declining in gold making a series of lower highs as the price has moved up which has to be monitored as the hedgies are all about chasing prices either higher or lower depending on momentum. The huge buyers of the physical market could care less about momentum but they do watch such things in an attempt to determine if they will get further fund long side liquidation allowing them to get a better price on their planned purchases.

I read today that the US debt topped $14 Trillion which makes me shake my head in dismay when I hear talk about an improving economy. FOURTEEN TRILLION DOLLARS – we use to toss around the “billions” when referring to government debt; now we bandy the “trillions” around with the same carefree and lackadaisical sentiment. I keep hearing comments that as long as there is demand for US Treasuries, it shows that the US can continue to run these huge deficits and plunge itself further into debt because it is obviously not hurting demand for our IOU’s. That makes me even more incredulous seeing that most of the demand is coming from the Fed itself. Then again, I am probably an outdated dinosaur who naively viewed debt as something intrinsically to be avoided. The current crop of financial talking heads seem to think that being a creditor is a curse while being a debtor is a blessing. I must have missed something back in school somewhere.

I brought that up really to simply reiterate the fact that the only way this obscene burden is going to be eliminated from the shoulders of our children and grandchildren is by effectively defaulting through currency devaluation. We all know that; so does every other major holder of US Treasury debt on the planet. That is why I do not particularly care what happens to gold during these fairly regular bouts of selling. It runs higher; falls back, runs higher, falls back and just keeps repeating the process over and over again as it moves inexorably higher.

Bart Chilton bekräftar att en aktör kontrollerar 40% av silvermarknaden

Bart Chilton har på senare tid nått närmast hjältestatus bland silverinvesterare världen över sedan han vågat tala öppet om den sedan länge uppenbara manipulationen av silver. Som representant för CFTC (Commodity Futures and Trading Commission), som har som uppgift att övervaka och reglera handeln, väger hans ord mycket tungt, då det gör det svårare för banker och annat löst folk att vifta bort anklagelser om manipulation genom att kalla det för ‘konspirationsteorier’.

GATAs Adrian Douglas uppmärksammade i fredags ett tal som Chilton höll där han gick ett steg längre genom att officiellt bekräfta det som vi alla redan vet, att en aktör har innehav som gör att man kontrollerar motsvarande 40% av silvermarknaden. Även om Chilton inte nämnde namnet på denna aktör, så vet vi att det är JP Morgan, något som Adrian förklarar i ett mejl till prenumeranter nedan:

Hi,

Bart Chilton in his speech yesterday during the public hearing on High
Frequency Trading dropped a bombshell. He revealed that one trader holds
more then 40% of the of the silver market. We know by Bank Participation
Reports and OCC Bank Derivative reports that this can only be JP Morgan
Chase. In my opinion Chilton dropped this bombshell because the cartel was
trying to torpedo his efforts for position limits. What better way to show
that position limits are required than revealing that JPM owns the silver
market? The same entity who has just cornered the copper market on the LME.

http://www.cftc.gov/PressRoom/SpeechesTestimony/opachilton-35.html

QUOTE
We saw very large concentrations of trader positions in 2008. That has
continued. Since then, we saw one trader hold more than 20 percent of the
crude oil market. Even earlier this year, one trader held over 40 percent
of the silver market.

END

The light is being shone on the criminal activities of the cartel. Even if
the CFTC does nothing they now have targets painted on their backs. Large
entities such hedge funds, high net worth individuals, sovereign wealth
funds etc can now see this is practically a no risk trade to buy every time
the cartel manipulates the market down. The cartel does not have enough
physical bullion to take on the entire investment world.

Best regards
Adrian Douglas

Som Adrian nämner i sitt mejl så är detta en mycket stor nyhet, då det innebär en officiell bekräftelse av den massiva koncentrationen på silvermarknaden. Detta kommer bara att öka blodvittringen bland tunga aktörer världen över. Silver har visserligen avancerat kraftig de senaste månaderna, men som Chiltons uttalande påminner oss om så är silver är så manipulerat och undervärderat att det finns ett mycket stort utrymme kvar för ytterligare uppgångar.

JP Morgan och HSBC stäms för manipulation av silver

Nu börjar det hetta till rejält för JP Morgan och HSBC, de banker som sedan en lång tid tillbaka pekats ut av organisationer som GATA som manipulatörer av guld- och silvermarknaden.

Häromdagen skrev vi om Bart Chiltons historiska uttalande där han officiellt bekräftade manipulationen av silvermarknaden. Nu skriver Wall Street Journal att CFTC, den amerikanska myndighet som ansvarar för övervakningen av terminshandeln i råvaror som Bart Chilton representarar, utreder JP Morgan för dess manipulation av silver.

Här är ett urklipp från en artikel från Reuters:

The U.S. commodity futures regulator is looking into claims by a trader in London that JPMorgan Chase & Co (JPM.N) was involved in manipulative silver trading, the Wall Street Journal reported, citing a person close to the situation.

Inte nog med det, uppgifter har även framkommit att både JP Morgan och HSBC stäms av investerare i ett så kallat ‘class action suit’ för dess manipulation av silver.

Här är ett urklipp från en artikel från Reuters:

”Defendants reaped hundreds of millions of dollars, if not billions of dollars in profits” from the conspiracy, one of the complaints said.

The respective plaintiffs, Brian Beatty and Peter Laskaris, each said they traded COMEX silver futures and options and contracts, and lost money because of the alleged manipulation.

Som ni ser har Bart satt bollen i rullning och det skall bli mycket intressant att se hur detta slutar. James Turk intervjuades av King World News på torsdagen där han spådde en uppgång till 30 dollar för silver inom 18 dagar. Turk förutspådde de senaste tidens kraftiga uppgång och det är inte osannolikt att han får rätt ännu en gång. Stämningen och utredningen av JP Morgan är bara ‘grädde på moset’.

Kategorier:Ädelmetaller, Guld, silver Taggar:, ,

CFTCs Chilton bekräftar manipulation av silver i historiskt uttalande

Bland det första inlägg jag gjorde på denna bloggen var när jag följde de ganska dramatiska avslöjanden som framkom i samband vid CTFCs öppna förhör (hearing) om manipulation av silver i mars 2010. GATA presenterade bland annat sitt i princip vattentäta bevis för manipulation som självklart förlöjligades och tillbakavisades av direkta eller indirekta representanter för bankerna (såsom JP Morgan), som är de som genomför själva manipulationen. Sannolikt på uppdrag av amerikanska staten och Federal Reserve.

Förutom att GATA och andra, som länge försökt påtala manipulationen, blev än mer övertygade om sin sak efter ett antal vittnesmål så vidtog CFTC inga åtgärder efter hearingen. Detta tolkades inte oväntat som ett kvitto på att CFTC aldrig skulle tillåtas att göra något åt den uppenbara manipulationen, eftersom den sanktionerades av självaste Federal Reserve. Åtminstone inte förrän det blev alltför uppenbart.

Kanske har vi nu nått denna historiska tidpunkt för idag uttalade sig nämligen Bart Chilton, den hos CFTC som varit mest ‘vänligt inställd’ gentemot GATA och andra, om manipulationen av silver. I sitt uttalande bekräftade Chilton för första gången offentligt att silver är utsatt för manipulation.

Från Bloomberg:

• BN CFTC CHILTON MAKES STATEMENT ON SILVER MARKET
• BN * SILVER PRICES SUBJECT TO ”FRAUDULENT” INFLUENCES, CHILTON SAY
• BN *”REPEATED ATTEMPTS” MADE TO INFLUENCE SILVER MARKET, CHILTON
• BN *SILVER MANIPULATION SHOULD BE PROSECUTED, CHILTON SAYS

Här är ett utdrag från en artikel från Reuters:

There have been repeated attempts to influence prices in silver markets, Bart Chilton, a commissioner at the U.S. futures regulator, said today.

”There have been fraudulent efforts to persuade and deviously control that price,” Chilton said in prepared remarks before a Commodity Futures Trading Commission meeting.

Chilton said he could not pre-judge the outcome of the CFTC’s ongoing investigation of the silver markets but said public deserves some answers to their concerns.

Låt nu detta bli en stark påminnelse om att i princip hela det finansiella systemet är manipulerat och byggt på bedrägeri, som vi skrivit om tidigare. Det finns otaliga bevis för detta som om de tilläts tas upp i domstol skulle bli förödande för våra kära makthavare, men liksom fallet silver, så motarbetas och förlöjligas de människor som försöker påtala detta för att förhindra att sanningen avslöjas. Men förr eller senare kommer sanningen alltid fram, vilket dagens erkännande är ett bevis på. Tack vare detta offentliga erkännande kommer det bli mycket svårare för de krafter som idag motarbetar tanken om att guld och andra marknader är manipulerade och riggade.

Kategorier:Ädelmetaller, Guld, silver Taggar:, ,