I have never been a fan of begging the powers that be to do the right thing,it never works. It is equivalent to a teenager crying to their parents for the car. The only way the parents truly respect the teenager is when they buy their own car. These guys at the CFTC are totally bought and paid for by the Elite.
I prefer to take power by taking physical delivery of silver every chance we get. Sooner or later the market is going to blow up on these guys and they will be lucky to get away prison for the fraud that they did nothing about. Judging by the declining inventory at the CRIMEX it should not be too long. Needless to say here is a good email by Bix Weir. Pester them with this email. -Silver Shield
Gary "Goldman"Gensler
June 14,2011
Commodities Futures Trading Commission
3 Lafayette Center
1155 21st St. NW Washington,DC 50581
Re:Outstanding Silver Issues
Dear Commissioners:
As you know I have been both a critic and supporter of the CFTC over the years. Prior to the market crash in 2007/2008 I was convinced that the CFTC’s sole purpose was to run cover for the obvious silver market manipulation. But after the economic crisis and as the Dodd-Frank Law was being developed I saw that there was a positive change at the CFTC and was hopeful that you had turned a corner and were going to start regulating the silver market in a more fair manner.
As of today the CFTC has TAKEN NO ACTION to either slow or stop the blatant manipulation of silver yet you have also not closed any of the open items related to the silver manipulation. Today the CFTC decided to DELAY once again the implementation of new rules designed to stop manipulation. All these delays I find very curious as in the past you were fairly quick to open and close the silver manipulation issue.
Given that you have decided to continue the delay tactic many important open items have begun to pile up. As a citizen of the United States of America and a participant in the silver market I would like you to publicly address the status of the following list of “OUTSTANDING SILVER ISSUES”:
1) The Dodd-Frank LAW required the CFTC to IMPLEMENT the new laws no later than January 17,2011. The implementation of this law would seriously reduce the amount of market manipulation as it relates to concentrated position limits,High Frequency Trading,manipulative trading practices and the invisible Over The Counter silver market. By not implementing these laws the CFTC is currently BREAKING THE LAW.
2) The concentrated COMEX silver short position held by a single US bank stands at approximately 100M ounces. Given that the Hunt Brothers held a 90M ounce long position when the CFTC charged them with market manipulation in the 1980′s it seems clear that this larger short position is more manipulative.
3) The 3rd investigation into silver market manipulation has been going on for three years. A few years back the investigation was sent to the ENFORCEMENT DIVISION of the CFTC which means you have discovered that the silver market is (or at least was) being manipulated yet there has still been no announcement of your findings.
4) CFTC Administrative Law Judge George Painter submitted his retirement letter in September of 2010. In this letter Judge Painter exposed the other CFTC judge,Judge Levine,as promising CFTC Chairwoman Wendy Gramm that he would “never rule in a complainant’s favor”and in a career spanning 20 years he never has. No investigation on this matter has been announced and Judge Levine still presides over the CFTC cases of manipulation. http://www.scribd.com/doc/39805019/J…nd-Order-dcpdf
5) In 2010 a genuine whistle-blower named Andrew McGuire came forth to expose a future manipulation of the Silver Market by JP Morgan. Mr. McGuire told the CFTC BEFOREHAND that he was contacted by a trader at JPM that a market rigging event was about to take place. Mr. McGuire provided the CFTC with who,how,why and when it was going to take place. As predicted the manipulation maneuver occurred under the full view of the CFTC yet no action has been taken against JP Morgan.
6) In the latest silver manipulation the price of silver was slammed down $6 in a matter of seconds on a Sunday evening in the very illiquid after hours market. This began the waterfall of silver from $50 to where it currently stands around $35. The CME and various brokerage houses increased margin requirements repeatedly after the initial slam to assist in the manipulative squeeze of COMEX long silver holders forcing them sell even more long contracts and suppress the price. A 30% decline in any other market would be front page news with regulators announcing investigations and inquiries but the CFTC has not said a word about the silver price drop. It is as if the CFTC PURPOSEFULLY turned a blind eye to support the operation.
7) Last year Commissioner Bart Chilton publicly stated that there HAS BEEN MANIPULATION IN THE SILVER MARKET. Of course he was stating the obvious but a much bigger question remains unanswered…If the CFTC knows there was manipulation in the silver market in the past WHY are they continuing to allow further manipulation as recently experienced by the 30% forced decline in the price of silver?
Each one of these “Outstanding Silver Issues”must be addressed at some point in the future. I understand that the revelation of silver market manipulation will seriously effect both the price of silver as well as trust in our fundamental understanding of both free markets and government regulation. I also understand that it will unleash significant chaos at a time that our economic and monetary systems are structurally unstable.
But there is just so much silver investors can take!
As our Declaration of Independence so eloquently put it…
“all experience hath shewn that mankind are more disposed to suffer,while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations,pursuing invariably the same Object evinces a design to reduce them under absolute Despotism,it is their right,it is their duty,to throw off such Government,and to provide new Guards for their future security.
As we approach the July 4th celebration of our nation’s independence I want you to ask yourselves a very simple question…
WHAT WOULD OUR FOUNDING FATHERS DO?
May the Road you choose be the Right Road.
Bix Weir www.RoadtoRoota.com
VIA EMAIL TO:ggensler@cftc.gov;bchilton@cftc.gov;mdunn@cftc.gov;somalia@cftc.gov;jsommers@cftc.gov;jriley@cftc.gov;dberkovitz@cftc.gov;hhardman@cftc.gov;rshilts@cftc.gov;vmcgonagle@cftc.gov;pcela@cftc.gov;ssherrod@cftc.gov
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