Is Silver Manipulation Case Being Dropped?
By Greg Hunter’s USAWatchdog.com
Lots of news out this week about the silver manipulation case being dropped by the Commodity Futures Trading Commission (CFTC) with zero action. The first of several stories was put out by the Financial Times on Monday. FT.com reported, “A four-year investigation into the possible manipulation of the silver market looks increasingly likely to be dropped after US regulators failed to find enough evidence to support a legal case, according to three people familiar with the situation. The Commodity Futures Trading Commission first announced that it was investigating “complaints of misconduct in the silver market” in September 2008, following a barrage of allegations of manipulation from a group of precious metals investors. In 2010, Bart Chilton, a CFTC commissioner, said that he believed there had been “fraudulent efforts” to “deviously control” the silver price. But after taking advice from two external consultancies, the first of which found irregularities on certain trading dates that it believed deserved more analysis, CFTC staff do not have sufficient evidence to bring a case, according to the people familiar with the situation. The agency’s five commissioners have not yet formally determined the outcome of the investigation, leaving the possibility that staff could be instructed to dig deeper. A CFTC spokesman said: “The investigation has not reached its conclusion.” He declined further comment.” (Click here for the complete FT.com story.)
But hold on a minute. Looks like the folks at Silverdoctors.com contacted the CFTC and got a hold of Commissioner Bart Chilton. According to Silverdoctors.com, “Commissioner Chilton has informed us that ‘The Financial Times report related to silver is not only premature, but inaccurate in several respects.” (Click here for the complete post original post.) Now, some are speculating the FT.com story was leaked as a “trial balloon.” At least that is the line of thinking at places such as Jesse’s Café Américain. (Click here for more on the trial balloon speculation.) It all sounds like desperation to me from the powers who are suppressing the silver price. Just yesterday, Eric Sprott told USAWatchdog.com if there was no price suppression in the silver market, it would be $150 per ounce—today! For now, it looks the CFTC silver investigation has not been dropped–yet.
The folks at ReachWest News Network (RNN) did a sharp little cartoon presentation complete with a mock interview about the latest silver manipulation news. Enjoy.