Is Silver Manipulation Case Being Dropped?

By Greg Hunter’s 

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. 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 story.)

But hold on a minute.  Looks like the folks at contacted the CFTC and got a hold of Commissioner Bart Chilton.  According to, “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 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 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. 

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  1. JILL

    Greg, The regulators couldn’t find fraud at Madoff’s when given a complex mathematical proof that Madoff was committing fraud. Seems the complexity was too hard for them and the regulators were waiting on Madoff to confess. It is easy to understand why CFTC investigators could not find any proof of wrong doing…at least there was no proof around the web sites they are surfing at work

    • Greg

      If this investigation is stopped it is just another sign of the government covering up fraud.

  2. art barnes

    Yea, maybe, maybe not, but 4 years later and no criminal complaint, it might as well have been dropped. Speedy trial rights, 3 or 4 years on felony statute of limitations, etc., that matter is dead and I believe the article probably was a trial balloon to see if anyone cares. It’s going nowhere fast as they say, just like all Wall Street crimes, that is if you are one of the elite banking buddies or have friends in high places like the Security Exchange, the FED and or the Justice Dept.

  3. jay

    Thanks Greg for my every other day fix of truth.
    My comment: Every bumble bee has a time to die.

  4. Dirth at RNN

    Greg – Thanks so much, for posting our Cartoon to this important story. We fall into the camp with Jesse that the FT story was probably floated to gauge the reaction. There is a lot at stake for JPM and I doubt they can afford the investigation to find that any manipulation has actually taken place. (Especially on the heels of LIBOR and their London Whale problems). Dropping the investigation, all together, would be the best possible outcome from JPM’s perspective.

    • Greg

      You folks at RNN do great stuff! Thank you.

  5. ncdirtdigger

    Let them keep manipulating the price lower, I still have some stacking to do!

    • Greg

      That’s the way to turn lemons into lemonade!!

  6. bob

    If the C.M.E./C.F.T.C. ever told the truth, how in hell would a person know??

  7. AndyB

    Greg: little known facts about a typical day for the CFTC commissioners:

    1. At 8am, Noon and 4pm, all of them genuflect and meditate before a statue of Jamie Dimon.

    2. At 9am, 1pm and 5pm, one hour is spent on polishing resumes.

    3. At 10 am to Noon, they meet to review their daily instructions from the FED

    4. At 2pm to 4pm, they all contribute to the daily memo that goes directly to Geithner and Bernanke certifying that, for another day at least, they have found no instances or fraud and corruption.

    • Greg

      Andy B.
      You are too funny! Thank you for the humor!!!

  8. Mitch Bupp

    Maybe the big question is “Can the markets really afford to have the scam exposed?”

    I agree with one other poster that if there are more than 2 degrees of separation the government can not see the truth…. What does it only take 2 degrees of separation to give the banksters plausible deny ability?

    I found this other news story today and I just could not believe it! Here is the epitome of government irresponsibility!

    • Greg

      What this school district is doing is absolutely crazy and it’s why California is dead broke. These people should not be in charge of their own checking account. Thank you for this link.

  9. David (archivesDave) Clumpner

    Yup, the real question shud be: “who’s investigating the CFTC ???
    AND The Fed Reserve…
    But that’ll b a cold day in hell.
    It did get thru Congress …but th Senate? …NO way Hosea!
    (The FINEST one money can buy!…N’est pas?)

    btw, a secondary scam? to be discussed: ‘Abiotic Oil’ vs ‘Peak Oil’…
    And substantial research published in journal Science.

    • Greg

      Thank you David.

  10. Steve Merrill

    hey Greg, I pick-up on your stories via Bill Murphy at LeMet. The bottom line is that the longer the silver price is suppressed, the more time for the little guy to get physical. Today, we helped a client who recently sold a property in British Columbia take delivery of 2000 ozs at $29.35 and $30.90 for 100oz bars and 1oz maples respectively. A terrific early Christmas gift in my opinion. FYI one of Vancouver largest bullion dealers is sold out of Silver Maples (again) .. 10-12 days. Keep up the good work.

    • Greg

      Thank you Steve for sharing your story. Yes this is a time people can buy insurance(metal) at a reasonable or suppressed price. Long term I don’t see how you can go wrong.

  11. Steve Merrill

    Greg, up here in Vancouver we have developed a metallic marketplace that allows the hard-money investor to lever and engage with his/her metal, and at the same time, provide the small business owner with a platform to use his goods and services to settle-for-metal. Its called The Sovereign Exchange. We issue a gram-denominated digital currency called a “Sovereign” that is 100% secured by 999 fine! I am the founder and President. Cheers!

    • DRS

      Hopefully, it’s an honest market. Back in ’88 I bought over $7000 of a now defunct miner on the Vancouver(or is it Hoover) Exchange! Obviously, I have no use for the place.

  12. pieter

    hi Greg,

    It is just a matter of fact. When there is a big scandal and the smell of fraud is immense. Then the state will do all it can do distract the people from the subject and during the investigating they have even more time to cover up all those details/paper proof.

    This is a classic way how states/governments create a huge smoke and
    hide their corrupt way of doing business.

    Surely you have seen all the scandals last years. Not to forget that many frauds are just to blunt that the state not even want that it ever gets investigated.

    Better is that people stop being naiev and stop voting and paying as less as possible taxes, starve the beast.

    regards from flying Dutch man

  13. Davis

    Of course it will be dropped or at best some small time player will be pilloried as a fig leaf of “enforcement.” But the big players, JP Morgan, HSBC will skate. As long as the regulators come from the boards of the regulated we should expect nothing else until the entire system breaks down. And maybe not even then.

  14. Exannuc Smith

    Hi Peoples….

    Can I put another spin on this ?? I am reading a lot of articles from various places suggesting that the fraud will eventually be uncovered and silver/gold will soar to freemarket prices.

    I humbly suggest that the organisations/people involved are far too powerful to allow the truth to come out, and the current status quo will be maintained into the future.

    Is this not the more likely scenario ?

    The Axeman

  15. Charles Savoie

    Assorted CFTC commissioners are on record as having addressed the Silver Users Association. That’s huge proof BY ITSELF of CFTC shielding low price collusion. Bart’s granddad had a chemical lab at Du Pont (SUA) named after him, Bart cannot be trusted, CFTC is likely to say, “manipulation found on long side of silver market.” What little I just stated is the least of what’s wrong with the CFTC.

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