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controverse sur les mesures de la CFTC

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MessageCFTC to examine trading in metals markets
par g.sandro Jeu 25 Fév 2010 - 0:49

CFTC to examine trading in metals markets

Submitted by cpowell on 05:08PM ET Tuesday, February 23, 2010.
Section: Daily Dispatches
By Tom Doggett
Tuesday, February 23, 2010
WASHINGTON -- The U.S. Commodity Futures Trading Commission said on Tuesday
it will hold a public meeting on March 25 to examine whether position limits are
needed for gold, silver, and copper futures markets.
The CFTC, the top regulator for futures markets, has long enforced position
limits for grains trading, and is now mulling similar restrictions on the number
of contracts speculators can hold for other markets.
The March 25 meeting will look at "the application of speculative position
limits to address the burdens of excessive speculation in the precious and base
metals markets; how such limits should be structured; how such limits should be
set; the aggregation of positions across different markets; and the types of
exemptions, if any, that should be permitted," the CFTC said in its official
The meeting will hear from experts from all segments of the markets, the CFTC
said. The names will be announced later. The CFTC will also accept public
comments until April 30.
Currently, the CFTC is considering public comments on position limits to
prevent concentration in energy markets.
Those limits were proposed last month, after some blamed speculators for
soaring commodity and energy prices in 2008.
CFTC Chairman Gary Gensler has said he believes position limits should be
applied consistently to all markets overseen by the agency.
CFTC Commissioner Bart Chilton had pushed for metals to be included in the
rule-making process for energy contracts, but he said last month that CFTC
lawyers had decided the agency would need to treat the two matters separately.

"It is my sincere hope and expectation that the upcoming hearing on position
limits with regard to metals will enable us to move more expeditiously on a
parallel regulatory process for metals," Chilton said at the energy hearing on
Jan. 14.
The three other commissioners who comprise the CFTC have expressed concerns
that position limits could drive trading to unregulated over-the-counter and
overseas markets unless the U.S. Congress broadens the CFTC's authority.
Metals traders have said it would be difficult for the CFTC to clamp down on
speculation in precious metals because most trading takes place outside the
United States, especially in physical markets.

* * *

Support GATA by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on
January 31, 2009:


Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
* * *

Silver is king, Go Gold !
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MessageRe: controverse sur les mesures de la CFTC
par marie Mar 9 Mar 2010 - 0:00

un courrier bien senti du Gata au patron de la CFTC

au sujet des derniers avatars de la CFTC que j'avais rapporté dans la file du rapport ctc bancaire j'avais oublié de signaler le détail qui tue ..
en effet, et pour novembre 2010 , le nombres de banques us short sur l'or et l'argent était passé à 2 !... et le mois suivant on masque les données.. le hasard fait bien les choses !

GATA appeals to CFTC to act against manipulative shorts

Submitted by cpowell on Mon, 2010-03-08 20:56. Section: Daily Dispatches
3:55p ET Monday, March 8, 2010

Dear Friend of GATA and Gold:

GATA today delivered to the chairman of the U.S. Commodity Futures Trading Commission, Gary Gensler, a letter from GATA Chairman Bill Murphy, appealing to the CFTC to act against the concentrated and manipulative short positions in the precious metals markets. The commission is expected to hold a hearing this month on establishing position limits in those markets. Murphy's letter is appended.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
March 8, 2010
Gary Gensler, Chairman
U.S. Commodity Futures Trading Commission
3 Lafayette Centre
1155 21st St. NW
Washington, DC 20581
Dear Chairman Gensler:
The Gold Anti-Trust Action Committee (GATA) was formed in January 1999 to expose and oppose the manipulation and suppression of the price of gold. What we have learned over the past 11 years is of great importance in regard to the CFTC’s forthcoming hearings regarding position limits in the precious metals futures markets. Our efforts to expose manipulation in the gold market parallel those of Harry Markopolos to expose the Madoff Ponzi scheme to the Securities and Exchange Commission.
Initially we thought that the manipulation of the gold market was undertaken as a coordinated profit scheme by certain bullion banks, like JPMorgan, Chase Bank, and Goldman Sachs, and that it violated federal and state anti-trust laws. But we soon discerned that the bullion banks were working closely with the U.S. Treasury Department and Federal Reserve in a gold cartel, part of a broad scheme of manipulation of the currency, precious metals, and bond markets.
As an executive at Goldman Sachs in London, Robert Rubin developed an idea to borrow gold from central banks at minimal interest rates (around 1 percent), sell the bullion for cash, and use the cash to fund Goldman Sachs' operations. Rubin was confident that central banks would control the gold price with ever-more leasing or outright sales of their gold reserves and that consequently the borrowed gold could be bought back without difficulty. This was the beginning of the gold carry trade.
When Rubin became U.S. treasury secretary, he made it government policy to surreptitiously operate an identical gold carry trade but on a much larger scale. This became the principal mechanism of what was called the "strong-dollar policy." Subsequent treasury secretaries have repeated a commitment to a "strong dollar," suggesting that they were continuing to feed official gold into the market more or less clandestinely to support the dollar and suppress interest rates and precious metals prices.
Lawrence Summers, who followed Rubin as treasury secretary, was an expert in gold's influence on financial markets. Previously, as a professor at Harvard University, Summers co-authored an academic study titled "Gibson's Paradox and the Gold Standard," (see Footnote 1 below) which concluded that in a free market gold prices move inversely to real interest rates, and, conversely, if gold prices are "fixed," then interest rates can be maintained at lower levels than would be the case in a free market. This was the economic theory behind the "strong dollar policy."
Federal Reserve Chairman Alan Greenspan understood Summers' research when he remarked at a 1993 meeting of the Federal Open Market Committee:
"I was raising the question on the side with Governor Mullins of what would happen if the Treasury sold a little gold in this market. There's an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology." (See Footnote 2 below.)
GATA has collected reams of evidence that Western central bank gold has long been mobilized and surreptitiously dishoarded to rig the gold market and influence related markets and that this rigging has drawn upon the U.S. gold reserves.
President Obama has called for greater transparency in both the federal government and the financial markets. In pursuit of such transparency GATA has made Freedom of Information Act requests to the Federal Reserve and Treasury Department for a candid accounting of their involvement in the gold market, particularly in regard to gold swaps. In a reply to GATA's lawyers dated September 17, 2009, Fed Governor Kevin M. Warsh acknowledged that the Federal Reserve has gold swap agreements with foreign banks but insisted that such documents remain secret. (See Footnote 3 below.)
As a result, last December GATA sued the Federal Reserve in U.S. District Court for the District of Columbia, seeking access to the Federal Reserve's withheld records of gold swaps.
Understanding that the manipulation of the price of gold is profoundly important to all markets and the American public, on January 31, 2008, GATA placed a full-page color advertisement in The Wall Street Journal at a cost of $264,000. (See Footnote 4 below.) GATA's ad warned, "This manipulation has been a primary cause of the catastrophic excesses in the markets that now threaten the whole world." What GATA warned against has come to pass.
GATA has long implicated the New York Commodities Exchange (Comex) as being a mechanism by which gold and silver price suppression is implemented. The smoking gun is the excessive concentration of bullion bank positions in the gold and silver futures markets. This concentration enables market manipulation -- just as market concentration was the justification offered by the CFTC in 1980 when it acted against the Hunt Brothers in the silver market.
The weekly commitment of traders report documents the total net short position of commercial traders in the commodity markets. The monthly bank participation reports disclose the holdings of U.S. banks in various markets. In a letter to GATA dated February 19, 2009, Laura Gardy, a CFTC legal assistant, wrote, "The commission determined that where the number of banks in each reporting category is particularly small, fewer than four banks, there exists the potential to extrapolate both the identity of individual banks and the banks' positions. As a result, as of December 2009 the CFTC no longer names the number of banks when it is less than four."
The CFTC has been investigating possible manipulation of the silver market for more than a year, so this reporting change is disturbing to us, as it reduces transparency and the ability to uncover market manipulation.
The CFTC's own reports of November 2009 show that just two U.S. banks held 43 percent of the commercial net short position in gold and 68 percent of the commercial net short position in silver. In gold, these two banks were short 123,331 contracts but long only 523 contracts, and in silver they were short 41,318 contracts and long only 1,426 contracts. How improbable is it that these two banks attract most of the investors who want only to sell short? (See Footnote 5 below.)
It has been possible to extrapolate that the two banks that hold these large manipulative short positions on the Comex are JPMorgan Chase and HSBC because of their huge positions in the OTC derivatives market, whose regulator, the U.S. Office of the Comptroller of the Currency, does not provide anonymity when it publishes market data. 6 In the first quarter 2009 OCC derivatives report, JPMorgan Chase and HSBC held more than 95 percent of the gold and precious metals derivatives of all U.S. banks, with a combined notional value of $120 billion. This concentration dwarfs the concentration in the gold and silver futures markets and should raise great concern about the lack of position limits on the Comex.
It is also disturbing to us that HSBC is the custodian for the major gold exchange-traded fund, GLD, and that JPMorgan Chase is the custodian for the major silver exchange-traded fund, SLV. It is a significant material omission to fail to disclose to GLD and SLV investors that the custodian banks of the two exchange-traded funds have an interest in falling prices in the futures and derivatives markets.
Detailed daily monitoring of gold trading reveals these patterns:
1. In recent years gold price suppression has been apparent from the near-complete failure of the gold price to rise more than 2 percent per day on the Comex (what GATA calls the 2 Percent Rule) while there is no corresponding restriction on days when the gold price is falling.
2. At option expiry gold almost always falls to a point where a large number of call options have been written, nullifying the value of the options. Typically, the price rallies immediately after option expiration.
3. The gold price consistently falls at 3 a.m. New York time when the gold cartel’s traders report to work in London, and again following the PM gold price fix, when physical market pricing has concluded for the day, and in the access market following the Comex close.
No other market trades so repetitively.
GATA has evidence that there are enormous physical short positions in the gold and silver markets that cannot be covered. Because of the decades-long interference with the gold market, we estimate that the free-market price of gold is multiples of the current price. Growing stress caused by burgeoning physical bullion demand is threatening to lead to a price explosion, which will restore to the market the balance that regulation has failed to maintain. In our view, the Comex paper market will become dysfunctional, with "force majeure" having to be declared as the concentrated shorts are unable to deliver on their obligations.
We urge the CFTC to report fully and candidly on these markets and take appropriate action.
Gold Anti-Trust Action Committee Inc.
... Footnotes:
1. "Gibson's Paradox Revisited: Professor Summers Analyzes Gold Prices" by Reginald H. Howe. http://www.goldensextant.com/
2. http://www.federalreserve.gov/monetarypolicy/files/FOMC19930518meeting.p...
3. http://www.gata.org/files/GATAFedResponse-09-17-2009.pdf
4. http://www.gata.org/node/wallstreetjournal
5. http://www.cftc.gov/dea/bank/deanov09f.htm
6. http://www.gata.org/node/7307

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MessageRe: controverse sur les mesures de la CFTC
par marie Mer 10 Mar 2010 - 16:17

pour en revenir à la régulation des positions sur l'énergie.., débat toujours en cours, il semble qu'il y ait conflit entre la CFTC et la FERC( féderal énergy regulation autority )


sur un autre front, cette fois.. le même Gary Gensler s'en prend au secret et à l'opacité du marché des dérivés ..faut bien qu'après le scandale des opérations de GS et cie sur les cds de la grèce..il dise quelque chose


CFTC Chairman Gensler urges end to derivatives secrecy

Submitted by cpowell on Wed, 2010-03-10 04:17. Section: Daily Dispatches
By Aline van Duyn
Financial Times, London
Wednesday, March 10, 2010
A leading US financial regulator on Tuesday called for the prices of derivatives trades to be disclosed in the same way as stock prices, saying only large Wall Street banks benefited from the current lack of transparency.
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), said standard credit default swaps and other privately traded over-the-counter derivatives needed drastic reform, reflecting their role in the financial crisis.
His call came as European leaders including Angela Merkel, German chancellor, called for a clampdown on speculative trading in sovereign credit default swaps, which offer investors protection against a government default.
"The only parties that benefit from a lack of transparency are Wall Street dealers," Mr Gensler told a New York derivatives conference. "Right now we have a dealer-dominated world, and that nearly drove us off a cliff."
Mr Gensler, a former Goldman Sachs executive, said: "To promote public transparency, standard over-the-counter derivatives should be traded on exchanges or other trading platforms." He also called for explicit regulation of derivatives dealers and the use of clearing for standard OTC derivatives.
Mr Gensler's call for increased "post-trade transparency" -- or a "tape" on which prices would be reported soon after trade -- were also endorsed by other US regulators with responsibility for derivatives markets.
Theo Lubke, head of markets infrastructure division at the Federal Reserve Bank of New York, said "post-trade transparency" was an important priority. He said the recent uncertainty around the trading in credit default swaps on Greece highlighted the importance of greater transparency.
"The lack of good knowledge by regulators" about OTC derivatives "is not a tenable long-term equilibrium," he said.
Elizabeth King, associate director at the Securities and Exchange Commission said she was "very supportive" of increased transparency. She urged dealers -- many of whom argue that reporting prices soon after they are traded could damage liquidity by revealing traders' positions -- to at least begin working on how post-trade transparency could be achieved.
"We want to get to a point at which transparency can at least be discussed," she said. "It is not just a yes or no answer," she said, adding that it could work for some OTC derivatives and not for others.
One of the important questions that still has to be answered is what counts as a "standard" derivative.

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MessageRe: controverse sur les mesures de la CFTC
par marie Jeu 11 Mar 2010 - 16:49

gold et silver market / CFTC

17 suggestions de Bix Weir à la CFTC
réalistes et tout à fait faisables .. s'il n'y avait pas collusion de la CFTC avec le cartel ..
ça ne manque pas de sel notamment sur la transparence ,cad connaitre l'identité des plus gros shorteurs... alors même que tout récemment, la CFTC masque dans ses rapports bancaires, le nombre des entités en question, lorsqu'il est inférieur à 4


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