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loi Dodd Franck/CFTC/ limitations de positions

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Messageloi Dodd Franck/CFTC/ limitations de positions
par g.sandro Dim 14 Mar 2010 - 23:49

Loi Dodd Franck /CFTC / audition sur les limitations de positions pour l'or et l'argent, programmée pour le 25 mars 2010



la CFTC invite Gata aux auditions métaux, or et argent, le 25 mars 2010



CFTC invites GATA to speak at March 25 hearing on metals trading











Submitted by cpowell on 09:59AM ET Sunday, March 14, 2010.
Section: Daily Dispatches
1p ET Sunday, March 14, 2010
Dear Friend of GATA and Gold (and Silver):
GATA Chairman Bill Murphy was formally invited Friday by the U.S. Commodity
Futures Trading Commission to speak at its meeting in Washington on Thursday,
March 25, to examine futures and options trading in the precious and base metals
markets.
The CFTC's announcement of the hearing can be found here:
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5782-10.html
GATA's appeal to the CFTC on position limits in the precious metals futures
markets can be found here:
http://www.gata.org/node/8405
The CFTC's invitation results from GATA's long prodding of the commission to
investigate the anomalies of the precious metals markets, particularly the
concentrated short positions held by JPMorgan Chase & Co. and HSBC, and from
the prodding done by dozens of GATA supporters who have heeded GATA's requests
to contact the commission. The CFTC's hearing likely will be the first time the
gold and silver price suppression schemes have been raised at a formal and open
U.S. government proceeding.
The CFTC says its hearing will be open to the public and broadcast via the
Internet and a listen-only conference call.
GATA has put great effort and expense into reaching the CFTC on this issue
and into suing the Federal Reserve in federal court for information the Fed
acknowledges concealing about its gold swap agreements with foreign banks,
agreements that likely are at the heart of the gold price suppression scheme.

Information about GATA's lawsuit can be found here:
http://www.gata.org/node/8192
We're making good progress, actually doing things to liberate the gold
and silver markets, even as the gold mining industry's nominal representative,
the World Gold Council, remains silent about anything that really matters to the
precious metals despite its annual budget of around $60 million. So again we ask
for your financial support. Sending a small delegation to the CFTC hearing will
cost money, as will getting the attention of the news media there. Prosecuting
the lawsuit against the Fed will cost money. And quite apart from that, much
effort and expense go into keeping the precious metals price suppression issue
alive every day.
Since they are so vulnerable to their governments (for mining and
environmental permits) and their banks (mining being the most capital-intensive
business), even mining companies that recognize the gold and silver price
suppression scheme are reluctant to support an organization such as GATA that
seeks to make trouble for governments and banks. That may explain the World Gold
Council's uselessness. For the most part that leaves our cause up to
individuals. So if you're inclined to help financially, please visit:
http://www.gata.org/node/16
We'll strive to see that you're glad you helped.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee
Inc.



Silver is king, Go Gold !
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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Mar 16 Mar 2010 - 22:32

vous le croyez ça ?? !!

la CFTC a eu un incendie dans ses bureaux de NY où sont entreposé tout l'historique des futures or et argent
et ragent
source Bix Weir, via www.lemetropolecafe.com



CFTC and the "you can’t make this up" category, Bix Weir notified his followers yesterday that the CFTC had a fire in its New York office where all the gold and silver records are kept and will be closed until Monday.



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Dernière édition par marie le Mar 29 Mar 2011 - 15:15, édité 1 fois

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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par g.sandro Mer 17 Mar 2010 - 0:42

Putain, c'est pas de bol quand même, hein...



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Mer 17 Mar 2010 - 13:55

Hommel va également faire le déplacement

http://silverstockreport.com/

CFTC to Meet with the Public!


(Is the CFTC forming a plan to end the fraud in progress?)


Silver Stock Report


by Jason Hommel, March 16th, 2010



I will be flying out to Washington DC for the CFTC Public Meeting. I have invited two congressmen and a senator to join me; my representative, Tom McClintock, former presidential candidate Ron Paul, and senator Jim DeMint. Please invite your own congressmen and senators to attend this historic event. Seating capacity is limited to about 100 people in the hearing room, and only about 40-50 for "overflow". The event will be webcast as well.

GATA will be there. http://gata.org/node/8427

If you live in and around the DC area, please contact anyone you know in the media to let them know of this event.

CFTC to Hold Public Meeting to Examine Futures and Options Trading in the Metals Markets

http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5782-10.html

CFTC event: March 25th, 9am to 3pm.

Further details, and pre-registration via email:
http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/massunshineactnotice03-25-10.pdf

I invited the congressmen and senator to attend, to see first hand the corruption of our monetary system at work, or, at least, the apologetics for the greatest fraud of our generation.

The CFTC is the Commodity Futures Trading Commission, and their job is to regulate futures contracts, to prevent fraud. But they protect and encourage fraud! How? They place position limits on the longs (and there should never be limits on what you can buy in a free market), but they refuse to place and enforce position limits on the shorts (who fraudulently sell what they do not have). If anything, to prevent fraud, they should limit the shorts, and not limit the longs.

Also, it is well known that JP Morgan is a major precious metals short, but the CFTC does nothing.
http://www.caseyresearch.com/displayGsd.php?id=106


http://www.investmentrarities.com/ted_butler_comentary02-16-10.shtml

Here are a few links of importance.

This shows that the notional value of JP Morgan's derivatives exceed $72 trillion.

http://www.occ.treas.gov/ftp/release/2009-161a.pdf

The Bank of International Settlements (BIS) report shows that the notional value of "other precious metals" contracts went up by $107 billion in 6 months.

http://www.bis.org/statistics/otcder/dt21c22a.pdf

(Contracts expanded from $96 billion to $203 in a mere 6 months by June 2009, which is an increase of $107 billion, which, at $17/oz., would be 6 billion ounces if it were all silver.)

Yet, the CPM Group at = cpmgroup.com shows that world annual silver production is less than 600 million ounces, which is 1/10th of the amount.

This means that the over the counter markets created, over 6 months, a precious metals liability, among banks, to deliver 10 times as much silver as is produced in a year.

Platinum and Palladium markets, the other precious metals that might be included, are just as small as the silver market, and thus, cannot be used as a valid excuse to say that no fraud was involved.

World annual produciton for all three markets stands at about:

Silver: 600 million oz. x $17/oz. = $10.2 billion
Platinum: 8 million oz. x $1500/oz. = $12 billion
Palladium: 8 million oz. x $450/oz. = $3.6 billion

The BIS report, and the OCC report, in contrast with the size of the silver market as reported by the CPM Group, are the three main public resources that prove that there is massively excessive fraud in the precious metals markets.

The CFTC, by doing nothing, is contributing to the ongoing fraud, which is helping to keep alive the fraud of paper money. When this fraud collapses suddenly, like it will, it will wipe out the living standard of most everyone in the USA.

The fraud needs to end smoothly and in a open and transparent manner, not in an emergency or panic as will happen after the upcoming default that is guaranteed to happen, if the CFTC continues to ignore the problem and deny that it exists.

Questions to pose to the CFTC to demonstrate that they are not deceiving us:

(Here's a news article showing people are waking up to the fraud of paper money)
75 years of funny money
http://www.financialpost.com/news-sectors/economy/story.html?


1. Why do you claim there is "unrestricted access" to the silver market when you admit there are position limits on the longs which limit their access to the market?

2. Why do you enforce position limits on longs, but not on shorts? http://gata.org/node/8432


3. Why does JP Morgan get to short all the silver they want, with no prosecution?

4. Why does JP Morgan not have a conflict of interest in the silver market by holding the largest position of notional value of derivatives, according to the OCC report, which stands at $72 Trillion, with a T?

5. Why does JP Morgan not have a conflict of interest in the silver market by being the custodian of the silver ETF, SLV, which means they are supposed to be the custodian of 299 million ounces of silver that they owe, which is like a short position.

6. Why is it not a conflict of interest to allow futures contracts for silver to be settled in SLV ETF shares? Aren't SLV shares backed up by futures contracts for silver, or OTC unallocated "bullion" accounts, such as those offered by JP Morgan?

7. The BIS Report reveals that banks, primarily JP Morgan, have collectively created a short position in silver in the "other precious metals" category in the "over the counter" (OTC), non-transparent market, that is about ten times as large as the short positions on the COMEX. The CFTC has no jurisdiction over those market segments. But that market is clearly priced based on COMEX market prices, because the COMEX market transactions are public, whereas the OTC market is not. Thus, the very large OTC short positions are a significant motive for manipulating COMEX prices. The other motive would be keeping the financial system alive, as the $2.5 Trillion US deficit is about $10 billion per day, which is an amount that is equal to the entire world's silver produciton in a year. What is your plan to prevent all of this fraud from ending badly? To just continue to lie to everyone? May I humbly suggest that is not much of a plan?

8. How are futures contracts, which create performance obligations, not likea form of voluntary slavery, which is illegal in the USA, and totally incompatible with free market philosophy?

My question:

In my letter to the CFTC from 2003, I asked, "Do the short sellers have the silver to back up their positions?" Back then, my question was ignored. Today, we know both the identity of the primary short seller, JP Morgan, and also, I believe with certainty that I can say that they most certainly do not have the silver to back up the huge $200 billion OTC "other precious metals" position, and the 300 million ETF position, and their COMEX position.

In 2003, you asked, "If you or anyone else has any, specific, first-hand evidence concerning violations of the Commodity Exchange Act, please forward it."

I believe I have provided more than enough evidence. Furthermore, your question is absurd in its face, since you have always known all along the identity of all the entities who are excessively short selling silver; it is you who are vainly failing to keeping their names hidden, that JP Morgan is the large short seller.

My question now is, "What is your plan to prevent the silver delivery default that is surely going to come if you do nothing?"

My plan is to warn my readers. I believe that when the biggest market for price discover in silver, the COMEX, defaults, that the entire silver market will sustain severe disruptions; and the market may see a severe lack of supply, and severely higher prices. Silver products may not be available at all, as major market dealers may take some time to find other more reliable suppliers, and producers may likewise take some time to find others markets to determine a market price for silver.

A plan in Idaho is to allow silver to become money again, by allowing the payment of state taxes in silver.
http://www.thestreet.com/story/10703026/1/idaho-bill-permits-state-taxes-be-paid-with-silver.html


Further reading:
CFTC: the Common Fraud Training Committee
http://silverstockreport.com/2010/CFTC.html


OPA Silver Letter
http://www.cftc.gov/files/opa/press04/opasilverletter.pdf


=====

Meanwhile, there is a last ditch panic going on to try to pass the hated health care bill. Here's how we can try to stop it:
John Stossel explains:
https://secure.conservativedonations.com/pijn_fax_bluedogs/?a=3855


=====

In more "government is a thief" news, Paul Craig Robers warns that government is about to steal private retirement accounts and pensions:

Is The Recovery Real? March 02, 2010
http://vdare.com/roberts/100302_recovery.htm


"Money will have to be found somewhere if the Fed is to avoid printing it. During the Clinton administration a Treasury official proposed a 15 percent capital levy on all private pensions to make up for their tax deferral status. This idea didn’t fly, but today a desperate government, which has wasted $3 trillion invading countries that pose no danger to the U.S. and wasted more trillions of dollars combatting a crisis brought on by the government’s failure to regulate the financial sector, is likely to steal people’s pensions as well as to gut Social Security and Medicare."

KEY QUESTION: HOW WILL YOU BE ABLE TO BUY SILVER TO PROTECT YOU IF YOUR RETIREMENT ACCOUNT HAS BEEN RAIDED, AND THERE IS NO SILVER LEFT TO BUY? ALREADY, MANY PEOPLE HAVE TOLD ME THEY WOULD LIKE TO SELL THEIR HOUSE TO BUY SILVER, BUT THEY HAVE DISCOVERED, TOO LATE, TO THEIR DISMAY, THAT THE HOUSING MARKET IS COMPLETELY ILLIQUID. THEY CAN'T SELL THEIR HOMES!



Sincerely,

Jason Hommel
silverstockreport.com



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Jeu 18 Mar 2010 - 22:32

Ted Butler n'est pas invité aux auditions de 25 mars et ne s'y rendra pas, pour des raisons forts valables . qu'il explique en détail.. il procurera ses informations aux membres de la commision, et considére ces auditions commme un moment très important .


http://news.silverseek.com/SilverSeek/1268922778.php



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Lun 22 Mar 2010 - 15:32

incendie : nous voilà rassurés
pas de dégats sur les archives et documents, nous dit un porte parole de la CFTC, Steve Schneider

http://www.economicpolicyjournal.com/2010/03/fire-at-new-york-city-cftc-offices.html



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Lun 22 Mar 2010 - 22:33

le cv d'un des panellistes :
Jeremy Charles HSBC

www.lemetropolecafe.com



Jeremy Charles HSBC
Bill,
I was checking out the bio’s of the other panelists. Jeremy Charles is the Head of Precious Metals for HSBC. He gave an interview for the "Alchemist Magazine" which is the quarterly publication of the LBMA. He was up until fairly recently the Chairman of the LBMA. But there is something of interest he says. He worked initially for Rothschild’s and then Johnson Matthey Bank. He gives this answer when asked about how he got from JMB to HSBC:-http://www.lbma.org.uk/docs/alchemist/Alc55_J.Charles.pdf
QUOTE
A: Johnson Matthey Bankers were taken over in 1984, after someone managed to lend out pretty much the entire bank’s capital and then didn’t get paid back. Fortunately for me, JMB held a lot of central bank accounts in gold and so the Bank of England had to step in. The Bank was concerned about systemic risk to the gold market as JMB was such a big clearer. I worked for the Bank of England for about a year before the company was bought by Mase Westpac. Mase was started by Warren Maji, who had come up with a novel idea to offer gold loans for financing gold mines in Australia. It was a very entrepreneurial business and the idea enabled the industry to expand massively across the globe. Westpac sold the business to Republic National Bank, whose prime business was trading. Republic was not keen on the producer side of the business, but did like the physical and the trading business. The centre of Republic’s business was in New York, but as we were based in London, we did give them the global reach they were looking for at that time. There was a very limited management structure at Republic, which enabled it to be extremely dynamic. I don’t recall there being a compliance officer at the Bank and I certainly never met one. There were no written contracts that I can recall and it appeared that business was done on the shake of a
hand. Oh how times have changed! At the end of 1999, HSBC bought Republic National Bank primarily for the private bank business. However, with this business came two unusual niche businesses, the Precious Metals and Banknotes, which were both then integrated into HSBC’s infrastructure.
END
So here you can see why HSBC is one of the big manipulators because they hold Central bank gold accounts that they inherited. They also bought the company that started bullion financing which he says "It was a very entrepreneurial business and the idea enabled the industry to expand massively across the globe".
Then when asked about the forward market he says:
QUOTE
The forward market is significant and the reason for this is that it provides the foundation for most of the bullion financing that goes on around the world. There are many contracts based on a Libor minus GOFO plus a credit spread and the LBMA’s provision of the GOFO benchmark is of crucial importance to all those who make deposits, take loans or trade as a result of these activities. Being responsible for this benchmark is a vital role of the LBMA.
END
How come the forward market is growing when hedging has reduced 90% in the last decade? Notice how gold is not the "barbarous relic" ..he says "There are many contracts based on a Libor minus GOFO plus a credit spread". I am sure there must be a link into Gibson’s paradox here!
So this is the guy who will be making testimony for HSBC.
Cheers
Adrian


***************
le point de vue de Murphy et de J.Turk .. très interessant ..

March 22, 2010 To: Eric Juzenas
Senior Counsel
Chairman Gary Gensler From: Bill Murphy
Chairman
Gold Anti-Trust Action Committee Dear Eric,
From the viewpoint of the Gold Anti-Trust Action Committee, it will be irrelevant to institute position limits for gold and silver until the market manipulation in both markets is halted. Therefore, the focus should be on the size of the short position and its concentration within one or two banks, such as JP Morgan Chase. The size of their positions is huge relative to annual production of the metals, and dwarfs the short positions relative to production in other commodities. As far as JP Morgan is concerned, are their positions for their own account, or for those of their clients, and or a combination of both? Undoubtedly, JPM will claim that many of their huge short positions are hedged. But is this verified? If so, how? In addition, it should also be verified that physical metal used to back up derivative short positions is not encumbered in any other way. Morgan, and other bullion banks like HSBC who have such huge positions, should sign an affidavit that they have full title to the metal on deposit. There is good reason to be concerned about how hedged gold and silver are accounted for.


Nearly three years ago, Morgan Stanley paid $4.4 million to settle a class-action lawsuit with brokerage clients because they told clients it was selling them precious metals that they would own in full and that the company would store. However, Morgan Stanley either made no investment specifically on behalf of those clients, or made entirely different investments of lesser value and security, according to the complaint. I would consider proposing that any percentage of the total open interest over 5 percent that is held by any individual entity be required to show documentation regarding their collateral, that is their ownership of the product. IF they are claiming that they are acting on behalf of a customer, then they must disclose who that customer is, so that it can be determined if that customer has a need to show the ownership of the appropriate collateral, that is, the product in question. Five percent is the limit used in stock ownership before a trader must declare their ownership to the SEC. I suppose that one might get into the issue of miners and hedging, and how do they show the ownership. But I think that it is important to first identify WHO is putting forward the position, and how much collateral they must pledge against it. GATA consultant James Turk, a former Chase banker, came up with some thoughts which may be useful with the issues the Commission are considering… The concentrated short positions at a few bullion banks are also huge compared to warehouse stocks, which is I think the relative point with regard to hedging metals.
In metals (as opposed to currencies and other paper assets which can be created simply with bookkeeping entries), is it not accurate to say you are hedged when your offset is against someone's promise. The only way to truly hedge a short position in metals is to own the physical metal because when asked to make delivery, you must come up with the metal - you cannot deliver someone else's promise to relieve yourself of the delivery obligation. Consequently, position limits are not a solution to the problem. If limits are imposed, the banks will simply move their trades to other markets. The only way to reduce the concentrated short position on the Comex is to require the shorts to own metal in Comex warehouses, so the question therefore becomes how much metal is required? In other words, how much fractional reserve banking should be allowed?
Monetary experience from the Bank of England from its creation in 1694 until 1914 has demonstrated that a 40% reserve is considered prudent. Therefore, it is my recommendation for a short to be considered hedged and to have access to the hedger's reduced margins, that the hedged shorts be required to own metal in a Comex warehouse equal to 40% of their short position.

Any shorts which are not backed by this 40% metal position would be considered speculative shorts, and the solution here is simple. Banks should not be allowed to take speculative positions, either long or short. This is what the so-called "Volcker rule" is all about - to prohibit proprietary (i.e., speculative) trading by the banks for their own book because doing this trading places bank capital at risk, which if eroded from speculative losses places customer deposits at risk.

So here is how it would work. Assume the bank has 100oz short. The bank needs to own 40oz in a Comex warehouse (as collateral for the 100oz of physical metal they are hedging). A bank therefore would not be permitted to add to its short position unless it delivered more metal to the warehouse. A bank cannot sell metal unless it owns metal in the warehouse equal to 40% of what it sells.

This proposal would not necessarily end the "concentrated short" position. But the concentration no longer is a risk to the fair trading of the metal on the Comex when the "concentrated short" actually owns metal in the warehouse. By owning metal, the concentrated short becomes a bona fide hedger. The concentrated shorts are only a problem and an apparent manipulator when they do not have the physical metal to back up their short position. When banks are in this position of being a "concentrated short", not only do they risk customer deposits in that bank because of potential losses from their speculative trading. But they also impose a systemic risk, particularly when it is a large bank like JPM, which again, is what the Volcker rule is all about.

James Turk

The futures market is supposed to be a price discovery mechanism, not a bully pulpit for a few bullion banks. It is time the market manipulation in gold and silver is ended.

I hope these thoughts are of value to you and the CFTC.



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Mar 23 Mar 2010 - 14:29

le récap d'Adrian Douglas en vue des auditions CFTC

https://marketforceanalysis.com/index_assets/CFTC%20HEARING%20ON%20METALS%20MARKETS.pdf

tres complet et percutant com d'hab ..

voir notamment en page 5, et pour futures argent métal : graphe n°4
le graphe de la nette short position de jpm et hsbc / net short position totale :
le ratio a culminé à 100 % en nov 2008, au point bas du cours de l'argent ( à 9 $ l'once ) et est à l'heure actuelle à 80%

comme James Turk, il propose que les soit disant hedgeurs, couvrent leurs shorts avec du physique, et non une contrepartie longue en dérivés ... et déposent 40% de cette position dans les entrepots du comex
Citation :

CONCLUSIONS

Price suppression occurs on the Comex

A small number of banks dominate the commercial net short positions

Position limits should apply to both long and short “speculators” but proper
policing and enforcement is required to prevent the clear manipulative trading
of the large shorts.

“Hedgers” should be required to deposit 40% of their short position in
unencumbered bullion in a Comex warehouse as collateral.


Speculative trading by banks should be prohibited



**************
Bart Chilton, l'un des 5 rapporteurs de la CFTC, à l'origine de ces auditions spéciales, déclare que ses autres collégues ne souhaitent pas réformer le systéme des limitations de positions

http://www.gata.org/node/8450



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Dernière édition par marie le Mar 29 Mar 2011 - 15:17, édité 1 fois

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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Mar 23 Mar 2010 - 23:14

Bix Weir a participé à une conférence téléphonique avec Bart Clinton, et se montre très agréablement surpris ( tout comme Bill Murphy et Chris Powell ).. il pense que les choses vont devenir plus difficiles pour les banksters
par ailleurs l'enquête sur la manipulation du marché de l'argent est tjs en cours .. et d'après Bart Chilton il y aura quelques conclusions significatives à en attendre .

www.lemetropolecafe.com

Bix Weir, in late:
Road to Roota Freedom - Today's CFTC Conference Call
I participated in a conference call with Commissioner Bart Chilton of the CFTC this morning and it was very enlightening. Here are my take aways:
1) There are definitely changes taking place at the CFTC that will result in a more difficult environment for the banking cabal to rig markets. I'm not saying the market rigging will be stopped by the CFTC but there has been a 180 degree change in wind direction.
2) As I long suspected, Mr. Chilton is part of the team of "good guys" that are in the process of taking down the banking cabal. His comments and suggestions are right on track for the eventual destruction of the banking cabal.
3) The 4th silver investigation is almost 2 years old but is still in process. Mr. Chilton stated that to do it right it takes time but is "pleased with the progress" and expects some significant conclusions when the investigation is finished.
4) Mr. Chilton stated many times that there are no overall position limits at the moment so there is no law being broken as it pertains to position limits.
5) Mr. Chilton stated 3 "Value Regulations" that he wants implemented at the CFTC 1) Position limits 2) Manipulation Prosecution Authority 3) Over the Counter Market Regulatory Authority.
6) Mr. Chilton stated that the exchanges and the regulators have "different motives". The regulators want free and fair markets and the exchanges have a profit motive. He is clearly presenting a position that is pro-investor which is a big change for the CFTC.
7) 100% of the callers that asked questions were of the belief that the current metal markets are manipulated and were very appreciative of Mr. Chilton crusade to end the manipulation.
8) The other Commissioners are "not on board yet" because they want to wait for other regulators and the financial reform bill. I believe they don't want to be the cause of market disruption but rather a clean up crew.
And finally...
9) Bart Chilton welcomed a call from Bill Murphy of GATA with open arms and warm appreciation of all his work! AMAZING!!! Bill asked Mr. Chilton that will all the information, data and evidence GATA and Ted Butler have collected over the past 10 years why it is taking so long to end the manipulation. Mr. Chilton's answer was that the NEW Commissioners were just getting up to speed on the metals markets and have come a long way on the learning process!!!
It can't be much clearer than that.
We are very close to the END OF THE LINE for the Banking Cabal.
Tune in to the public hearings on Thursday as we've waited a long time for this.
Bix



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Mer 24 Mar 2010 - 13:40

il en veut vraiment ce Bart Chilton :

http://www.gata.org/node/8456

Chilton's agenda is troublesome, so watch out for that truck


Submitted by cpowell on Wed, 2010-03-24 00:17. Section: Daily Dispatches
7:55p ET Tuesday, March 23, 2010
Dear Friend of GATA and Gold (and Silver):
In his conference call today with investors, journalists, and generally interested parties, U.S. Commodity Futures Trading Commission member Bart Chilton proposed much more vigorous regulation of the futures and options markets in the precious metals.
Chilton advocated:
-- Trading position limits. He lamented that the CFTC has position limits in the metals only for the spot trading month and no restrictions at all on market concentration.
-- Giving the CFTC authority to regulate the over-the-counter markets in gold and silver futures.
-- Changing commission procedures to bring more transparency to the gold and silver futures markets, as by making public more commission data.
-- Better communication with and responsiveness to the public.
There were about 35 people on the conference call and most of those who asked questions showed great familiarity with the gold and silver price suppression schemes.
For months now Chilton has corresponded at length with people who have e-mailed him about these issues, including members of GATA's Board of Directors. He could not have been more conscientious -- nor more troublesome to the price suppression scheme.


In a related matter, last Friday at his Economic Policy Journal blog --
http://www.economicpolicyjournal.com/2010/03/fire-at-new-york-city-cftc-...
-- Robert Wenzel reported:
"A fire earlier this week in the basement of the building located at 140 Broadway in New York City has forced the temporary move of the New York office of the Commodity Futures Trading Commission, which was located in the building. The office has been reloacted on a temporary basis to 201 Varick St. Reports on the Internet state that gold and silver records of the CFTC were damaged in the fire, which would be interesting given it is just one week before the precious metals manipulation hearing. However, Steve Schneider, a CFTC spokesman at the CFTC's Washington headquarters, informs me that the damage was unrelated to the CFTC and that no CFTC documents were lost or damaged in the fire."
GATA didn't distribute anything about the fire at the CFTC's New York office. But it's easy to anticipate the next news-like rumor likely to sweep the gold and silver blogosphere: that the truck removing the ashes of the records burned in the fire at the CFTC's New York office ran over Chilton as he walked to an interview at The New York Times.
Of course nobody will believe the part about the Times being interested in a story on market manipulation.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Jeu 25 Mar 2010 - 12:41

Demain pendant l'entretien avec la cftc concernant les limites de positions sur le comex, le gata va presenter un trader europeen ayant des informatiions sensibles sur la manipulation du marché de l'or et de l'argent, confirmant les thèses du Gata.
en prime, on apprend que JPM sera pas représenté et que HSBC envoie un "sous fiffre"


pour la video en question
http://watch.bnn.ca/#clip280484


Late yesterday GATA’s own Deep Throat surfaced. It is a bombshell of sorts, a whistleblower who is confirming what GATA has to say about market manipulation and the bullying nature of The Gold Cartel traders. Evidence of a certain nature will be presented tomorrow by Adrian or me in the Q&A period. I mentioned it in my BNN interview and suggested viewers stay tuned.
Adrian just informed me the head of precious metals trading at HSBC has bowed out from presenting, instead handing the ball off to a trader who won't have the full deck of information about what HSBC is really up to. Meanwhile, JP Morgan won't be represented at all.

www.lemetropolecafe.com



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MessageAuditions CFTC
par Invité Jeu 25 Mar 2010 - 14:50

Ayé, c'est parti, tous devant vos télés, c'est les auditions de la CFTC :

http://www.capitolconnection.net/capcon/cftc/032510/CFTCwebcast.htm


et c'est de 14h à 20h.


A partir de 20h, c'est le journal de TF1 qui prend le relais : Jean-Pierre Pernaud a été triomphalement réélu représentant du personnel de la chaîne pour la CFTC avec 60,38 % des voix.

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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Ven 26 Mar 2010 - 0:01

la CFTC a finalement refusé le témoignage du trader européen "gorge profonde "

son vrai nom est Andrew Maguire. c'est un ancien de GS qui travaille actuellement à londres, sur le marché des métaux et qui , à partir de 2009 a eu une correspondance avec la CFTC, aux fins de dénoncer les activités criminelles de JPM sur le marhé de l'or et de l'argent ... en expliquant en détails les stratégies utilisées ..
et ça fonctionne tellement bien, que Maguire peut prédire à l'avance, en fonction du calendrier, ce qui va se passer ( commment jpm et co va orchestrer son attaque baissière ) .. tout est prévu que les nouvelles soient bonnes ou non, la stratégie est rodée..
et ça c'est la signature d'un marché manipulé.. que n'importe quel trader( comme Maguire ) expérimenté des futures de l'oret de l'argent, connait et peut prévoir à l'avance ...

mais ça, la CFTC, ne veut pas que ce soit rendu public ... tiens donc ..
ça énerve bien Murphy, du coup .. et il a raison !

www.lemetropolecafe.com
ADDITIONAL STATEMENT BY BILL MURPHY, CHAIRMAN OF THE GOLD ANTI-TRUST ACTION COMMITTEE

HEARINGS ON THE METALS MARKETS, MARCH 25, 2010
On March 23, 2010 GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Mr. Maguire, formerly of Goldman Sachs, is a metals trader in London. He has been told first hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets and they bragged how they make money doing so.
In November 2009 he contacted the CFTC enforcement division to report this criminal activity. He described in detail the way in which JPM signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals along side JPM. He explained how there are routine market manipulations at the time of option expiry, Non-farm payroll data releases, and Comex contract rollover as well as other adhoc events. On February 3 he gave two days advance warning by email to Mr Eliud Ramirez, a senior investigator of the Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. Then on February 5 as it played out exactly as predicted further emails were sent to Mr. Ramirez in real time while the manipulation was in progress.
It would not be possible to predict such a market move in advance unless the market was manipulated.
In an email on that day Mr. Maguire said "It is 'common knowledge' here in London amongst the metals traders it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC allowing by your own definition an illegal concentrated and manipulative position to continue"
Expiry of the COMEX APRIL call options is today. There was large open interest in strikes from $1100 to $1150 in gold. As always happens month after month HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted in advance by GATA the manipulation started on March 19th when gold was trading at $1126. By last night it traded at $1085.
This is how much the gold cartel fears the enforcement division. They thumb their noses at you because in over a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM’s cocky and arrogant traders in London are able to brag that they manipulate the market.
It is an outrage and we are making available the emails from our whistleblower, Andrew Maguire available to the Press wherein he warns in advance of a manipulative event.
Additionally Mr. Maguire informed us that he has taped recordings of his telephone communications with the CFTC for which we are taking the appropriate legal steps to acquire.
-END-
Andrew Maquire confided in Adrian because the CFTC refused to let him appear at the hearing. I mean how bad is that, especially with how we saw The Gold Cartel brutalize gold this past week? Can you imagine the police getting information about a rapist, who then should be under surveillance, and not doing anything about it when an informer confirms who the rapist is ... saying exactly how the rapist will commit a rape in advance .. the rape then occurs, and STILL the police do nothing? Then there is an investigation into the multi-rapes and the police do whatever they can do to squash the inquiries. You have to be kidding me!
un exemple type :

I sent you a slide of a couple of past examples of just how this will play out...
1. The news is bad (employment is worse) ,This will have a bullish effect on gold and silver as the USD weakens and the Precious metals draw bids spiking them higher.This will be sold into within a very short period of time (1-5 mins) with thousands of new short contracts being added overcoming any new bids and spiking the Precious Metals down hard targeting key technical support levels.
Scenario 2. The news is good ,(employment is better than expected), this will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered again targeting key support levels.
Both scenarios will spell an attempt by the 2 main short holders to illegally drive the market down and reap very large profits. Locals such as myself will be 'invited' on board which will further add downward pressure.
The question I would expect you might ask is, who is behind the sudden selling and is it the entity/entities holding a concentrated position?
How is it possible for me to know what will occur days before it will happen? Only if a market is manipulated could this possibly occur.
I would ask you watch the 'market depth' live as this event occurs and tag who instigates the move. This would surly help you to pose questions to the parties involved.
This kind of 'not for profit selling' will end badly and risks the integrity of the comex and OTC markets.
I am aware that physical buyers in large size are awaiting this event to scoop up as much 'discounted' gold and silver as possible. These are sophisticated entities mainly foreign who know how to play the short sellers and turn this paper gold into real delivered physical.
Given that the OTC market (where a lot of the selling occurs) runs on a fractional reserve basis and is not backed up by 1/1 physical gold, this leveraged short selling where ownership of each ounce of gold has multi claims poses a very large risk.
I leave this with you, but if you need anything from me that might help you in your investigation I would be pleased to help.
Kind regards
Andrew T. Maguire
**********************
puisque Murphy a l'intention ( à juste titre ) de communiquer à la presse, le contenu des mails échangés entre Maguire et Ramirez ( de la CFTC) , je ne vais pas les publier en avant 1ere ici .. mais ceux qui sont abonnés au Métropole , peuvent d'hors et déja en prendre connaissance !



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Ven 26 Mar 2010 - 2:28

voilà, les mails en question ont été publié sur le site du gata

et vous comprenez en lisant l'entête, que ces mails ont été transmis ( à nouveau, puisque la CFTC et notamment B Chilton les connaissaient ) par Murphy, à la CFTC, en vue des auditions du jeudi 25 mars...

mails concernant le marché de l'argent ,que Maguire avait envoyé à Eliud Ramirez ( CFTC) , avec copie à Gensler Gary et Chilton Bart [CFTC]


http://www.gata.org/node/8466

Additional Statement by Bill Murphy, Chairman
Gold Anti-Trust Action Committee
to the U.S. Commodity Futures Trading Commission
Washington, D.C., March 25, 2010


On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.
It would not be possible to predict such a market move unless the market was manipulated.


In an e-mail on February 5 Maguire wrote: "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue."
Expiry of the COMEX April call options is tomorrow, March 26. There was large open interest in strikes from $1,100 to $1,150 in gold. As always happens month after month, HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted by GATA, the manipulation started on March 19, when gold was trading at $1,126. Last night it traded at $1,085.
This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in London are able to brag that they manipulate the market.
This is an outrage and we are making available to the press the e-mails from Maguire wherein he warns of a manipulative event.
Additionally Maguire informed us that he has tape recordings of his telephone communications with the CFTC, which we are taking the appropriate legal steps to acquire.



* * *

Emails de Maguire à la CFTC





From: Andrew Maguire
Sent: Tuesday, January 26, 2010 12:51 PM
To: Ramirez, Eliud [CFTC]
Cc: Chilton, Bart [CFTC]
Subject: Silver today
Dear Mr. Ramirez:
I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will.
These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too.
Please ignore the last few slides as they were part of a training session I was holding for new traders.
I brought to your attention during our meeting how we traders look for the "signals" they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress.
As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals.
This kind of trading can occur only when a market is being controlled by a single trading entity.
I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position.
I am sure you are in a better position to look into the exact details.
It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity.
Kind regards,
Andrew Maguire
* * *
From: Ramirez, Eliud [CFTC]
To: Andrew Maguire
Sent: Wednesday, January 27, 2010 4:04 PM
Subject: RE: Silver today
Mr. Maguire,
Thank you for this communication, and for taking the time to furnish the slides.
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]
Sent: Wednesday, February 03, 2010 3:18 PM
Subject: Re: Silver today
Dear Mr. Ramirez,
Thanks for your response.
Thought it may be helpful to your investigation if I gave you the heads up for a manipulative event signaled for Friday, 5th Feb. The non-farm payrolls number will be announced at 8.30 ET. There will be one of two scenarios occurring, and both will result in silver (and gold) being taken down with a wave of short selling designed to take out obvious support levels and trip stops below. While I will no doubt be able to profit from this upcoming trade, it is an example of just how easy it is to manipulate a market if a concentrated position is allowed by a very small group of traders.
I sent you a slide of a couple of past examples of just how this will play out.
Scenario 1. The news is bad (employment is worse). This will have a bullish effect on gold and silver as the U.S. dollar weakens and the precious metals draw bids, spiking them higher. This will be sold into within a very short time (1-5 mins) with thousands of new short contracts being added, overcoming any new bids and spiking the precious metals down hard, targeting key technical support levels.
Scenario 2. The news is good (employment is better than expected). This will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered, again targeting key support levels.
Both scenarios will spell an attempt by the two main short holders to illegally drive the market down and reap very large profits. Locals such as myself will be "invited" on board, which will further add downward pressure.
The question I would expect you might ask is: Who is behind the sudden selling and is it the entity/entities holding a concentrated position? How is it possible for me to know what will occur days before it will happen?
Only if a market is manipulated could this possibly occur.
I would ask you watch the "market depth" live as this event occurs and tag who instigates the move. This would surly help you to pose questions to the parties involved.
This kind of "not-for-profit selling" will end badly and risks the integrity of the COMEX and OTC markets.
I am aware that physical buyers in large size are awaiting this event to scoop up as much "discounted" gold and silver as possible. These are sophisticated entities, mainly foreign, who know how to play the short sellers and turn this paper gold into real delivered physical.
Given that the OTC market (where a lot of the selling occurs) runs on a fractional reserve basis and is not backed up by 1-1 physical gold, this leveraged short selling, where ownership of each ounce of gold has multi claims, poses a very large risk.
I leave this with you, but if you need anything from me that might help you in your investigation I would be pleased to help.
Kind regards,
Andrew T. Maguire
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 2:11 PM
Subject: Fw: Silver today
If you get this in a timely manner, with silver at 15.330 post data, I would suggest you look at who is adding short contracts in the silver contract while gold still rises after NFP data. It is undoubtedly the concentrated short who has "walked silver down" since Wednesday, putting large blocks in the way of bids. This is clear manipulation as the long holders who have been liquidated are matched by new short selling as open interest is rising during the decline.
There should be no reason for this to be occurring other than controlling silver's rise. There is an intent to drive silver through the 15 level stops before buying them back after flushing out the long holders.
Regards,
Andrew
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Cc: BChilton [CFTC]; GGensler [CFTC]
Sent: Friday, February 05, 2010 3:37 PM
Subject: Fw: Silver today
A final e-mail to confirm that the silver manipulation was a great success and played out EXACTLY to plan as predicted yesterday. How would this be possible if the silver market was not in the full control of the parties we discussed in our phone interview? I have honored my commitment not to publicize our discussions.
I hope you took note of how and who added the short sales (I certainly have a copy) and I am certain you will find it is the same concentrated shorts who have been in full control since JPM took over the Bear Stearns position.
It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue.
Bart, you made reference to it at the energy meeting. Even if the level is in dispute, what is not disputed is that it exists. Surely some discussions should have taken place between the parties by now. Obviously they feel they can act with impunity.
If I can compile the data, then the CFTC should be able to too.
I would think this is an embarrassment to you as regulators.
Hoping to get your acknowledgement.
Kind regards,
Andrew T. Maguire
* * *
From: Andrew Maguire
To: Ramirez, Eliud [CFTC]
Sent: Friday, February 05, 2010 7:47 PM
Subject: Fw: Silver today
Just logging off here in London. Final note.
Now that gold is undergoing short covering, please look at market depth right now in silver and evidence the large selling blocks in a thin market being put in the way of silver regaining the technical 15 level, which would cause a short covering rally and new longs being instigated. This is resulting in the gold-silver ratio being stretched to ridiculous levels.
I hope this day has given you an example of how silver is "managed" and gives you something more to work with.
If this was long manipulation in, say, the energy market, the shoe would be on the other foot, I suspect.
Have a good weekend.
Andrew
* * *
From: Andrew Maguire
Sent: Tuesday, February 09, 2010 8:24 AM
To: Ramirez, Eliud [CFTC]
Cc: Gensler, Gary; Chilton, Bart [CFTC]
Subject: Fw: Silver today
Dear Mr. Ramirez,
I hadn't received any acknowledgement from you regarding the series of e-mails sent by me last week warning you of the planned market manipulation that would occur in silver and gold a full two days prior to the non-farm payrolls data release.
My objective was to give you something in advance to watch, log, and follow up in your market manipulation investigation.
You will note that the huge footprints left by the two concentrated large shorts were obvious and easily identifiable. You have the data.
The signals I identified ahead of the intended short selling event were clear.
The "live" action I sent you 41 minutes after the trigger event predicting the next imminent move also played out within minutes and exactly as I outlined.
Surely you must at least be somewhat mystified that a market move could be forecast with such accuracy if it was free trading.
All you have to do is identify the large seller and if it is the concentrated short shown in the bank participation report, bring them to task for market manipulation.
I have honored my commitment to assist you and keep any information we discuss private,however if you are going to ignore my information I will deem that commitment to have expired.
All I ask is that you acknowledge receipt of my information. The rest I leave in your good hands.
Respectfully yours,
Andrew T. Maguire
* * *
From: Ramirez, Eliud
To: Andrew Maguire
Sent: Tuesday, February 09, 2010 1:29 PM
Subject: RE: Silver today
Good afternoon, Mr. Maguire,
I have received and reviewed your email communications. Thank you so very much for your observations.



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par g.sandro Ven 26 Mar 2010 - 2:59

....................



Silver is king, Go Gold !
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MessageCFTC Bill Murphy
par Invité Ven 26 Mar 2010 - 11:40

D'autres comptes rendus de la réunion ,

je ne vous remets pas les fameux mails de Maguire - gorge profonde à la CFTC, puisqu'ils sont dans le post de Mary,en fin de page 1.. mais si vous ne les avez pas encore lu, courrez y ..



Franchement, pas de bol, devinez quoi, il y a eu un problème technique juste au moment où Murphy a pris la parole. Mais son "débriefing" mérite que l'on s'y attarde je pense. Voila ce qu'il écrit à tous les abonnés de son site :


Dear Friend of GATA and Gold (and Silver):

A few observations by someone who caught most of today's CFTC hearing via telephone conference call. ...

1) The plug seems to have been pulled on the CFTC's Internet video feed just as GATA Chairman Bill Murphy was called to speak. (The audio feed on the telephone conference call was not interrupted.) Was it just technical inadvertence? An urgent test of the Emergency Alert System? Or something more sinister? Of course we hope it was the latter as we await an explanation from the CFTC.

2) A couple of individual traders and investors, Mark Epstein and Harvey Organ, provided valuable evidence from the trenches that something is very much amiss in the precious metals markets, testimony that offset the smug assurances from big investment operations that everything is (as always) just fine.

3) Assisting Organ, GATA board member Adrian Douglas managed to put on the record his documentation that the London gold market is a fractional-reserve operation, selling much more gold than exists.

4) Indeed, several witnesses from respectable operations seemed to acknowledge and even consider it a great virtue that much trading in the futures markets isn't backed by real product at all. For if real product had to be put aside to back the short sales, commodity prices would rise as real product was taken off the market and held aside for investment purposes. That is, these witnesses seemed to be saying that short-side price manipulations are OK if not the very purpose of the modern futures markets.

This may have been first perceived (at least first perceived in public) in 2001 by the British economist Peter Warburton in his seminal essay, "The Debasement of World Currency: It Is Inflation, But Not as We Know It," which can be found at GATA's Internet site here:

http://www.gata.org/node/8303

Warburton wrote: "Last November I estimated the size of the gross stock of global debt instruments at $90 trillion for mid-2000. How much capital would it take to control the combined gold, oil, and commodity markets? Probably no more than $200 billion, using derivatives. Moreover, it is not necessary for the central banks to fight the battle themselves, although central bank gold sales and gold leasing have certainly contributed to the cause. Most of the world's large investment banks have over-traded their capital so flagrantly that if the central banks were to lose the fight on the first front, then their stock would be worthless. Because their fate is intertwined with that of the central banks, investment banks are willing participants in the battle against rising gold, oil, and commodity prices."
The idea, Warburton suggested, was to divert much of the vast inflation of the world's money supply away from real things that are counted in consumer price indexes and into financial instruments that represented mere claims on real things, and thereby to deny the world what he called a "stable numeraire," some reliable measure of currency debasement.
"The search is on for the perfect hedge," Warburton wrote. "What would be the ideal characteristics of such a numeraire? First, it would be in fixed physical supply. Second, it would be resistant to weather-related influences. Third, its ownership would be diffuse, rendering futile any attempt to restrict supply through a non-competitive structure. Fourth, it must be freely tradable. Fifth, there would be no futures or options markets attached to it." Emphasis added, to show that Warburton recognized nine years ago that the futures and options markets had become primary mechanisms of commodity price suppression.

5) The gold price suppression scheme got a backwards acknowledgement from a witness who sought to disparage believers in it -- John J. Lothian of Lothian & Co. in Elmhurst, Illinois, a money manager and financial consultant (http://www.johnlothian.com/johnjlothian.html). Lothian testified that those who complain about manipulation in the futures markets are "rent-seeking parasites" and "charlatans" trying to frighten people and diminish confidence in our institutions. But Lothian also remarked that central bank gold reserves could be considered part of a physical hedge of a gold short position -- that is, that gold shorts may safely rely on central banks to help them cover their positions in a pinch, and thus that central banks are very much part of a scheme of gold price suppression. To get admissions like that, GATA happily will bear any amount of insults any day, though if we're going to be called "rent-seeking parasites," shouldn't we at least get a few billion dollars in TARP bailout money from the Federal Reserve and fancy offices in Lower Manhattan like the other rent-seeking parasites? Maybe we're just not big enough parasites yet.

6) CFTC Commissioner Bart Chilton cordially but skillfully questioned witnesses so they might make their points about market manipulation. Today's hearing never would have happened without him. He has strived to see that not just the powerful are heard by the government.

7) Thanks to GATA, silver market analyst Ted Butler, and all of you who have supported us financially and with encouragement and have written to the CFTC, members of Congress, and the news media, the gold and silver price suppression schemes are way out in the open now. Like modern central banking itself, they soon will not survive scrutiny. So click on the link below, double-click on the song title, and sing along. We really don't do enough gospel music around here.

When skies went dark
Came Noah's ark. Amen.
When lions roared
Came Daniel's Lord. Amen.

Lord helps those who pray,
And on Judgment Day
If you believe
Ye shall receive. Amen.

When you're down and out
Lift up your head and shout:
There's gonna be a great day.

Angels in the sky
Promise that by and by
There's gonna be a great day.

Gabriel will warn you.
Some early morn you
Will hear his horn,
Rooty-tootin'.
It's not far away.
Lift up your head and say:
There's gonna be a great day


Je ne sais pas très très bien ce qu'ils servent à boire à la CFTC mais la chanson est sympa.

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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Ven 26 Mar 2010 - 23:58

ceux qui ont loupé la retransmission en direct des auditions CFTC d'hier , ou qui veulent la revoir iront consulter les archives de la CFTC ici

à noter que c'est sous la pression de Gensler qui ne lui accordait pas plus de 5 mn, qu'il nous a débité son allocation à vitesse grand V ( apres l'avoir encore coupée ) ..traitement spécial pour Murphy ..

( la panne survenue pendant l'allocution de Murphy a été réparée et son intervention est donc disponible in extenso

http://www.capitolconnection.net/capcon/cftc/webcastarchive.htm

pour ceux qui sont pressés et ne veulent pas tout se tapper .. un lecteur du midas a capturé les 2 interventions de Murphy

Testimony:
http://www.youtube.com/watch?v=9wIMpe9SjfQ
Whistle-Blower:
http://www.youtube.com/watch?v=e9bU0r6JP4s




***************

Rob Kirby nous réserve une petite surprise sur les fanfaronnades du gars de chez HSBC, qui prétend pouvoir satisfaire à une demande de livraison de 1 millions d'onces sans problèmes, et en 1 seul jour ... tant il y a abondance de physique

un ordre de ce montant a été placé ce vendredi après midi , chez hsbc honk hong.. pour une livraison immédiate .. de physique
Rob nous tiendra au courant des suites

Bill;
I listened to the CFTC hearings today. Great whistle blower info. I heard the chap from HSBC claim that HSBC could "fill" an order for 1 million ozs. of physical gold in 1 day - in his commentary about how plentiful physical gold bullion was.
I can tell you that, in response to HSBC's public declaration, a party I am very familiar with is placing an order with HSBC, H.K. in the a.m. [Friday] for 1 million ozs. of physical gold bullion - of course they want the real metal immediately.
I shall report back on the progress as I receive it.
best,
Rob Kirby

www.lemetropolecafe.com

***************

les réactions de zero hedge et de Jess aux révélations du Gata concernant les mails échangés entre gorge profonde et la cftc

http://www.zerohedge.com/article/whistleblower-exposes-jp-morgans-silver-manipulation-scheme


http://jessescrossroadscafe.blogspot.com/2010/03/bombshell-whistleblower-steps-forward.html



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Dernière édition par marie le Sam 27 Mar 2010 - 1:32, édité 4 fois

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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par g.sandro Sam 27 Mar 2010 - 0:54

Décidément, les aléas du direct.. .Ya de ces coïncidences parfois...

1 million d'onces demandées à HSBC ... on va rigoler !




Silver is king, Go Gold !
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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Sam 27 Mar 2010 - 1:43

puisque HSBC s'est ( maladroitement ) défendu de hedger sa position sur l'otc .. ( je dis maladroitement puisqu'il a commencé par dire qu'il hedgait en shortant sur otc ... rires !! .. reecoutez son intervention )

Nick Laird de sharelynx a actualisé à déc 2010 ses graphiques concernant les dérivés or et argent ( OTC US et mondiaux )

puisque jpm et hsbc controlent la quasi totalité des dérivés US or et argent .. on aimerait bien savoir qui controle le reste ? ( voir le 1er graphique ) c'est vrai ça .. qui ça pourrait'il bien être ..?



*************************

www.lemetropolecafe.com


Hi Bill,
I stayed up & watched the full hearing last night & ended up more hopeful than I thought I would be. I loved the bombshell you dropped on the whistleblower - wow all their faces dropped & you could hear a pin drop.
As well as your defence I thought that Mark Epstein & Harvey Organ were brilliant.
Mark classically described the "Gorilla" in the room whilst Harvey described the size of the "Gorilla" through the statistics of the CFTC & BIS.
A couple of points that I think should have been raised:

If a commission is to be held on the subject then shouldn't the irregularities that stand out be studied & looked into further? I mean if you want to study & observe a market then you need to put opinions to one side & study the facts to gather your analysis.> I saw lots of opinions today but only a few stopped to mention the facts (specifically Harvey Organ).
ie if they want to stop manipulation then shouldn't they look as to where the Traders see manipulation occurring. Mark Epstein alluded to the "Gorilla" in the trading pits who dumps huge positions in milliseconds.
Harvey alludes to JPM having a huge overwhelming position.

To my mind these two contentions outline the sum of the problem.
Seeing as there was 20 odd people reporting to the commission I would like to have seen every one of them asked to talk about these two aspects.
I am sure that they are all aware of this phenomena in trading but it seemed to me that most of the speakers - representatives from big companies - only wanted to talk about keeping the system the same as it is rather than reviewing what is wrong with the current market.
One aspect I think needs to be asked of Jeffery Christian in his defence of claiming he understands the hedging requirements of banks is how does JPM explain this position in the marketplace.


Overall I got the impression from most of the speakers that they didn't want change or to ruffle feathers.
That they would rather let the markets continue as they are than change them.
My best guess on that is that they're all well suited to profiting from the current situation & are fearful that if changes come about then their positions & profitability will come into question.
I think most of the traders like the idea of JPM cornering the market - keeping it trading in ranges - keeping the volatility high.
That is a traders market waiting to be scalped. Hence their reluctance to let in any change. It is a market they know & understand & they would like it to stay that way.
That sounds to me a lot like the banks in the Global Financial Crisis.
Where even though it was their positions that caused the crisis that they don't want to change their "Modus Operandi" as it is so unregulated & profitable.
What they fail to recognise is that a fettered market is unfree & creates imbalances. One can see this in the chart below where JPM's position in the market has gone from controlling 30% of the market up to the current 80%
In other words they have gone from being the major trading bank to one now where their positions is "TOO BIG TOO FAIL".
And as the "Gorilla" in the market, when they dump 2000 contracts in milliseconds it has a profound & disturbing effect on the price & also players.


Here can be seen where JPM is taking control of market share in an ever rising derivatives market.


Also I would like to ask how is it that since 2000 we've seen global hedging fall from 3000 tonnes to 230 tonnes yet the derivative positions in the major Hedger Bank JPM have risen ever since.
Also what should be questioned is the "Gorilla" approach to certain trading days; Option Expiry, Gov't Report Releases etc where it's common practice to move the price to suit the Gorilla.
----------------
As you know I've been plotting the gold price on my website for the last decade.
The data I have is intraday 2 minute tick data for 24 hours a day - 5.5 days per week. I have the gold price history stored for analysis & would like to showcase these special anomaly days when gold is hit.
My intentions are to break this huge dataset down into monthly sets of daily data to showcase the US effect on the Price.
It would also be good to get some historical dates & times on Gov't Report releases so I can highlight the Guerrilla attacks.
ie which reports & what time of day are they released?
Perhaps you can help me with this later when you have some spare time.
Will keep you informed of this as I go.
Keep up the good work & don't let the bastards get you down.
All the best
Cheers Nick



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Dim 28 Mar 2010 - 13:36

on en append de belles !!

le lendemain des auditions CFTC, Maguire et sa femme ont été victimes d'un "chauffard" dans des circonstances troublantes. fort heuresement, ils s'en tirent avec de blessures mineures ...
le conducteur, après avoir tenté de s'échapper a été appréhendé

http://www.gata.org/node/8477



CFTC whistleblower injured in London hit-and-run


Submitted by cpowell on Sat, 2010-03-27 22:39. Section: Daily Dispatches
6:39p ET Saturday, March 27, 2010
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, who warned an investigator for the U.S. Commodity Futures Trading Commission in advance about a gold and silver market manipulation to be undertaken by traders for JPMorgan Chase in February and whose whistleblowing was publicized by GATA at Thursday's CFTC hearing on metals futures trading --
http://www.gata.org/node/8466
-- was injured along with his wife the next day when their car was struck by a hit-and-run driver in the London area.
According to GATA's contact with Maguire, board member Adrian Douglas, Maguire and his wife were admitted to a hospital overnight and released today and are expected to recover fully.
Maguire told Douglas by telephone today that his car was struck by a car careening out of a side road. When a pedestrian who witnessed the crash tried to block the other driver's escape, the other driver accelerated at the pedestrian, causing him to jump out of the way to avoid being hit. The other driver's car then struck two other cars in escaping. But the other driver was caught by police after a chase in which police helicopters were summoned.
We'll convey more information about the incident as it becomes available.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Dim 28 Mar 2010 - 16:52

j'attire votre attention sur un compte rendu de l'intervention de A Douglas concernant les réserves fractionnaires du lbma..

que Jeffey Christian du CPM, n'a non seulement pas démenti, mais validé !

(Adrian assistait l'excellent Harvey Organ, dans le panel n°2)

admettant explicitement que le lbma est un marché de papier.. et implicitement que c'est 1 schéma de Ponzi

je ne vous fait pas de cc, c'est long mais à lire absolument !

http://www.gata.org/node/8478

pour ceux qui ont besoin de se rafraichir la mémoire .. voir la file très détaillée sur ce sujet

http://www.hardinvestor.net/les-hard-investors-f7/adrian-douglas-dynamique-explosive-gold-et-silver-market-reserves-fractionnaires-du-lbma-t10642.htm



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Lun 29 Mar 2010 - 15:50

très bon reporting des interventions de Douglas et jeffey Christian ( tiens encore un ancien de GS ... lol ) sur zero hedge ..
avec la vidéo de l'intervention de Douglas en prime

http://www.zerohedge.com/article/former-goldman-commodities-research-analyst-confirms-lmba-otc-gold-market-paper-gold-ponzi


encore plus détaillé !!

http://news.goldseek.com/GoldSeek/1269815740.php



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Mar 30 Mar 2010 - 19:18

une longue interview ( 40 mn ) de Andrew Maguire et d'Adrian Douglas par Eric King
Maguire, trader métaux au lbma explique comment il en est venu à avertir la cftc au sujet des manipulation des cours de l'argent, par les traders de JPM sur londres .. puis comment, devant le refus de la CFTC pour l'inviter à témoigner jeudi dernier .. il a contacté Adrian Douglas


http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/3/30_Andrew_Maguire_%26_Adrian_Douglass.html



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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par g.sandro Mer 31 Mar 2010 - 0:16

CFTC Hearing; Poised to Act!


(CFTC aiming to regulate silver market!)


Silver Stock Report


by Jason Hommel, March 30th, 2010



I was pleasantly surprised by the CFTC meeting in Washington DC on March
25th, it was much better than I expected. I think the CFTC is likely to do
something to help stop the excessive and concentrated short position in silver
at the COMEX, and there are many reasons why, as I detail below.
I was very impressed with the quality and intelligence of the questions asked
by the CFTC commission members. CFTC chairman, Gary Gensler continually brought
up issue of the large silver concentration as being a potential problem to deal
with. The main questions seemed to be "how to deal with it", and "what would
happen"? I don't think he would ask that, unless he knew there was a problem
that needed to be fixed.
Chairman Gensler specifically thanked Bart Chilton for bringing these issues
up repeatedly to the CFTC; everybody there seemed to know him the best, and was
recognized by Chairman Gensler as their leader on these issues. I believe we
ought to pray for all of the commissioners at this point; for their safety, that
they are given Godly courage, and continue to gain wisdom and insight into the
nature of the silver fraud, and how to best stop it.
There were 5 commission members of the CFTC, who asked questions from panel
members that they invited to speak on their panel discussions. They covered
almost everything you could imagine, and asked nearly all the questions I would
ask, they were that good. Unfortunately, the CFTC did not ask the public
anything, so I did not get to say anything.
The full event is now online, and available here:
http://www.capitolconnection.net/capcon/cftc/webcastarchive.htm
These are my notes that I took with pen on paper, then typed up later. I sat
in the back, did not take notes on everything, and I hope I don't mis-attribute
things said to the wrong person, if my notes are not clear, I'll try to write,
"someone said".
Panel members each had 5 minutes to read an opening statement or testimony,
and questions and answers were to be limited to another 5 minutes.
The main points in my notes are as follows. The commission members asked many
good questions:
Opening Statements by Gensler, Dunn, and O'Malia:
http://cftc.gov/ucm/groups/public/@newsroom/documents/speechandtestimony/genslerstatement032510.pdf
http://cftc.gov/ucm/groups/public/@newsroom/documents/speechandtestimony/dunnstatement032510.pdf
http://cftc.gov/ucm/groups/public/@newsroom/documents/speechandtestimony/omaliastatement032510.pdf
Panel 1:
They started out asking Steve Sherrod, of their own Division of Market
Oversight (DMO), in the CFTC, and Dan Berkovits, General Counsel of the CFTC,
some key questions. They also covered the history of position limits at the
CFTC which I don't cover here; it was a chart, hard to read.
There were several opening statements by CFTC commissioners, see
CFTC.gov.
1. A CFTC commissioner asked: Why are there exemptions to position limits
granted to "bona fide hedgers"?
2. CFTC asked: What is the difference between a bona fide hedger and a
speculator, when one reason to hold gold and silver bullion is to hedge against
the inflation of the dollar?
The day started with a startling admission: There is no enforcement of
position limits unless they are excessive, which is defined if there are "sudden
and unwarranted changes in the price". CFTC asked their own DMO if that has
happened, and the answer was, "Yes, it was volatile in 2008", I believe in
reference to silver.
3. Even more shocking: CFTC asked: If an entity has an exemption to
position limits, and they are under "accountability levels" then what happens
when they exceed those accountability levels? (Answer, the Division of Market
Oversight (DMO) does nothing, and nor does it sanction such activity by doing
nothing.)
4. CFTC asked, "What justifies exceeding the accountability levels"? The
CFTC's DMO answered, "nothing".
5. Bart Chilton even said that hiding the names of the large traders that
have such exemptions leads to less transparency, which is not the goal.
6. It was pointed out that revealing the names of market participants is
prohibited by statute.
7. But Chilton pointed out that if they are so large that it reveals who the
trader is, then that kind of proves that there is an "issue"! I almost
applauded.
8. Chilton pointed out that current position limits appear to be like speed
limits on a dark desert highway that nobody enforces.
9. The DMO pointed out that the largest ETFs do NOT hold futures
contracts.
==========
Panel 2:
Tom LaSala, of the CME Group, who owns the COMEX, said there are hard
position limits on the spot month, and accountability levels in other, future
months. He said the CME polices itself, and issues "reduce position"
instructions to market participants when necessary. Tom specifically said that
GATA lacks evidence and theory. He claimed that inventories and hard position
limits are all ok. He said that position limits will drive trading elsewhere,
(which seemed to be a big discussion point of the day). He pointed out that LME
gold trading exceeds COMEX. (COMEX silver trading exceeds LME?) Driving
trading away from the COMEX would cause a loss of transparency, and the other
theme of the day is that transparency is good.
=====
Jeremy Charles, HSBC Bank, USA, their global metals trader, said they hedge
"long London" with a short COMEX. He said limits are unnecessary and dangerous
to USA markets, and lead to a lack of liquidity.
=====
Mark Epstein, a private trader, who is a member on several exchanges, said
many good things. He pointed out the danger of the relative size of the silver
open interest, and that it is "too big", "irresponsibly large" and a default
could destroy the COMEX. He said that there are often suspiciously large sell
orders that knock the price back too much, too fast, for example, someone sold
2000 gold contracts for about $215 million in 1 millisecond which knocked the
price back about 1%. Such things disrupt the price. And in silver, only just
over 200 silver contracts can knock the silver price back 1/2 of 1%. He sounded
like me, rattling off numbers of the size of the open interest, up to 700
million oz., which appears much too big in relation to the metal on deposit in
the warehouses, which is about 120 million oz., only 50 million oz. of which are
registered for delivery. Mark was one of the guys who took delivery of silver
off the exchange, and sent it to refiners to make 100 oz. bars to sell into the
spot market when silver spot was $2-3/oz. above exchange prices, in 2008. He
called it an "arbitrage opportunity".

=====
Jeff Burghardt, of Luvata, a copper company with 6000 employees, said he did
not like high copper prices, which cause higher inventory costs. He would want
to limit long speculators. He complained that copper prices doubled while
warehouse inventories also doubled! His suggestion was to impose higher margin
limits, and said that would be better than position limits.
=====
Diamurd O'Hegarty, of the London Metals Exchange (LME) testified next.
Apparently, he said nothing noteworthy.
=====
Gensler had a question about concentration in silver, for Epstein.
Also, what does it mean when HSBC "hedges client activity"?
=====
Epstein said that large trades move markets. $5-10 million would cause a
massive disruption in silver prices.
=====
Jeff Burghardt complained that in copper, they now see daily price moves that
would normally take a year to happen.
=====
Michael V. Dunn, CFTC commissioner, asked, "What would happen if COMEX was
drained of silver?"
I believe it was O'Hegarty, of the LME, who replied, "It would fill back
up."
=====
Jill Sommers, CFTC commissioner, asked something like, "How do we know if
hedge exemptions to position limits are legit or not?"
I believe it was Jeremy Charles, HSBC, who danced around the issue, and
repeatedly said things like they hedge "exposure" and "have exposure". It
seemed to me he was being truthful but evading, or trying to mislead while
remaining truthful. I note he did not say they "have metals", which I believe
he hoped he was interpreted as saying. Thus, it seemed to me that he was saying
that they were hedging their own short activity over at the LME with further
shorts at the COMEX, but not actually admitting that, but trying to make it
sound like they were hedging "long client positions", which also did not make
sense, as you don't need to hedge client positions, as client positions are held
for clients, and thus, don't have risk, unless they owe silver to clients, and
they don't want the silver price to move up, in which case they would hedge
their obligations to clients by shorting, to manipulate the market!
=====
It was pointed out that there were 28 internal actions taken to prevent
excesses in futures, taken by COMEX, as noted by Chilton,
=====
Charles, of HSBC, pointed out there is no shortage of metal in London, and
that they can deliver bars within 24 hours.
=====
I believe someone suggested the CFTC use "position management" to protect
against a short squeeze.
Gensler, CFTC, asked, "How often does the COMEX exchange (CME) talk to the
"large 4"?
Answer, "where necessary." Clarify. "Not daily." Perhaps once a month or
every few months.
=====
Gensler tried to get them to clarify this issue of shorting futures at COMEX
to hedge "long cash" in London? Again, it seems as if Gensler caught on to
their evasiveness. Again, it appears as if they are describing LME activity as
if HSBC is describing their own "long metals" positions by using the term "long
cash". But it appears you could use that same term "long cash" to describe that
they owe cash, based on silver prices, to their clients in London, while that
was not specifically admitted, of course.
(As an aside, I'll note that if they have long positions in London, and short
positions at the Comex, to balance out, that is manipulative. You can't
manipulate the price down at COMEX with shorts, to buy silver elsewhere based
off the low COMEX prices! (We can take legally take advantage of the low price
to buy silver, but not the ones shorting silver!) Furthermore, if they have
short positions in London, and short in COMEX to prevent their London shorts
from blowing up, that's not a hedge, that's manipulation, and exactly the type
of fraudulent and risky behavior that needs to be stopped!)
(My broker forbids me from holding both a short position, and a long position
at the same time. Why do these guys act like that's no problem, and a valid
explanation?)
=====
CFTC commissioner Dunn said he understands that it is common to hold silver
as a hedge for inflation.
=====
Jeff Burghardt, copper guy, said that futures are used for price discovery!
He complained that manipulation moves prices more than real world events. For
example, prices moved less after the Chile Earthquake than when big guys trade,
and obviously it should not be like that. Chile produces most of the world's
copper.
=====
Chilton complained that it's amazing that the CFTC cannot reveal who has an
exemption to the position limits.
=====
Question was asked, are there multiple claims on silver? The LME guy said
"no".
The LME guy also said that it's wrong of analysts to compare, or "balance",
futures with physical supply, since futures can extend 5 years out, and shorts
will always "cover later" as the time to delivery draws near.
=====
Scott O Malia of the CFTC said that "higher margins ~ good", and seemed to
back up what the copper guy was saying and asking for.
Epstein said that the largest traders have no capital constraints (I believe
he was alluding to firms like JP Morgan with an excess of $1.8 trillion in base
capital and who can receive Fed bail out money or borrow directly from the Fed
discount window). Thus, it seems to me that he felt that higher margins would
not affect, or constrain, the largest traders at all, and obviously it's the
largest traders that are the problem.
Another said that higher margins would disadvantage US markets.
CME opined "no" for higher margins; that they do already raise margin
requirements as they feel necessary.
LME opined that higher copper prices may be bad for the Copper company that
has to inventory it, but higher copper prices are good for other market
participants such as the miners.
=====
Chairman Gensler, CFTC, said he wants to bring price discover to the OTC
markets. (Currently, when things trade on the OTC, nobody knows what was traded
or at what price. Kind of like in our coin shops, thus, they cannot accurately
function as a price guide, like the COMEX prices can.)
=====
Commissioner Dunn said things are "too 'loosey goosy' on accountability".
(Laughing, saying "loosey goosy" is a technical term.)
=====
CME guy spoke on "concentration". He appeared to be dancing around the
issue. Said the big companies would look at limits as a nuisance, or
barrier.
LME guy preferred "lending guidelines" instead of position limits.
It was pointed out that it's the price 3 months out that drives markets.
Most futures contracts are for in the period about 3 months out, and are
continually rolled forward to the 3 month out period.
=========
Panel 3:
Tom Callahan, NYSE Euronext
Dr. Henry G Jarecki, Gresham Investment
Management
John Lothian, John Lothian & Co.
Bill Murphy, Gold
Antitrust Action Committee
Kevin Norrish, Barclays Capital

Tom, of NYSE, said limits could be a danger to drive liquidity overseas.
They could be a particular danger to emerging markets, such as the NYSE
Euronext.
Index investors help to drive stability, as they buy low, and sell high.
Jarecki noted that the futures markets are one of the safest markets out
there, as prices are always "marked to market", unlike in the housing market.

He quoted in Latin, "It takes great courage to do nothing in times of
crisis."
He had 4 recommendations:
1. Position limits will force trading to other markets.
2. CFTC should get data on who, as necessary.
3. If a company is a benefactor (of manipulation?), the CFTC should figure
it out.
4. Don't say you can't find out who is doing it.
=====
Lothian called us, GATA, and me, & long physical investors, who believe
in conspiracy theories, and distrust the markets, "political parasites" and
worse!? I was a bit outraged, of course.
He said accountability should increase, perhaps hinting that we should be
held accountable somehow.
(I personally had a chance to speak to him a bit at the break. I asked him
about the huge gap between physical and the amount of paper sold, and was it not
dangerous? He replied he thought "of course not". Then I asked him at what
level would it be of a concern? Would it be ok to sell 100 times more silver on
paper than the physical? A 1000? A million times as much? Where do you draw
the line. At that point, he seemed confused and flustered, and it appeared time
to get back to the event.)
I noted at one point that CFTC Commissioner Dunn noted that he was a long
time personal friend of Lothian.
=====
Murphy was up next. He read his paper.
GATA Chairman Murphy's planned
testimony to the CFTC
http://www.gata.org/node/8442

See also the video here:
Bill Murphy of GATA Speaks to CFTC
http://www.youtube.com/watch?v=9wIMpe9SjfQ
=====
Chairman Gensler brought up again, the problem of the "large concentration in
silver". It was a real WOW moment for me.
He asked, "Help us understand how it impacts fair and orderly prices".
Someone said that "greater transparency can offset concentration".
In the stock market, the SEC requires that at 5% ownership in a company, you
have to reveal disclosure of who owns it. There seemed to be no valid challenge
to applying this rule to the futures markets.
=====
Dunn (CFTC) asked, "Will position limits drive trading to OTC opaque
markets?
Jarecki: Yes, its a risk. He said, "don't hamper the weak and small copper
market". (The COMEX copper market is about 10% of world trade, not a major
world copper market, unlike in silver and gold, where COMEX trade is either
first or second in world trade.)
Jarecki said that, historically, the silver markets move away from areas of
excessive regulation.
=====
(At this point, I'm thinking, "Is it even a market? Is fraud a market? And
"why keep fraud here at home, if its not a market? Nobody's mentioning this
perspective.")
=====
Someone said Shanghi is already 40% of global metals trading. (This did not
appear on the charts shown earlier, which showed LME and CME (COMEX) dwarfing
world trade in precious metals, being one and two, and totaling up about 80-90%
of world trade.) Perhaps this is the difference between physical and paper?
Were the charts earlier only tracking paper trading, and not physical?
=====
Chilton said it's "silly fears" if position limits are very high, it's not
going to drive trading away.
Asked, What's "too much" concentration? Unanswered.
(I'd note that every trader is a "bona fide hedger" since it's perfectly fine
to hedge away your risk of holding dollars, by being a long holder of physical
silver and gold, or even futures contracts. But that's not what they mean by
"bona fide hedger" which qualifies for the excemptions; they mean if you "have a
long risk" that you can offset it with shorts in excess of the position limits.
But I'll also note that nobody is forcing these banks to buy long gold and
silver, and if they don't want that risk, they simply don't have to take it!
But I also believe these banks are certainly NOT holding excessive amounts of
gold and silver like they claim; they don't have enough to back all their client
accounts; as can clearly be seen in the BIS reports where they have over $200
billion in "other precious metals" notional value of OTC derivatives, that's
about 12 billion ounces of silver, or 24 years of mine supply that they owe, and
cleary cannot have; that's their risk!)
CFTC question: What will be the effect of position limits on the price?
Jarecki: All prices are up already anyway. He opined that exchanges
themselves lower volatility in price. Therefore, position limits would
theoritically increase volatility.
Lothian: "Friction retarts markets?
Gensler differs on that. Regulation is good.
CFTC has got position limit authority; this was granted as early as the
1930's.
CFTC: There is a raional way to deal with leverage, and wants to regulate
the OTC market, too.
Hedging vs. Speculation. Hard to tell the difference!!!
Question, repeated: Can a firm separate their own risk and accounts from
client accounts? Some said it was hard or impossible. Chilton said it must be
possible.
I note I cannot separate out the two, except on the large trades, and even
then, not always on the entire trade, but only a part of the trade sometims. I
note that part of the service I provide is to break down order sizes into
smaller orders, thus, not ever order or customer trade can be immediately
covered at the prices sold. I have to aggregate many trades together, over
time, into one trade, to reach the minimum order size to repurchase, or
"cover". In other words, not every customer order is for 5000 oz. of silver.
But this is on the opposite side of the spectrum. That's one contract, we could
get it close as one contract, of course, easily. Thus, not being able to
separate these apart is no justification for exceeding position limits.
=====
Chilton: Is there Evidence of complicit COMEX activity?
GATA answers "YES, whistleblower testimony fingers JP Morgan".
Bill Murphy of GATA Reveals Whistle-Blower in Gold Price Suppression
http://www.youtube.com/watch?v=e9bU0r6JP4s
A few days later, they elaborate, here:
Andrew Maguire & Adrian Douglas
Tuesday, March 30, 2010
http://kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/3/30_Andrew_Maguire.html
=====
CFTC noted that buyers could get around position limits by buying large
positions into many different funds; thus, they appear useless, or only a
hurdle.
=====
Jareski: preventing fraud is GOOD. Said it was the first time he heard the
5% rule, that at 5% concentration you have to reveal who you are, sounds good.
Regulations, like stoplights, are good.
===========
Panel 4:
Richard Straight, Triland USA, a Division of Mitsubishi Corporation
Simon
Grenfell, Deutsche Bank
Mike Masters, Masters Capital
Harvey Organ,
Individual Investor
Jeffrey Christian, CPM Group
(Before I start, I should note that Jeff Christian should be nominated both
for the Moron of the Year Award, and also for the "worst and most unconvincing
liar award." I note he claimes to have helped pioneer the invention of the
futures contract, so it seems like he's trying to protect his baby from
criticism. He also gathers the industry statistics on silver supply/demand,
which is what you would need to walk this tightrope of trading futures safely,
and yet, while the fundamentals appear wildly bullish, it appears he earns his
money from the short side of the street, working for the shorts, and being one
of their apologists. Clearly, they can afford to pay more. If you could say
the silver market fraud is not a conspiracy, but rather it must be the actions
of one insane main, it would be him -- but he's probably not short himself, but
long. I think he's both a deceiver, and a rather deceived and pathetic
character in this amazing drama of our age.)
Richard Straight: On the issue of position limits? NO!
Masters: Passive specs, the "massive passives" the fund investors who are
always long, are a problem. They reduce liquidity. (I note that while that
might be accurate, that's not a problem! As if people should be forced to trade
more?!)
Harvey Organ: (GATA) Produced GREAT statistics, the BIS report! He
requested a 40% margin of physical silver, as a solution.
Jeff Christian (CPM): Position Limits would do nothing. Or they would risk
driving trade away. Position Limits on non-commercials are good. (What?!)
Funds pose risks by buying longs, and selling too fast. Passive Funds create
the risks. Arbitrage happens fast. Position limits would be bad, "like
Sarbanes Oxley".
Chairman Gensler retorted, "I helped to co-author Sarbanes Oxley", and think
it's a good thing. Funny moment.
=====
Straight: Said the Clearing Houses know and clear both OTC trades, and
COMEX, thus, it should be possible to regulate them.
Why and How are position limits on one, and not the other?
DUNN: Is there a need for another market in silver, say, for 100 oz. bars?

Straight, or someone said: No, probably not enough demand. (Let them think
that! On the other hand, demand for 100 oz. bars has gone dramatically down
since late 2008 and mid 2009).
Regarding Platinum and Palladium; they are strategic metals, and thus, it's
"insane" to let investors stockpile them. (Like whoever said that has
absolutely no concept of freedom!)
Someone asked, "Why does the SEC have jurisdiction over the ETFs and not the
CFTC?"
Masters: "Massive Passives" consume liquidity. (As if liquidity is a goal,
and not freedom?)
Chilton retorted: It's impossible to limit longs by category like that; how
do you limit it; do you limit the old, or the new, or do you make the old sell
to the new, or do you limit new longs in that category; it's just impossible to
figure out how to regulate a category like that.
Masters sumbitted a 55 page paper. If there are limits; it should apply to
the paper he sent in to the CFTC, (laughter).
Masters said, "to hedge dollar decline, the currency markets for the Euro and
Yen are perfectly acceptable alternatives. (As if he did not know that gold and
silver have outperformed all currencies and are in bull markets in all
currencies over the last ten years. What an idiot.)
CFTC question: "Can the shorts deliver?"
Jeff Christian attempts a 3 point answer:
1. They have never defaulted in the past.
2. There is a cash delivery settlement option.
3. They hedge OTC longs.
=====
Harvey (GATA): Says there is huge risk! China and Russia can take and clean
out COMEX! TheY, COMEX, WILL have a failure!
Adrian Douglas (supporter to Harvey) piped in, and was almost shut down by
Gensler, as he was not slated to testify, but in the public audience, but had a
microphone. Gensler said "No" a and then clarified with, "No, I don't know who
you are."
Adrian: $5.4 trillion in London Gold; that's NOT METAL; it's a fractional
only system. The LBMA admits this is "unallocated" and that it's "unsecured".
It's not physical, they can't hedge, it's paper hedging paper, nothing but a
Ponzi scheme!
(Big truthful testimony after a day of lies, half truths, and willful
obfuscation.)
Jeff Christian tried to retort, admitted that there is 100 times as much
paper as physical, and seemed to get confused at one point.
=====
Chilton (CFTC) "Migration of markets, your take?"
Masters: It's an "Empty Threat". Would markets go to Dubai? Why, they
failed!
=====
Gensler & Dunn (CFTC) to Christian: "How would a short to cover a
sale?" (This appeared to catch Christian, almost.)
"What are they hedging on the other side?" (Question nailed it! I was
impressed.)
Christian also tried to pull out the "I'm a Goldman Sachs alum" card with
Gensler.
Gensler retorted: "A lot of people worked for Goldman Sachs, and I don't
agree with you."
(It was another pathetic moment for Christian, and one of the highlights of
the event!)

Christian: Says "Look at their gold book; it's gold from miners,
jewlers, producers sell immediately before smelting & refining, so they, the
bullion banks, short it to "cover" the long purchase. Fund longs are hedged
with a short! (?? does this admit manipulation ??)
Christian says "we" (implying him and the CFTC) don't help explain, and we
are confusing to investors.
This last part of the testimony is reviewed here:
Former Goldman Commodities Research Analyst Confirms LMBA OTC Gold Market Is
"Paper Gold" Ponzi
http://www.zerohedge.com/article/former-goldman-commodities-research-analyst-confirms-lmba-otc-gold-market-paper-gold-ponzi#comment
==========
end
==========
End of my notes: My further observations.
(Christian nearly reveals the manipulation several times with his "garbled
comments".)
What's ironic about Jeff's comments is that the gold books of the bullion
banks are NOT public information; and probably not even the CFTC commissioners
can get a good look at them. Furthermore, it's ludacrous to think that miners
have hedged silver 24 years into the future, as an explanation for the $200
billion OTC market size in "other precious metals", as reported by the BIS, the
Bank of International Settlements. If Jeff has even seen a gold book, that
shows who he is the apologist for; those doing the manipulation: namely, JP
Morgan.
=====
People and opinions change slowly sometimes. I have changed my opinion of
the CFTC; they are awakening and becoming the good guys. I felt that they would
have apolgized for prior CFTC commission members lies about the silver market,
perhaps if only they knew what the lies were. But this was better; they
admitted their own fault, that they currently "do nothing" when position limits
and accountability limits are exceeded! Wow!
=======================
Gensler kept asking two questions.
1. How are we going to regulate this oversized silver position?
2. What will our regulations do to the market?
This was great, because I don't think Gensler would ask those kinds of
questions unless he really sees a problem and really wants to do something about
it.
If you look up Gensler's wikipedia bio, under his career, it's revealing.
Every time he regulated, it resulted in good. The times he did not, resulted in
blowups. This man has been taught by personal experience to be a regulator! He
wants to regulate, knows he needs to regulate, and I think he will.
http://en.wikipedia.org/wiki/Gary_Gensler

After
the event, I ran back to get my coat, and noticed Gensler speaking to a small
crowd. I listened in. He said he learned a lot from the event. He refused to
sum up. He said that it would be easy to act, as it's simply the five of them
that can come up with solutions. He was asked, "Is Dunn the swing vote here?,
which implies that the reporter who asked, noted that between Gensler and
Chilton, they needed a third to get something done. In a break in the
questions, I asked him if I could take 60 seconds to give the answer to the two
questions he was asking all day. I was told, perhaps by a reporter, this was a
meeting for reporters only, and I was told I could wait outside. After a few
minutes I left.

======
The main answers that kept coming back, to Gensler's two big questions,
mostly from industry insiders, were "you can't do anything; limits would do
nothing", and "if you try, you will drive markets overseas".
Chilton noted that those answers are just not true, it's kind of an empty
threat. At some point, you could set position limits so high that there would
be no effect. Thus, at some slighly lower reasonable limit, could only help the
market, add legitamacy to it, and not destroy it.
One of my readers already noted that if you drive fraud overseas, that's not
a bad thing; we don't need fraud here, and we should not confuse "fraud" with
"markets".
The problem with position limits are that, first of all, they are almost
ignored by market participants and the CFTC as it is, and second, they are only
a hurdle. There are ways around them, as multiple dummy corporations could be
set up overseas to take on the short position. Or, it was also pointed out,
that a long investor could set up 5 funds, and each fund could buy up to the
position limit, and thus, evade and exceed the limits. Thus, position limits
are only a good first start.
Another solution would be to reveal the identity of any trader who has a
position that exceeds 5% of the open interest. It was pointed out that this is
the situation when you buy a stock, so why not apply it here? Nobody objected.

The problem is that the statute currenly says that the CFTC cannot reveal
names of traders. Problem is that statutes can be wrong, and can contradict
other law. For example, there are also other laws called "obstruction of
Justice" and "misprison of treason" that should not be violated, such that if
you know there is a crime taking place, and if you do nothing, then you can be
held to be guilty as an accomplice, by being complicit in the crime by doing
nothing.
I think the CFTC now knows there is a crime taking place, a crime that is a
direct threat to the nation, one that may require a massive bailout if it is not
corrected, and, thus, the CFTC will try hard to avoid doing nothing.
What they should do exactly, well, that's still another question
entirely.
I believe that regulations to end the fraud of excessive short selling will
make our markets more fair. If fraud in silver stops here, and goes overseas,
then USA silver prices might be slightly higher than world silver prices. This
would have the effect of luring silver here, from overseas, which, in light of
the silver shortage, can only be a good thing.
Some at the CFTC said they wanted to avoid creating an "arbitrage
opportunity" between markets. But if fraud is limited here, and unlimited
elsewhere, there will be an arb opportunity; prices for silver will go up here.


As it is, gold prices are nearly always higher in India than compared to
world market prices, and this is what it takes for India to import from 250 to
800 tonnes of gold per year. That's not a problem that needs to be fixed,
that's how markets work and should work.
The "arb opportunity" is how the free market corrects imbalances. This is
why the manipulation is global; they have massive short positions in the OTC,
and they hedge their short liability with further shorts to manipulate and keep
prices down.
Again, the BIS numbers say the "other precious metals" notional liability is
$203 billion, which, in silver terms, is about 12 billion ounces. This means
they lose $12 billion for every dollar that silver prices rise. This means they
stand to lose $120 billion if silver prices rise $10. They stand to lose $203
billion if silver prices merely double, and if no new buyers enter the market,
and that could result merely from their own short covering.
=====
As I walked through the halls past many congressmen's offices, I learned a
few things. Staffers are so young, maybe aged 25-35, or younger. Usually, you
have to book an appointment in advance, if you want to get somebody to hear your
concerns. But not always.
Some of them would say, "Understanding this is beyond my pay grade." Perhaps
meant to be a joke, or just said to get me to shut up, I'm not sure.
Understanding the problem is not beyond anyone's ability. Understanding the
solution, that's a bit more difficult.
Understanding the personal solution, that's easy. Buy real physical silver,
the kind you lift, and carry home. Call us at the JHMINT.com to order bullion.
(530) 273-8175
And what is the national solution? Well, they'll have to figure that out for
themselves, won't they?
But, the CFTC is on record saying they want YOUR HELP to figure out the
solution. My dad and I used to sit around and moan about the stupidity we saw
in Government and big finance, and we would laugh and conclude with a loud
ironic sigh, "But they didn't ask us, did they?!" But now they ARE ASKING.
Deadline for comments from the public is April 30th.
Never has the CFTC been so open to hearing our cause for honest markets. Now
is the chance. Now is the time.
Send your comments by mail, fax, and email, to:
Written materials should be mailed to the Commodity Futures Trading
Commission, Three Lafayette Center, 1155 21st Street, N.W., Washington, DC,
20581, attention Office of the Secretariat; transmitted by facsimile at
202-418-5521; or transmitted electronically to metalshearing@cftc.gov. Reference
should be made to “metals position limits.”
=====
A few days later: Not sure if the CFTC is warming up, or what.
CFTC Charges Ohio-based Defendants Enrique Villalba, Jr., and Money Market
Alternative, LP, with Operating a Multi-Million Dollar Futures Ponzi Scheme

March 29, 2010
http://cftc.gov/newsroom/enforcementpressreleases/2010/pr5801-10.html
To continue to follow this saga, see:
http://www.gata.org/taxonomy/term/2
http://cftc.gov/

=========

I
strongly advise you to get real gold and silver, at anywhere
near today's prices, while you still can.
Price Board:
http://jhmint.com/cgi-bin/ssrbidask

Our Coin
Shops are open 10AM to 5PM Pacific, Monday to Friday
100 oz. silver minimum,
USA shipping, wire transfer only!
Janelle (530) 913 0553 silver_support1@vzw.blackberry.net


JH MINT & Coin Shop, Grass Valley, CA
(530) 273-8175
http://www.jhmint.com/

Rocklin Coin Shop, CA, 15 min north of
Sacramento
http://rocklincoinshop.com/

Or visit www.momsilvershop.com
(Mom will ship in
lots of more or less than 100 ounces of silver, and overseas, and take
credit cards or pay pal.)


Sincerely,
Jason Hommel

In case you miss an email, check the archives:
http://silverstockreport.com/



Silver is king, Go Gold !
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MessageRe: loi Dodd Franck/CFTC/ limitations de positions
par marie Jeu 1 Avr 2010 - 23:03

pour ceux qui ont du mal avec l'anglais en audio ..
Fofoa a retranscrit les passages les plus importants de l'interview Douglas /Maguire et Murphy / Powell / Gata, chez Eric King

http://fofoa.blogspot.com/2010/03/1001.html



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