Just as the issue appeared to slip into the trash barrel, CFTC Commissioner Bart Chilton told readers of King World News that he still believes the silver price has been manipulated at the Chicago Mercantile Exchange.
"I believe there has been repeated attempts to influence prices in the silver market," Chilton told KWN. "And there's been fraudulent efforts to persuade and deviously control the price."
After years of pressure exerted onto the CFTC by the Gold Anti-Trust Action Committee (GATA) and silver market specialist Theodore Butler of Investment Rarities Inc., as well as public disclosure of the scheme from former Goldman Sachs trader Andrew Maguire, the CFTC initiated an investigation against two banks that the regulatory agency suspected of participating in the scheme to suppress the price of silver, JP Morgan and HSBC.
To be blunt. All this "price fix" conspiracy stuff is getting a bit OLD and boring. OF COURSE the Gold and Silver futures markets are manipulated.
Maybe to you. Turning a blind eye on white collar crime is not the answer to free and transparent markets.
Bullion banks, CME try to hobble CFTC, Maguire tells King World News
Submitted by cpowell on 05:41PM ET Saturday, November 5, 2011. Section: Daily Dispatches 8:41p ET Saturday, November 5, 2011
Dear Friend of GATA and Gold (and Silver):
Silver market rigging whistleblower Andrew Maguire today tells King World News that manipulation of the silver market continues as bullion banks and the Chicago Mercantile Exchange try to prevent the U.S. Commodity Futures Trading Commission from getting the staff necessary to enforce new regulations. An excerpt from the interview is posted at the King World News blog here: