Finally, after years of analyzing the silver market and studying Commitment of Traders (COT) data, Ted Butler has concluded that the CFTC won’t prosecute JP Morgan for their silver market manipulation because the U.S. government is intentionally allowing the suppression of precious metals prices. (It’s about time! Glad to finally have you aboard, Mr. Butler!)
|The Plunge Protection Team|
|Ben Bernanke||Mary Schapiro||Gary Gensler||Tim Geithner|
|Chairman of the Federal Reserve||Chairman of the SEC||Chairman of the CFTC||Treasury Secretary|
Specifically, the President’s Working Group on Financial Markets was created in 1988 by the Reagan administration in order to prevent another market crash like that seen in October of 1987. This Working Group, sometimes referred to as the “Plunge Protection Team” consists of four members (today’s members pictured above): The Chairman of the Federal Reserve; The Chairman of the Securities Exchange Commission (SEC); The Chairman of the Commodities Futures Trading Commission (CFTC); The Treasury Secretary.
Their mission is to intervene in the markets whenever they feel it is in the best interests of the banking powers. Strong precious metals prices mean a weakened U.S. dollar. The paper futures markets are used to suppress the prices of gold and silver in order to maintain the illusion of a stronger dollar. As Chris Powell of GATA always says, “There are no markets anymore…only interventions.”
Butler noted that even though Chairman Gensler of the CFTC likely understands that citizens are “being screwed” by the manipulation, he’s unable to do his duties and enforce existing commodity laws against JP Morgan because this powerful Working Group has alternate goals.
Find more information about precious metals price suppression here.