My letter to the CFTC included this passage – “Almost without fail, on every past occasion where the concentrated short position in COMEX silver futures reached extreme levels, it was only a matter of time before the price of silver gets rigged lower by these big shorts to induce speculative selling from traders operating on technical price signals. In fact, COT report data indicate that JPMorgan has never taken a loss, only profits on every silver short position it has added over the past nine years. Such results would not be possible in a market that wasn’t manipulated in price. In essence, speculators have taken over the price discovery process in silver because there are so few real hedgers trading on the COMEX, only speculating banks betting against other speculative traders.”
Considering that several hundred individuals took the time to contact the CFTC on this matter, it is not possible for the agency to have failed to notice that silver prices were deliberately rigged lower just as advertised beforehand. The Commission’s own data confirm and will confirm that technical fund traders were the big sellers and the bank shorts, led by JP Morgan, were the big buyers on the recent price rout. The necessary ingredients for manipulation were all present and accounted for – means, motive and opportunity.
Another undeniable conclusion is that JP Morgan has done it once again, namely, teamed up with the other big COMEX commercial shorts to rig silver prices lower and has begun to buy back recently added short positions with profits. Thus, a nine year perfect trading record has been extended and preserved. Nine years after taking over Bear Stearns, JP Morgan has established the perfect record in only buying back any added short positions in COMEX silver at a profit and never, ever at a loss
| More precious metals news & information available at Ed Steer’s Gold & Silver Digest. |
 |
Follow on Twitter
Ted, Excuse my ignorance but who exactly has given the authority to the Comex and CFTC to dictate what prices metal trade? Obviously these entities aren’t being transparent with the paper contracts that represent the physical metals. Is this whole game a matter of people’s ignorance or people’s inability to change the system as it is? If the “players” that have any substantial “weight” are continually to buy the paper. I don’t see things ever changing. Like so many things in this world → it’s a bad system that has to be addressed at the core. Thanks, Brian