Well, after five years of investigation…the CFTC found nothing “actionable” in the silver market. My first thought is that now, apparently the Pope isn’t Catholic and no, bears don’t “sit” in the woods? Nothing actionable huh? Really? Oh I get it; there was nothing “actionable” because if that was their finding there would be no action in any market anywhere by this coming Monday.
As I have written several times before, “what can they say?” What did anyone expect? The CFTC to come out and tell us what we already know…gold, silver and virtually every other market on the planet is rigged. That more paper silver has been sold than could possibly exist? That 50% of the world’s entire annual silver production was sold at night during the thinnest hours of trading in less than 5 minutes and knocked over $10 off of the price instantaneously? Could they tell us that they pulled the “time and sales” sheets and found that the same sellers dumped paper silver at key junctures to paint the charts and depress the price? Or maybe they just should have come out and announced that since low metals prices are necessary to have low interest rates and a “strong” dollar…we are better off accepting what “is” for the common good of mankind on the entire planet!
Or, they could just come out and say, “Never mind, nothing to see here, please move along” which is exactly what they did. Since this of course was the expected outcome, now we get to sit back and wait until Oct. 1st. No, not to wait to see if the government shuts down… now we wait to see if one Bart Chilton is heard from. He has said that by the end of Sept., if the CFTC did not tell the truth then he would. It is time for Mr. Chilton to stand tall. I have my own opinion and will keep it to myself until we either hear from him or not. If he comes out and tells the obvious truth then I will applaud him. If he says nothing then that means that he agrees with the ruling. He has the opportunity to tell the truth, lose his job (or resign) and go down in history as a man who stood by truth, justice and unbending principles.
Were Mr. Chilton to come out with the truth AND with specifics…which is the outright fraud that the silver market is, I don’t believe it will take much more than 2-3 weeks for a meltdown to occur. Investors would storm the COMEX vaults and have even the cobwebs delivered out. Confidence in paper, everything will crack wide open and busted derivatives will domino. No, I have a hard time seeing Bart Chilton telling the truth because the truth is just too ugly and in today’s world no market “can handle the truth.”
Unfortunately, now we can look forward to the “there is no manipulation” crowd stepping up on soapboxes telling us “see, I told you so.” I am usually blunt and say what I think but try not to offend anyone (unless they deserve it) with what I write but this is different. Anyone, anywhere and for whatever faulted logic who believes that gold and silver are not manipulated are either a fool or lying. “Naïve” is not strong enough of a word. “Stupid” doesn’t work because an average 3rd grade mentality could figure this one out. “Disingenuous” won’t work because it doesn’t go far enough. There is no way to be kind here as this is black and white.
So, am I ticked off and screaming at the TV screen? No, not at all and this was exactly expected. All I can do is shake my head and wonder whatever happened to that guy I used to see on TV who was faster than a speeding bullet…something about “truth, justice and the American way.” What happened to that? The only course of action is to purchase and have delivered to you exactly what “they” don’t want you to have and do it while “they” subsidize your purchase price. When you get your metal in your hands…say…thank you very much and then wait for the game to blow up! It mathematically will.