We are getting ready to leave for Florida next Monday. Lot’s to do to get things organized here before we turn our house over to our caretaker, who moves in and watches over things when we are out of town.
I will be cutting back on my personal comments until the middle of next week and start back up from Miami. Today I have gathered a few must-read articles together for you that cover the most important event(s) on Wednesday. The key news was that the CFTC let JPMorgan off the hook in the long-running silver manipulation case. Bill Holter wrote a great article on this. Don’t miss it. It’s Bill at his best!
I had a discussion with a friend about when he expects gold to finally turn up? His information is usually pretty accurate. He said, “Gold will bottom soon and then turn much higher. The bottom in 2000 was in November and the bottom in 2008 occurred in October with near double bottom in November. I expect the same timing to repeat this year. Be patient. The gold market is setting up for an excellent year in 2014 and the move will come before Thanksgiving.”
Let’s start today’s daily with the following important interview with GATA’s Chris Powell that discusses why the CFTC can’t stop market rigging when U.S. government does it – it’s the law.
Today’s dismissal by the U.S. Commodity Futures Trading Commission of complaints about manipulation of the silver market leaves plenty of room for a conclusion opposite from the one that news reports will publicize — that there’s no evidence of manipulation.
GATA’s lawyers noted the government’s market-rigging authority soon after our organization was formally incorporated in January 1999. The authority was given in the Gold Reserve Act of 1934, which established the Exchange Stabilization Fund in the Treasury Department. As the department notes on its Internet site
Also, on the same topic, Chris Powell is interviewed on King World News and discusses the same event… Another must see interview!
September 25, 2013
Submitted by cpowell
Dear Friend of GATA and Gold:
King World News interviewed your secretary/treasurer today about the decision of the U.S. Commodity Futures Trading Commission not to take any action in complaints of manipulation of the silver market. An excerpt from the interview is posted at the King World News blog here: