Breaking News: Investigation of Silver Price Suppression to be DroppedAugust 7th, 2012
In September 2008 the Commodity Futures Trading Commission announced it was investigating “complaints of misconduct in the silver market” from many well established precious metals investors. Four years later US regulators say the investigation “looks increasingly likely to be dropped” because they “failed to find enough evidence to support a legal case.”
So, that’s it. Nothing to see here. No manipulation going on here. The price of the silver is the honest market price of silver. Go about your business.
And if you believe that you probably believe the real inflation rate is under 2% and the real unemployment rate is under 10%.
In 2010, CFTC commissioner, Bart Chilton said that he believed there had been “fraudulent efforts to persuade and deviously control” the price of silver. But yesterday prominent silver analyst, Christopher Barker (no relation) published more recent comments from Chilton who said, “”Whenever the CFTC does take an action or actions related to our silver investigation, I am hopeful that we will do so in a fulsome and transparent manner.”
So, why the change of heart, when transparency is the purpose of the investigation in the first place? Barker remains ever convinced that the price manipulation is occurring.
The investigation is not even complete yet. Cutting it short now would only infuriate silver investors who claim that a large group of investment banks, in particular, JPMorgan, have colluded to artificially suppress the price of silver. Not to mention, if the CFTC neglects its role as market watchdog it will only further erode public confidence in American institutions, and ensure that these allegations fill the blogs of conspiracy theorists until the dollar finally collapses.
It’s not that hard a conspiracy theory to write. While the CFTC analyses over 100,000 documents and interviews dozens of witnesses, and the silver investors flock to the blogosphere calling on readers to “crash JPMorgan” by buying silver, JPMorgan gets nervous and calls in a few political favors to wrangle control of the agency that’s supposed to regulate them.
In response to the allegations the head of commodities at JPMorgan, Blythe Masters said, “We have no stake in whether prices rise or decline.” Which is such an economically idiotic thing for a financial firm to say; you know it’s nothing but propaganda.
It’s a conspiracy as old as time. Government investigates bank. Bank buys government. Except this time the blogosphere shows no signs of backing down.
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