Silver Price is Heavily Manipulated. Should be $80/ounce Today

U of T took 1 billion in Gold, not silver. What else is wrong about your post? I quit reading when I saw that.

Go silver and all that, but doublecheck your hype.

The head of the CFTC agrees with you.

Statement of Commissioner Bart Chilton
U.S. Commodity Futures Trading Commission
Public Hearing on Anti-Manipulation and Disruptive Trading Practices
Washington, D.C.
Tuesday, October 26, 2010


I take this opportunity to comment on the precious metals markets and in particular the silver markets.

More than two years ago the agency began an investigation into silver markets. I have been urging the agency to say something on the matter for months. The public deserves some answers to their concerns that silver markets are being, and have been, manipulated.

The legal definition of manipulation under the law is a high bar to prove. It is a much different test than what the average person might consider as manipulation. Under existing law, to prove manipulation, the government is required to demonstrate not only specific intent; we also need to prove that as a result of the intent and market control, that activity caused an artificial price -- a point that can certainly be debated by economists.

Attempted manipulation is less difficult to prove -- requiring an intent to manipulate and some overt act in furtherance of that intent. There are also other violations of law that could contort markets and distort prices.

I believe that there have been repeated attempts to influence prices in the silver markets. There have been fraudulent efforts to persuade and deviously control that price. Based on what I have been told by members of the public and reviewed in publicly available documents, I believe violations to the Commodity Exchange Act have taken place in silver markets and that any such violation of the law in this regard should be prosecuted.

In saying this, I am fully aware of the prohibition from divulging trader names or information about their positions I am extremely careful not to violate the law in this, or any, regard. I also cannot pre-judge anything the agency may do with regard to our silver investigation, or any other matter.

The Wall Street Reform and Consumer Protection Act, which I strongly supported, contains new manipulation provisions as well as anti-disruptive trading rules. These new authorities, along with the implementation of thoughtful position limits in metals, will go a long way toward ensuring more efficient and effective metals markets devoid of fraud, abuse, and manipulation.

Thoughtful investigations take time. The CFTC staff has worked extremely hard on the silver investigation. That said, there is a point at which it is our responsibility to say something. Within the law, I have done so. I am hopeful that the agency will speak publicly about the investigation in the very near future and when they do so that it will be in a more granular fashion than I am permitted from doing at this time.

5 days back, Eric spott has purchased 50 million ounces Silver or

he is looking to buy 46 million ounces Silver. Does this mean he is not able to get 46 million ounce Silver.

Where did all the Silver disappear?

Final report on rules for position limits that take effect January 1,2012.

Commission administered limits on speculative positions in 28 core physical commodity contracts and their “economically equivalent” futures, options, and swaps (collectively “Referenced Contracts”).
 Establishment of speculative limits on Referenced Contracts that will occur in two phases:
o Spot-month position limits. Spot-month limits will be effective sixty days after the term “swap” is further defined under the Dodd-Frank Act. The limits adopted at that time will be based on the spot-month position limit levels currently in place at DCMs. Thereafter, the spot-month limits will be adjusted annually for agricultural contracts and biennially for energy and metal contracts. These subsequent limits will be based on the Commission’s determination of deliverable supply (developed in consultation with DCMs).
o Non-spot-month position limits (i.e., limits applied to positions in all contract months combined or in a single contract month). For the nine "legacy" agricultural Referenced Contracts that currently are subject to Commission administered limits, the new non-spot-month limits will go into effect sixty days after the term "swap" is further defined under the Dodd-Frank Act.

[link to www.cftc.gov]

In short the new swaps limit will be 25% of your deliverable commodities.IE JPMorgan is fucked.Currently they buy and sell 100 times in paper what they have in physical.

$80 ? more like $150 right now .

When it hits that price , it will be illegal to own or sell . Plus if you think the goverment gouges you for shit, wait till the black marketeers take their pound of flesh nearest the heart. Unlike respectable businessmen I can tell you that the price of antibiotics is one ounce each and there will be not a damn thing you can do about it ).

It is true. The Treasury sold the 3 Billion ounce or 100,000 Tons of silver they had in the 1950s, and then the 400 Million ounce silver or so strategic stockpile got sold/used up by the early 2000s.

This shows that the Treasury had 3.28 billion ounces of silver at the end of 1942. Many people claim (a/k/a have fallen for) the U.S. having 5.9 Billion ounce of silver at one time, but that seems to include coinage (or was perhaps simply made up).

[link to digicoll.library.wisc.edu]

[link to uscode.house.gov]

300,000 Tons of Gold and other treasures

This gold find in the 1940's would have crushed the value of monetary gold around the world, per Weir. Because the US Government was the largest holder of monetary gold, it would have significantly devalued the US monetary reserves if made public . Too, its revelation would allow claims from certain Asian countries that the gold belonged to them. This would upset the balance of power and wealth in the region.

[link to www.marketoracle.co.uk]

I think USA has 300,000 Tons of gold. The report says 300,000 Tons of "gold" and "other treasure". There is good possibility that there is another 100,000 to 200,000 Tons of silver. Total estimated treasure 500,000 Tons. Details are very scarce/less. Please do not give importance to this till this is confirmed.

There are 2 possibilities:

1) USA has large quantities of gold and silver.

2) USA sold large quantities of gold and silver. So somebody has large quantities of gold and silver.

So there are large quantities of gold and silver in this world which can be upto 500,000 Tons to 1 million Tons of Gold.

Do a little homework before you go talking about things you are clueless about.165000 tonnes of gold have been mined in human history.That is all.Hence RARE. where you get figures of 500,000 tons to 1 million is beyond me.You had to have just made them up.The most optimistic figures I have ever seen place the total gold out of the ground in all of human history at around 170,000 tons.

No matter what the price of silver is or is not , the elite will always have more to spend than you . Or they will control the things that people want to buy and exchange them for metals .

No need to fear the goverment goons. The problem will be your family/friend/neighbor/army buddy/pastor who "just need a wee bit". To buy their children/spouse some life saving treatment at the metal currency only doctor/hospital.

The first time you give it is a gift , every time after that it is something the sheeps feel entitled too.

Poster 1:

I believe the world gold has more than 1 million tonnes. My ex company is a legal firm. I saw contracts for gold deals before. Last year my boss (a lawyer) drafted contracts for total of 480 000 metric tonnes gold.

My boss represented a seller, and the golds sold to 12 buyers around the world. So, the data from World Gold Council is totally wrong. The world has much more gold than 160 000 metric tonnes.

By common sense, we know the fact (world only has 160 000 MT gold) is wrong. if by size, 160 000 mt gold is only a cube with dimension 20 m x 20 m x 20 m.

Poster 2:

Oh, and his lawyer writing personally contracts on 480,000 tons of gold last year......... at a rate of $1,100 per ounce, that is $16,975,200,000,000... that's right, almost 17 trillion dollars Wow, one, humble ol lawyer, handling 20% more than the entire USA GDP last year, and no ones even heard of him, or the insane amount of effect that would have on world economy, but no one noticed?..... I want to say something soooo bad right now, but I'll probably get banned if I write it..... why do people even think that our IQ is so low to just accept things they write like this... what, is the author like 12?

There can be all the paper written,derivatives purchased,the same gold leased 1000 times over.It does not change the amount of physical gold or silver in the world.The leverage according to the CFTC is over 1000 to one paper to physical currently.And that is just in regulated markets.Paper gold and silver are just that.Pieces of paper.

You do realize that the SAME CONTRACTS can get traded again and again don't you? If ten people have ten contracts each (100 contracts) and each contract gets traded 10 times then there have been 1000 trades, but that doesn't mean there are now 1000 contracts. This is not rocket science...

Silver is poor man's Gold.

Price of Gold & Silver should be same today that is $1750 an ounce.

Eric Sprott has purchased 50 million ounce Silver or he will buy 50 million ounce Silver at $32 an ounce.

This means Silver will never fall below $32 an ounce. There are other big buyers also.

People who want to buy Silver at $20/ounce and Gold at $1000/ounce, they should sell all their Silver & Gold and never again invest in Bullion.