The Great Silver Bombshell
CFTC Commissioner Bart Chilton dropped the long-awaited bombshell on the bullion markets today.
Mr. Chilton warned his fellow regulators a few weeks ago that if they didn't hurry the 2-year-old investigation of silver price manipulation to a timely conclusion, that he would speak out and give the public the information it deserves to have.
I am delighted to report that today, Mr. Chilton made good on his promise, and delivered a slam-dunk vindication of the rampant price manipulation in the silver market that observers like me have been decrying for years.
"There have been fraudulent efforts to persuade and deviously control that price," Chilton said in prepared remarks before a Commodity Futures Trading Commission meeting.
Chilton said he could not pre-judge the outcome of the CFTC's ongoing investigation of the silver markets, but said public deserves some answers to their concerns.
To all the gold and silver skeptics who for years have written-off claims of rampant market manipulations as the delusional conspiracy rants of a mad demographic of the investment community, I hope today's revelations straight from the mouth of a CFTC commissioner will finally lay such baseless and predjudiced presumptions to rest.
To all who categorically ignored the information supplied by whistleblower Andrew Maguire, let that be a reminder that whistleblowers generally step up to the plate at great risk to their careers and credibility, and therefore generally lack the incentive to fabricate their claim.
To all who categorically dismiss claims that select markets might be something other than transparent and free-market oases in a world demonstrably fraught with rampant fraud and malfeasance, I hope these revelations yield a more open-minded stance toward the likelihood that devious actions to manipulate asset prices are in fact rampant within our financial system.
To all who maintain trust in the banks designated as custodians for the gold and silver held in the bullion ETFs I have flagged as vehicles of concern, I hope these revelations trigger an objective reappraisal of that trust.
To all who think gold and silver have run to the end of the line with respect to this multi-year bull market, I offer this emerging truth as yet one more assurance that we remain far, far removed from the final stages of this re-pricing event.