Replies

Frantzie wrote: "Hussein and The Ben Bernank along with The JP Morgue."

Yes, JP Morgan and HSBC have been manipulating the silver market to depress the price for decades, using the Comex futures exchange. The 'silver bugs' and their 'gold bug' cousins have been pointing this out for years, and it has gone largely ignored.

Finally, after being hounded the head of the CFTC (Commodities Futures Trading Commission) stated publically that, yes, it did indeed look like the markets were being manipulated by a "large participant" a few weeks ago.

Today the first of many shareholder lawsuits was filed on behalf of the SLV ETF fund, which was bought by (guess who?) yep, the JP Morgue, fairly recently.

One of the leading clearing house sites for details on this is the Gold Anti-trust Action Committee (GATA).

As a result of the publicity that GATA and other whistle-blowers have generated there has been a call to 'bust the Comex' by having futures buyers demand physical settlement of their contracts (which is routine in some commodities, and by real hedgers like oil retailers buying heating oil, or bakers buying flower, but much less common in the PM futures markets which are mostly speculators.)

Perhaps some of the large players (like the Chinese? Russians?) are not so amused at a few crooked bankers in New York and London manipulating the prices for commodities that they produce for decades.

On a smaller scale there has also been a lot of individuals buying silver due to the Ben Bernancke and his policies, which they believe are destroying the dollar.

So, I think this is involved in the silver spike. Whatever the JP Morgue has been doing they are probably stopping it, or reducing it now that the whole world is watching. For what it's worth GATA has maintained for years that if the manipulation is ended the prices for gold and silver will go way up.

It's nice to see a fringe 'conspiracy theory' more or less proven. It will be even nicer to see the lawsuits and CFTC investigation run their course.