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« Hecla Mining Company Gross Profit of $54 Million | Main | Silver Wheaton Corporation: Sold Dec $35.00 Call Options »

Silver Price Manipulation

Silver chart Kitco 27 October 2010.JPG

The green line on the above chart depicts the progress of silver prices today which went from drifting listlessly to suddenly accelerating north from $23.40/oz to the $24.00/oz level. We looked around for the reason behind this change and it would appear to have been created by a by the words of the CFTC Commissioner, Bart Chilton, concerning the silver price manipulation.

Now as we have mentioned a few times on this site it is worth adding Jim Sinclair's web site as a valuable source of information and today is no exception with an article by Dan Norchini entitled 'Hourly Action in Gold from Trader Dan'

We have taken just the part that refers to silver prices but if you wish to read the article in full then please click here and scroll down.

The silver market was abuzz with news today about CFTC Commissioner, Bart Chilton, concerns over price manipulation. The fact that he has come out so publicly took many, outside the camp of GATA and others, by surprise and lit a fire under that market which took it up into a resistance area near $24 on the charts. Strength in silver then worked to pull up gold which had been under pressure from the falling Euro and the subsequent bounce towards 78 in the Dollar.

You have to wonder about the many who have insulted GATA and its fine work over the years and ridiculed them in such a derogatory fashion whether they will now have the common decency to apologize for their shameless and contemptuous treatment of my friends Bill Murphy and Chris Powell and all the other dedicated members of the GATA board.

The fact that Commissioner Chilton has come out so forcefully and chosen to use the words, “fraudulent” and “devious” in regards to the silver market is remarkable for its clarity and frankness. He was careful not to come to a conclusion about actual manipulation but as he pointed out, attempted manipulation is an entirely different matter. Based on his own words, it is evident that he strongly believes that attempted manipulation has been occurring regularly.

From here on, those who refer to GATA and its supporters as “the tin foil hat” crowd are only making fools out of themselves and revealing themselves to be mere hacks of the bullion bank crowd.

GATA can no longer be dismissed as some sort of rogue band of disgruntled “gold bugs” but as the fine group of people that they are; people who share a genuine concern for the integrity of our financial markets and whose tireless research and efforts on the part of the precious metals markets deserves to be given the respect that is due to any organization which has produced work of the nature and quality that GATA has. I am not holding my breath however; very few are able to conquer their own pride and remain slaves to it all their lives. It takes a man of real character to admit he was wrong. Generally speaking, the most vocal opponents of GATA seem lacking in this department.

Hats off also to Commissioner Chilton for having the integrity to follow through on this even in the face of what no doubt must have been some very strong opposition. It is refreshing to see a man who actually takes what he does seriously and is working in the interests of the general public and not just a few favored special interests. If you have not done so, please take the time to send him an email encouraging him and thanking him for his efforts.

So often men in his position only get emails or letters haranguing them.

This sort of action by one man helps to restore our faith in human nature, which as old cynics is very welcome indeed.

Back to our latest venture which was the launch of an Options trading service we are pleased to report that it is going very well so its a big thanks to all those who have signed up for it and the supportive emails that you have sent us.

Our premium options trading service, SK OptionTrader, has opened and closed 12 trades in the last 6 weeks, banking an average profit of 70% on these trades.

This brings our total of closed trades to 38, with 36 winners. This means that a subscriber who had invested $1000 in each of our 38 trades would have banked profits of $15,636.00. We have just posted a set of charts demonstrating the importance of timing in any trade on gold-prices, please click here if you are interested.

SK Chart 23 Oct 2010.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today?

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter.

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Reader Comments (3)

Chilton is in a position where he knows what's going on, he knows the CFTC is stomewalling, and he doesn't want to have the finger pointed at him in the aftermath of the collapse as somebody who said and did nothing...fiddling while the Comex burned.

He may be a good guy. He may have a conscience. Not a good thing for an agent of this corrupt and criminal government, but most likely this is a CYA move.

When the rats start to desert the sinking ship, time to pay attention. Could the jig really be up on suppression scheme? Dunno, but it could be.

Just don't underestimate the ruthlessness and staying power of the conspirators. They have very committed backers in the USGov and the Fed...a criminal cartel that can just print money to finance its goons at Morgan , HSBC, et al.

October 27, 2010 | Unregistered Commenterfallingman


You might want to see a clip on BNN today:

A commissioner on the U.S. Commodity Futures Trading Commission believes there have been repeated attempts to manipulate the silver market. BNN gets into the debate with Jeffrey Christian, managing director of CPM Group; and David Morgan, editor and founder of

October 27, 2010 | Unregistered CommenterSilver Prices

Thanks guys.

Is it just me or does Christian not look so good these days? I guess shilling for JPMorgan takes its toll. Not to get too personal, but he could haunt a house.

Notice they don't say "suppression." The focus is on "manipulation." Hell, there isn't a market that isn't manipulated in the way they're talking about.

Here's the story. It isn't complicated.

What: The price of silver has been suppressed.... for years.

By Whom: JPMorgan and their confederates.

Why: Not really for profit, even though they've certainly made plenty along the way. They do it at the behest and with the protection of the Fed and the government, who don't want tangible assets, especially monetary metals, going parabolic and exposing the terminal weakness of the clownbuck.

How: By going naked short against all comers, knowing that every time you knock the price down sufficiently, you cover at a profit...and if the longs ever finally push enough chips onto the table, call your bluff/stand for delivery and you get run, Uncle will be there to make it all better.

How much longer can it go on? Anybody's guess. I hate to speculate, but my sense is that silver's time has finally come.

What will we be debating in 2015? QE 12

The corruption runs deep and I'm sick of the pussyfooting around the issue. As Ted Butler says, "This is a %@*$%#!% crime in progress."

Well, actually, he's a very gracious and mannerly gentleman. I added the %$&#%@$& part.

October 27, 2010 | Unregistered Commenterfallingman

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