BIX WEIR UPDATE:
For
years...and I mean YEARS...I've been screaming from the top of my lungs that
the physical
gold and silver warehousing by the large banks was a complete scam. Well today it's beginning
to look like the CFTC is FINALLY going to look into the matter:
gold and silver warehousing by the large banks was a complete scam. Well today it's beginning
to look like the CFTC is FINALLY going to look into the matter:
CFTC subpoenas metals
warehousing firm as inquiry heats up
"The source, who
asked for anonymity and for the name of the firm not to be disclosed as he is
not
authorized to speak to the media, said the CFTC's enforcement division has asked the firm that has
received the subpoena to send, by August 23, every document, communication, voice recording,
correspondence and external and internal emails related to the LME since January 2010."
authorized to speak to the media, said the CFTC's enforcement division has asked the firm that has
received the subpoena to send, by August 23, every document, communication, voice recording,
correspondence and external and internal emails related to the LME since January 2010."
"The subpoena
"included more than 30 areas of interest to the CFTC", the source
said, and was particularly
focused on "anything that relates to moving metal from one warehouse to another within the same company
... and procedures for loading out," adding it also wanted details of any trading based on prices on the LME,
the CME Group's COMEX commodity exchange, and Platts, a unit of McGraw Hill that publishes price
assessments of physical commodity markets."
focused on "anything that relates to moving metal from one warehouse to another within the same company
... and procedures for loading out," adding it also wanted details of any trading based on prices on the LME,
the CME Group's COMEX commodity exchange, and Platts, a unit of McGraw Hill that publishes price
assessments of physical commodity markets."
END
Of
course the CFTC is about 15 years late! Here are just a few of
the letters and articles I've sent to the
CFTC on this matter. Here's one I sent to all the CFTC Commissioners in 2009 addressing the very things
they are "looking into" today...
CFTC on this matter. Here's one I sent to all the CFTC Commissioners in 2009 addressing the very things
they are "looking into" today...
Silver Manipulation
Solution: 17 Requirements for a Freely Traded Silver Derivative Market
Structure
3) Verify/Certify
Physical Metal Backing -- Currently, the regulators are blind to the
physical markets and
should NOT take any traders pledge as fact that they have metal to backup any large short position. The CFTC
should actively verify and certify ALL metal that is pledged against COMEX contracts. This certification should
include onsite physical audit of bars, drilling of a random sampling of bars, CFTC certification of purity and on
going oversight of physical inventories.
should NOT take any traders pledge as fact that they have metal to backup any large short position. The CFTC
should actively verify and certify ALL metal that is pledged against COMEX contracts. This certification should
include onsite physical audit of bars, drilling of a random sampling of bars, CFTC certification of purity and on
going oversight of physical inventories.
7)
Audit/Verify/Certify "Approved Warehouses" -- The COMEX
approved warehouses are owned and controlled
by most of the very same entities that are accused of rigging the gold and silver markets. The CFTC relies heavily
on the warehouse data in determining the dynamics of the physical markets. The potential for deceptive practices, false reporting, metal alterations and flat out fraud are huge. The CFTC should monitor, verify and certify all metal stored in "Approved Warehouses" to ensure the market has access to correct information.
by most of the very same entities that are accused of rigging the gold and silver markets. The CFTC relies heavily
on the warehouse data in determining the dynamics of the physical markets. The potential for deceptive practices, false reporting, metal alterations and flat out fraud are huge. The CFTC should monitor, verify and certify all metal stored in "Approved Warehouses" to ensure the market has access to correct information.
8) Audit/Verify/Certify
Physical Metal Hedges -- Commercial hedging of mining production is the
reason the futures
and options markets exist. Without the need for mining companies
to hedge the market price of their product the COMEX would have no reason to
exist other than being a gambling establishment. If large mining companies,
such as Barrick,
wish to hedge their production the CFTC should investigate if the
reserves in the ground are verifiable, economic and
have little risk associated with extraction such as the potential
for nationalization.
9) Remove
ETF Physical Substitution -- The COMEX now allows
shares of the ETF's SLV and GLD to be substituted
for physical metal delivery. This is a flat
out scam of epic proportions! There are more holes and
loopholes in the prospectus of these two ETF's than any other investment
vehicle in the world. ETF shares ARE NOT physical metal.
JP Morgan, for example, is the custodian for the silver in SLV but
does not own title to that silver nor do they have
any right to justify their gigantic COMEX short using that
physical silver. By not speaking up at this
obvious
attempt
to distort the physical supply of metal the CFTC is exposing itself as either
the most incompetent
regulator
in the world or the most corrupt.
END
All of the other items
addressed in my original letter to the CFTC should be implemented as well. It
is time!
It is key to our cause
that physical gold and silver be recognized as something TOTALLY separate from
the paper
and electronic derivatives as traded on the COMEX and LBMA (yes the LBMA is a paper shell game!).
To have an opaque and freely traded gold and silver market the CFTC has to PRY OPEN the doors of the
banksters metal warehouses.
and electronic derivatives as traded on the COMEX and LBMA (yes the LBMA is a paper shell game!).
To have an opaque and freely traded gold and silver market the CFTC has to PRY OPEN the doors of the
banksters metal warehouses.
Here are more articles
on the con going on at the warehouses...
Who's The Little Man
Behind The Curtain?
CFTC: 6 Strikes and yer
Out!
Caveat Emptor: Fake
silver and Gold May Destroy Markets
And for Private Road
Members here is more:
Shit Storm at COMEX
Warehouses
More on JPM's
"Synthetic Storage"
There are many, many
more articles on the Road to Roota website that discuss the warehousing of gold
and silver.
Just use the search function for "warehouse" and you will get a lot of info.
Just use the search function for "warehouse" and you will get a lot of info.
The
full court press is on now and the Banking Cabal is on their knees.
We are WINNING these
final battles!
May the Road you choose
be the Right Road.
Bix Weir
www.RoadtoRoota.com
