Should we be shocked that the CFTC is closing its silver manipulation investigation? Should we be shocked that they are going to take NO action against the silver manipulator JP Morgan, despite overwhelming evidence provided by Ted Butler, Andrew Maguire and two whistle blowers who previously worked for JP Morgan?
Should we be shocked, outraged and stunned? Yes. Should we be surprised? No. This is just par for the course. I am reminded of a quote coined by one of GATA’s founding members Chris Powell, “There are no markets anymore, just interventions”.
The CFTC has proven itself to be bought and paid for. If they are not, then they are simply incapable of interpreting the clear evidence that is being handed to them on a golden platter. I would lean towards the prior.
This annoucment by the CFTC comes quickly after an interview conducted by Max Keiser, featuring the infamous Andrew Maguire. Andrew Maguire dropped this bomb shell during the course of this interview in regards to the then ongoing CFTC investigation:
“I was approached in April 2012 by 2 JP Morgan employees, both of whom said look, we’ve got evidence that back up (manipulation) - the same period of information that you’ve publicly disclosed. They submitted a formal submission to the CFTC. That was done in June 2012- well over a year ago! …
The Fed is now just the world’s largest hedge fund. There are now no more markets. As Chris Powell coined the phrase, There are no markets anymore, just interventions.
What absolutely amazes me is when you have actual evidence provided by a firm that is known to be manipulating other markets- energy markets, other metals markets, & the CFTC who are supposed to be the regulators has actual evidence of manipulation in their control, and over a year passes and I see and hear nothing!
The whole reason is alot of these interventions are obviously sanctioned by someone very high. It’s got to be the Fed or the Bank for International Settlements!”
Clearly the CFTC did not like these revelations coming to light. Was pressure placed on the CFTC to quickly close the investigation? I doubt they will be forth coming with that information. Below is a brief part of the statement that the CFTC released today:
“Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets.”
Once again, there has been overwhelming evidence submitted by the likes of Ted Butler and Andrew Maguire in regards to this investigation. Maguire has even go as far as walking the CFTC through an act of manipulation being conducted in real time! The system has truly become corrupt.
You can watch Max Keiser’s interview with Andrew Maguire below, his part begins at 12:25:
