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Eric Sprott will keynote 10th annual Silver Summit in Spokane Oct. 25-26

October 12, 2012 by · Leave a Comment 

GATA

9p ET Thursday, October 11, 2012

Dear Friend of GATA and Gold:

Sprott Asset Management CEO Eric Sprott will be the keynote speaker at the 10th annual Silver Summit conference, sponsored by Cambridge House, to be held Thursday and Friday, October 25 and 26, at the beautiful Davenport Hotel in downtown Spokane, Washington.

Sprott will be joined by a host of GATA-friendly speakers, including Al Korelin of the Korelin Economic Report, David Morgan of Silver-Investor.com, Bix Weir of the Road to Roota market letter, GoldSeek.com proprietor Peter Spina, Ron Hera of Hera Research, Patrick Heller of Liberty Coin Service in Lansing, Michigan, and CPM Group Managing Director Jeff Christian.

Dozens of resource companies will be exhibiting and making presentations. Admission will be $40.

To learn all about the conference and to register, please visit:

http://www.cambridgehouse.com/event/silver-summit-10th-anniversary

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

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http://www.gata.org/node/16

Jeffrey Lewis: Silver prices, priceless rumors

October 10, 2012 by · Leave a Comment 

GATA

4p ET Tuesday, October 9, 2012

Dear Friend of GATA and Gold:

Physician and Silver-Coin-Investor.com proprietor Jeffrey Lewis gets to the heart of the issue of silver market manipulation in his new commentary, “Silver Prices, Priceless Rumors.” Lewis writes: “Concentration is the issue, not hedging — as silver analyst Ted Butler has been pointing out since the 1990s. Essentially it is the presence of just a few large players who make up the short holdings that are positioned against a much more diverse group of longs that is the primary issue.”

Lewis’ commentary is posted at GoldSeek’s companion site, SilverSeek, here:

http://www.silverseek.com/commentary/silver-prices-priceless-rumors-6821

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Ted Butler urges JPMorganChase to try transparency in silver

September 25, 2012 by · Leave a Comment 

GATA

1a ET Tuesday, September 25, 2012

Dear Friend of GATA and Gold (and Silver);

Having pretty much given up on the U.S. Commodity Futures Trading Commission, which can’t seem to do anything about the concentrated short position in silver maintained by JPMorganChase, silver market analyst Ted Butler discloses that he has appealed to JPMorganChase board members. He hasn’t gotten a reply yet. Butler’s commentary is headlined “Transparency” and it’s posted at GoldSeek’s companion site, SilverSeek, here:

http://www.silverseek.com/commentary/transparency-6501

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Eric Sprott among GATA favorites to address Silver Summit in October

August 30, 2012 by · Leave a Comment 

GATA

10:40p ET Wednesday, August 29, 2012

Dear Friend of GATA and Gold:

The 10th annual Silver Summit will be held Thursday and Friday, October 25 and 26, at the Davenport Hotel in Spokane, Washington, and will feature presentations by GATA favorites Eric Sprott of Sprott Asset Management, Peter Spina of GoldSeek and SilverSeek, Al Korelin of the Korelin Economic Report, David Morgan of The Morgan Report, Bix Weir of the Road to Roota newsletter, Roger Weigand of the Trader Tracks newsletter, Ron Hera of Hera Research, and CPM Group Managing Director Jeff Christian. Many silver mining companies will be exhibiting. Admission is $40. The conference’s Internet site, with registration and hotel information, is here:

http://cambridgehouse.com/node/6192

The conference’s press release is appended.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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Silver Summit to Celebrate its 10th Anniversary

Cambridge House International’s annual Silver Summit celebrates its tenth year Oct. 25 and 26 at the historic Davenport Hotel in Spokane, Washington, with a cavalcade of experts in all things silver and a thousand silver aficionados.

“The junior sector in the resource industry, which was just plain hammered in the 2008 market debacle, is making a comeback. So is silver,” says Joe Martin, president of Cambridge House. “It’s on the long end of the slingshot. You’d be just plain crazy not to investigate the silver sector of this market, and the Silver Summit is the place to do it.”

The Silver Summit is unique in the world of resource investment conferences as its focus is on silver: its exploration, its production, its end uses — industrial and medical — and its potential as a store of value as an alternative to paper money. Speakers and panelists at the Silver Summit will address all aspects of silver, and will feature the CEOs of the world’s leading silver explorers and producers, as well as experts in the silver market.

“While it has grown tenfold, we still regard the Silver Summit as a ‘mom-and-pop’ show, where customer service comes first.” says Silver Summit co-founder Shauna Hillman. “After 10 years we know that most of our attendees, and all of our exhibitors, by their first names. You couldn’t find better people to hang out with at the West’s most historic mining hotel for several days of networking, nitpicking, camaraderie, and knowledge. It’s where the giants of silver mining, exploration, and investing let their hair down and speak as equals.”

Casey Research’s Jeff Clark, CPM Group’s Jeff Christian, silver guru David Morgan, Dr. Michael Berry, and Sprott Asset Management’s Eric Sprott will headline this year’s Silver Summit, along with a host of newsletter writers and analysts who cover the silver markets.

As always, admission to the Silver Summit costs 1 ounce of .999 silver or fiat paper money equivalent convertible to $40 U.S. dollars. Attendance, and rooms, are limited. For a special Silver Summit room rate at the Davenport or one of its affiliates, please contact the hotel directly at 1-800-899-1482 or visit their website. For further information, please visit the Silver Summit’s website, or contact Shauna Hillman at 208-556-1621 or Cambridge House at 877-363-3356.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Do they or don’t they? Silver market manipulation and the U.S. Treasury

August 29, 2012 by · Leave a Comment 

GATA

8:45p ET Tuesday, August 28, 2012

Dear Friend of GATA and Gold:

The people at Lineplot Productions (http://lineplot.com/), an animation studio in Cambridge, Massachusetts, that is producing the animated movie called “The Silver Circle” (http://www.silvercirclemovie.com), have put together an excellent review of the silver market manipulation issue — the evidence for manipulation, the mechanisms by which it might be implemented, and the unanswered questions about it. The review is headlined “Do They or Don’t They? Silver Market Manipulation and the U.S. Treasury,” and it’s posted at the Silver Underground Internet site here:

http://silverunderground.com/2012/08/do-they-or-dont-they-silver-market-…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

‘Silver Circle’ animated movie compiles evidence of silver market manipulation

August 20, 2012 by · Leave a Comment 

GATA

11a ET Sunday, August 19, 2012

Dear Friend of GATA and Gold (and Silver):

Lineplot Productions, an animation studio in Cambridge, Massachusetts, has assembled a summary of information about silver market manipulation in the course of producing an animated movie called “The Silver Circle.” The summary, which is likely to be updated from time to time, is posted in PDF format here:

http://www.silvercirclemovie.com/wp-content/uploads/2012/08/HRN_20120814…

The movie is planned for release in a few weeks and its Internet site is here:

http://www.silvercirclemovie.com

The studio’s own Internet site is here:

http://lineplot.com/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Ted Butler: Morgan is screwed even if CFTC drops silver investigation

August 9, 2012 by · Leave a Comment 

GATA

10a ET Thursday, August 9, 2012

Dear Friend of GATA and Gold:

Silver market analyst and market manipulation exposer Ted Butler responds today to the infamous report in the Financial Times this week that the U.S. Commodity Futures Trading Commission will drop its nearly 4-year-old investigation of the silver market. Butler concludes that while the big silver short, JPMorganChase, is bigger than the U.S. government, publicity has trapped the bank so that it will be screwed whether it maintains its silver short position or tries to get out of it. Butler’s commentary is headlined “The CFTC Silver Investigation” and it’s posted at GoldSeek’s companion site, SilverSeek, here:

http://www.silverseek.com/commentary/cftc-silver-investigation

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

CFTC’s Chilton contradicts Financial Times report on silver probe

August 7, 2012 by · Leave a Comment 

GATA

1:45p ET Monday, August 6, 2012

Dear Friend of GATA and Gold:

Silver Doctors today quotes U.S. Commodity Futures Trading Commission member Bart Chilton as criticizing yesterday’s Financial Times story reporting the end of the commission’s investigation of the silver market. The FT report, Chilton is quoted as saying, is “premature” and “inaccurate.” And Chilton today repeats his belief that there have been improprieties in both the silver and gold markets. The Silver Doctors report is here:

http://www.silverdoctors.com/bart-chilton-ft-report-that-cftc-to-drop-si…

While it’s still hard to expect the CFTC to do anything to impair what is essentially another U.S. government market-rigging operation, the anger directed at Chilton over the commission’s inaction has long struck your secretary/treasurer as grossly unfair.

Indeed, Chilton is the target of this anger in large part because he alone of CFTC commissioners tries to answer his e-mail with some substance, even as it’s remarkable that he acknowledges it at all, since most commissioners don’t bother replying to e-mail from mere citizens.

Further, of course, Chilton is largely responsible for all the clamor that has been raised before the CFTC in the last two years about manipulation of the monetary metals markets. Without Chilton GATA Chairman Bill Murphy and Board of Directors member Adrian Douglas never would have been permitted to speak at what became the CFTC’s crucial hearing on regulation of those markets on March 25, 2010. That hearing gained international publicity for the monetary-metals manipulation issue, and since that hearing silver has doubled in price and gold has gone up by a third — in just 2 1/2 years.

Chilton’s giving voice to the despised (and perhaps somewhat feared) minority of advocates of free markets in the monetary metals has surely made great trouble for him with the political and financial establishment, and if, as we should expect, the CFTC in the end once more cannot bring itself to acknowledge market manipulation despite the abounding signs of it, Chilton will be seen to have been repudiated and emabarrassed by his own agency.

Whatever the CFTC does or doesn’t do, anyone who wants the United States to recover its market economy owes the guy big-time. He has risked his career, and maybe much more than that, for the good of the country.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

What a surprise: FT says CFTC to drop silver investigation

August 6, 2012 by · Leave a Comment 

GATA

But such an outcome would be completely consistent with a finding that the really big player in the silver market is not JPMorgan at all but the U.S. government acting through intermediary brokerage houses. After all, as he signed the legislation demonetizing silver in 1965, President Lyndon B. Johnson pledged that the U.S. government would rig the silver market if necessary to prevent the price from rising:

http://www.gata.org/node/11601

And the Gold Reserve Act of 1934, which created the U.S. Exchange Stabilization Fund, explicitly authorizes the U.S. treasury secretary to trade secretly in all markets on behalf of the U.S. government:

http://www.treasury.gov/resource-center/international/ESF/Pages/esf-inde…

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Four-Year Silver Probe Set to Be Dropped

By Jack Farchy and Gregory Meyer
Financial Times, London
Sunday, August 5, 2012

http://www.ft.com/intl/cms/s/0/45329d42-dd97-11e1-8be2-00144feab49a.html

A four-year investigation into the possible manipulation of the the silver market looks increasingly likely to be dropped after US regulators failed to find enough evidence to support a legal case, according to three people familiar with the situation.

The Commodity Futures Trading Commission announced that it was investigating “complaints of misconduct in the silver market” in September 2008, following a barrage of allegations of manipulation from a group of precious metals investors.

In 2010, Bart Chilton, a CFTC commissioner, said that he believed there had been “fraudulent efforts” to “deviously control” the silver price.


But after taking advice from two external consultancies, the first of which found irregularities on certain trading dates that it believed deserved more analysis, CFTC staff do not have sufficient evidence to bring a case, according to the people familiar with the situation.

The agency’s five commissioners have not yet formally determined the outcome of the investigation, leaving the possibility that staff could be instructed to dig deeper. A CFTC spokesman said: “The investigation has not reached its conclusion.” He declined further comment.

Ending the probe would infuriate some US silver investors, who claim that a group of large investment banks — in particular, JPMorgan — has conspired to drive the price of silver lower.

“I’m sure it will be met with some concern from a certain group of aggressive silver speculators,” said one person familiar with the investigation.

In a recent blog post, Ted Butler, a newsletter publisher and unofficial champion for the silver investors, accused the CFTC of being “negligent in failing to terminate the obvious manipulation ongoing in silver.”

The CFTC has analysed over 100,000 documents and interviewed dozens of witnesses since it began investigating the market in 2008, it said last year. The people familiar with the situation said the evidence included records from JPMorgan.

The conclusion of the investigation will come as a relief to JPMorgan. Although no company or individual was named in the CFTC investigation, the Wall Street bank has suffered a torrent of allegations from silver investors on the blogosphere.

One campaign exhorted sympathetic readers to “crash JPMorgan” by buying silver — based on the assumption, which JPMorgan has repeatedly denied, that the US bank has a large bet on lower silver prices.

In addition, a class-action lawsuit has been filed against JPMorgan. Lawyers for the bank have asked a judge to dismiss it, arguing that plaintiffs “fail to identify a single trade” showing manipulation.

Blythe Masters, head of commodities at JPMorgan, in an April interview with CNBC conceded that there had been “a tremendous amount of speculation, particularly in the blogosphere, about this topic,” but maintained that the bank had no large bets on silver prices.

“We have no stake in whether prices rise or decline,” she said. JPMorgan declined to comment on the CFTC investigation.

Previous CFTC silver inquiries in 2004 and 2008 found no evidence of wrongdoing.

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Thursday-Friday, September 27-28, 2012
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Wednesday-Saturday, October 24-27, 2012
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* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

Ted Butler: U.S. government is part of the war on silver

July 23, 2012 by · Leave a Comment 

GATA

11:25a ET Monday, July 23, 2012

Dear Friend of GATA and Gold (and Silver):

Silver market analyst Ted Butler writes today that he has come to believe that the U.S. government, while not the instigator of the silver price manipulation scheme, has become a participant in it and that the U.S. Commodity Futures Trading Commission, which has purported to be investigating the silver market for nearly four years, has been neutered by the U.S. Treasury Department, which has given its agent, JPMorganChase & Co., immunity from criminal prosecution.

None of this should be so surprising, as even Butler himself has noted that when the U.S. government demonetized silver in 1965, President Lyndon B. Johnson proclaimed that the government would intervene in the silver market as necessary to keep the price down, presumably by dishoarding from the government’s silver stockpile.

Signing the demonetization legislation, the president said: “If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be and it will be used to keep the price of silver in line with its value.”

Johnson’s comments have been archived with other presidential documents by the University of California at Santa Barbara here:

http://www.presidency.ucsb.edu/ws/?pid=27108

Like so much in the U.S. government’s gold price suppression scheme, the silver price suppression scheme is largely a matter of official public record rather than mere “conspiracy theory.” But GATA has no idea what it will take to induce mainstream financial journalists to examine the record.

Butler’s commentary is headlined “The War on Silver” and it’s posted at GoldSeek’s companion site, SilverSeek, here:

http://www.silverseek.com/commentary/war-silver

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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