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Wednesday, July 24, 2013

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.

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