RON PAUL... We Need Your HelpSubmitted by SIERRAHPBT on Thu, 05/26/2011 - 15:05
For over 3 years I have presented the Silver Manipulation arguement. The CFTC is not upholding the law. I know that Ron Paul has children and grandchildren who frequent the Daily Paul. Please get this info to your Grandfather. I am asking Micheal Nystrom or anyone who may have a direct line to Ron to please get this information to him or to Rand. This movement claims to stand for the RULE of law and here is a perfect chance to show that we stand by that statement.
Below is an article written by Ted Butler. The CFTC is derelict in its duty. All the facts have been presented.
It is now time for action. The CME Group is a criminal organization. Along with the worlds biggest banks they are manipulating the Gold and silver markets. Please Read Ted Butlers article below. It is now time to bypass the incompetent CFTC. Please write to Rand and Ron Paul. we need them to head this charge. Ron your constiuents and fellow Americans are being taken advantage of. Please put pressure on the CFTC to do their job. Ted Butler has asked us to write our congressman and get them to take action.
US Commodity Regulation - A Failed Mission?
By: Theodore Butler
-- Posted 26 May, 2011 | Share this article| Discuss This Article - Comments: 2
(This was sent to subscribers on May 25)
In my latest dispatch to subscribers, I tried to describe the favorable set up for higher prices present in silver and other metals markets. That favorable set up may be in the process of unfolding. This set up was created, particularly in silver, as a result of the engineered takedown we just experienced. Having already discussed what may develop from this point, I would like to vent a bit about what just occurred.
It still amazes me that so few seem to be outraged by what transpired in the silver market starting on Sunday, May 1. That night, silver plunged sharply, by $6 an ounce (or 13%) in minutes, setting the stage for a one-week price decline of 30%. Simply stated, a 30% decline in one week in any commodity market is a very big deal, especially when there was no supply/demand news to account for it. More outrageous is that the primary regulators of the silver market, the CFTC and the CME group, have not publicly commented on the big market plunge in silver.
Let me see if I can put this plunge and the lack of comment by the primary regulators into some perspective. Try to imagine a tragic commercial plane crash with no comment from the Federal Aviation Administration or the National Transportation Safety Board for three weeks. Or a case of tampering with a common cold remedy (Tylenol) that resulted in public harm that the Federal Drug Administration refused to comment on. Or a stock market crash of 30% in a week that drew no comment from the Securities & Exchange Commission or the New York Stock Exchange. Such occurrences and no comment from the primary regulators would be unimaginable. Yet this just occurred in the silver market.
The Commodity Futures Trading Commission (CFTC) holds that its primary mission is to protect the public from fraud, abuse and manipulation. Yet the public has just been subjected to fraud, abuse and manipulation in silver by virtue of the one-week 30% intentional price plunge and the Commission has not lifted a finger to protect the public. Or even to comment on it. How deep of a silver market plunge would it take for the agency to comment – 50% or 90%?
I realize that silver had climbed in price sharply before its sudden plunge, rising by more than $20 per ounce from the end of January to a high of $49 by the end of April. That climb took three months. Almost $15 of that gain was wiped out in one week. I know that the popular version of what caused the price surge was irrational speculative buying which created a bubble in price that burst. But I also know that the actual data directly contradicts the popular version. CFTC data in the Commitment of Traders Report (COT) indicate speculative selling into the price peak, accompanied by commercial buying (short-covering). Granted, the intentional price smash generated further speculative selling, but that doesn’t change the fact that speculative buying did not cause the silver run up.
By remaining quiet on the matter, the CFTC is aiding and abetting the manipulation and the dissemination of false market information. This is as contrary to commodity law as is possible. In light of the highly unusual circumstances that surrounded the sudden decline in silver (on no fundamental developments) the Commission’s silence creates the impression among many that it may be complicit in the decline. No good purpose is served by the impression that the CFTC is ineffective, or worse, in its most basic mission of protecting the public. Unfortunately, this impression has been nurtured by a regular pattern of apparent neglect of the public’s interest by the Commission.