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Re: SILVER

CFTC's Chilton raises alarm about silver market

http://www.reuters.com

http://www.reuters.com/article/idUSWALQLE6QE20101026

WASHINGTON | Tue Oct 26, 2010 9:30am EDT

WASHINGTON Oct 26 (Reuters) - There have been repeated attempts to influence prices in silver markets, Bart Chilton, a commissioner at the U.S. futures regulator, said on Tuesday.

"There have been fraudulent efforts to persuade and deviously control that price," Chilton said in prepared remarks before a Commodity Futures Trading Commission meeting.

Chilton said he could not pre-judge the outcome of the CFTC's ongoing investigation of the silver markets, but said public deserves some answers to their concerns. (Reporting by Roberta Rampton and Ayesha Rascoe; Editing by Neil Stempleman)
Click to expand...


Google the headline and you will find that the media was all over this story last night.

The reaction of the Silver price was favorable
 
Re: SILVER

I was formerly a holder of Laguna LRC (about 50/50 gold silver; 1gt/Au, 60g/t Ag), but sold when the takeover by KCN was announced recently.

Looking for more silver exposure I came across this today from Kimberley metals KBL. Ironically, just the silver from this drilling is higher than Alcyone AYN have been announcing (AYN mostly around 60g/t):

• 14 metres @ 88 g/t Ag and 9.8% Pb from 18 metres
includes 3 metres @ 306 g/t Ag and 31.3% Pb from 21 metres

• 9 metres @ 125 g/t Ag and 15.4% Pb from 17 metres
includes 4 metres at 254 g/t Ag and 31.2% Pb from 21 metres

• 12 metres @ 91g/t Ag and 7.3% Pb from 16 metres
includes 4 metres @ 193 g/t Ag and 16.7% Pb from 23 metres
Click to expand...
 
Re: SILVER

Nice jump in silver today, could this be shorts blowing?

Or is the market preparing for QE2 next week?
 
Re: SILVER

20 Million More Ounces of Silver Needed!
 http://kingworldnews.com

http://kingworldnews.com/kingworldn...20_Million_More_Ounces_of_Silver_Needed!.html


October 27, 2010
KWN Blog


You already have a market in silver that is close to choking because of supply constraints. Now some are estimating that 20 million ounces will be needed to fill an order for Sprott Asset Management’s new Silver Trust. It seems to me that higher prices will be needed to fill an order of that magnitude.


Earlier in the week King World News quoted one of the most respected and level-headed individuals in the resource world as saying, “We are seeing huge inflows into physical silver, and that may create a shortfall of available physical silver.”
Click to expand...
 
Re: SILVER

Act Now, CFTC Is Urged

http://online.wsj.com




http://online.wsj.com/article/SB10001424052702303341904575576203310056046.html



By SUSAN PULLIAM And CAROLYN CUI

A Commodity Futures Trading Commission regulator is putting pressure on the agency to take action in a high-profile, two-year-old investigation of the silver market.

At a CFTC hearing Tuesday to consider new rules to strengthen its commodity-enforcement powers, commissioner Bart Chilton said market players have made "repeated" and "fraudulent efforts to persuade and deviously control" silver prices. Mr. Chilton said he believed there have been violations of CFTC rules that should be prosecuted, though he couldn't publicly disclose trader names.

CFTC Chairman Gary Gensler declined to comment on the silver investigation or Mr. Chilton's comments.

The call to action on the silver investigation comes as the CFTC faces increasing pressure because of its expanded role overseeing derivatives trading under the new financial-overhaul law. For years, lawmakers have criticized the agency for failing to aggressively police the commodities markets.
Click to expand...

Headline continues ... see link above
 
Re: SILVER

UPDATE 3-JPMorgan, HSBC sued for alleged silver conspiracy


http://www.reuters.com


http://www.reuters.com/article/idAFN2725907120101027?pageNumber=1


* Hundreds of millions in illegal profit alleged

* Triple damages sought in one of two lawsuits

* CFTC proposed new tools to thwart price manipulation (Adds adviser comment, details)

By Jonathan Stempel

NEW YORK, Oct 27 (Reuters) - JPMorgan Chase & Co (JPM.N) and HSBC Holdings Plc (HSBA.L) were hit with two lawsuits on Wednesday by investors who accused them of conspiring to drive down silver prices, and reaping an estimated hundreds of millions of dollars of illegal profits.

The banks, among the world's largest, were accused of manipulating the market for COMEX silver futures and options contracts from the first half of 2008 by amassing huge short positions in silver futures contracts that are designed to profit when prices fall.
Click to expand...



http://www.reuters.com/article/idAFN2725907120101027?pageNumber=2


Wed Oct 27, 2010 6:16pm EDT

Commissioner Bart Chilton added that there had been "fraudulent efforts to persuade and deviously control" silver prices. [ID:nN26129046]

A CFTC spokesman said the regulator does not comment on investigations, and would not discuss the investor lawsuits.

Earlier this year, the CFTC began looking into allegations by a London trader that JPMorgan was involved in manipulative silver trading, the Wall Street Journal said on Wednesday, citing a person close to the situation.

Silver prices have faced regulatory scrutiny in the past, perhaps most prominently after the Hunt brothers in Texas in 1980 attempted to corner the market, driving prices above $50 an ounce. The price later plunged.

Since the CFTC began its probe, spot silver prices XAG= have ranged between $8.42 and $24.90 an ounce, Reuters data show. They traded Wednesday at roughly $23.53. Silver futures prices SIc1 are up 39.1 percent this year.

The cases are Beatty v. JPMorgan Chase & Co et al, U.S. District Court, Southern District of New York, No. 10-08146, and Laskaris v. JPMorgan Chase & Co et al in the same court, No. 10-08157. (Reporting by Jonathan Stempel; Additional reporting by Elinor Comlay, Jonathan Leff, Carole Vaporean in New York and Roberta Rampton in Washington, D.C.; Editing by Steve Orlofsky)
Click to expand...

More info in the article linked above.
 
Re: SILVER

It looks like silvers in play this week, silver contracts just hit 24.96 hopefully we tap over the $25 mark today :)
 
Re: SILVER

RED ALERT METALS REPORT: ** SILVER SET TO EXPLODE **





SGTbull07 | October 30, 2010

Red Alert Metals Report: The biggest names in the precious metals world say the proce of silver is set to EXPLODE higher.

copyright 2010 SGTbull07

Music Courtesy Kevin MacLeod:
Titles: 'Umbrella Pants", "Desert City", "Impact Allegretto"; Kevin MacLeod (incompetech.com) Licensed under Creative Commons "Attribution 3.0" http://creativecommons.org/licenses/by/3.0/

The content in my videos and on the SGTbull07 channel are provided for informational purposes only. Use the information found in my videos as a starting point for conducting your own research and conduct your own due diligence (DD) BEFORE making any significant investing decisions. SGTbull07 assumes all information to be truthful and reliable; however, I cannot and do not warrant or guarantee the accuracy of this information.

Thank you.
 
Re: SILVER

Overnight we have had a volatile swing from US$25 down to $23.90 and back up to $24.88 as we speak. I believe after checking my ususal pundits today that we are going to see very big swings in the silver price with big rises.

Following article's outline of a class action against nakid short sellers would no doubt be having some effect.

http://www.prnewswire.com/news-rele...r-futures-class-action-lawsuit-106624128.html
 
Re: SILVER

I didn't understand how printing money could decrease the value of gold/silver unless the manipulation was ramped up last night it seems very strange.

Unless of course the market is still absorbing all that has happened.
 
Re: SILVER

nukz said:
I didn't understand how printing money could decrease the value of gold/silver unless there was manipulation going on last night it seems very strange.

Unless of course the market is still absorbing all that has happened.
Click to expand...

That is an important observation there nuks, the powers that be continue to try and paint certain economic pictures that may not be correct. The effect used to last a week or two, now only a few hours.

They assert on the surface a strong dollar policy and yet they are doing everything they can to devalue it, why? reduces their debt in real terms. It is why China is getting upset because they hold a lot of US dollars

You will find many such anomalies.
 
Re: SILVER

explod said:
That is an important observation there nuks, the powers that be continue to try and paint certain economic pictures that may not be correct. The effect used to last a week or two, now only a few hours.

They assert on the surface a strong dollar policy and yet they are doing everything they can to devalue it, why? reduces their debt in real terms. It is why China is getting upset because they hold a lot of US dollars

You will find many such anomalies.
Click to expand...

Yep.

They prevented Silver and Gold hitting new highs. Especially when the FED announces QE2.

Nup, we can't have that.
 
Re: SILVER

On the silver chart this morning i was watching as the announcement of QE2 was made it looks like allot of new shorts where put on silver because it dropped instantly almost from 24.80 > 24.00 approx then it started raising on news of QE2 and then possibly whoever was shorting realised they need to ramp it up abit with the shorts and pushed it down from 24.90 > 24.20 a few hours later.

Will be interesting if we see any further down spikes today on silver.

If you look at the gold chart and down spikes today where identical to silvers spikes at the same time.
 
Re: SILVER

We are starting to get lift off. US$30 the next target. :D:):cool:
 

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