wednesday's commentary from the gold anti-trust action committee (gata) was posted in the clear. this is an excerpt from it:
Superb input from the Bixter...
Hi Bill
I just read the CME Group (NYMEX) response to the Ted Butler allegations of manipulation. The interview is with Tom LaSala who is a managing Director at CME Group or the NYMEX.
http://www.investegate.co.uk/invarti...
I am AMAZED at his admissions! Here's what he is confessing to:
1) The NYMEX justifies the massive bank short concentration because it is backed by physical metal (the obvious metal is the SLV inventory controlled by JP Morgan. This means the ETF inventories have multiple potential ownership issues and conflicts)
2) The NYMEX does not inspect, assay or validate silver inventories but instead "asks" the inventory holders if they have sufficient metal to deliver against their short positions (JP Morgan is the monster short and they are justifying that position by telling the NYMEX and CFTC that they can deliver the SLV inventory on COMEX delivery requests. JPM is the "Custodian" of the SLV silver but also not required to inspect, assay or validate inventories as per the prospectus. JPM also changed the prospectus requirements of holding "Silver Bullion" to now only holding "Silver". The word "Bullion" was removed because it implies a certain quality of silver that is NOT in their inventories)
3) The NYMEX states that there is no logic in banks wanting to suppress the price of monetary metals so there is no motive for manipulation (Do they think we are all idiots?) Gold and silver are the barometers of the fiat money system. Rising gold and silver prices means monetary restraint is failing and faith in the fiat money system is in question. Control of the monetary metals is an essential component of Western Monetary Policy makers.)
4) The NYMEX has not, and will not, analyze the current concentrated short position manipulation even though the single bank concentration level facts are NEW to the market. The JPM short equates to 25% of annual production....this is a NEW concentrated manipulation fact. Tom LaSala
I see this response to Ted Butler as more supporting evidence that silver market manipulation is PROTECTED by officials at the NYMEX as well as the COMEX.
Bix
http://news.goldseek.com/Lemetropole...
