The CFTC finally acknowledges that the price of silver has been manipulated
Oct 27, 2010
"The silver markets have been under investigation for the past three years by the Commodities Futures Trading Commission because some analysts have suspected manipulation of the price of the metal, driving the price down. The accusation is that a few large traders control the majority of the 'short' positions in silver futures. According to the CFTC, one third of the net short position in silver futures on the Comex, the New York metals exchange, was held by fewer than four traders.
"The Commission had been quiet about its findings, until Tuesday, when Bart Chilton, Commissioner of the Commodities Futures Trading Commission, said in a hearing in Washington D.C., that there have been "fraudulent efforts to persuade and deviously control" the price of silver. The Commission is proposing new rules to prevent manipulation--which should be a good thing for the silver markets."
Better late than never! They proceeded at the speed of government, taking three years to see what others could see in a nano-second by looking at the official reports sitting in front of them.