Silver Market Facing `Fraudulent Efforts’ to Control Prices
October 26, 2010
“There have been fraudulent efforts to persuade and deviously control that price,” said Bart Chilton, one of five commissioners on the Commodity Futures Trading Commission, the top U.S. commodities regulator.
He was alleging there have been violations of the Commodity Exchange Act. “Any such violation of the law in this regard should be prosecuted,” he said.
The commission began investigating allegations of price manipulation in the silver futures market in September 2008.
The problem is that the silver market is much smaller than the gold one and can technically be manipulated by one or a few extremely wealthy individuals or banks.
The commission should release more information “in the very near future,” he said.
It’s unknown which direction the manipulation has taken place, but **rumors** on the street are that a few banks hold nearly 1/2 of all the shorts in Silver. In other words from what we are hearing the price of silver is being held much … much lower than what it should be. As several of this bailout inspired banks are also the largest holders of silver as well.
Story is developing… and enjoy the new reality.
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