Chilton Says Manipulation Announcement “not imminent” As Twice Annual Silver Supply Sold in Paper
To cap off a strong end of summer for silver, the cartel deployed an all-out selloff and disinformation campaign. Silver Doctors reported today that, as silver passed the $35 mark, at 10:35 and 10:50am EST, an overwhelming 62.5 million ounces of paper silver were sold amounting to nearly twice the US annual silver production of 36 million ounces. No matter what the cost, the precious metals complex must be manipulated so as to not represent what its inverse, fiat currencies are truly worth. The system would automatically collapse from the flight of individuals into a new, non-bankrupted parallel universe.
The cost of naked shorts clearly costs less than the cost of a price run in the minds’ of paper-masters. Today demonstrates that the entire market is an illusion that does not exist. The market represents the ponzi scheme at critical mass. There is no winner in this game of gambling – instead, those with the most winnings so far only wish for the game to continue, for they know the players have over-bet themselves and can’t pay up. Silver crashed violently, from about 35.20 all the way down to $34.65.
This is far from the biggest selloff of the year, however. Early in 2012, silver was the best performing asset to date and many days leading into the middle of the Spring, when its 2012 performance outlook turned from sparkling to dull. On February 29, 225 million ounces of silver were dumped on the market over just 30 minutes, lowering its price from $37.62 to $33.68. On April 4, nearly 640 million ounces were sold off resulting in a fall of $0.65. Today’s fall was about the same magnitude, yet with considerably less silver sold off.
Still, for the chartists, $37.50 psychological price level is keeping their mouths watering.
As the cartel sold off double the amount of the silver production supply on Friday, the propaganda arm of silver manipulation went to work, as CFTC Commissioner/silver manipulation cheerleader Bart Chilton said that the Commission was closing its investigation of the silver market and that “some sort” of public announcement may come “in the near future,” although nothing is “imminent,” as Silver Vigilante and Max Keiser both predicted:
“We’re still wrapping it up. There’s nothing imminent, but I envision saying something publicly in the near future,” Chilton told reporters at the Hard Assets conference in Chicago. It was in September 2008 that the CFTC began investigating the silver market for manipulation. Chilton also outlined that speculative position limits go into effect October 12, which will serve to cap the number of trades a single speculative trader can have in place to 10% of a contract’s first 25,000 in open interest.
The silver market is still largely unchanged from the silver market of the past: that is, with the massive appreciation potential comes the entrenched scheming to keep the price cheap.