Silver Prices: Market Loses $90 Million To Ponzi Scheme (SLV, AGQ, ZSL, PSLV, GLD)
2012 June 2
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Silver prices dipped last week after U.S. Federal Reserve Chairman Ben Bernanke failed to confirm that more economic stimulus is on the way. Silver prices hovered below $29 an ounce Friday.
Meanwhile, millions of dollars that would have been invested in physical silver it turns out were instead held in a $90 million Ponzi scheme orchestrated in South Carolina.
The Commodity Futures Trading Commission (CFTC) reported Thursday it charged Ronnie Gene Wilson and Atlantic Bullion & Coin, Inc., both of Easley, S.C., with offering contracts on silver sales, but never actually purchasing any metal.
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