For years, investors have been writing the Commodity Futures Trading Commission (CFTC) about one or two big bullion banks holding an enormous concentration of short positions in the gold and silver markets. In 2000, Bill Murphy of the Gold Anti-Trust Action Committee (GATA) appeared on CNBC to disclose what his organization had discovered about how gold and silver were being manipulated by the big banks. He was never allowed on television again, and the following day he was beaten up with
brass knuckles and his car was stolen.
On Thursday of last week the CFTC, under great pressure by investors throughout the world, held an open meeting to discuss position limits in the metals markets. Meant to placate the "complainers," a bomb shell testimony from a trader in London rocked the hearing. Andrew McGuire, a precious metals trader, blew the cover off of the long-standing manipulation by informing the Commission that he had written a letter to them in an effort to walk them through exactly how and when the next smash of the gold and silver markets would take place. When it happened exactly as he had outlined, he wrote the CFTC on the day it actually occurred to make sure they were aware that there were no discrepancies in his previous letter of warning. Naturally, the CFTC did nothing about his
letters and was blindsided when they were admitted into testimony at the hearing last week. McQuire and his wife were then injured by a hit-and-run driver and taken to the hospital the day after his letters were made public.
What all this means is that JP Morgan Chase, acting as an agent of the U.S. Government, squashes the two precious metals at certain predetermined times in order to make sure that people do not lose confidence in the U.S. dollar. In London's cash market, a single ounce of paper gold is sold to 100 different people with only one person actually owning the physical gold. Since this fraud is perpetrated in the interest of national security (fear of a loss of confidence in paper currencies), it is possibly not only fraudulent but possibly treasonous as well. The scam totals $5.4 trillion per year and makes the Bernie Madoff scandal seem like a row of beans. And yet not a word about this has appeared in the mainstream press who is bought and paid to keep quiet. This story was deemed much too hot for them to go anywhere near. But this incredible crime will not go away. It has a short fuse that will explode sooner rather than later.
March 31, 2010