In news that we wish was from The Onion but was an actual fine, the CFTC announced Thursday they have fined JP Morgan $600,000 for violating speculative position limits in cotton futures.
You read that correctly, six hundred thousand dollars.
In other news, Jamie Dimon made roughly $600,000 during the time it took to down his morning latte while deleting the CFTC’s memo.
From the CFTC:
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that JP [...]
There are no coincidences these days…timing is EVERYTHING!
This is the last part of the Position Limits Rule that has been put off for years. The reason that it has been put off was to allow the markets to continue to function in this manipulated state. But everything is changing and the manipulation is ending. Once the position limits rule is in place the ability to manipulate the silver market will [...]
From Peter L. Brandt:
In the futures market, typically the wisest bet is against the small or unreportable speculator (as opposed to the large reportable spec/futures funds and commercial interests). The Commodity Futures Trading Commission (CFTC) releases weekly the composition of open interest for futures markets. You all remember the CFTC, don’t you? They drove the get-away car for the MF Global robbery.
… This latest week’s release confirmed a significant development [...]
From Eric Sprott and David Baker from Sprott Asset Management
The [Recovery] Has No Clothes
” I believe that there have been repeated attempts to influence prices in the silver markets. There have been fraudulent efforts to persuade and deviously control that price. Based on what I have been told by members of the public, and reviewed in publicly available documents, I believe violations to the Commodity Exchange Act (CEA) have taken place in [...]
Washington, D.C. – In response to recent reports that excessive oil speculation adds 56 cents per gallon to what consumers in Minnesota and across the country pay at the gas pump, U.S. Sen. Al Franken (D-Minn.) today (Tuesday, March 20) introduced legislation to bring down gas prices by cracking down on oil speculators.
Sen. Franken said Minnesotans now pay an average of $3.68 a gallon for gasoline, up a full 10 cents [...]
HOUSTON – On the day after Christmas last year we shared with Vultures (Got Gold Report Subscribers) our commentary on the Commodity Futures Trading Commission (CFTC) weekly report of the commitments of traders (COT) in COMEX silver futures for the period ending Tuesday, December 20. A few days later, On December 28, we shared that review with our entire readership in these pages as a holiday courtesy. In that review we [...]
RealPlayer WinAmp Windows Media MP3
James J Puplava CFP with Bart Chilton
Jim welcomes CFTC Commissioner Bart Chilton for a wide-ranging discussion. Some of the topics discussed include MF Global, concentrated positions, silver manipulation, the paper market vs. the physical market, and his new book, “Ponzimonium?How Scam Artists Are Ripping Off America.”
Bart Chilton, Commissioner at the U.S. Commodity Futures Trading Commission (CFTC) was nominated by President Bush and confirmed by the U. S. Senate in 2007. In 2009, he was [...]
Largest combined commercial traders least net short silver since 2001, when silver traded for $4.20 the ounce.
Traders classed as Swap Dealers report record net long futures position.
Just since November 15, as silver fell $4.98 or 14.4%, combined commercial traders reduce their collective net short positioning by stunning 43.6%.
Please note: This article originally appeared in our Got Gold Report subscriber pages on Monday, December 26. It is being reprinted here in [...]
David Zeiler: The Dodd-Frank Act became law 18 months ago, and it may be hard to believe, but we still aren’t any better off now than we were then. Indeed, the regulators that are supposed to be protecting us from a repeat of the 2008financial crisis can’t – or refuse – to get the job done.
In fact, just yesterday (Tuesday), the Commodity Futures Trading Commission (CFTC) voted to move the effective date [...]
In order to understand why there will be a second round to the Great Crisis, we first need to understand why Round 1 (2007-2009) occurred. And that cause can be explained in one simple word: derivatives.
As their name implies, derivatives are securities that are “derived” from underlying assets (homes, debt, etc). While they are technically considered “assets” by the financial community, the fact is [...]
Whistleblower & Independent London Metals Trader - Andrew has over 40 years experience as a metals trader and previously worked for Goldman Sachs. Last year Andrew Maguire went public in an exclusive King World News interview and disclosed his notification to the United States regulators at the Commodity Futures Trading Commission (CFTC) of fraud being committed and price manipulation in the international gold [...]
Lowest relative commercial net short position to total open interest since 2008 panic for silver futures.
Accelerated pace of commercial short covering.
HOUSTON – We here at Got Gold Report are keenly interested in over-sized changes in the positioning of the largest, best funded and presumably the best informed traders of gold and silver futures on the planet – the traders classed as “commercial.” Witness a truly [...]
House Republicans are doing their best to undo key provisions in the Dodd-Frank financial regulations. A GOP lead subcommittee last week voted to weaken the Consumer Financial Protection Bureau, or CFPB, established to protect consumers from abusive mortgage and credit card policies. Meanwhile, another committee passed a measure to limit funding for the SEC and Commodity Futures Trading Commission (CFTC) to regulate over-the-counter (OTC) [...]
By Ted Butler of Silver Seek
Speak Up and Be Heard
On several occasions over the past couple of years, thousands of you have taken the time to write to The Commodity Futures Trading Commission (CFTC) concerning the issue of position limits in COMEX silver.Â Now the CFTC has solicited your opinion again for what will be the last time.Â The current open comment period, through March [...]
According to the Fort Worth Star Telegram, “it is now 20 months since oil peaked at $147 a barrel, and 18 months since the worldwide financial meltdown. Yet not one thing has been done to ensure that either situation never happens again.”
U.S. gas prices now average $2.67 a gallon. This means the average driver now pays about $134 a month for gas. These high prices come as Americans struggle to [...]