Massive Manipulation: “Real Producers and Consumers Don’t Appear to be Represented”
It’s been long reported that the money changers operating within the halls of our most hallowed and influential financial institutions have been manipulating everything from stocks and bonds to housing prices and commodities.
While government regulators have completely ignored the machinations taking place, countless investigative reports and evidence submitted to the proper officials show that the games being played with billions, sometimes trillions, of dollars are no longer just conspiracy theories because the conspiracy to corner and control certain markets is, in fact, very real.
The latest example has been highlighted by Keith Neumeyer, the CEO of one of the world’s largest primary producers of silver, First Majestic Silver Corp. (NYSE:AG) and Chairman of the First Mining Finance (TSX-V: FF.V) mineral bank, in a letter sent to the Commodity Futures Trading Commission. In it Neumeyer argues that the evidence for manipulation is clear and that literally tens of billions of dollars in paper-represented silver are being used to manipulate the value of the precious metal:
It occurs to me that such massive speculation in COMEX silver futures may not be in keeping with the spirit and intent of commodity law and may suggest something is wrong with the price discovery process, since real producers and consumers of silver don’t appear to be represented.
The astute observer may realize that Neumeyer’s warnings can be applied across the board to most asset classes including the broader stock market, the housing market, and student loans where the incestuous relationship between mega-bank financiers and regulators has left a complete disconnect in the price discovery process and realistic valuations. To those willing to pay attention, the manipulations, as highlighted by Neumeyer, is very much a coordinated event impacting millions of people and controlled by a concentration of of players.
We feel that an effective and fair pricing mechanism is critical for the healthiness of our industry and for the millions of people impacted by what appears from the outside, to be manipulative practices by a concentration of players.
Can we expect that the government will now move quickly to ensure transparency in markets and criminal charges against those who have been manipulating markets? Zero Hedge Reports:
Don’t hold your breath for a response, however. Recall that less than two years ago, under the aegis of Bart Chilton who is currently a handsomely paid lobbyist at DLA Piper on behalf of the HFT lobby after spending years bashing them while at the CFTC, the commodity regulator closed its “investigation” concerning manipulation in the silver market, without finding anything.
in a non-banana republic, a regulator so humiliated would be forced to at least reopen its “investigation” and admit that it was wrong and has missed glaring examples of market rigging, but in the US that won’t happen.
Which is also why while we salute First Majestic with this first public appeal by a corporation to the CFTC to stop the rigging in the silver market, we have absolute certainty that this too complaint will promptly end up in Mr. Massad trash never to be heard from again.
We know government regulators will likely ignore the concerns of First Majestic Silver Corp., but as Ayn Rand once noted, the manipulations will eventually hit their limit:
“We can ignore reality, but we cannot ignore the consequences of ignoring reality”
When nature does eventually take its course the price suppression scheme being orchestrated by a few concentrated players will lead to real-world price discovery, at which point precious metals like silver could see a major upwards correction, potentially taking it to never before seen highs.
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Date: June 4th, 2015
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