Personal Communication From The CFTC's Commissioner Bart Chilton In Regards To The Silver Market

From: BChilton@CFTC.gov
To: bryanblumenfeld@hotmail.com
Date: Thu, 22 Jul 2010 19:24:55 -0400
Subject: RE: Thank you kindly for your response

Our web site will be posting a place for comments soon. In fact, they may have a general place now to comment. But keep looking for it there. I will also try to alert folks when we put out a rule, but I’d hate to have anyone rely on me for that communication in case it gets messed up somehow, but I will try.
B


From: Bryan Blumenfeld [mailto:bryanblumenfeld@hotmail.com]
Sent: Thursday, July 22, 2010 5:46 PM
To: Chilton, Bart
Subject: Thank you kindly for your response



Dear Mr. Bart Chilton,

Thank you kindly for your timely response. How would you suggest I stay appraised to updates in regards to this matter. Thank you for all your efforts to help protect the markets integrity & the investors against manipulation.

Sincerely,

Bryan


--------------------------------------------------------------------------------

From: BChilton@CFTC.gov
To: bryanblumenfeld@hotmail.com
Date: Thu, 22 Jul 2010 17:23:22 -0400
Subject: RE: In Regards to the New Financial Regulatory Reform Legislation

The levels still have to be determined, but we are required to implement within 180 days. We need to propose the rule for public comment and then make a final determination. I haven't personally decided on the most appropriate level. I tend to think that no trader should have more than 10% of open interest. The idea of 1500 contracts may also make sense, but I still want to be open-minded during this process.
Best,
B



From: Bryan Blumenfeld [mailto:bryanblumenfeld@hotmail.com]
Sent: Thursday, July 22, 2010 4:54 PM
To: Gensler, Gary; Dunn, Michael; Chilton, Bart; Sommers, Jill; O'Malia, Scott
Subject: In Regards to the New Financial Regulatory Reform Legislation


Dear CFTC,
Hello, My name is Bryan Blumenfeld. I saw this 5 minute video http://www.youtube.com/watch?v=K1_q88rlUkw from Mr. Bart Chilton on Financial Regulatory Reform Legislation, July 21, 2010. It is well known that JP Morgan Chase has huge naked short positions in the COMEX SLV. When will legitimate limits be initiated and what will the limits be? As a silver investor I feel like I have the right to know. What should the limits be in silver (and why?) and when will they be enacted? "We The People" would really like you to please enforce the law. The markets are not functioning properly because of this manipulation. A response to my email would be greatly appreciated.

Thank you for your efforts,

Bryan Blumenfeld


You can email the CFTC here are some email addresses:

GGensler@cftc.gov
MDunn@cftc.gov
BChilton@cftc.gov
JSommers@cftc.gov
SOmalia@cftc.gov

Will Sprott's Brand New Physical Silver Trust Become JPMorgan's Biggest Nightmare? - ZeroHedge.com

Will Sprott's Brand New Physical Silver Trust Become JPMorgan's Biggest Nightmare?
Submitted by Tyler Durden on 07/14/2010 14:14 -0500

http://www.zerohedge.com/article/will-sprotts-brand-new-physical-silver-trust-become-jpmorgans-biggest-nightmare


Following hot on the heels of his blockbuster physical gold ETF, which at times has been trading at a premium as high as 30% over NAV, indicating the willingness of investors to pay over fair value just to know that their asset claims wouldn't be diluted to nothingness on a moment's notice (here's looking at you GLD), the Canadian asset manager is launching a comparable physical ETF, this time investing with silver: the Sprott Physical Silver Trust. This is not looking good for the LBMA and JPM - since the silver market is allegedly even tighter than gold, yet just as manipulated by JPM and the LBMA (as evidenced by our earlier post on intraday gold prices) and locating physical can be far more problematic, the elimination of a few thousands tonnes of the precious metal out of circulation is sure to create quite a few sleepless nights for Jamie Dimon's PM manipulation club, who may suddenly find itself with a massive short position covered by even less actual deliverable, bringing the much anticipated monumental short squeeze one day closer. For all those wondering just how the silver market is manipulated and why control over the precious metal is so critical, we refer to a previous post: A Deep Insider's Walkthru To Silver Market Manipulation.

Market Got You Down? Don't Worry, JPMorgan And The LBMA Are Here To Punish Gold And Rip Stocks - ZeroHedge.com

http://www.zerohedge.com/article/market-got-you-down-dont-worry-jpmorgan-and-lbma-are-here-punish-gold-and-rip-stocks
Submitted by Tyler Durden on 06/28/2010 10:09 -0500

Gold at all time record highs? Goldman Sachs sending bankers to pitch a Radioschack LBO to gold? Can't have that - here comes the royal PM beatdown courtesy of Jamie Dimon's completely unflagrant gold plunge enforcement goons. Also, let's not forget - let's *not* forget, Dude - that keeping gold, a precious metal, for uh, domestic, you know, within the city - that (soon) aint (gonna be) legal either.

Ted Butler on the Silver Market via GATA "Mum's The Word on Silver"

Dear Friend of GATA and Gold (and Silver):

Silver market analyst Ted Butler comments tonight on the long silence among the U.S. Commodity Futures Trading Commission, the New York Commodity Exchange's owner, and J.P. MorganChase about the increasing number of complaints of manipulation of the silver market. Butler figures that anyone in authority who talks openly about the issue risks exploding the market. His commentary is headlined "Mum's the Word" and you can find it at GoldSeek's companion site, SilverSeek, here:

http://news.silverseek.com/SilverSeek/1277129806.php

"Finally, there are still credible whispers of a pending major silver lawsuit. No one knows what market impact such a suit, if it is filed, may have. We have no experience with a lawsuit being filed in an active manipulation. Given the unprecedented circumstances of the active silver manipulation, my sense is that the market impact of a silver lawsuit could be greater than many would expect. There’s no way of knowing exactly when or what will be the specific trigger that ends the manipulation and sets off the price of silver. Just know that the manipulation will be ended and the price will be set off."


CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Economic History - About the History of the Central Banking System & The Powers That Be

New Record For GLD Gold Holdings (+5 Tonnes); Gold On Its Way To Validate Goldman's $1,400/Oz Prediction - ZeroHedge.com

http://www.zerohedge.com/article/new-record-gld-gold-holdings-gold-its-way-validate-goldmans-1400oz-prediction
New Record For GLD Gold Holdings (+5 Tonnes); Gold On Its Way To Validate Goldman's $1,400/Oz Prediction
Submitted by Tyler Durden on 06/22/2010 16:26 -0500

On June 17, we wondered whether the "parabolic blow off in gold accumulation by ETFs is about to cause a gold price explosion?" Sure enough, yesterday, Goldman Sachs came out with a bullish report on gold in which the firm stated that should gold purchasing by ETFs continue at the recent pace, then gold at $1,400 is a virtual certainty. A quick look at the closing NAV in the gold holdings of GLD, as a proxy of the broader Gold ETF community, indicates that $1,400 - here we come. Just overnight, GLD added another 5.2 tonnes of gold, bringing its new total to a fresh all time high of 1,313.13 tonnes, a whopping 76 tonnes higher than a month ago. As the indexed chart below demonstrates, what we thought could become a positive feedback loop whereby non-physical ETFs scramble to at least catch up to a par NAV, is already in process: the ETF accumulation by GLD, which is now the 6th largest gold-owning entity in the world, has become a self-fulfilling prophecy. If the ETF is indeed purchasing said gold in the open market, there is no way this would not be moving the price much higher, absent massive synthetic shorting by the LBMA. Yet at some point, internal risk controls at even a firm with infinite margin like JPMorgan will take over, and force the bank to cover its record short exposure. When that happens, the already disclosed demand by entities such as ETFs and Central Banks, will catch up with the most manipulated and distorted supply curve in the history of economics.

National Inflation Association: New Video Update on Silver & the price Manipulation by JP Morgan

We just posted a must see video of George from NIA discussing this week's decline in the paper price of silver. NIA believes this is a once in a lifetime entry point for those wishing to go long silver at a bargain basement price:

http://inflation.us/videos.html


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$1600 for 100oz silver bar!! This a good buy