Archive for the ‘Bart Chilton’ Category

Metals Quiet Ahead of Fed

Posted by on October 28th 2014 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, Goldman Sachs, India, Interest Rates, Janet Yellen, Monetary Policy, Short Sellers, Silver, USD, Wall Street | Be the first to comment!


Silver and gold futures inched up and down respectively on Monday, with the market said to be in “a wait-and-watch mode” ahead of this week’s FOMC meeting. One reason that gold “came under pressure” on Monday, reports Reuters, was “a sharp pullback in crude oil after Goldman Sachs slashed its price forecasts, citing lackluster global demand.” But it was also “underpinned” by China’s net gold imports from Hong Kong hitting a five-month high in September. This as the Times of India reports that annual Swiss gold exports to India have hit a record high level in advance of Switzerland’s gold referendum on November 30.

See also: Feeds:  Will the Fed turn off the QE tap?; What will the end of QE mean for the precious metals?”

Motley Fool CA/Market Sanity:  3 reasons why I remain bullish on silver; Rick Rule – Why to love the silver bear market

SafeHaven:  Gold and silver – Respect the trend but prepare for a reversal

Telegraph/BullionVault: BIS warns on ‘violent’ reversal of global markets; Gold as investment insurance

SRSrocco Report:  China- 10,000 tons of gold reserve? Could have been done with ease

Zero Hedge:  How China & gold will shape the future; Caption contest – Bart Chilton salutes you

China Gold: Production to Slow, Imports to Grow

Posted by on October 18th 2014 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, India, Short Sellers, Silver, Wall Street | Be the first to comment!


The growth in Chinese gold mine output is expected to drop from 6% this year to about 1% in 2018, says the analytics firm Business Monitor International.  It attributes the decrease to declining ore grades and waning profitability, which, reports Reuters, “will pave the way for rising imports to meet persistent strength in demand from Chinese consumers,” according to an analyst for the company.

And on Thursday, MarketWatch cited a note suggesting that “support for gold may come from seasonal demand out of India ahead of this month’s religious festivals, wrote strategists at Commerzbank in Frankfurt. September Indian trade data showed gold imports soared by 450% year-over-year to $3.75 billion, they said, which indicates Indian consumers haven’t been deterred from buying large quantities of gold by import restrictions. ‘If this should turn into a trend, it would doubtless lend support to the gold price,’ they said.”

See also:

SilverSeek/Reuters: Gold and silver end mixed on the week; Gold posts weekly gain on economic fears, U.S. Fed view

Mineweb:  Lawrence Williams:  The sky is falling! Should you buy gold and silver?

Zero Hedge:  Yellen translated – “Let them eat cake“; Calling the Fed’s bluff

Alasdair Macleod/  Market Report: Gold benefits from market uncertainty; Price climbed over two crucial resistance levels this week One Eye:  Extreme precious metal shorting peaks; Why gold will keep shining

PTTM/MarketWatch/Bloomberg:  Former CFTC crusader Bart Chilton says he doesn’t feel bad in heart in shift to HFT advocate

Wall Street on Parade:  New book – Sen. Charles Schumer was regular visitor to Madoff offices

Fed Seen ‘Trying to Bluff the Market’

Posted by on August 23rd 2014 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, Janet Yellen, Middle East, Monetary Policy, Russia, Short Sellers, Silver, Ukraine, Wall Street | Be the first to comment!


At the end of a down week for gold and silver, off some 1.8%  and .7% respectively, both were up slightly on Friday as Ukraine held sway, with 130 trucks from Russia’s long-stalled “aid” convoy rolling across the border into Ukraine, which characterized the breach as a “direct invasion.” Not so direct was Fed Chair Yellen, whose speech at Jackson Hole was seen as “noncommittal,” and even “confusing,” while an analyst quoted by Bloomberg saw misdirection:  “They’re trying to bluff the market,” he said of the Fed. “They’re trying to warn investors about the potential for rate increases, without actually implementing a rate increase. I think that will strengthen the trading range for gold.”

See also:

GoldSeek/The Sovereign Investor:  Gold rising-rate fallacy; Inflation, interest rates, and why you should own gold

Gold Switzerland:  Gold unloved and undervalued

Hard Assets Investor/Dan Norcini:  Commodity ETF flows:  Money enters GLD & SLV; Aggressive hedge fund selling plagues silver

Got Gold Report:  Revolving Door Watch – High-frequency trading critic Bart Chilton joins HFT lobby effort

Zero Hedge/Jesse’s Café Américain:  South African bank – Give us your gold; A bond paid for & denominated in gold

Reuters/Mineweb:   China gold exchange gains traction as yuan reforms stir interest; Russia leading central bank gold buyer, but China – who knows?

NY Times/CNN:  NATO – Russians open fire in Ukraine; Is Obama heading toward airstrikes in Syria?

Silver’s Fortunes Tied to Copper

Posted by on May 14th 2014 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, JPMorgan, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!


With gold and silver ending basically flat on Tuesday, and copper falling after factory production in China was up slightly less in April than analysts had predicted, Dan Norcini writes of “keeping a close eye on the chart of this key metal to gauge how investors/traders are sizing up the overall global economy,” and advises that “silver bulls should be hoping that copper remains firm…. If they want silver higher, then they need to cheer for improving economic news, especially any sort of news that would indicate the Velocity of Money might be starting to pick up. In other words, they should be cheering for growth and inflation that tends to accompany it. Silver needs inflation and solid economic growth to move higher – Period! It will not thrive if the equity markets crater and traders begin to fear deflation and or slowing growth.”

See also:

WSJ:  China slows down – economists react; Investors begin to question rate of global growth

In Gold We Trust:  China’s tentacles reaching all over the globe

GoldSeek:  The big picture in precious metals; An open letter to the good people of Switzerland

SafeHaven/SilverSeek: David Morgan – Dissecting silver lies and liars; Who should GAO believe – Ted Butler or Bart Chilton?

Wall Street on Parade: The HFT lawsuit that has Wall Street running scared

Frontline:  “United States of Secrets“; A review, and an interview with the producer & whistleblowers

‘Angry Bart Takes His Parting Shot’

Posted by on December 24th 2013 in Bart Chilton, CFTC, Gary Gensler, Gold, Goldman Sachs, JPMorgan, Quants, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!


In early November, Bart Chilton announced that his 6 1/2-year tenure as a CFTC commissioner would end at the end of this year.  As the only commissioner who publicly expressed concern about gold and silver market manipulation heads for the exits, Bloomberg columnist William Cohan writes that “Chilton leaves behind a sobering message: As we long suspected, Wall Street continues to use every trick in its playbook to do whatever it can to eviscerate numerous post-financial-crisis rules. The arsenal includes high-powered lobbyists who outnumber lawmakers 10-to-1; $1,000-an-hour letter-writing lawyers who gain strength from negotiating over arcana; and the occasional hoodwinking of a president whose knowledge of the ways of finance are close to nil.” … Read More >>>

Before President Obama announced last week that he’s nominating Wall Street securities attorney Sharon Bowen to replace Chilton, the New Republic reported that Bowen “has little background in derivatives, commodities or agricultural markets—the core subjects of CFTC regulation—and no track record for reform.”

See also:

NY Times:  Federal Reserve grants JPMorgan right to expand its reach in electricity

Ted Butler:  JPMorgan and others used taper announcement to manipulate metals’ prices lower

Winter Actionables:  JPMorgan thought to be procuring gold on behalf of China

Saudi Gazette:  Drop in gold prices fuels buying frenzy

Times of India/ReutersSmugglers smile as Indian emigres can bring 1 kilo of gold into country legally

Zero Hedge:  A year later, Bundesbank has repatriated only 37 tons of gold (of 700 total)

GoldSeek/MarketWatchGold and silver gain in pre-Christmas trade; Gold pushes back above $1,200

Gold Scents/Greedometer:  Earnings season could bring the stock bear out of hibernation; Margin debt hits yet another new all-time high


Obama Nominates New CFTC Head

Posted by on November 12th 2013 in Bart Chilton, CFTC, Gary Gensler, Gold, JPMorgan, Short Sellers, Silver, U.S. Congress, Uncategorized, Wall Street | Be the first to comment!


President Obama announced on Tuesday that he’s nominating Timothy Massad to replace CFTC Chairman Gary Gensler, whose term ends in January. Massad currently heads the Treasury Department’s Office of Financial Stability (OFS), which oversees implementation of the Troubled Asset Relief Program (TARP).  The nomination follows last week’s announcement by commissioner Bart Chilton that he’s resigning at the end of this year.

Former Sen. Ted Kaufman, an outspoken critic of the Obama Administration’s handling of the financial crisis, told Politico that “One of my concerns when Gensler said he was leaving is that his replacement would be someone like Tim Massad, who I think will not make sure we live up to the promises of Dodd-Frank with regard to the fact that derivatives will be transparent and that they’ll be regulated.  Massad is much more in the Jacob Lew-Tim Geithner  philosophy of regulation of the banks from everything I saw in the Senate and as chair of the congressional oversight of the TARP.”


Hair Today, Gone Tomorrow

Posted by on November 6th 2013 in Bart Chilton, CFTC, Gary Gensler, GATA, Gold, Goldman Sachs, JPMorgan, Quants, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!

ChiltonCallsItQuitsCFTC Commissioner Bart Chilton announced that he’s leaving the agency at the end of the year.  Or, GATA’s Chris Powell puts it, in an appreciation of Chilton’s efforts to address allegations of manipulation in the gold and silver markets, “Financial interests finally get rid of CFTC’s Chilton.”

“Chilton’s five-year term on the CFTC expired in April and he had said this year that he would like to be reappointed,” writes Powell.  “His announcement today contradicting himself suggests that he has been told that President Obama would not be renominating him, which should be no surprise, given the enormous trouble Chilton has caused for the powerful financial interests that control the U.S. government….His departure from the CFTC will be a great loss….Read more >>>

See also:

PoliticoMaverick CFTC member Bart Chilton to exit

Zero Hedge:  Bart Chilton jumps CFTC ship

Reuters:  New commissioners open CFTC to change

MarketWatch:  In announcing departure, CFTC’s Chilton references Etta James’ “At Last

Ted Butler: Why the ‘Perfect Silver Manipulation’ Will End

Posted by on October 19th 2013 in Bart Chilton, CFTC, Gary Gensler, Gold, JPMorgan, Quants, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!


Ted Butler’s latest explanation of the ins and outs of JPMorgan’s “perfect silver manipulation,” and how it differs from the bank’s London Whale case, is introduced as “a must read for precious metals enthusiasts, but also for professional and individual investors because the ongoing manipulation must come to an end resulting in much higher prices.”

And Mineweb‘s Lawrence Williams looks at “a very strange series of gold trades on the futures markets” that has been occurring almost daily this month.  He describes it as “entities trading gold they do not have in a manner designed primarily to trigger stop loss sales by other gold holders and thus drive the prices downwards – or, on occasion, when the trades are buys, rather than sells, drive the overall markets upwards.”  Williams’ article is based on this analysis by Reuters’ reporter Frank Tang.

Indian Imports Seen Boosting Silver Vis-A-Vis Gold

Posted by on October 16th 2013 in Bart Chilton, CFTC, China, Federal Reserve, Gary Gensler, General Economy, Gold, JPMorgan, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!

Gold:SilverRatioIndia“The silver price has been holding up remarkably well despite serious weakness in the gold price,” observes Mineweb‘s Lawrence Williams, “which is a bit of an unusual occurrence given that, historically, silver tends to outperform gold on the upside and often dramatically underperform gold when the latter’s price falls.”  He attributes this primarily to India’s record silver imports:  “What this seems to have led to is that the gold/silver ratio [currently at about 60] has not risen to the extent it has done in other recent gold downturns, and this suggests further that if, and when, gold eventually turns around, the silver price may also outperform perhaps more strongly than a prior rise in the gold price would have brought on.”  He doubts that “silver will ever return to its so-called historical ratio with gold of 16, but a return to a gold/silver ratio of 50 in a gold recovery scenario might not be unreasonable.”

News & Views

MarketWatch/Washington Post/WSJ:  Gold futures end near one-week high on Senate deal – add 0.7% as silver gains 0.8%; Shutdown, debt ceiling updates

Reuters:  U.S. gold coin sales surge in October on price drop, Washington impasse

GoldMoney/Sprott GroupValuing gold; Is gold still a safe haven?

Mineweb:  Forget the short term – gold is for the long run

SilverSeek:  Silver – 4 cycles in 12 years; How will you sell your silver?

GoldCore/Boston Globe:  Gold surged 17% in 15 trading days after last debt ceiling extension In 201; Jeff Jacoby – The problem is the debt, not the debt ceiling

Axel Merk/Ron Paul:  Yellen to the rescue?; New Fed boss same as the old boss

Hard Assets Investor:  Gold bulls should hope for Fed tapering; Why Washington dysfunction is bearish for gold  Jim Rogers: U.S. is exceptional…it’s the largest debtor nation in the world; Watch what China does with U.S. debt, not what it says

Dollar Collapse/SGT Report:   China enjoying gold clearance sale;  China, gold and the new world reserve currency

Mining Weekly/Cornell Chronicle:  Mintek – Prospects perking up for industrial use of gold; Gold-plated nano-bits find, destroy cancer cells

BullionVault/CNN Money: Glass-Steagall? Banking strikes gold on Columbus Day; JPMorgan to pay fresh $100M London Whale fine

GoldCore:  Gold price suppression theory mainstream after single $650 million sell trade

Jesse’s Café Américain/Bloomberg:  CFTC’s Bart Chilton takes a bow for role in JPMorgan fine/Article & video


Schiff: Why Gold Will Follow Debt Limit Higher

Posted by on October 11th 2013 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, Goldman Sachs, JPMorgan, Russia, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!


Following his commentary on “Debt ceiling delusions,” Peter Schiff said on CNBC Friday:  “Sometimes to be right in the long run, you have risk being wrong in the short run.  Look at the price of gold, dropping sharply over the last couple of days, supposedly because we’ve had a resolution to the debt-ceiling crisis. But the best thing for gold is raising the debt limit,” which “means more inflation, it means more deficits, bigger government, that’s bullish for gold. What would have been bad for gold was to not raise the debt ceiling, and to instead, deal with our problems in America, actually deal with the debt. But by kicking the can down the road, that’s good for gold, yet the price of gold is going down anyway. So, in the long run, it’s a great buying opportunity, but in the short run, people who don’t understand the gold market are selling.”

And as James Grant argues that “America’s default on its debt is inveitable,” Trader Garrett at Market Pendulum writes:  “As a trader, investor or prospector, I don’t care whether gold is 800 or 1800.  In either case, gold is a great value as insurance and protection against the hazards of fiat currency we are all familiar with as described in ‘A question of confidence.‘  This is a progressive mathematical certainty. In the meantime, haircuts should be reserved for barbers, not gold investors!”

News & Views

Reuters/GoldSeek:  Gold drops to 3-month low on fund trade, debt deal hopes; Gold & silver fall about 3% & 2% on the week

WSJ/CNBC:  Why gold slumped so much Friday morning; Gold’s plunge blamed on one massive sell order

Jesse’s Café Américain/Zero Hedge:  Gold & silver charts – Fear and loathing on the Comex

Golden Truth:  The CME/Comex and truth in reporting

KWN/GATA:   Andrew Maguire – “Vampire squid” Goldman Sachs is busy in the gold market; Tocqueville Gold’s Hathaway is getting really mad about market rigging

Dan Norcini:  Investment demand for gold in the West continues to weaken

Bloomberg:  Moscow exchange plans gold & silver trading to broaden appeal; European central bank gold sales lowest since 1999 accord

CNBC:  SocGen analyst:  Bernanke likelier to boost QE than to taper; Yuan moves one step closer to global currency status

NYTimes/Reuters:   Dollar’s privilege as reserve currency may be at risk; Analysis – Questions Yellen will likely face for Fed confirmation

AP/Gallup:  Poll- Americans find little to like in Washington; Perceived need for third party reaches new high

Slate/BusinessweekCNBC‘s faith in JPMorgan unshaken despite quarterly loss; Jamie Dimon books first-ever loss at JPMorgan

Forbes/Bloomberg:  The legal monster destroys JPMorgan’s profits; U.S. said to open criminal probe of FX market rigging

CNET/  Google wants to sell more ads using your name and profile; The data hackers – Mining your information for Big Brother


An Interloper in the House of Morgan

Posted by on October 5th 2013 in Bart Chilton, CFTC, Gary Gensler, Gold, JPMorgan, Media, Short Sellers, Silver, Ted Butler, Wall Street | Be the first to comment!

Just days after precious metals’ scourge JPMorgan dodged a silver bullet when the CFTC dropped its five-year investigation into silver market manipulation, Salon‘ political writer Alex Pareene caused quite a stir when he confronted JPMorgan’s CNBC defenders over the bank’s multitude of legal issues. Pareene said that JPMorgan, which he called “shady” and “corrupt,” deserved a massive fine related to mortgages, and that CEO Jamie Dimon should be fired.

“I don’t know which producer at CNBC had the genius idea of asking Alex Pareene on to discuss Jamie Dimon with Dimon’s biggest cheerleaders,” wrote popular Reuters‘ blogger Felix Salmon, “but the result was truly great television.” Salmon further described it as “a glorious exercise in watching CNBC anchors simply implode in disbelief when faced with the idea that JPMorgan in general, and Jamie Dimon in particular, might be anything other than a glorious icon of capitalist success. In the world of CNBC, the stock chart tells you everything you need to know, while the New York Times is a highly untrustworthy organ of dissent and disinformation.”

Following his appearance, Pareene was very self-critical in writing about “How I Botched it on CNBC.”  Matt Taibbi also weighed in on Pareene’s encounter with CNBC‘s “presstitutes.”

Metals Rebound; CFTC Not Reporting for Business

Posted by on October 2nd 2013 in Bart Chilton, CFTC, China, Federal Reserve, Gary Gensler, General Economy, Gold, JPMorgan, Media, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!

Following Tuesday’s gold & silver headscratcher, Zero Hedge, in a Wednesday post, found it “Odd that the mainstream media is not discussing the 4% spike in precious metals this morning as vociferously as they discussed the imminent demise of gold and silver yesterday.”  Comex gold and silver futures ended Wednesday up 2.7% and 3.4% respectively, recouping the majority of Tuesday’s losses.

And with the CFTC in “sleep mode” because of the government shutdown, a Reuters‘ columnist warns that “commodity markets will go dark” if the shutdown lasts more than a few days.  He notes that the CFTC said on Tuesday that it will not publish COT reports during the shutdown, and with just 28 of 680 employees retained, the agency is expected to provide “a bare minimum level of oversight and surveillance,” based on a shutdown plan the agency sent to the White House Office of Management and Budget.

News & Views

Tim Iacono/Dan Norcini:  Shutdown, debt ceiling prompt a gold market sell-off & rebound?; Bonds and gold back to safe havens again?

Mineweb:  Julian Phillips – Gold/silver investor uncertainty to grow in the next 17 days

Bloomberg:  Shutdown seen merging with debt-limit fight amid impasse; Dollar seen as shutdown loser as growth hit spurs QE

CNBC:  Government shutdown probably kills the ‘Octaper’

Reuters/Capital Gains & Games/WSJ: Cancelations, delays ripple across U.S. in government shutdown; This shutdown is different from most others;  Economists react: Shutdown modest hit, or prelude to economic shock?

Jesse’s Café Américain:  Comex warehouse gold bullion – Price moves smell of desperation as inventory remains thin; Sam Seder & Matt Taibbi discuss the spokesmodels of the financial press

SilverSeek:  Is the mainstream media guilty of professional malpractice?

Silver Coins Today/Minyanville:  U.S. bullion silver coins dip in Sept, silver prices soar in quarter; Why silver could become the trade of the year

Seeking Alpha:  Precious metals remain problematic but prices invite

IBT/CNBC:  China’s gold fever rises, showing no signs of abating as ‘Golden Week‘ holiday kicks off

Mineweb:  Texas eliminates sales tax on precious metals coins

Guardian/New Republic:  What I saw as a Wall Street trader: a culture of bad behavior; No measly shutdown can keep Congress from sucking up to Wall Street

Zero Hedge:  Trade of the decade – Short ‘trust’; Millennials devastated as American Dream becomes nightmare for most

Hugo Salinas Price/Of Two Minds:  The coming new barbarism; Have we reached peak government?