Archive for the ‘Bart Chilton’ Category

‘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!

AngryBart

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!

CFTCmassad

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!

JPMorgNothingLastsForever

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

RT.com/Telegraph:  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

PhysicalGold&Silver

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!

SchiffDebtCeiling

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

PhysicalGold&Silver

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?

PhysicalGold&Silver

Metals Drop; Buying Opportunity Ahead of Debt Ceiling?

Posted by on October 1st 2013 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, India, JPMorgan, Monetary Policy, Quants, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!

Comex gold and silver fell more than 3% on Tuesday, reports Reuters, attributing gold’s drop to “frustrations that the metal did not rally after the U.S. government’s partial shutdown,” and citing one “big sell order” that pressured gold.

But if the shutdown continues into next week, “then it could begin to negatively impact the U.S. dollar and drive demand for gold and other safe-haven assets,” according to one analyst quoted by MarketWatch, who sees the “bigger battle” coming in two weeks with the debt ceiling, where no deal “will lead to safe-haven demand from all quarters and should cause a run on the U.S. dollar.”

And USA Gold points out that “If neither side is willing to move on a ridiculous little CR to fund the government for another six-weeks, things could get very interesting when the debt ceiling becomes the headline topic….A default is a far more serious outcome than a government shutdown, so today’s sell-off may prove to be a great opportunity to get your hedges on.” But a CNBC report also quotes a trader who argues that “The shutdown increases chances we get a debt ceiling deal—a gold negative.”

News & Views

Zero Hedge:  Furloughed government workers selling gold, silver?; CFTC’s Bart Chilton to commodities traders: You are on your own

Midas Letter/Jesse’s Café Américain:  Inability to determine manipulation in silver market confirms regulatory ineffectiveness; COMEX registered inventories – JP Morgan moves the shells again

Dan Norcini:  Gold breaks psychological support ; Falling commodity prices undercut gold and especially silver

KWN:  Andrew Maguire – “This is not physical selling, it’s paper selling — that’s the key.”

Kenneth Rogoff/WSJ:  America’s endless budget battle; Labor Department confirms no jobs report amid shutdown

Bloomberg/WSJ/Gold Silver WorldsDollar slides as U.S. shutdown boosts Fed QE bets; Invesco’s McGreevey: Unwind bullish bets on U.S. dollar after Fed; Politicians around the world are sure to sink the U.S. dollar

The Gold Report:  Why Don Coxe expects gold to soar on good economic news

Reuters:  LBMA:  Conference delegates predict bullion rally; Banca d’Italia says gold reserves key to central banks’ independence

GoldCore/GATA:  Central banks favor gold as diversification; Dutch pension fund defeats central bank, wins right to invest in gold

Numismaster/Coin Update:  Patrick Heller – Gold, silver bullion premiums close to normal; Would SAVE II Act prohibit bullion & numismatic coins?

Reuters/Bloomberg:  India’s October gold imports seen picking up sharply; China’s gold demand seen rising by at least economic growth

Open Markets/Mining Weekly:  Why are Chinese investors snapping up gold?; World Gold Council – China, India now consuming 60% of global gold

Quartz:  Peru exports more illegal gold than cocaine, and it’s the world’s biggest exporter of cocaine

Gold&SilverExpert

Chinese Gold Rush Picks Up Speed

Posted by on September 30th 2013 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, India, JPMorgan, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!

Illustrating “How China is taking over the world, one gold bar at a time,” the above, finely-detailed infographic from the Real Asset Co., tells the story of “The Great Chinese Gold Rush,” from the 1930′s through August of this year:  “In just a few months the world’s largest country will overtake India as the biggest consumer of gold and its gold market continues to break records. A country that already mines over 400 tonnes of gold a year, China still demands more physical gold no matter the price. Between January and July this year the Shanghai Gold Exchange delivered more than 1,333 tonnes to gold investors.”

This as Reuters reports that in another gold-friendly development, China’s central bank, according to a draft policy document it issued on Monday, “is planning to increase the number of firms allowed to import and export gold and will also ease restrictions on individual buyers of the precious metal.”

News & Views

GoldSeek/Jesse’s Café Américain:  Gold and silver end slightly lower; Gold and silver charts – Capping for a non-farm payrolls report

Mineweb:  Gold promises vigorous, probably volatile week ahead; Gold ETF outflows resume – will they continue?

MarketWatch/Zero Hedge:  Gold scores first quarterly gain in a year; Gold, silver outperform stocks in jittery third quarter;

Got Gold Report/SilverSeek:  Watch the Gold/silver ratio for guidance; Silver – Pushing on a string

GoldCore:  Strong silver coin & bar demand from India & U.S.

Bloomberg/SafeHaven:  Gold bulls raise wagers most in month on stimulus; Michael Pento:  Ready for QE five? – It’s already here

Alasdair Macleod:  The unstoppable growth of U.S. money supply; The fiat money quantity (FMQ)

KWNPoker end game – JPMorgan, Fed, US Treasury, China & gold; Interview with James Grant – Part one & two

South China Morning Post:  Marc Faber spells out the end game at Hong Kong forum

Free Banking/Reuters/Mineweb:  Indian gold as alternative currency; Gods forbid – India’s temples guard their gold from government; Latest Indian gold smuggling bust snares customs officials

New York Times/New York Magazine:  NSA gathers data on social connections of U.S. citizens; Glenn Greenwald spars with the establishment over Snowden scoops

Mineweb/ABC News24K gold rolling paper a “toke”-n of esteem among well-heeled

Resource Investor:  Evolution of the precious metals IRA

PhysicalGold&Silver

Gold and Silver are ‘At the Heart of What is Happening’

Posted by on September 28th 2013 in Bart Chilton, CFTC, China, Federal Reserve, Gary Gensler, General Economy, Gold, India, JPMorgan, Media, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!

In a wide-ranging and thought-provoking interview, the namesake of Jesse’s Café Américain speaks with German financial journalist Lars Schall.  They discuss his background and influences, why he writes about gold and silver, — “they are at the heart of what is happening” –how he sees the “currency wars” playing out, and his take on the CFTC closing its silver investigation without filing any charges:

“The manipulation of the silver market has the de facto sanction of the government and the regulators who have turned a blind eye to it for so many years that to admit it now would be awkward and embarrassing. The too big to fail banks hold so much power because they can threaten systemic destruction, but also ‘know where the bodies are buried’ so to speak. It is ironic that the U.S. system has now devolved into a series of threats of destruction and power standoffs, in both the political and financial systems. That is a symptom of lawlessness.”

A petition has been posted online calling on CFTC Commissioner Bart Chilton to resign and become a whistleblower.

Fed’s Evans: Taper May Not Begin Until 2014

Posted by on September 27th 2013 in Bart Chilton, CFTC, China, Federal Reserve, General Economy, Gold, India, JPMorgan, Media, Monetary Policy, Short Sellers, Silver, U.S. Congress, Wall Street | Be the first to comment!

Gold and silver futures gained 1.1% and 0.3% respectively on Friday following what were seen as stimulus-friendly comments by Chicago Fed President, Charles Evans, who said that “I can’t have tremendous confidence in our economic situation.”  Evans said that he does see “a decent chance” that a taper could begin tapering following an FOMC meetings in October or December, but added that “it could go a little bit longer.” MarketWatch reports that “Gold prices quickly jumped and the dollar fell in the wake of his comments,” which it characterized as “one of the first suggestions from a senior Fed official that a taper could be delayed into 2014.”

News & Views

Zero Hedge/Sharps Pixley:  Traders are greatly rotating from USD to gold; The U.S. budget drama and the longer-term fundamentals for gold

BullionVault/MarketWatch:  Gold price – LBMA gets its crystal balls out in Rome; McKinsey & Co. – Commodity supercycle is ‘alive and well

Resource Investor:  Gold and silver prices – Mapping short-term volatility

Silver Investing News/Bullion Bulls Canada/KWN:  Silver flatlines as CFTC wraps up manipulation investigation; CFTC silver probe: See-no-evil, hear-no-evil, speak-no-evil; CFTC stonewalls John Hathaway’s request for information

Reuters/Financial Express/BullionVault:  India gold premiums ease on import hopes; Bullion industry keeps fingers crossed ahead of peak season

Wall St. Cheat Sheet:  Will China’s new gold funds boost demand?

Investment Contrarians/Bloomberg:  Chinese economy key to revenue growth in corporate America?; Jim O’Neill – Why China will disappoint the pessimists yet again

CNBC/Gold & Silver Blog: The Fed’s ‘hidden agenda‘ behind money-printing; In four years the amount of Fed money printed will exceed the value of all gold ever mined

Reuters:  Special report – Pimco shook hands with the Fed – and made a killing

CNBC/Zero Hedge:  Albert Edwards accuses Fed of inequality cover up; Edwards explains what happens when the Fed can no longer contain the fury of the “99%”

The Economist/Matt Taibbi/Daily Reckoning AU:  Tyler Cowen – The American Dream, RIP?; The looting of pension funds; Wall Street’s pitiful penance

Guardian/Infowars:  Seymour Hersh on Obama, NSA and the ‘pathetic’ American media; Media lumps in whistleblowers with mass murderers

Businessweek:  Why miners walked away from the planet’s richest undeveloped gold deposit