SEPTEMBER 28, 2011
SEPTEMBER 28, 2011
OK - This is truly OUTRAGEOUS - FYI am blogging this here in Turdville before anywhere else as this is the number one forum for sensible PMetals discussion. The below came into play on the 20th.....................
CFTC’s Division of Market Oversight Provides Temporary Relief from Large Swaps Trader Reporting for Physical Commodities
Washington, DC – The Commodity Futures Trading Commission’s (Commission’s) Division of Market Oversight (Division) today issued a letter providing temporary relief from the requirements of the Commission’s regulations regarding large trader reporting of physical commodity swaps (§§20.3 and 20.4). Because this is the first time that swaps data is being collected, this temporary relief is intended to provide sufficient time to enable both the industry and the Commission to develop and refine systems and processes that will be able to report these complex transactions.
On July 22, 2011, the Commission published large trader reporting rules for physical commodity swaps and swaptions. The rules require daily reports from clearing organizations, clearing members and swap dealers, and become effective on September 20, 2011. The letter issued today provides temporary relief from reporting, as long as parties are making a good faith attempt to comply with the reporting requirements, until November 21, 2011, for cleared swaps, and January 20, 2012, for uncleared swaps. Upon the conclusion of applicable relief periods, such reporting parties must become fully compliant
PLEASE EVERYONE email/call/write to the CFTC immediately and ask them what :
'a good faith attempt to comply with the reporting requirements'means.....especially seeing as there is an ongoing INVESTIGATION INTO SILVER MANIPULATION. This CFTC release, the DAY BEFORE the smash, allowed the banks to go beyond speculative position limits and effectively be given cover to go as unhedged short as they like. JPM apparently have 350 guys working on the ramifications of Dodd-Frank - imo clearly the class action lawsuit has them running for cover and they used their 'friends' at the CFTC to provide covering fire for them to try and exit as many shorts as possible before the (again delayed) speculative position limit changes come into play. Please spread and circulate this story but more importantly put some serious heat on the CFTC themselves.
Having read and considered tabberto's comments, I'd like you to go back and re-read what I posted back on Sunday evening:
To save time, here are the salient points:
"Look, what do I know? I'm just a dope with a Macbook but, after a weekend of consideration and thought, here's what I believe:
Read the rest here:
"this was a response from Turd on his site, something to consider"....
Submitted by Turd Ferguson on September 28, 2011 - 1:41pm.
My point is: If you are certain that Cartel is behind 99% of this latest beatdown, do not look to aggressively buy until they are finished. I still think that $24 and $1480 are not only possible but likely.