Friday, 5 June 2015

First Majestic Silver CEO Complains To CFTC About Market Manipulation.




  At least somebody is taking action. Gold and Silver mining community are not raising their voices enough about the ongoing market manipulations, only GATA continues to raise alarms, but without any mainstream support. First majestic CEO has proposed last year to withhold any sale of Silver from mines for one month, but almost nobody among other silver miners has even supported his action. 


Mining CEO Calls on Fellow Miners to Halt Physical Silver Sales to End the Paper Manipulation.


"How to end silver manipulation: "Let's pick up the month in 2015 and Stop Selling Silver for a month and see what happens" It will be interesting! Can the mining industry come together one day? Will miners ever repeat Rob McEwen's strategy to withhold Gold from selling at lower prices at Gold Corp?"


Bill Murphy: The Man Banned From CNBC For Telling The Truth About Manipulation Of Gold.


"Now the manipulation of Gold market is the case for the court hearing, but just a few short years ago it used to be a conspiracy theory. China moves with AIIB and Yuan SDR addition will bring Gold topic to the world's headlines."


GATA:

First Majestic Silver CEO complains to CFTC about market manipulation

 Section: 
10:37a ET Wednesday, June 3, 2015
Dear Friend of GATA and Gold:
Keith N. Neumeyer, president and CEO of First Majestic Silver, just about the only executive in the monetary metals mining industry who complains openly about market manipulation that suppresses the price of gold and silver, has heeded market analyst Ted Butler's latest call to write to the U.S. Commodity Futures Trading Commission, a call noted by GATA last week:
Neumeyer's letter is posted in PDF format at GATA's Internet site here --
-- and investors in the monetary metals mining industry who are not hopelessly demoralized might do well to bring it to the attention of the companies in which they have invested.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Kitco:

First Majestic Silver CEO Dings CFTC On Silver Market Manipulation

(Kitco News) - Senior silver producer First Majestic Silver Corp.’s (TSX:FR)(NYSE:AG) Keith Neumeyer, president and chief executive officer, openly questioned the U.S. futures and options watchdog regarding silver market manipulation earlier this week.
In a letter to the Commodity Futures Trading Commission’s (CFTC) chairman Timothy Massad, Monday, Neumeyer raised his concerns with the regulator’s Commitment of Traders Report (COT), dated May 19, 2015.
He noted “a record position change of more than 28,200 net contracts of COMEX silver futures being purchased by traders in the managed money category, the equivalent of 141 million ounces of silver and 61 days of world mine production.
“The COT report also indicates nearly 24,400 net contracts were sold by traders classified as commercials and the equivalent of 122 million ounces and 53 days of world mine production,” he said. “In addition, the report indicated that 8 traders in COMEX silver futures held a net short position of 376 million equivalent ounces of silver, by far the most of any commodity in terms of world production (163 days).”
Neumeyer said in the letter that he’s confused why a concentrated short position would be so large. 
He added that the murkiness of who’s trading the contracts and what they are labeled as further muddies the process.
“Since the Commission classifies traders in the managed money category as speculators (as opposed to hedgers) and because there is little evidence from public financial reports that silver producers are represented in the commercial category, it appears the big changes in positions on the COMEX are by speculators and commercials acting as speculators and not by those engaged in bona fide hedging.”
Neumeyer went on to conclude that the CFTC was not working within the confines of commodity law and said that there is an issue with the discovery price process as “real producers and consumers of silver don’t appear to be represented.”
He ended the letter stating that based on what he outlined, silver market manipulation by the CFTC is apparent.
“As one of the largest primary silver producers in the world, 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.”  

By Alex Létourneau of Kitco News aletourneau@kitco.com
Follow Alex Letourneau @alex_letourneau"