If there was any doubt about who is running all markets, where and why this article all but lays it out. There is a reason I call it the Crimex instead of the Comex and this articles brings that forth is spades.
Central banks get discounts for trading EVERYTHING through CME Group and Comex Zero Hedge reports that Eric Scott Hunsader, founder of market data research firm Nanex in Winnetka, Illinois, which exposed the algorithm trading responsible for the flash crash in gold futures on January 6 this year has discovered documentation at the U.S. Commodity Futures Trading Commission showing that CME Group, operator of various futures markets, including the New York Commodity Exchange (Comex), has been providing to central banks outside the United States, since at least July 1, 2013, a program of discounts for trading equity market, bond market, and commodity market futures, including gold and silver futures.
The documentation consists of a letter, dated January 29 this year, from CME Group's managing director and chief regulatory counsel, Christopher Bowen, notifying the CFTC of changes to the discount trading program for central banks. In his letter, Bowen insists, "The program's incentive structure does not impact the exchanges' ability to perform their trade practice and market surveillance obligations under the CEA [Commodity Exchange Act]. The exchanges' market regulation staff will monitor trading in the program's products to prevent manipulative trading and market abuse."
This absolute must read Zero Hedge item showed up embedded in a GATA release on Saturday---and it's by far the most important story in today's column. The link to the actual CME/CFTC document confirming all of this, is posted on the CFTC's website here.
Read more...
Returning to today's big story about the open invitation for central banks to rig the commodities prices through the Globex trading system [for fun, profit---and price management] for a moment. GATA and others have always suspected that this was the case---and we already had reams of evidence to back it up. But this CME document posted on the CFTC's website really was the smoking gun---and there should be no doubt in anyone's mind at this point that some central banks are using the CME Group's carte blanche invitation to keep commodity prices exactly where they want them, regardless of supply and demand.
Ted Butler had a good reason for calling the CME Group, JPMorgan and the CFTC, crooks---and this is certainly the final piece in the puzzle. Now we can surmise why the CFTC wouldn't do anything about the price management scheme in silver, no matter how obvious the evidence. Now it remains to be seen how the main stream press will handle this, if they touch it at all. - Ed Steer.
|
