When U.S. government manipulates commodity markets, it's perfectly legal and CFTC can't act


9:09p ET Monday, December 8, 2020

Dear Friend of GATA and Gold:

In commentary today two of our friends, silver market analyst Ted Butler and GoldSilverPros.com editor and publisher Robert Kientz, seem astonished that the U.S. Commodity Futures Trading Commission does nothing about manipulation of the gold and silver markets.

... Dispatch continues below ...


Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:


In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:


Butler's astonishment is expressed in an essay posted at SilverSeek and headlined "Man Bites Dog":


Kientz's astonishment comes in commentary headlined "CFTC Failures Lead to Massive Market Manipulation," which is accompanied by a YouTube presentation here:


But there is no need for astonishment, for the explanation has been apparent for many months as a result of the commission's refusal to answer a crucial question put to it not only by GATA but also by a member of Congress, Rep. Alex X. Mooney of West Virginia.

That is: Does the CFTC have jurisdiction over market manipulation undertaken by the U.S. government or by brokers acting for the U.S. government or with the government's approval?:



GATA construes the Gold Reserve Act of 1934, as amended, as giving the Treasury Department's Exchange Stabilization Fund the authority to trade secretly and manipulate any market in the world.

An assistant U.S. attorney representing the Treasury and Federal Reserve in GATA's first litigation, Howe vs. Bank for International Settlements et al., confirmed GATA's understanding at a hearing in U.S. District Court in Boston in November 2001:


After all, if governments and central banks are not manipulating the currency and commodity futures markets, why has the CME Group, operator of the major U.S. futures exchanges, long offered special volume trading discounts to governments and central banks for secretly trading all contracts on those exchanges?:


All questions about what seems to be the CFTC's long failure to do its job against manipulation of the gold and silver markets are answered if one understands that the manipulation is just execution of U.S. government policy.

The great journalist Charles Peters, retired editor of The Washington Monthly, offered the crucial insight decades ago: The scandal is seldom what is illegal. The scandal is usually what is perfectly legal.

We encourage Ted and Bob to check it out.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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