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Ted Butler: Wheat manipulation admitted, even as silver is worse
3:30p ET Monday, June 29, 2009
Dear Friend of GATA and Gold (and Silver):
In commentary posted today, silver market analyst Ted Butler reviews a new Senate investigative report on manipulation of the wheat market and notes that it reaches conclusions similar to those he long has drawn about the silver market. Particularly, Butler notes, the Senate report cites the failure of the U.S. Commodity Futures Trading Commission to enforce position limits in the wheat market, even as this failure is infinitely worse in the silver market, where as a practical matter there are no position limits at all, resulting in the grotesque concentration of the short position in silver.
Butler writes: "The problem is that there is a double standard when it comes to manipulation or excessive speculation. Most have grown to view the long side as the only side that can be manipulated. That's not true, nor is it how the law is structured. However, it is how most people think, especially politicians and regulators. That's the problem in silver (and gold)."
Butler's commentary here could not be more factual, specific, cogent, and persuasive. U.S. citizens should copy it and send it to the CFTC and their congressmen and ask for a response. It is headlined "The Senate Report" and you can find it at GoldSeek's companion site, SilverSeek, here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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