Secretive U.S. Banks Torpedo Gold and Silver

Gold Newsletter
"We’re also faced with the fact that — as has been revealed by a recent Commodity Futures Trading Commission (CFTC) report — a very small group of banks put on massive short positions in July to drive gold and silver downward. According to a report entitled “The Smoking Gun” by noted silver-market muckraker Ted Butler (investmentrarities.com), the CFTC Bank Participation Report shows that U.S. banks increased their silver short positions five-fold in July, with two banks holding positions totaling 30.99 million ounces as of have for selling short such quantities of speculative instruments over a brief time period? Do we want banks to be engaging in this type of activity? If the manipulation was not successful, would U.S. taxpayers be called on to bail out yet another bank speculation gone bad? “Do the traders who lost money in the recent price collapse of silver have a reason to believe that their money is now in the pockets of these two or three U.S. banks? If so, do they have recourse?" (9/08)

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