Silver Market Faced "Fradulent Efforts" to Control Prices
October 26, 2010Bart Chilton, one of five members on the Commodity Futures Trading Commission, released a statement today claiming that there have been "repeated attempts to influence prices in the silver markets" and recommended the perpetrators be prosecuted.
Chilton is barred from releasing the names of traders involved in this investigation, but they will eventually be exposed if formal charges are filed.
This is welcome news. Many silver market commentators have stated publicly that the price of silver, currently hovering around $23.50 per ounce, should be much higher due to the scarcity of supply and the lack of faith in fiat currencies such as the US Dollar.
Now maybe the CFTC will turn their attention to the gold markets. It will certainly be interesting to see what effect this revelation will have on the market prices of these precious metals.
Statement of Commissioner Bart Chilton, released October 26, 2010