CFTC invites GATA at March 25 hearing on metals trading

CFTC invites GATA to speak at March 25 hearing on metals trading

Submitted by cpowell on Sun, 2010-03-14 16:59. Section: Daily Dispatches

1p ET Sunday, March 14, 2010

Dear Friend of GATA and Gold (and Silver):

GATA Chairman Bill Murphy was formally invited Friday by the U.S. Commodity Futures Trading Commission to speak at its meeting in Washington on Thursday, March 25, to examine futures and options trading in the precious and base metals markets.

The CFTC's announcement of the hearing can be found here:

http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5782-10.html

GATA's appeal to the CFTC on position limits in the precious metals futures markets can be found here:

http://www.gata.org/node/8405

The CFTC's invitation results from GATA's long prodding of the commission to investigate the anomalies of the precious metals markets, particularly the concentrated short positions held by JPMorgan Chase & Co. and HSBC, and from the prodding done by dozens of GATA supporters who have heeded GATA's requests to contact the commission. The CFTC's hearing likely will be the first time the gold and silver price suppression schemes have been raised at a formal and open U.S. government proceeding.

The CFTC says its hearing will be open to the public and broadcast via the Internet and a listen-only conference call.

GATA has put great effort and expense into reaching the CFTC on this issue and into suing the Federal Reserve in federal court for information the Fed acknowledges concealing about its gold swap agreements with foreign banks, agreements that likely are at the heart of the gold price suppression scheme.

Information about GATA's lawsuit can be found here:

http://www.gata.org/node/8192

We're making good progress, actually doing things to liberate the gold and silver markets, even as the gold mining industry's nominal representative, the World Gold Council, remains silent about anything that really matters to the precious metals despite its annual budget of around $60 million. So again we ask for your financial support. Sending a small delegation to the CFTC hearing will cost money, as will getting the attention of the news media there. Prosecuting the lawsuit against the Fed will cost money. And quite apart from that, much effort and expense go into keeping the precious metals price suppression issue alive every day.

Since they are so vulnerable to their governments (for mining and environmental permits) and their banks (mining being the most capital-intensive business), even mining companies that recognize the gold and silver price suppression scheme are reluctant to support an organization such as GATA that seeks to make trouble for governments and banks. That may explain the World Gold Council's uselessness. For the most part that leaves our cause up to individuals. So if you're inclined to help financially, please visit:

http://www.gata.org/node/16

We'll strive to see that you're glad you helped.

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