A letter to congressmen about silver price suppression

11a ET Wednesday, January 14, 2009

Dear Friend of GATA and Gold:

Our friend Chris Kniel in California has sent to his U.S. senators and representative a letter like the one below in regard to the silver price suppression scheme on U.S. commodities exchanges. U.S. citizens might want to send a similar letter to their own congressmen.

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

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Dear ----:

For months now the U.S. Commodity Futures Trading Commission (CFTC) has been unable to explain what I perceive to be enormous manipulation of the price of silver. I would like to know why it is not manipulative for one or two banks trading on the commodities exchanges to hold a short position equal to 25 percent of annual world silver production, data found in the CFTC's own reports.

The CFTC seems to be stalling, not investigating this matter. It is infuriating that qualified market participants can see the silver manipulation clearly yet those responsible for enforcing the law pretend otherwise.

Enough is enough. This situation has never occurred in any other commodity. How could this not be manipulative?

Please require the CFTC to do its job now. No more delays. Let's enforce regulations for an honest market and stop the silver price manipulation.

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