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CFTC issues update on long-running silver probe
By Frank Tang
Reuters
Friday, November 4, 2011
http://www.reuters.com/article/2011/11/04/us-silver-cftc-idUSTRE7A36G220...
The U.S. futures regulator said on Friday it continues to investigate possible unlawful acts or manipulation in silver markets, in a probe that began more than three years ago.
The Commodity Futures Trading Commission said in a brief statement it has analyzed more than 100,000 documents in its investigation, interviewed dozens of witnesses, and obtained expert advice since the start of the probe in September 2008.
"It has been a long, detailed, and thorough investigation, and it continues in an appropriate and considered manner," the agency said in its one-paragraph statement.
The CFTC did not say specifically why it issued the update.
... Dispatch continues below ...
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On Friday, CFTC Commissioner Bart Chilton was quoted by a gold advocacy web site as saying he believed there have been violations to the Commodity Exchange Act in the silver market. (Chilton's online interview: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/4_Ba....)
Chilton, known as an outspoken proponent of regulation to protect investors and consumers, has in the past said that he believed there had been "fraudulent efforts to persuade and deviously control" silver prices.
In October of last year, JPMorgan Chase & Co and HSBC Holdings Plc were hit with two lawsuits by investors who accused them of conspiring to drive down silver prices, and reaping an estimated hundreds of millions of dollars of illegal profits.
HSBC has since then been dropped from one investor lawsuit, leaving JPMorgan as the only bank defendant in that case.
Federal regulators and aggrieved investors have faced an uphill battle to prove allegations that some of the biggest silver trading firms are manipulating the market, if history is any guide.
Silver has featured prominently in modern commodity market scandals. In the most memorable case, the Hunt brothers of Texas hoarded the precious metal, aiming to corner the market and control global prices starting in the late 1970s.
A more recent comparison was the case between Barrick Gold Corp, one of the world's largest gold miners, and bullion and coin dealer Blanchard & Co, which accused Barrick of manipulating the gold price in league with JPMorgan Chase. Barrick and Blanchard settled the lawsuits they brought against each other in 2005.
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Golden Phoenix Signs Definitive Agreement to Acquire and Reopen Santa Rosa Gold Mine in Panama
Company Press Release
Monday, September 19, 2011
SPARKS, Nevada -- Golden Phoenix Minerals Inc. (OTC Bulletin Board: GPXM) has signed a definitive agreement to acquire a 60 percent interest, with an option to buy an additional 20 percent interest, in the Santa Rosa gold mine in Panama, now owned by Silver Global S.A., a Panamanian corporation.
Santa Rosa produced more than 100,000 ounces of gold from 1996 to 1998 before being closed in part to low gold prices, which are now more than five times higher.
Golden Phoenix intends to acquire its initial 60 percent interest in Santa Rosa by acquiring 60 percent of the share capital of a recently created company under the name Golden Phoenix Panama S.A., formed to hold and operate the mine.
Tom Klein, CEO of Golden Phoenix says: "The agreement establishes a solid framework from which we can advance Mina Santa Rosa to production-ready status."
For Golden Phoenix's complete statement, please visit:
http://goldenphoenix.us/press-release/golden-phoenix-signs-definitive-ac...
