Yesterday, The Doc wrote the following to Mr. Chilton:
Mr. Chilton, I appreciate your efforts at implementing position limits in the commodities markets, specifically pertaining to silver.
Many silver investors are extremely frustrated that it has now been months since the CFTC voted to impose position limits, and have yet to define the word swap.
I wondered if you could clarify when the CFTC will attempt to define a swap, giving a 60 day deadline to the start of the position limits.
I would greatly appreciate your response.
Thank you for your time.
-Doc
Mr. Chilton today replied to The Doc's inquiry regarding the timeframe for the CFTC to define a Swap contract, and begin the implementation of position limits in commodities:
Hey Doc
This has been very frustrating. Had I known this would take so long, I wouldn't have supported the position limit rule.
As you know, we want limits on swaps in addition to currently regulated exchanges. So, of course, we need to define what a swap is. But the rule has the exchange limits going into effect a year before the swaps limits, so it was probably a mistake to tie to two together.
The delay in the swaps definition is due in large part to the fact that the definition is part of an overall joint product definition rule (many products). When I say joint, it is so because the SEC also must approve the rule.
We were supposed to get a draft of the rule in December, then Jan and then this month. Still nothing. The estimate is for early April now, with no guarantee that the date won't slip again. This is unacceptable to me and so I am working to find another way to get the exchange limits in place sooner than that (taking a vote in April and then the 60 days).
I hope to be able to discuss the details next week in a public meeting -- assuming nothing changes.
Anyway, I'm working on it.
Thx.
B
27 comments:
Huh?
You RULE DOC
Silver and Gold as well as gold and silver stock will run into a mania regardless of manipulation. The market always overwhelms.
Fuck the CFTC and fuck the SEC. they aren't worth shit, they don't do shit.
Hey Chil,
According to the American Heritage (that's a dictionary chil):
Swap - To trade one thing for another (n) an exchange; trade [ME swappen, strike the hands together in closing a bargain]
Joint Product Definition? Want some advice? Keep it simple stupid. Break it down clearly so it isn't convenient to cloud the issue with other "products".
Please! You sure your name isn't Bart...Simpson?
This guy has got A.D.D. with NO DRAG.
Bart and the SEC are stalling so the corporate lawyers over at JPM can "craft" the shaft on a mumbo jumbo, 3,000 page attorney jargon filled document that is IN FAVOR of the banksters. Simple.
This guy is a patsy. Thanks Chil, your a real go getter!
This stinks so bad...it would gag a maggot!
It would drive a dog off a gut cart!
Mr Chilton:
Please stop lying...if you think people believe you, after all these years, you must be more stupid than you think people is...
Chilton is the wolf in sheep's clothing; I don't see why anyone is wasting time with this guy. I wonder what his friends are like.
Steve.
It doesn't matter anyway. All the shorts have been spread out among the the big % banks anyway, so the position limits will not apply any single entity. Furthermore, the FED, JPM et al, will just play musical chairs and trade back and forth with each other!
5
Bart Bart let a fart.
Hey chilton. You and Blythe are going to rot in hell.
Do you really think your 70 years in a flesh meat sack is all there is?
You and your people are crooks Bart.
ILL GOTTEN GAINS.....you are condemed.
Malcolm- I am assuming you are referring to Bix Wier's recent piece stating that JP Morgan's shorts have been spread out to 4 different banks because the most recent bank participation report listed the # 4 for the first time ever? I saw his piece yesterday, but he is incorrect, he has not been following the bank participation reports very long apparently. They large US commercial banks have been occasionally listed specified as being 4 in number previously,
but it is usually left blank. The May 2011 bank participation report did specify 4 banks. Check it out for yourself: 4 Large US Banks Increased Silver Short Positions by 4.05 Million Ounces in August
Not to sound harsh, but frankly Bix is incorrect in stating that JPM has suddenly distributed its short position to 3 other banks using this data point as proof.
-Doc
Once again someone who owns a Bill Cilinton Dictionary
I am so #$%^EN sick of political lawyers who play word games & pass the buck when their titties get caught in the ringer
Chilton you are lower than whale $hit
I wonder how much has been put in an off shore bank account.
When the fucking banks crash and burn than its payback time,the dollar will go back to the gold standard,these fucking crooked banksters and politicons are living on borrowed time.
The CFTC and the COMEX are an utter farce. Anyone playing the paper game on the long side is a complete imbecile, as any rudimentary search on the internet (the one last bastion of truth) would result in a sign of smoke pointing to the absolute inferno of evidence. The paper hogs on both sides of the play deserve to get slaughtered. Is it any wonder the elitists at the JP are head and shoulders above the CFTC personnel, when the CFTC cannot even define a swap. I don't believe that the CFTC nor any organization will ever create a firm enough ruling and legislation to allow for a strict position limit on the short side. What we will see is a regulation with enough holes in it to drive a mack truck, with room to spare. I suspect the ruling will ultimately force the JP to create short positions through shell companies and or in conjunction with third party banks, allowing the collective to continue the aggressive short positions. Our task before us is to expose the farce and buy on the dips. Unfortunately, the GDP (GEnerally Dumb Public) doesn't participate in the physical market, or any market for that matter, until a significant price move is blindly apparent, for silver that may be above the $40 mark. In the short run we must be satisfied picking up silver on the cheap, The paper hogs can join in above $50.
I am so sick of his "good cop" routine, that he is "working so hard" for us and that it is time for another "meeting"! The gig is up- another worthless public leach calling himself a public servant-hero for little guy.
Why is this the only guy at the CFTC that answers e mails? His job must be the front man to appease the public/slave/masses! The rest of the elite are too busy "working".
Nice ANON 2:34. I couldn't have said it better myself. So you're right, keep loading up as much as you can before John Q Public catches on.
2 OZ.
Chilton= blah blah blah
-year after year-
Buy it and stash it, the rest will take care of itself.
Much obliged for the effort, Doc.
Nice work Doc; A newbie here love the site and check in a lot. Chilton gets props for at least talking/responding. Not under any illusion ANYONE at the CFTC gives a poop about the public at large. Have no doubt TPTB line all their pockets.
As someone with next to no exp and just a embrionic understanding its plain as day the whole thing is crooked, crooked, crooked and stinks to high heaven.
stick with this site Anon 6.58 and your educational chops will go ballistic
you & he will be waiting a long, long time.
BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA BLA
Who gives a f*** about Chilton. Really. Get real and buy physical. Why even bother with this nonsense?
I believe Chilton is a decent guy. Attacking the one decent guy on the CFTC because you wish he did more isn't getting your cause anywhere.
Its not a good cop bad cop routine. There is no public outcry on silver. Less than one one hundreth of a percent are even aware of what is going on. The powers that be don't need to respond or humor silver investors; they could just as easily ignore them like they do so many other reformers.
We should all be thanking Mr. Chilton.
it doesnt matter if he's a good guy or not, he is proving ineffective. if hes good he wanted to shake things up but he cant .... if hes bad he was pretending to shake things up but he isnt ... either way he is fast becoming irrelevant
max
While I understand the skeptics, Bart's been on our side long before Ag manipulation was an issue to more than a handfull of industry insiders.
He swimming upstream to be sure, but IMHO he tries (check our Harvey Organ on Bart).
Go get'em Uncle Bart... lol!
JFK tower: "CAptain Chilton; Maintain your holding pattern. Runway will be cleared and available soon, we promise."
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