As I thought can't answer even the most basic of Questions basically you believe PGM's are overvalued but don't have any idea why or have any views on the world economic failings other than "The US built heaps of aircraft carriers" an "Gold will fall because it did last time"
THE MISSION OF THE
CFTC
IS TO PROTECT MARKET
USERS AND THE PUBLIC
FROM FRAUD,
MANIPULATION, AND ABUSIVE
PRACTICES RELATED TO THE
SALE OF COMMODITY
FUTURES AND OPTIONS, AND
TO FOSTER OPEN,
COMPETITIVE, AND
FINANCIALLY SOUND
COMMODITY FUTURES AND
OPTION MARKETS
CFTC, obey your plaque!
When the open interest in silver futures contracts exceeds 800 million oz., and when the silver on deposit for delivery is a mere 50 million oz., it does not take a genius to figure out that something is out of balance. That's only a 6% backing!
When the London OTC market trades in excess of 125 million oz. of silver per day, and only has 75 million oz. of physical in the vaults, again, it does not take a genius to figure out that something is out of balance there, too. The BIS notes that the OTC "over the counter" other precious metals derivatives exceed $200 billion, which is about 12 billion oz. of silver, or almost 24 years worth of mine supply, and 160 times the 75 million oz. they have left!
It should not take any hearings or investigations. But the investigations serve the purpose of revealing the numbers to CFTC commissioners who may not otherwise know.
The London fraud is easier to understand, even though it is bigger. Why? In Europe, there is the VAT, and on silver, it's about 17% if you take your silver out of the banks, and take delivery. Therefore, most people leave it with the banks. But there is no "it", no silver.
YES, THIS IS THE WORLD'S BIGGEST FRAUD! BIGGER THAN EVERY OTHER FRAUD, EVER! PERHAPS BIGGER THAN ALL OTHER MONETARY FRAUDS IN THE HISTORY OF THE WORLD, COMBINED!
The world's gold market is like a Ponzi scheme, or bucket shop. Around 100 years ago, there were brokerage houses (bucket shops) that let you buy stocks, and they would give you a receipt, but they would not buy the stock, they would simply buy back your receipt if the stock went up, and if you cashed in your receipt. Two big "ifs". Jesse Livermore wrote about the bucket shops in his famous book, "Reminiscences of a Stock Operator".
http://www.amazon.com/reminiscences-.../dp/0471059706
The government eventually put the bucket shops all out of business, because they were all fraud. (Also, the government banks don't like competition.)
Jesse notes that the bucket shop trading was different than a real market, as you would not move the market price of stocks you bought or sold, and so, you could buy the stocks cheaper, not paying such large commissions, and also, not moving the market price up against yourself as you were buying.
Same thing in the gold and silver markets. The big brokerage houses promise silver at lower commissions, but only if you don't ask for delivery.
The gold and silver markets are no different than a bucket shop, it's cheaper, but if you don't take delivery, your silver does not exist.