Congressman Tells CFTC – Answer GATA’s Questions on Gold Market Rigging

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Congressman Tells CFTC – Answer GATA’s Questions on Gold Market Rigging by Chris Powell – GATA

Congressman Demands CFTC Explain Its Failure to Find Silver Market Manipulation Where Justice Department Did

From Money Metals News Service, Eagle, Idaho
Tuesday, February 5, 2019…

WASHINGTON — A member of the U.S. House Financial Services Committee today pressed the Commodities Futures Trading Commission on its conspicuous failure to uncover the very silver market manipulation now being prosecuted by the U.S. Department of Justice.

In a probing letter dated today to CFTC Chairman J. Christopher Giancarlo, Rep. Alex X. Mooney, R-West Virginia, writes:

“The U.S. Justice Department obtained a guilty plea from a former commodities trader for JPMorganChase & Co. to charges of manipulating the gold and silver markets between 2009 and 2015, and its investigation into the actions of related parties is ongoing.

“The period at issue substantially overlaps the time during which your commission was investigating complaints of manipulation of the silver market — 2008 to 2013. However, in 2013 the commission announced that it had closed its investigation without finding any wrongdoing.

“Why did the commission fail to find the wrongdoing the Justice Department has confirmed and continues to investigate? Also, will the commission now be re-opening its investigation into silver market manipulation and opening an investigation into gold market manipulation? If not, why not?”

Meanwhile, Rep. Mooney asks about the CFTC’s recent refusal to answer questions posed by a non-profit watchdog group called the Gold Anti-Trust Action Committee (GATA) that investigates government interventions in gold and silver markets:

Rep. Mooney’s letter seeks answers from the CFTC about its apparent reporting discrepancies, the unusual correlation between the Chinese yuan and the gold price, and whether the CFTC believes it has jurisdiction over gold market trading by the U.S. government or foreign governments.

“Congressman Mooney understands that a lack of transparency in the gold and silver markets not only undermines confidence, but also enables governments and powerful financial interests to manipulate currencies and asset prices to Americans’ great detriment,” said Jp Cortez, policy director for the Sound Money Defense League.

“Gold and silver are true money, and the CFTC has a responsibility to expose and punish those who seek to secretly manipulate its value.”

Rep. Mooney’s letter to CFTC Chairman J. Christopher Giancarlo can be accessed here:

The Sound Money Defense League is a public policy group working nationally to bring back gold and silver as America’s constitutional money. The group also maintains America’s Sound Money Index.

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Chris Powell

The Gold Anti-Trust Action Committee was organized in the fall of 1998 to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments. The committee arose from essays by Bill Murphy, a financial commentator on the Internet (, and by Chris Powell, a newspaper editor in Connecticut. Murphy's essays reported evidence of collusion among financial institutions to suppress the price of gold. Powell, whose newspaper had been involved in antitrust litigation, replied with an essay proposing that gold mining and investor interests should act on Murphy's essays by bringing antitrust lawsuits against financial institutions involved in the collusion against gold. The response to these essays was so favorable that the committee was formed and formally incorporated in Delaware in January 1999. Murphy became chairman and Powell secretary and treasurer.