by Dave Kranzler, Inevstment Research Dynamics:
I had to laugh yesterday when a colleague sent me a news report that the CFTC filed a civil enforecement Complaint against Kraft Foods for manipulating wheat futures. Thank GOD the Government has decided to crack down on wheat futures manipulation. Of course, I would bet that no one in the world other than wheat traders knew that the manipulation was occurring.
Contrast this to the incessant and escalating manipulation of the gold futures market by the U.S. Treasury’s Exchange Stabilization Fund in conjunction with the NY Fed and the big bullion banks like JP Morgan, HSBC, Scotia Mocatta and Citigroup. Everyone in the precious metals market knows about this manipulation. GATA has exhaustively produced evidence, including FOIA inquiries which produced information from the Fed verifying that gold is manipulated. For some reason the CFTC just can’t see it.
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