The Phaserl


Silver Wildcats – Part 3 – Futures Price And Fictional Data

by Dr. Jeffrey Lewis, Silver-coin-investor:

If the source is corrupt, the data must be as well.

The nature of counterintuitive silver price action, secondary to ongoing, and blatant price manipulation lends itself to the swirling dreams of conspiracy and encourage those who choose to ignore the trail of bodies left behind by the powers that be.

Whether it’s daily volume, open interest, or warehouse data released by the CME…

…Or the dry, granular electronic schedules submitted by the largest traders and compiled by the CFTC for public consumption – the Weekly CoT Report.

Why Bother Rigging Something That 14 People Actually Look At?

Is the The Commitment of Traders Data Fake?

The question comes up a lot.

The government rigs anything and everything. We are lied to, brainwashed, propagandized to the point where ‘everything’ is one giant illusion.

For now, spot price for all major world commodities arise from the COMEX futures market.

And the presence of a small group of sellers (of last resort) — or the few against the world is confirmed by the weekly reporting of positions held by all large traders.

Contrary to assumption, rigging BLS data, manipulating GDP, and/or re-calculating and substituting inflation data is simply not the same as fixing a Commitment of Traders (CoT) report.

Commitment of Traders (CoT) report is a weekly electronic schedule submitted by large traders to the CFTC detailing their positions each Tuesday at the close of trading.

They put it right out there in the open for all to see.

And barely anyone ‘sees it’.

The CoT report provides a breakdown of aggregate positions held by three different types of traders:

  • “Commercial traders” are sometimes called “hedgers”, but are mainly giant investment banks.
  • “Non-commercial traders”, a.k.a, the “large speculators of other people’s money” or the managed money funds.
  • “Nonreportable” group is sometimes called “small speculators.”

Because the “Commercial traders” are considered “hedgers” and the fact they maintain a large presence in all futures markets, it is easy to overlook concentration. (Even when you are the regulator).

And concentration is (by definition) manipulative because a dominant position held by a few trading entities in any market cannot have a benign influence on price formation.

The SEC defines illegal concentration as 5% or more of a stock or option position held by one entity.

The 4 largest traders on the COMEX maintain 40% or more short concentration.

Sample Aggregated CoT Highlighting The Silver Commercial Net Short Position

Why doesn’t the CFTC see this?

They likely do, but must also make concession because intervention would disrupt the market, and admitting that it exists would be bad PR – to say the least.

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