01 March 2013

Gold Daily and Silver Weekly Charts - Sequester Will Harm Effectiveness of the CFTC

CFTC Chairman Gensler noted on financial television that the sequester will make the enforcement efforts of his agency to police the markets harder, and it will be more difficult to 'stop the bad guys on Wall Street.'

Isn't he the one that just went to court and filed a brief in support of market manipulators to overturn the Federal Energy Commission's successful $30 million fine against an Amaranth natural gas trader because the FERC was doing 'his job?'

Chairman Gensler also noted today that LIBOR is useless for ensuring the integrity of commercial business interest rates.   Can't dispute that testimony.

Not to put too fine a point on the irony, but speaking of concocted numbers without genuine merit, and of little value in setting prices for the real economy, has the Chairman looked at the silver futures markets lately?  

Have a pleasant weekend. 

'Oh lawdy, this is grim.  My Grand Slam breakfast!'