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CFTC has no comment on Deutsche Bank's admission of gold, silver market rigging

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Thursday, 28 April 2016 | Print  | Disqus 

Dear Friend of GATA and Gold:

The U.S. Commodity Futures Trading Commission will not answer questions arising from Deutsche Bank's reported agreement to pay damages for and implicate other banks in the manipulation of the gold and silver markets, a commission spokesman said today.

Last week your secretary/treasurer put to the commission three questions about the development with Deutsche Bank:

-- Does the commission have any reaction to Deutsche Bank's admission to manipulating the gold and silver markets?

-- Is the commission responding to Deutsche Bank's admission in any way?

-- In September 2013 the commission reported that it had been investigating the silver market for five years and had found nothing improper. In light of the development with Deutsche Bank, is the commission reconsidering that conclusion?

Today's "no comment" from the commission spokesman also covered an additional question put to the commission today. Today's question noted that after your secretary/treasurer reported to you, in a dispatch on April 23, his inquiries to the commission --

-- a GATA supporter asserted to your secretary/treasurer that soon after the announcement of Deutsche Bank's plan to settle the market-rigging lawsuit, he reached a market surveillance official for the commission and this official said the commission was very much aware of the development with Deutsche Bank. Such an admission by a CFTC market surveillance official would contradict the impression the CFTC spokesman gave to your secretary/treasurer a week ago, conveyed in the April 23 dispatch -- that the commission had not been aware of the development with Deutsche Bank until GATA inquired.

So today's rejected question was: Prior to GATA's inquiry to the CFTC, was a market surveillance official for the commission contacted about the Deutsche Bank development and did he confirm that the commission was aware of it?

Since the CFTC's annual budget is around $250 million, these refusals to comment about or even acknowledge awareness of reports of commodity market rigging could seem a bit overpriced.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

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