He disagrees with Bill Murphy, GATA and Ted Butler that Bart Chilton, CFTC commisioner can make any difference to JP Morgan's massive illegal shorting of silver.

"Another "so-called" hero of silver investors is Bart Chilton of the CFTC, the Commodity Futures Trading Commission, whose job is to prevent fraud in the marketplace.

But the selling of unbacked silver futures contracts is fraud, and it takes place all the time.

The BIS reported that the mark to market value of over the counter, "other precious metals" (mostly all silver) derivatives went from under $100 billion to over $200 billion in 6 months, as I reported here:

http://silverstockreport.com/2009/BIS-and-updates.html

But the total value of all 600 million ounces of silver mined each year, at $18/oz., is only $10.8 billion. So where did they find the new pile of $90 billion worth of silver to sell, or nearly 8 years worth of world mine supply? In other words, they didn't, it's all fraud. THE BIS ADMITS SO, based on the math!

So, with that background, please understand my stance. The "regulators" can do NOTHING to prevent the fraud. There is no possible way to verify that people or corporations have the silver that they say they plan to sell in the future, unless all new sales of futures contracts are fully backed up by a 100% deposit of real silver now. But that kind of defeats the point of futures, now does it not? In other words, the ENTIRE CONCEPT OF FUTURES MARKETS IS ENTIRELY FRAUDULENT.

I have even written an article on that, explaining exactly why it is impossible to regulate futures.

The U.S. Government can't stop Silver Fraud
(But you can!)
Silver Stock Report
by Jason Hommel, April 16th, 2009
http://silverstockreport.com/2009/govcant.html

You cannot regulate futures any more than you could effectively ban debt. Even I engage in futures contracts, the only difference is speed. I sell silver online, and my customers get silver in a few days, not months.

To write legislation that would prevent futures selling, you'd effectively have to ban all trading. This is why it's impossible to regulate.

The only way to "regulate" it is to educate people to the fraud. No other way is possible.

The CFTC can do nothing, and will do nothing, especially when they are IN ON THE SCAM. THE CFTC IS A PART OF THE PRESIDENT'S WORKING GROUP ON FINANCIAL MARKETS, OR PART OF THE "PLUNGE PROTECTION TEAM". Their goal is to specifically maniulate the value of the dollar higher, and keep silver and gold down.

As proof, I have emails from "Bart Chilton" who some in this industry feel might do something productive.

Again, there is no way to create "position limits" on shorts that would be effective. JP Morgan, the big short, could easily set up numerous offshore dummy corporations who could all short silver to keep the massive short position in tact.

At least now we know it's JP Morgan who is the massive short. The exposes the SLV as fraud, as JP Morgan is the silver custodian!"