Essentially has given Blythe Masters and JPMorgan the go ahead to continue their soon to be no longer illegal trade practices (apparently the new rules will start at some time in the future and the past will be forgotten). So they continue their coordinated pulling of bids and naked shorting on the CRIMEX with the blessing of the administration. And we say Afghanistan has a corrupt government.

From Ed Steer this morning

"Well, the CFTC's meeting on Thursday ended suddenly with the main issues not really resolved. I listened to a Bloomberg interview with CFTC Chairman Gary Gensler... and I got the distinct impression that the meeting was ended because the silver position limit issue had reached an impasse. A rock had come up against a very hard place... and no one was blinking. So Gensler ended the meeting rather than put it to a vote. He was careful to point out on a couple of occasions during the press scrum that followed, that although the meeting was over... this issue was still very much on the table.

Ted Butler made it absolutely clear to me yesterday that the bone of contention was 100% the silver position limits issue... and I agree totally. He also said that whatever stories that showed up in the main-stream media on this issue, would not reflect the titanic forces that ran head-on into each other at this historic meeting yesterday. But, as Ted said, they now both know exactly where each other stands.

Gensler, who is nobody's fool, tried to do all of this above board and attempt to reach a consensus... but, when push became shove, the 'fine folks' at the CME and JPMorgan/HSBC circled the wagons. Both Gensler and CFTC Commissioner Bart Chilton tried to put as positive a spin on it as they could... but the fight is now on."