Re: Ed Steer this morning
in response to
by
posted on
Feb 13, 2012 02:46PM
Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Fellow investors and AUM share holders,
Below I have posted my 2 cents to the CFTC folks in response to Mr. Butler's appeal. I think he has made it clear he is doing all he can to get the word out and now it's our collective responsibility to do the same. It has been quite a saga following ECU/AUM over the last 5 years as a "strong hand" accumulating more shares and more and more losses. Pretty expensive education and disheartening to lose faith in Governments and regulators in the process, but I suppose a worthwhile journey considering the alternative of ignorance. Probably naive but I am still hoping that overwhelming evidence combined now with more public awareness and pressure on regulators can actually bring about a return to fair markets and unmanipulated valuations of shares like AUM.
Mr. Gensler,
During my 30 years of Military service and throughout my subsequent years in Government service as a civilian I have never seen such a failure to act to uphold the public trust in light of overwhelming information and evidence that the people you are supposed to protect are being openly defrauded and with little restraint. It is otherwise incomprehensible that such a visible and important regulatory agency would allow itself to become complicit in gross fraudulent and manipulative activity through your negligence to act. You know, the only plausible explanation I can come up with is that the "conspiracy theories" regarding governments and the Federal Reserve actively working to depress (manipulate) precious metals prices to protect fiat currencies from wholesale decline is true. So, it would make sense to allow the greedy investment banks to roam like wolves for mutual benefit. How ludicrous it is that the investment banks are skimming huge profits on both ends of the trade through their massive short/naked short activities and then at the end of the day need to be bailed out by the US tax payers from their modest cookie jars (after they have already been fleeced of their mining stocks or the value thereof as the manipulators hoard the hard assets and ounces in the ground at fire sale prices they created with massive amounts of worthless paper). This is also the only explanation I can fathom for you being able to look at Joe public with a straight face and claim that the CME boys are honest brokers and that high frequency trading is not skewing price discovery or creating an unfair advantage for the financial elitists. Well, just for the record I want you to know that I am one of multitudes of American Citizens and others who have suffered great loss as you slumber at your desks under false pretense of protecting investors and ensuring fair and rationale markets. I have monitored this situation for years as it has become more and more clear that blatant fraud and manipulation was and is making my sound and well researched investments continue to decline against all rational expectations. Then I watched as Gold and Silver began to get clobbered, not just in the thinly traded overnight markets by "not for profit sellers", but also in concert with any major geopolitical news that would normally be unambiguously bullish. What is going to happen when even the general public becomes aware of what is going on? I don't think we are far from that now as I read headlines such as "Markets Rigged", "Retail investors not returning to equities", and even frontline headlines exposing the Fed as the "buyer of last resort" for US Treasuries and that they are the largest holder of US debt (let's think through the implications of that). So, I ask you Sir, are you really going to sit there until the system implodes, which would tragically validate the complicit nature of these activities, or is there possibly some vestige of integrity and public trust still alive in your organization?
I'm sure it is awkward for you to act against the massive "ongoing" Silver Manipulation on behalf of all the regular people (99%) and limiting the crooks from emptying the open cookie jar, especially after failing to find the obvious in two previous investigations, but the longer you wait to release the results of your third investigation the less credibility you have - and there is not a lot left.PS. I am also wondering what the end game is for the grossly leveraged paper markets and all the Silver and Gold ownership certificates with no bullion backing them. What a business.. would it be OK with you if I start a business selling emergency food kits to be delivered upon request and then sold 1,000 certificates for every one kit I put together for eventual shipment to keep the ruse going? When I became educated about this and requested delivery of my property they did everything they could to talk me out of it and made it as painful as possible. Even at that it took over 4 months to actually get delivery. The longer this is allowed to go unchecked the larger the fleecing of the public will be. Would you have me believe you don't know about this? And what makes these activities any different than Madoff's ponzi scheme? I'll tell you - they are vastly larger, and the perpetrators know that you know, and now a growing number of "we the people" know that you know.
Thank you for your time and I sincerely hope I am wrong about the chances that you will act in defense of our nation and the people our government has sworn to serve.
Dan Finney