OPEN LETTER TO THE CFTC

November 15, 2012

Commodities Futures Trading Commission
3 Lafayette Center
1155 21st St. NW Washington, DC 50581
Re: One Slide Exposes Physical Silver Manipulators

Dear Commissioners:

Oftentimes crime takes place in plain view of the world. Cash register theft, bank robberies, purse snatching, carjacking.all in plain view.

At the Silver Summit I presented a slide that exposed the banks that rig the price of physical silver on a daily basis. This slide showed that 9 of the 11 LBMA "Market Making Members" who DECIDE and REPORT the price of physical transactions everyday are being investigated for rigging LIBOR in London. One bank, Barclay's, has admitted guilt implicating all the remaining banks under investigation.

These 9 banks operate out of the same location in London and are charged with essentially doing the same thing as the LIBOR banks.

"Market Makers have agreed to quote two-way prices to each other during the London business day for agreed minimum quantities and tenors in both gold and silver."

LMBA Silver Market Making Members

http://www.lbma.org.uk/pages/index.cfm?page_id=62

They don't hide - they are in plain view and they do it every day in London on the LBMA. As the CFTC stated in the first two silver investigations - "The COMEX price cannot be manipulated because it is in line with the physical cash price on the LBMA."

The main argument of the first two CFTC investigations hinged on the claim that the LBMA is NOT RIGGED and the price discovery mechanism is legitimate. In a previous letter I sent to the CFTC I showed how the 1st silver investigations were flawed in concluding there was no COMEX manipulation because the prices of futures and options were in line with the "physical price" as represented by the LBMA price:

CFTC: Flawed Silver Investigations and Breaking The Law

http://www.roadtoroota.com/public/484.cfm

Now we know that 9 or the 11 banks that DECIDE what physical silver prices to quote on the LBMA are guilty of rigging the LIBOR markets how can you confidently conclude that the exact same thing is NOT happening in the physical silver market?

Truth be told, all you have to do is analyze the VOLUME of trade to understand that there is something VERY WRONG with relying on the LBMA as a representative market for physical silver.

Ask yourself this.ARE THESE VOLUMES LEGITIMATE?

2011 Silver Supply for Mines = 782M oz

2011 LBMA Net Daily Physical Silver Transfers = 175M oz

2011 LBMA Full Year Net Physical Silver Transfers = 44B oz

2011 LBMA Full Year Gross Physical Silver Transfers = 132B oz

Let's face facts. The LBMA has NOTHING to do with the physical silver market. You should have NEVER relied on the price of the rigged LBMA physical market to justify the HUGE short concentration in Silver on the COMEX. This issue MUST be addressed in the latest silver market rigging investigation and explanations provided.

In the crimes listed at the top of this letter there are police, investigators and judges that routinely prosecute the perpetrators of these "plain view" crimes and throw the guilty parties in jail.

In the crimes being perpetrated in the supposed "physical silver market" at the LBMA there are NEVER prosecutions of the people running these large banks that are stealing $BILLIONS.

The moral of the story.

If your crimes are small you can expect the full force of the law to come after you but if your crimes are big enough you can expect a Get Out Of Jail Free Card!

Don't you think it's time for things to change?

May the Road you choose be the Right Road.

Bix Weir
www.RoadtoRoota.com