this is from bix weir's open letter to the commissioners of the cftc:

Dear Commissioners :

Over the past few years I have engaged in correspondence with staff at the CFTC to learn about how your organization does its job in enforcing commodity trading rules as well as provide you with feedback as to why 99% of metal market participants believe that the CFTC is not doing its job. Since the public hearings on metal concentration limits on March 25, 2010, I have been truly astounded by the LACK of acknowledgment, LACK of follow up and LACK of action from the CFTC and Commissioners given what was openly discussed and revealed during the course of this historic meeting.

Here is what your takeaway SHOULD have been from the meeting on metal concentration limits:

1) There is a huge problem with concentration and manipulation in the COMEX metals market whereas the markets for gold and silver are controlled by a handful of large commercial traders to the detriment of all other participants. The problem is so big that the true market prices of gold and silver are currently UNKNOWN and until the large concentrated players are removed the market will stay dysfunctional as to price discovery.

2) GATA presented significant evidence gleaned from public records that there is indeed a group interested in suppressing the price of monetary metals and have, in fact, acted in these markets to suppress prices. This information can be found at www.GATA.org and should be used as evidence in your prosecution of the manipulators.

3) There was a genuine whistle blower revealed to the world that the CFTC knew about and was working with during the last large silver take down. JP Morgan was identified as the market rigger prior to the day the silver market rigging began and the operation took place EXACTLY as the whistle blower had predicted. JP Morgan was also the suspected culprit in the 2009 take down of silver from over $20 to under $9 which prompted the 3rd (and currently active)investigation into silver manipulation. Relevant to these issues JP Morgan is the "Custodian" in iShares Silver (SLV) which boasts a very dubious Prospectus for holding a large amount of physical silver in Trust for SLV investors. This silver is NOT the property of JP Morgan nor should it be considered the physical silver justification for the gigantic COMEX silver short position as incorrectly claimed by David Kass of the CFTC in my correspondence with him:

"If, in the future, any of the silver held by the Trust were to meet the location, brand, size, and quality standards of the NYMEX silver futures contract, it could be deliverable on that contract."

http://www.roadtoroota.com/public/315.cfm