Bill,
The CFTC report concluding that there is no silver market manipulation is an absolute disgrace.

Look at this:

QUOTE

In August 2007, NYMEX contacted several of the largest short silver futures traders requesting specific information regarding their activity in the silver cash and OTC markets.13 The exchange found that these firms generally held significant forward purchase and sales agreements that, overall, left the firms with a net long silver exposure. The short futures positions on NYMEX were approximately offset by their long cash exposure. This means that, contrary to the silver commentators’ allegations, the largest net short traders in the NYMEX silver futures markets are not "naked" shorts, as the firms’ overall exposure in the silver markets (considering their futures, cash and OTC positions) is approximately neutral.

END

So concentration on the COMEX doesn’t matter in terms of defining manipulation!! If you own some illiquid OTC derivatives you can be short the futures market and hold 80% of the short position.

So everybody, let’s take them at their word. Let’s buy some puts and go long COMEX futures and accumulate 80% of the long position! I will be looking for some sovereign wealth funds and/or hedge funds who would be interested in such immunity for accumulating such a position. I am sure the Hunts would have loved to have had this in writing from the CFTC!

Then there is this gem

QUOTE

In conclusion, in comparing the silver futures market to other metals futures markets, the level of concentration of short silver traders does not appear to be unusually high nor does it exhibit any unusual patterns that would suggest manipulation or illegal activity. Moreover, even though concentration levels in the silver futures market increased during 2007, this coincided with a period in which silver prices maintained their strength against other metal prices, as was seen in Exhibit 2.15

END

Are you kidding me? When the silver market is compared with the other manipulated precious metals markets it looks just fine!!! What is it about one year of global silver production sold short by just 8 traders does the CFTC not understand.? But I am reassured that they will keep up their market surveillance to diligently look out for any signs of market manipulation! One key metric they should be vigilant for is when the total short position exceeds all the silver resources on the planet...unless of course it is offset on the OTC market by an equivalent long position for all the silver yet to be mined on Mars!

When I read this document I got the eerie feeling I was reading something written by the Soviet Politburo! This report should be filed in the "fiction" section of the public library right next to the Warren Report on the Kennedy Assassination.
Cheers
Adrian