The market completely ignored the statement made by the CFTC on the silver market last Friday. Probably, because it is a totally empty statement. I guess it was made to keep Chilton from going public. It didn't stop him from talking to Eric King.

In fact I went to their site to see if the word "swap" has been defined by now, but I couldn't find any sign of that exercise having been completed. With the collapse of MF Global on their plate, we may forget about Gensler getting that definition being agreed on and signed off very soon.

November 4, 2011

CFTC Statement Regarding Enforcement Investigation of the Silver Markets

Washington, DC – The Commodity Futures Trading Commission today issued the following statement:

“In September of 2008, the Commission announced the existence of an enforcement investigation into the possibility of unlawful acts in silver markets. Since that time, the staff has analyzed over 100,000 documents and interviewed dozens of witnesses and obtained expert advice. It has been a long, detailed, and thorough investigation, and it continues in an appropriate and considered manner.”

Last Updated: November 4, 2011

http://www.cftc.gov/PressRoom/PressReleases/silvermarketstatement