http://www.gata.org/node/8471

IMF rejects investment house bids for gold

..............

Looked at the 5.5hrs of meeting again yesterday.....Bill Murhpy's comments are reinstated. Commisioner Chilton has done a great job, and as thanked by the Chairman for taking this PM investigation forward.

Bill Murphy certainly got this whistleblowing episode down on the CFTC meeting records.

Bill had to sit next to someone who referred to people who invest in PMs, and express their view that why they don't triust fiat currrency, as charlatans & parasites....another banker said that he believed there shouldn't be any ETFs in PMs, as the market is for hedgers, and that the public are interlopers when they buy gold and silver in ETF's.....Bill Murphy and Adrian Douglas were laughing in the background.

I got the impression that the main argument against position limits was sending markets overseas; however HSBC said it needed a large short position for it's customers, becasuue they use the money to invest elsewhere? he Chairman repeatedly asked several contributors 'I don't understand this, can you explain?' and no-one did as far as I coudl see. No-one asked, why do they have to sell silver and gold short to raise money, why not other commodities? Perrhaps that's too simplistic....but no-one explained why the few banks need to maintain such high short positions. That waswell-documented. One person said that coper also was used like this, but tghe COT shows and even balance between commercial short/long positions.

A trader identified silver and gold markets as being hit by unreasonbale sudden large seels which overwhlem the market.......a few people did refer to fed/comex/banks etc supressing gold and silver, as competitors of fiat currency. But one long-standing trader, previously of mochata, said he didn't understand why anyone would do this, because they would lose money. This was starnge because he was protecting clients by diversifying into commodities and PMs. Either he was not expresing his real view, or he really didn't believe that the banks are happy to throw fiat currency down the drain to surpress PM prices. Perhaps he didn't want to get run over. I get the feelign some of the market perticipants are so close to the market, they don't understand the wider fiat currency market manipulation etc........so the manipulation has persisted because there is still so much ignorance of the issues, which llows the bankers to get away with it.....I think the CFTC is on to this (but not the maintsream press); even GATA didn't previously think the banks were manipulating for gold surpression until into the last decade. Not a revelation.

IMHO