OK - This is truly OUTRAGEOUS - FYI am blogging this here in Turdville before anywhere else as this is the number one forum for sensible PMetals discussion. The below came into play on the 20th.....................

https://www.cftc.gov/PressRoom/PressReleases/pr6113-11

CFTC’s Division of Market Oversight Provides Temporary Relief from Large Swaps Trader Reporting for Physical Commodities

Washington, DC – The Commodity Futures Trading Commission’s (Commission’s) Division of Market Oversight (Division) today issued a letter providing temporary relief from the requirements of the Commission’s regulations regarding large trader reporting of physical commodity swaps (§§20.3 and 20.4). Because this is the first time that swaps data is being collected, this temporary relief is intended to provide sufficient time to enable both the industry and the Commission to develop and refine systems and processes that will be able to report these complex transactions.

On July 22, 2011, the Commission published large trader reporting rules for physical commodity swaps and swaptions. The rules require daily reports from clearing organizations, clearing members and swap dealers, and become effective on September 20, 2011. The letter issued today provides temporary relief from reporting, as long as parties are making a good faith attempt to comply with the reporting requirements, until November 21, 2011, for cleared swaps, and January 20, 2012, for uncleared swaps. Upon the conclusion of applicable relief periods, such reporting parties must become fully compliant

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PLEASE EVERYONE email/call/write to the CFTC immediately and ask them what :

'a good faith attempt to comply with the reporting requirements' means.....especially seeing as there is an ongoing INVESTIGATION INTO SILVER MANIPULATION. This CFTC release, the DAY BEFORE the smash, allowed the banks to go beyond speculative position limits and effectively be given cover to go as unhedged short as they like. JPM apparently have 350 guys working on the ramifications of Dodd-Frank - imo clearly the class action lawsuit has them running for cover and they used their 'friends' at the CFTC to provide covering fire for them to try and exit as many shorts as possible before the (again delayed) speculative position limit changes come into play. Please spread and circulate this story but more importantly put some serious heat on the CFTC themselves.

Tabberto

Having read and considered tabberto's comments, I'd like you to go back and re-read what I posted back on Sunday evening:

https://www.tfmetalsreport.com/blog/2506/whats-really-going

To save time, here are the salient points:

"Look, what do I know? I'm just a dope with a Macbook but, after a weekend of consideration and thought, here's what I believe:

1) Dodd-Frank and the pending civil lawsuit put "the fear of God" into JPM last spring. For the first time, they could see the writing on the wall for their ongoing, massive silver manipulation scheme.

2) They began covering their massive short position but, when no speculator selling and or profit-taking materialized, price quickly got away from them and they were forced to cover at higher and higher prices.

3) Sensing the risk of a runaway price, they orchestrated a huge, criminal $6 takedown of silver on the Sunday evening Globex, April 29.

4) This move started a cascade of selling from momentum-based, traditional and HFT algo traders.

5) Their friends and co-conspirators at the CME willfully played along by raising silver margins 5 times in 9 days.

6) Covering shorts at lower prices all the way down allowed JPM to significantly lessen their total silver short position. But they didn't get rid of all of it. Not even close.

7) Enter the CFTC and their next, scheduled meeting on 10/4 where, supposedly on the docket, is the discussion to finally mandate a timeline for the imposition of a strict, 1500-contract position limit in silver.

8) Caught flat-footed, JPM panics and institutes another ruthless attack in silver that is even greater in size and scope than the attacks of late April and early May. A 25% drop in 2 days!

9) By once again setting off algo-based sell signals, they are able to drive price substantially lower, all the while covering as many of their long-held shorts as the can without reversing the downward momentum.

10) Silver margin rates are now so high that the Comex has basically become a physical market. In the absence of speculators, there is little chance that silver will skyrocket again anytime in the near future. In this environment, JPM will be able to cover (buy) all of the shorts they'll need to, to be in compliance with Dodd-Frank. They'll be able to do so in an environment of stable prices, thereby alleviating the danger of steep financial losses, similar to what they incurred last spring.

11) Once position limits are implemented and JPM is, for all intents and purposes, out of silver, the price of silver will finally be free to trade. It will, in time, rally past $50 and move toward $100.

When will this be, you ask? Why don't you email Commissioner Chilton and/or Chairman Gensler. Maybe they can help you with that."

Now, if you want to continue to live in FantasyLand, where you believe that gold and silver are true, free and unmanipulated markets, knock yourself out. However, I will continue to present the opposite case to you every chance I get. If you are going to trade and stack precious metal, you must understand the powerful forces aligned against you.

Therefore, do not expect gold and silver to break through the area of MaxQ anytime soon and reach escape velocity. If, as I truly believe, the recent metals beatdown can be almost entirely attributed to the selfish manipulation of JPM and others in The Cartel, then don't go thinking you can pick a bottom anytime soon. Yes, there is a bottom coming and, yes, the metals are going to trade much, much higher. Eventually. However, this will not happen until The Cartel takes their feet off of our collective throats. Once they have sufficiently exited the metals markets by covering a vast amount of their long-standing shorts, price will finally explode. Until then, expect continued manipulation and lower prices.

The continual postponement of the imposition of position limits by the CFTC is simply allowing The Cartel the time needed to exit their shorts in an orderly fashion (from their perspective). Eventually, the CFTC will act but not until The Cartel gives them the green light. Our only hope for quicker action is the route tabberto lays out above. If you have the time, please email them. Better yet, take the time to use "snail mail" or even call them. Below is their contact info: