Bloomberg and the manipulation trainTonight, after reading this article from Bloomberg (https://www.businessweek.com/news/2011-05-05/silver-investors-dump-bets-after-exchange-increases-margins-84-.html ), I decided to send them a note, since they publish the emails of the editors:
To contact the reporter on this story: Yi Tian in New York at ytian8@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
So this is what I wrote to them, AND I ENCOURAGE YOU TO ALSO WRITE TO THEM, MAYBE THE SAME MESSAGE OR SOMETHING SIMILAR IF YOU PREFER...THE MORE EMAILS THE STRONGER THE MESSAGE !!
To: ytian8@bloomberg.net
cc: sstroth@bloomberg.net
Subject: Bloomberg and the manipulation train
Dear Madam/Sir:
May 5 on Bloomberg:
Prices may drop as low as $31 by the end of the week, said Frank McGhee, the head dealer at Integrated Brokerage Services in Chicago.
“Silver is a freight train,” McGhee said. “The market doesn’t change, doesn’t give up. It’s relentless, and you’re just going to get rolled over.”
(https://www.businessweek.com/news/2011-05-05/silver-investors-dump-bets-after-exchange-increases-margins-84-.html )
A week before, April 28, on Bloomberg:
The rally is “very different” from the surge in the late 1970s, when the Hunt brothers tried to corner the market, and in 1980, when prices touched a record $50.35 an ounce, Frank McGhee, the head dealer at Integrated Brokerage Services, said at the conference. “There is no manipulation going on in this market,”McGhee said. “It does not take a lot to stop the market until this market decides to go. I’d like to categorize silver as a freight train.”
...Discovering new deposits has become more difficult, while“older mines cease production at a time when demand continues to grow,” said Wheeler, whose company is based in Coeur d’Alene, Idaho. High prices are not “a short-term phenomenon,”and the metal may jump to $55 by the end of 2011, he said.
Integrated Brokerage’s McGhee predicted $62.
(https://www.bloomberg.com/news/2011-04-28/silver-rally-is-no-bubble-as-price-will-top-record-coeur-ceo-wheeler-says.html )
Why didn't you mention in your last article (May 5) that McGhee is predicting $62 for silver at the end of 2011, so his comment about silver going down to $31 means only a temporary correction?
Or did Frank McGhee changed his mind is less than a week, meaning that his credibility is zero?
In both cases, not mentioning his year-end prediction from last week in the May 5 article is a suspicious omission, from my point of view.
BTW, you also forgot to mention that naked shorting the way JPM is doing it is also an attempt to corner the market and should also be investigated by the regulators, the way the Hunt Brothers were.
What about also mentioning that COMEX is having big problems with physical inventory, and that may be the main factor to raise margins, and not only "volatility"?
Thanks
XXX