gold and silver manipulation hit hard by cftc

In order to prevent market manipulation through concentrated trading, the CFTC have voted 3-2 today to bring in position limits at 10% for markets up to 25,000 plus for larger markets with exemptions;

http://www.bloomberg.com/news/2011-10-18/cftc-votes-3-2-to-approve-new-limits-on-commodity-speculation.html

Bart Chilton said in an earlier interview that exemptions should be approved by the CFTC every day. He also said that concentrations have caused manipulation in some markets and that position limits should be lower in precious metals markets. So in other words he is perhaps not overly confident that the new limits will prevent manipulation in precious metals.

The civil lawsuit against JP Morgan was revised on September 17th when documents were tabled with the court demonstrating wide ranging fraud allegations against the mega-bank including that MorganChase regularly engaged in uneconomic trading activity in silver whose only purpose was price manipulation;
http://www.gata.org/files/ConsolidatedSilverClassActionComplaint-09-12-2011.pdf

CFTC Commissioner Chilton also revealed his conclusion that the May 1st bloodbath (13% drop in 12 minutes) in silver was caused by 'cheetah' traders and established his desire to reign in the volatility caused by HF trading at a future date;

http://www.bloomberg.com/video/78014602/