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* * *

From: Andrew Maguire

Sent: Tuesday, January 26, 2010 12:51 PM

To: Ramirez, Eliud [CFTC]

Cc: Chilton, Bart [CFTC]

Subject: Silver today


Dear Mr. Ramirez:


I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will.


These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too.


Please ignore the last few slides as they were part of a training session I was holding for new traders.


I brought to your attention during our meeting how we traders look for the "signals" they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress.


As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals.


This kind of trading can occur only when a market is being controlled by a single trading entity.


I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position.


I am sure you are in a better position to look into the exact details.


It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity.


Kind regards,

Andrew Maguire



* * *

From: Ramirez, Eliud [CFTC]

To: Andrew Maguire

Sent: Wednesday, January 27, 2010 4:04 PM

Subject: RE: Silver today


Mr. Maguire,


Thank you for this communication, and for taking the time to furnish the slides.



* * *

From: Andrew Maguire

To: Ramirez, Eliud [CFTC]

Cc: BChilton [CFTC]

Sent: Wednesday, February 03, 2010 3:18 PM

Subject: Re: Silver today


Dear Mr. Ramirez,


Thanks for your response.


Thought it may be helpful to your investigation if I gave you the heads up for a manipulative event signaled for Friday, 5th Feb. The non-farm payrolls number will be announced at 8.30 ET. There will be one of two scenarios occurring, and both will result in silver (and gold) being taken down with a wave of short selling designed to take out obvious support levels and trip stops below. While I will no doubt be able to profit from this upcoming trade, it is an example of just how easy it is to manipulate a market if a concentrated position is allowed by a very small group of traders.


I sent you a slide of a couple of past examples of just how this will play out.


Scenario 1. The news is bad (employment is worse). This will have a bullish effect on gold and silver as the U.S. dollar weakens and the precious metals draw bids, spiking them higher. This will be sold into within a very short time (1-5 mins) with thousands of new short contracts being added, overcoming any new bids and spiking the precious metals down hard, targeting key technical support levels.


Scenario 2. The news is good (employment is better than expected). This will result in a massive short position being instigated almost immediately with no move up. This will not initially be liquidation of long positions but will result in stops being triggered, again targeting key support levels.


Both scenarios will spell an attempt by the two main short holders to illegally drive the market down and reap very large profits. Locals such as myself will be "invited" on board, which will further add downward pressure.


The question I would expect you might ask is: Who is behind the sudden selling and is it the entity/entities holding a concentrated position? How is it possible for me to know what will occur days before it will happen?


Only if a market is manipulated could this possibly occur.


I would ask you watch the "market depth" live as this event occurs and tag who instigates the move. This would surly help you to pose questions to the parties involved.


This kind of "not-for-profit selling" will end badly and risks the integrity of the COMEX and OTC markets.


I am aware that physical buyers in large size are awaiting this event to scoop up as much "discounted" gold and silver as possible. These are sophisticated entities, mainly foreign, who know how to play the short sellers and turn this paper gold into real delivered physical.


Given that the OTC market (where a lot of the selling occurs) runs on a fractional reserve basis and is not backed up by 1-1 physical gold, this leveraged short selling, where ownership of each ounce of gold has multi claims, poses a very large risk.


I leave this with you, but if you need anything from me that might help you in your investigation I would be pleased to help.


Kind regards,

Andrew T. Maguire



* * *

From: Andrew Maguire

To: Ramirez, Eliud [CFTC]

Sent: Friday, February 05, 2010 2:11 PM

Subject: Fw: Silver today


If you get this in a timely manner, with silver at 15.330 post data, I would suggest you look at who is adding short contracts in the silver contract while gold still rises after NFP data. It is undoubtedly the concentrated short who has "walked silver down" since Wednesday, putting large blocks in the way of bids. This is clear manipulation as the long holders who have been liquidated are matched by new short selling as open interest is rising during the decline.


There should be no reason for this to be occurring other than controlling silver's rise. There is an intent to drive silver through the 15 level stops before buying them back after flushing out the long holders.


Regards,

Andrew



* * *

From: Andrew Maguire

To: Ramirez, Eliud [CFTC]

Cc: BChilton [CFTC]; GGensler [CFTC]

Sent: Friday, February 05, 2010 3:37 PM

Subject: Fw: Silver today


A final e-mail to confirm that the silver manipulation was a great success and played out EXACTLY to plan as predicted yesterday. How would this be possible if the silver market was not in the full control of the parties we discussed in our phone interview? I have honored my commitment not to publicize our discussions.


I hope you took note of how and who added the short sales (I certainly have a copy) and I am certain you will find it is the same concentrated shorts who have been in full control since JPM took over the Bear Stearns position.


It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue.


Bart, you made reference to it at the energy meeting. Even if the level is in dispute, what is not disputed is that it exists.


Surely some discussions should have taken place between the parties by now. Obviously they feel they can act with impunity.


If I can compile the data, then the CFTC should be able to too.


I would think this is an embarrassment to you as regulators.


Hoping to get your acknowledgement.


Kind regards,

Andrew T. Maguire


* * *

From: Andrew Maguire

To: Ramirez, Eliud [CFTC]

Sent: Friday, February 05, 2010 7:47 PM

Subject: Fw: Silver today


Just logging off here in London. Final note.


Now that gold is undergoing short covering, please look at market depth right now in silver and evidence the large selling blocks in a thin market being put in the way of silver regaining the technical 15 level, which would cause a short covering rally and new longs being instigated. This is resulting in the gold-silver ratio being stretched to ridiculous levels.


I hope this day has given you an example of how silver is "managed" and gives you something more to work with.


If this was long manipulation in, say, the energy market, the shoe would be on the other foot, I suspect.


Have a good weekend.

Andrew



* * *

From: Andrew Maguire

Sent: Tuesday, February 09, 2010 8:24 AM

To: Ramirez, Eliud [CFTC]

Cc: Gensler, Gary; Chilton, Bart [CFTC]

Subject: Fw: Silver today


Dear Mr. Ramirez,


I hadn't received any acknowledgement from you regarding the series of e-mails sent by me last week warning you of the planned market manipulation that would occur in silver and gold a full two days prior to the non-farm payrolls data release.


My objective was to give you something in advance to watch, log, and follow up in your market manipulation investigation.


You will note that the huge footprints left by the two concentrated large shorts were obvious and easily identifiable. You have the data.


The signals I identified ahead of the intended short selling event were clear.


The "live" action I sent you 41 minutes after the trigger event predicting the next imminent move also played out within minutes and exactly as I outlined.


Surely you must at least be somewhat mystified that a market move could be forecast with such accuracy if it was free trading.


All you have to do is identify the large seller and if it is the concentrated short shown in the bank participation report, bring them to task for market manipulation.


I have honored my commitment to assist you and keep any information we discuss private,however if you are going to ignore my information I will deem that commitment to have expired.


All I ask is that you acknowledge receipt of my information. The rest I leave in your good hands.


Respectfully yours,

Andrew T. Maguire



* * *

From: Ramirez, Eliud

To: Andrew Maguire

Sent: Tuesday, February 09, 2010 1:29 PM

Subject: RE: Silver today


Good afternoon, Mr. Maguire,


I have received and reviewed your email communications. Thank you so very much for your observations.

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