Which is extremely alarming, because the size of this fraud absolutely dwarfs the Madoff or Enron scandals. In fact, this fraud is so gigantic that it is not even worth comparing to any of the other major financial scandals of recent times.
But Maguire did not give up. He sent several more emails to the CFTC detailing the open manipulation of the gold and silver markets.
The CFTC did not reply.
Finally he sent them a final email: "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."
The reply by the CFTC?
"I have received and reviewed your email communications. Thank you so very much for your observations."
No acknowledgement that anything was wrong.
No recognition that a massive crime had been committed.
Fortunately, that was not the end of it.
On March 25th, the CFTC held a hearing on alleged manipulation in the gold market by the major banking powers.
Maguire wanted to testify during that hearing but he was not invited.
But William Murphy, chairman of Gold Anti-Trust Action (GATA), was invited to testify. GATA has been compiling data on the manipulation of the gold and silver markets for quite a long time now.
Murphy was only given five minutes to deliver his testimony. He raced through his presentation so that he could get as much information on the record as possible.
Very curiously, the live television broadcast of the CFTC hearing suffered a technical failure the minute before Murphy began his testimony. The technical failure was corrected the minute after Murphy was finished.