Bart Chilton on Silver, oil etc May 6th 2011

These are brief excerpts from Bart Chilton, head of the CTFC,  interviewed on Squawk Box this morning. In most cases I am paraphrasing because I'm a horrible typist and brevity. He is talking about commodities in general and not necessarily just Silver.

"There is more going on than mere speculation"
"HFT traders are a problem. (Cheetah traders)"
"We need to make sure prices are based on fundamentals"
"Silver was up to $50 and is now around 35" We re going to be taking a look at this.
Speculative Dollars are coming in especially in Crude. 60% increase in Crude and 20% in metals
Speculation having an impact on the way up and down.
Very concerned about manipulation
These markets effect everyday life. Large influx of speculators.
You can't say last week these commodities are going up because of an easy money policy and then we crash this week on a bad jobless report.
Flash crash last May was from algorithmic trade.
Very concerned about speculation. It's our job to make sure markets are based on fundamentals.
BQ :CME hiked margin requirements. "Necessary move to remove some of the speculation and to protect against excessive speculation as some of the speculators may not have the money to back up their speculation.
Cascading effect on back to back margin hikes and I agree that it was necessary as some of the longs may not have had the money to pay if they are called upon.

I'll put up the video if I can locate it.
http://www.cnbc.com/id/42930592
Jobs report today: Expect some bullshit number followed by a revision.

Edit: Harvey Organ and others in the bug community consider Bart to be one of the good guys.  I personally think he is as well.

Personal Opinion:
We might be seeing some sentiment shift here. Only a blind man could look at the Silver chart right now and say; "Meh! it's perfectly normal". Even a blind man could see the current beat down is over done. People will be skittish and probably trade Monday and dump Friday until we reestablish the uptrend. Anyone looking at Oil has got to be thinking the same thing. 
CNBC etc crowing about the beat down just puts it on everyone's radar IMO. In other words talking about it is going to backfire. Silver is now considered cheap.
Those that were waiting have got be nibbling at this point. The recent sell off and loss of NAV in PSLV only makes it juicier once the whole story came out that Sprott didn't sell everything. Just a fraction of his holdings and only to recycle those dollars into the miners.