Silver News

U.S. Commodities Futures Trading Commission Responds to Allegations of Silver Market Manipulation

(Washington, D.C. - May 17, 2004) The U.S. Commodities Futures Trading Commission (CFTC) formally responded to allegations of silver market manipulation in a nine-page letter, dated Friday, May 14, 2004. The comprehensive letter, signed by the Director of the CFTC's Division of Market Oversight, Michael Gorham, states that the CFTC has found no evidence that the silver market has been manipulated.

A full copy of the CFTC letter, which includes a point-by-point response to various concerns expressed by investors who contacted the Commission, can be found on the Commission's web site at, http://www.cftc.gov/files/opa/press04/opasilverletter.pdf.

Founded in 1971, the Silver Institute is an international industry association located Washington, D.C. Its members include leading primary silver producers, the industry's premier refining companies, manufacturers, dealers and bullion banks.

For Further Information Contact:

Mike DiRienzo
The Silver Institute
1200 G Street, N.W., Suite 800
Washington, D.C. 20005
Tel: (202) 835-0185
Fax: (202) 835-0155