http://www.gata.org/node/8466
On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.
It would not be possible to predict such a market move unless the market was manipulated.
http://jessescrossroadscafe.blogspot.com/2010/03/bombshell-whistleblower-step...
Do we have another Harry Markopolos (Madoff whistleblower) here, describing in detail the manipulation of the silver markets by J.P. Morgan to the CFTC? How does this square with the testimony today from the CFTC Commissioners, who seem to indicate that the markets are functioning extremely well, and that investor can have full confidence in them?
http://www.zerohedge.com/article/whistleblower-exposes-jp-morgans-silver-mani...
Earlier today the CFTC held a sham hearing in which, among other things, the organization discussed position limits in PM speculation, because, you know, it's the mom and pop speculators that destroy the precious metal market (not JP Morgan or the New York Fed mind you). The hearing could not have come at a more opportune time. GATA has just broken a major story, in which a London metals trader-slash-whistleblower exposes JP Morgan's silver price suppression/manipulation scheme. At this point none of this should be at all shocking, and the only thing that matters is when CFTC's ex-Goldmanite Gary Gensler will be fired for allowing hundreds of billions of dollars to be sucked out of the PM market on behalf of such major market manipulating entities as JP Morgan and the New York Federal Reserve, for whom it transacts. Don't worry - the answer to that rhetorical question is "never", as it is the administration's goal to make all the millionaires among the bulge bracket firms billionaires, via legalized theft from honest investors. Furthermore, if indeed the CFTC is complicit in these manipulative events, as GATA suggest, we hope our objective mainstream media readers enjoin GATA in seeking justice for this criminal breach of proper regulatory enforcement.
http://beforeitsnews.com/news/27964/New_Whistleblower_Exposes_JP_Morgans_Silv...
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DayTradersWin 9 months ago
@DayTradersWin
Thanks
davincij15 9 months ago
If Silver and Gold do not trade freely , then why should the mass public take interest and invest in PM's? I'm finding it hard to believe that JPMorgan and the Gov is going to allow a class action lawsuit to prevail knowing that the dollar is at high Risk, and that this is a National Security Issue now. I forecast the defendents winning and plantiffs loosing miserably. Only earnest rich opposition and fire power would have a shot at this, and those kinds of lawsuits would take years!
Silverbuzzsuccess 1 year ago
@Silverbuzzsuccess
That's why I buy PMs!
Reality is an absolute!
davincij15 1 year ago