Whistleblower Exposes JPM Silver Manipulation to CFTC - with no response

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Whistleblower Exposes JPM Silver Manipulation to CFTC - with no response

From Zerohedge:

Whistleblower Exposes JP Morgan's Silver Manipulation Scheme

Earlier today the CFTC held a sham hearing in which, among other thing, 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.

From GATA:

Additional Statement by Bill Murphy, Chairman
Gold Anti-Trust Action Committee

to the U.S. Commodity Futures Trading Commission
Washington, D.C., March 25, 2010

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.

In an e-mail on February 5 Maguire wrote: "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."

Expiry of the COMEX April call options is tomorrow, March 26. There was large open interest in strikes from $1,100 to $1,150 in gold. As always happens month after month, HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted by GATA, the manipulation started on March 19, when gold was trading at $1,126. Last night it traded at $1,085.

This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in London are able to brag that they manipulate the market.

This is an outrage and we are making available to the press the e-mails from Maguire wherein he warns of a manipulative event.

Additionally Maguire informed us that he has tape recordings of his telephone communications with the CFTC, which we are taking the appropriate legal steps to acquire.

* * *

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.

http://www.zerohedge.com/article/whistleblower-exposes-jp-morgans-silver-manipulation-scheme

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Have an idea. Instead of just shaking our heads at another criminal activity, we can do something - flood the CFTC with complaint emails. Just maybe some good might come from it.

My email if you wish you copy it:

Email address: [email protected]

Subject: Reporting a Crime

I would like to report a suspected crime. It would appear that Messers, Ramirez, Eliud, B. Chilton, & G Gensler of the CFTC, are in violation of their job mandate, that of protecting the investing public. You will see from the following material (link below) that these men have been in possession of information of illegal active by JPM and HSBC investment banks on manipulation of precious metals markets, and have done nothing about it to protect the public.

Your prompt attention to place these men under investigation would be appreciated.

http://www.gata.org/node/8466

Sincerely,

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Bill Murphy from GATA presents the whistleblower information:

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Anyone know if there's any precedent for a civil claim against JPM for damages resulting directly from their unlawful manipulation? I was stopped out of SI positions on the COMEX on Feb 5th (the date in the testimony) and several other dates that were probably being manipulated by JPM, at considerable loss.

Seems unlikely to me, but there's a fair amount of $ involved and I want to make sure I'm not ignoring a realistic recourse remedy.

Erik

 

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Wow, that was a great read!

I think Andrew Maguire should be concerned for his safety. Not only because of JPM but also because he is exposing bureaucrats that are more focused on solitaire than on their job. This strikes me as a similar scenario to Harry Markopoulos, who exposed Maddoff.

I think sending e mails is a great idea, but (for better or for worse) I think the most effective thing would be to financially take advantage of this (thus reducing JPMs advantage). This is not for everyone, but if you allow yourself to be stopped out by these raids, unfortunately you are allowing the manipulation to continue. Not purely for justice reasons but also from a profit perspective, it seems to make a lot more sense to go against conventional wisdom and be a bit eager to jump on the long side as soon as the raids are over. Of course everyone will have to make their own decision, but ultimately, ignorance of the issue is what allows it to happen. Taking your knowledge to the market seems to be a more direct solution than taking it to the CFTC - though that is certainly necessary as well.

Mike

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Erik,

My suggestion would be to file a complaint to CFTC and make it, 'in reference' to this whistleblower testimony. Ask for full restitution. You would have to provide them with dates and trades, of course, but it just might get you some money back and force action against JPM and HSBC - worth a shot.

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

On the somewhat off chance that this whole thing really does blow up into something big, I would certainly want to get my foot in the door early on. I agree with John. Particularly if you can claim you lost money as a result, start creating a paper trail of complaints now.

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Wow this is amazing.. Talk about being exposed.. Shine a light on this fraud..

It may be interesting what the media do with this information.. ie MSM..

He did say it would be released to the media..

How are they gonna get out of this one??  Try n keep it all quiet? As usual..

Thing is this is really significant. How can anyone take the CFTC serious if nothing comes of this?

Wonder what the Silver gurus have 2 say.. Butler etc Where Gensler is concerned?

Regards

West

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

I'm not delusional. There is zero chance of JPMC being afraid of who it shafted, and therefore they won't turn themselves in like Madoff.

We have a two class system: The clowns in Congress that can drive drunk and take their mistress interns for their last swim of death, vote in a new tax they pawn off as a better health care, have the audacity to remember it to a child killer and then not abide by the law that they themselves passed. & the oligarchs who in tandem with the Fed can do whatever they want and like the vampire sucking squid they are, suck the life out of the middle class to pay for their lawlessness. 

The CFTC is no different than the clowns at the SEC.

This guy is no different than Markopolos.  

Great read. A real WOW - but until the market crushes their positions they are, and will remain, the 900# smelly gorilla. 

At least their CEO doesn't profess to be doing God's work.

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...
Erik T. wrote:

Anyone know if there's any precedent for a civil claim against JPM for damages resulting directly from their unlawful manipulation? I was stopped out of SI positions on the COMEX on Feb 5th (the date in the testimony) and several other dates that were probably being manipulated by JPM, at considerable loss.

Erik, I'm truly sorry you've lost money on this but I'm with Mike, there's no way you will get any money back by filing any claim. Can you imagine the lawyers JPM and HSBC has on staff!

It's been well known (at least to GATA) for over 10 years that the PM markets are manipulated and I've mentioned the manipulation here. The latest revelation comes from the horses mouth, so to say. You can't fight the manipulation and your best chance for making money is to follow the London trader and go with the flow. He is clearly more sophisticated than the average Joe but you are now armed with this knowledge.

Gold closed at $1106.70 on Friday. I expect it to gain $20-$40 early next week before a possible Friday hit. There are no guarantees and your risk is your own. At least you get to see the Hong Kong market in real time.

 

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Thanks for the excellent post and the confirmation of what most of us suspected.  I cc:ed a copy of the e-mail to the FBI as well, FWIW (which is probably not very much).

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

SteveW,

Yeah, I know that actually recovering damages is a near-zero probability. But I wonder whether GATA now has enough evidence to start identifying victims and organizing a class action.

I doubt the class action would ever produce any meaningful recovery of damages, but if the claim were strong enough to be taken seriously by JPM, it might help to temper their future behavior. Maybe.

Erik

 

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Apparently Maguire (the whistleblower in the story) just got in a little hit and run accident...interesting timing here... http://www.zerohedge.com/article/you-dont-mess-lbma-assasination-attempt...

 

 

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

 

  TIme to buy more physical then...

 Anything happens to him, his credibility skyrockets.

 

  First we take Comex... then we take......

 

http://www.youtube.com/watc h?v=tFBKV0zVXSE

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...
Erik T. wrote:

But I wonder whether GATA now has enough evidence to start identifying victims and organizing a class action.

That isn't their intent. They wish to expose and then prevent this criminal activity. Currently they have an ongoing lawsuit against the Federal Reserve based upon freedom of information requests to release the documents relating to gold swaps, the mechanism the Fed uses [used] to suppress gold prices.

They contend, that for silver anyway, the shorts are so large that there is a significant chance of default meaning the CFTC would have to step in and force settlement in cash as the market blows up. Guess who the negotiated price would benefit in those circumstances?

Last fall there was evidence that deep pockets required physical delivery on the LBMA (not accepting a 25% cash premium) and that the banks caught with their pants down were bailed out by the Bank of England. Its at Zero Hedge somewhere.

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

The plot thickens! From Zerohedge this morning:

You Don't Mess With The LBMA - Assassination Attempt On Silver Market Manipulation Whistleblower?

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Submitted by Tyler Durden on 03/28/2010 01:55 +0100

The latest development in Silvergate, in which whistleblower Andrew Maguire has exposed the manipulation details in the London commodity market, is straight out of a John Le Carre or Ian Flemming novel: an assassination attempt. From GATA:

London metals trader Andrew Maguire, who warned an investigator for the U.S. Commodity Futures Trading Commission in advance about a gold and silver market manipulation to be undertaken by traders for JPMorgan Chase in February and whose whistleblowing was publicized by GATA at Thursday's CFTC hearing on metals futures trading was injured along with his wife the next day when their car was struck by a hit-and-run driver in the London area.

According to GATA's contact with Maguire, board member Adrian Douglas, Maguire and his wife were admitted to a hospital overnight and released today and are expected to recover fully.

Maguire told Douglas by telephone today that his car was struck by a car careening out of a side road. When a pedestrian who witnessed the crash tried to block the other driver's escape, the other driver accelerated at the pedestrian, causing him to jump out of the way to avoid being hit. The other driver's car then struck two other cars in escaping. But the other driver was caught by police after a chase in which police helicopters were summoned.

We'll convey more information about the incident as it becomes available.

We are in process of corroborating this story with independent sources. It will be interesting to see what information the escapee driver discloses and whether this was just a case of a little extra fish and chips and extra, extra beer. In the meantime, the battle against the big banks and the LBMA might have just gotten a little more personal.

http://www.zerohedge.com/article/you-dont-mess-lbma-assasination-attempt-silver-market-manipulation-whistleblower

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Good read. I'm sure if they wanted this guys to disappear he'd have vanished. Kind message or accident? Could be interesting.

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

This new zerohedge article has vid's on the CFTC hearing and their special humourous review comfirming the Comex is just another Ponzi scheme. Worth a read.

Former Goldman Commodities Research Analyst Confirms LMBA OTC Gold Market Is "Paper Gold" Ponzi

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Submitted by Tyler Durden on 03/28/2010 18:47 +0100

When we put up a link to last week's CFTC hearing webcast little did we know that it would end up being the veritable (physical) gold mine (no pun intended) of information about what really transpires in the commodities market. First, we obtained direct evidence from Andrew Maguire (who may or may not have been the target of an attempt at "bodily harm" as reported yesterday) of extensive manipulation in the silver market. Today, Adrian Douglas, director of GATA, adds to the mountain of evidence that the commodities market, and the CFTC, stand behind what is potentially the biggest market manipulation scheme in the history of capital markets (we are assuming for the time being that all allegations of the Fed manipulating the broader equity and credit markets are completely baseless). Using the testimony of a clueless Jeffrey Christian, formerly a staffer at the Commodities Research Group in the Goldman Sachs Investment Research Department and now head and founder of the CPM Group, Douglas confirms that the "LBMA trades over 100 times the amount of gold it actually has to back the trades."

Christian, who describes himself as "one of the world’s foremost authorities on the markets for precious metals" yet, in the words of Gary Gensler, said "that the bullion banks had large shorts to hedge themselves selling elsewhere- how do you short something to cover a sale, I didn’t quite follow that?" and proves that current and former Goldman bankers are some of the most arrogant people alive, assuming that everyone else is an idiot and will buy whatever explanation is presented just because the CV says Goldman Sachs. Yet Christian confirms that the gold market is basically a ponzi: "in the “physical market” as the market uses that term, there is much more metal than that…there is a hundred times what there is." And there you have it: as Douglas eloquently summarizes: "the giant Ponzi trading of gold ledger entries can be sustained only if there is never a liquidity crisis in the REAL physical market. If someone asks for gold and there isn’t any the default would trigger the biggest “bank run” and default in history. This is, of course, why the Central Banks lease their gold or sell it outright to the bullion banks when they are squeezed by high demand for REAL physical gold that can not be met from their own stocks" and concludes "Almost every day we hear of a new financial fraud that has been exposed. The gold and silver market fraud is likely to be bigger than all of them. Investors in their droves, who have purchased gold in good faith in “unallocated accounts”, are going to demand delivery of their metal. They will then discover that there is only one ounce for every one hundred ounces claimed. They will find out they are “unsecured creditors”.

More at: http://www.zerohedge.com/article/former-goldman-commodities-research-analyst-confirms-lmba-otc-gold-market-paper-gold-ponzi

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Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

My 2 cents. 

I don't expect to see a press on metals prices based on this. It's simply not gathering a sufficient amount of steam in the still dominant lame-stream media. 

HOWEVER, 

I think it will remain tucked away in the collective memory of the market and may provide a nitromethane type of octane boost to PM run on the physical side should market psychology shift back strongly towards safe harbor mentality. 

And, if there is a single large failure to deliver, particularly in silver, look out. 

The reasoning? You can use sophistry to some degree to claim that fractional reserve gold markets are legitimate, but not with silver. Silver is a consumable commodity in addition to having monetary status. You would no more engage in fractional reserve silver trading as you would fractional reserve wheat or corn. 

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Must see video!

Hi Folks

 

It looks like something solid might just be happening with the CFTC and position limits, amazing video

 

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Re: Must see video!

I saw this vid this morning in my RSS feed from King World News, here's the article from Ted Butler

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/7/21_Te...

According to Commissioner Chilton, it seems clear that the new law abruptly alters the former debate of whether the Commission should adopt strict position limits in COMEX silver into what the position limits in COMEX silver should be. This is a remarkable transformation. Suddenly, it’s a question of what the position limits in silver should be and when they should be enacted, not if we should have them. Some may wonder how this remarkable transformation came into being, but there is little doubt in my mind that the architect was Gary Gensler.

But don't you guys just make up new rules all the time and then ignore them?

Does this all actually mean something this time?

Exciting times we're livin in!

Surprised??GOT SILVER?? Surprised

ao's picture
ao
Status: Diamond Member (Offline)
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Posts: 2220
Re: Must see video!
barrt wrote:

Hi Folks

 

It looks like something solid might just be happening with the CFTC and position limits, amazing video

 

Would you buy a used car from this man?  As one skilled in deception detection by demeanor, I wouldn't trust this man as far as I could spit.  It's as if someone has a gun to his child's head and has told him to make a good case for the financial reform bill or else.

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goes211
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Re: Must see video!
ao wrote:

Would you buy a used car from this man?  As one skilled in deception detection by demeanor, I wouldn't trust this man as far as I could spit.  It's as if someone has a gun to his child's head and has told him to make a good case for the financial reform bill or else.

Exactly.  I was waiting for it to turn into a Saturday Night Live sketch but it never happened.  Instead it was pure propaganda.

Hardly what I would call an amazing video.

barrt's picture
barrt
Status: Silver Member (Offline)
Joined: Aug 25 2008
Posts: 171
Re: Must see video!

no way would I buy a used car from this man. Cry

But if im not mistaken, isnt this a US Govt department, saying that this practice (huge JPM short positions for example) is now illegal and that the only issue ramaining is the actual cap/ limit?

Ted Butler seems to think its very important, did you read his blog post on this?

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/7/21_Te...

Also, silver is up about 60 cents in the last few hours. 

Surely that's a remarkable video no? Undecided

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LogansRun
Status: Diamond Member (Offline)
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Posts: 1444
Re: Must see video!

Actually ao, you hit him dead on.  Having been around him a few times, he's very uncomfortable around people that aren't lifetime gov't or wall street employees.  He's also a very poor communicator IMO.  And to top it all off, his personality is very weak in regards to confrontation.  He backs down to most anyone that gets aggressive with him.......sort of like a dog that's been beaten it's whole life.  

And as you can see, his performance here is embarrassing.  

ao wrote:
barrt wrote:

Hi Folks

 

It looks like something solid might just be happening with the CFTC and position limits, amazing video

 

Would you buy a used car from this man?  As one skilled in deception detection by demeanor, I wouldn't trust this man as far as I could spit.  It's as if someone has a gun to his child's head and has told him to make a good case for the financial reform bill or else.

SteveW's picture
SteveW
Status: Gold Member (Offline)
Joined: Jan 21 2010
Posts: 490
Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

So the legislation requires the imposition of position limits, which means that its all in the details of the regulations.

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Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...
SteveW wrote:

So the legislation requires the imposition of position limits, which means that its all in the details of the regulations.

 

Yep, I can see it  now. --------- JPM will not be allowed to have more than 10 trillion silver contracts. So there, how you like them limits.

 

 

barrt's picture
barrt
Status: Silver Member (Offline)
Joined: Aug 25 2008
Posts: 171
Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...

Such cynisism on this forum! Wink

Perhaps my interest in this is unfounded. But today gold is down 15$ and silver is up a bit, thats unusual right?

There's also a lot of talk about the conex and the tight supply in silver and gold;

"Silver is basically sold out"
http://harveyorgan.blogspot.com/

Being a European, im not sure how your crazy Govt works, to me it looks like the US Govt is saying "we are going to crack down on this" but everyone here seems to be saying "Naaah, look at his body language - BS"

Are you guys just harcore cynics or am i missing something?

I dont geddit!

SteveW's picture
SteveW
Status: Gold Member (Offline)
Joined: Jan 21 2010
Posts: 490
Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...
barrt wrote:

Perhaps my interest in this is unfounded. But today gold is down 15$ and silver is up a bit, thats unusual right?

Gold and silver generally move in a highly correlated fashion but there have been several days in the last quarter when gold has fallen while silver has held or gained slightly.

I don't see much relevance in the daily moves, beyond looking for a cheaper entry price, as it is not a free market; the long term trend is of more interest.

 

 

Ken C's picture
Ken C
Status: Platinum Member (Offline)
Joined: Feb 13 2009
Posts: 753
Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...
barrt wrote:

Such cynisism on this forum! Wink

Perhaps my interest in this is unfounded. But today gold is down 15$ and silver is up a bit, thats unusual right?

There's also a lot of talk about the conex and the tight supply in silver and gold;

"Silver is basically sold out"
http://harveyorgan.blogspot.com/

Being a European, im not sure how your crazy Govt works, to me it looks like the US Govt is saying "we are going to crack down on this" but everyone here seems to be saying "Naaah, look at his body language - BS"

Are you guys just harcore cynics or am i missing something?

I dont geddit!

 

Well I will tell you that it mostly seems to be the case that people in gov. say one thing and for some reason or other the opposite happens.

The latest/biggest example is the POTUS. I am sure that many people were hoping for some change but it sure looks like same old same old to me. Even the previous"conservative" pres. that talked about cutting spending and balancing budgets spent more and busted the budget more than his predecessors. I certainly hope this time is different but actions speak louder than words.

John99's picture
John99
Status: Gold Member (Offline)
Joined: Aug 27 2009
Posts: 490
Re: Whistleblower Exposes JPM Silver Manipulation to CFTC - ...
barrt wrote:

Such cynisism on this forum! Wink

Perhaps my interest in this is unfounded. But today gold is down 15$ and silver is up a bit, thats unusual right?

There's also a lot of talk about the conex and the tight supply in silver and gold;

"Silver is basically sold out"
http://harveyorgan.blogspot.com/

Being a European, im not sure how your crazy Govt works, to me it looks like the US Govt is saying "we are going to crack down on this" but everyone here seems to be saying "Naaah, look at his body language - BS"

Are you guys just harcore cynics or am i missing something?

I dont geddit!

Hi barrt,

I for one am hopeful about the vid. and its message. Here is the KWN interview with Ted Butler (Sat. July 24th), in which Butler talks more about the legislation, and importantly the timing......

http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/7/24_Ted_Butler_on_the_Metals_Market.html

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