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Washington, DC — The Commodity Futures Trading Commission today announced, in conjunction with the Department of Justice and Federal Bureau of Investigation’s Criminal Investigative Division, criminal and civil enforcement actions against three banks and six individuals involved in commodities fraud and spoofing schemes.
Here is what got far less publicity: it wasn't just any futures that were spoofed - all the banks and traders busted were charged for spoofing the precious metals market, i.e. gold and silver. We bring this up because there are still the occasional idiots out there who say gold and silver were never manipulated.
And oh, by the way, the firms involved have been caught manipulating before. In several cases they've been caught multiple times, most of them enough times to fail the "three strikes" clauses that result in life sentences for individuals. I believe the count for HSBC at this point after the first offense during which they swore "they'd never do it again" stands at four, but they're still in business and got a tiny little fine.
Editor’s Note: It’s always the little fish that go down. The big fish and the blatant manipulation by the ESF and the Fed continue unabated. That kind of precious metals price suppression will continue until the cartel loses control of the markets. For more information on the manipulation, see our spoofing, market manipulation, bullion banking cartel, and precious metals price suppression tags for pages and pages of information on the rigging of the markets. Finally, despite arrests and fines, there are those who still deny manipulation. One day the manipulation will fail. Stack accordingly…
According to Butler for the past seven years, JPMorgan has used its power to control silver prices and has also accumulated the largest investment position ever seen in physical silver said to be no less than 675 million oz.
Excerpt: Most importantly, the ten year deal fits perfectly with my “big one” premise, as it is downright remarkable what a good position JPMorgan has put itself in for a liftoff in price just recently.
Ah, the Deutsche Bank again, who wonders.
In that public letter last year, I even spelled out the rationale for why JPMorgan was manipulating silver (and gold) prices, namely, to allow this crooked bank in acquiring as much physical metal as it could get at the lowest prices it could rig. This is the means, motive, opportunity and intent behind JPMorgan’s manipulation – to pick up as much cheap metal as it possibly could. In the last 10 months, in addition to racking up massive profits in paper COMEX trading, JPMorgan has added another 100 million oz of silver to a hoard now measuring nearly 700 million oz. And as I have written recently, JPMorgan has been doing the exact same thing in gold, namely, making enormous paper profits by being the largest short in COMEX gold, while picking up boatloads of physical gold on the cheap – at least 20 million oz over the past 5 years