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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.
Actually, I’m pretty sure Ramirez genuinely cared about the event. This is the type of thing that will do wonders for someone’s career in regulation. However, the conversation with Ramirez’s superior would go something like this:
Ramirez: Boss! We’ve got some crazy manipulation stuff going on right now…
Boss: Let me make a quick call…
Dr. Claw: You should not be concerned with such matters.
Boss to Ramirez: There is no manipulation going on. You need not be concerned with such matters. Move along.
Originally posted by ExPostFacto
I think people would be stupid to think a person or entity with tons of wealth can not manipulate a market, simply by putting money into it and pulling it out. Thanks for the information, more confirmation that people are seeing the flaws in our system.
Originally posted by mnemeth1
We got JPMorgan out there blowing up the metals markets to flush out all the long positions before limits are put in place. We got Goldman out there looting a hundred million a day in high frequency trading fraud. We got the Fed out there bailing out all the corporate losses and dumping them on to the tax payer. We got the Treasury buying up its own debt. We got 5 trillion in off-balance sheet holdings from Fannie and Freddie. We got tens of trillions in unfunded Socialist Security and Medicare Ponzi liabilities. etc.. etc.. etc…
Inside Trading: Congress for sale
After this generation's corporate scandals, Congress passed Sarbanes-Oxley in 2002 to improve corporate governance and audit independence. But one of the measures added reporting requirements and tougher standards for insider trading. Unfortunately, Congress forgot itself. It remains perfectly legal for a member of Congress to buy and sell stocks based on information that's not available to the public. Last year it was reported that a "political intelligence" firm tipped off its clients to an undelivered speech by Senate Majority Leader Bill Frist on asbestos liability. The information was profitable to those in the know. "This is simply wrong that members of Congress can exchange information ... and get rich on it," says Rep. Brian Baird, D-Wash., who is co-sponsor of a bill to prohibit insider trading by members of Congress and their staffs.
Originally posted by mnemeth1
From my personal blog I would say Jesus H Christ must be real based on the fact that the US isn’t a smoking hulk of ruin right now...
Originally posted by ANNED
This law was to protect salmon even though over 60% of the rivers they banned dredging on never had salmon in them and about 20% do not even flow into the pacific they flow into the great basin deserts.
the dams on the rivers in Calif like the Folsom dam and the dam at shasta lake and others block more salmon then the gold dredgers will ever kill.
Originally posted by merkaba93
I doubt even this exposure will result in an end to the manipulation. It will continue until, at the minimum, the dollar currency crisis occurs with the corporate entity the UNITED STATES defaulting on its mathematically unpayable debt.
Originally posted by Myendica
i believe the whole stock market to be a scam. because it is.
companies and investors cannot make money this way. it means you theoretically don't need an actual business, you just need people investing.
So I can start a company, and sell stock on the market, and you can buy it forcing it to go up, but it doesnt mean my company is doing anything. and then I could bail out of the market and investor lost all their money. its bogus.
It was a scam to influence people to give money. do it, you'll own a piece of my beautiful company. oh but btw if you wanna take back your investment theirs going to be a fee.