JP MORGAN CRIMINAL PRECIOUS METALS MARKETS MANIPULATION

What was once called a conspiracy theory by many for over a decade has turned out to be a conspiracy fact

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To start we need to go back to 2012 and CNBC’s interview with the head of JP Morgan’s Commodity’s Trading Desk, Blythe Masters.

During this time calls of silver manipulation were rampant.

This interview can be classified as “damage control”

CFTC (Commodity Futures Trading Commission) Commissioner Bart Chilton has stated that during the time after the financial crisis of 2008 that as a result of JPM’s buyout of bankrupt Bear Stearns and their silver short position, the ensuing position was so large, it was illegal

Not only did JPM have an illegally large silver short position, they added to it in defiance of CFTC position limits.

While they eventually got under the CFTC’s mandated limit, they still hold the largest silver short in the market.

All the while, they have been buying the physical metal. JPM has since amassed the largest silver stockpile humanity has ever seen.

So while JP Morgan was using fake derivative bets to lower the price of the metal, they were buying the actual metal at artificially depressed prices.

That they, themselves depressed.

Criminality at a level that makes Bernie Madoff look like a common thief.

Now to the manipulation that has been making the news recently.

A $920 million fine has been levied against JP Morgan because of spoofing in primarily their precious metals trading desk, which trades gold, silver, platinum and palladium.

Spoofing is the act of placing a trade in the futures market with no actual intention of ever executing it.

The proposed trade is meant to influence the market and HFT (high frequency trading) algos into manipulating a price in a certain direction.

The case was originally brought by Daniel Shak and two other traders against JPM spanning from 2010 to 2011.

That case eventually dismissed, appealed, and gained steam when a separate criminal case involving JPM and spoofing brought a guilty plea by PM trader John Edmonds.

Edmonds stated that he learned the technique from his superiors and employed it hundreds of times with their knowledge and consent.

The biggest name entangled was Michael Nowak, former head of the JPM metals trading desk.

The JPM metals trading desk was treated as a criminal organization under the RICO (Racketeer Influenced and Corrupt Organization) Act, normally reserved for mafia and organized crime.

The spoofing tactic was used more than 50,000(!!!!!) times over a decade

But it gets even better...

David Meister, former head of Enforcement at the CFTC, the person responsible for catching and holding these types of activities to account, oversaw and ended the investigation into silver manipulation back in 2013.

Shortly after ending the probe into silver manipulation at the CFTC, Meister resigned and took a job at his former DC based law firm Skadden.

Skadden law firm, specifically David Meister, now represents criminal manipulator Michael Nowak.

This case is the perfect representation of the incestuous relationship between the criminals on Wall Street and the limp wristed law enforcers of Washington DC.

The $920 million fine levied on JP Morgan is but a fraction of the real profit they gained in their overall manipulation of the metals market, among many others.

I find it only appropriate to leave you with my favorite silver coin design, A Bankster’s Justice.

Long crypto and metals

Short bankers and fiat.

-The Bastards