JPMorgan’s Role in Metals Manipulation Is Under U.S. Criminal Probe

[STONE]

U.S. authorities that accused six JPMorgan Chase & Co. employees of rigging precious-metals futures are building a criminal case against the bank itself, two people familiar with the situation said.

The previously unreported investigation of the global bank’s parent company, part of a wide-ranging federal clampdown on market manipulation, raises the prospect of criminal charges and significant fines against America’s largest bank.

 

https://www.msn.com/en-us/money/news/jpmorgans-role-in-metals-spoofing-is-under-us-criminal-probe/ar-BBZGry3

 

https://duckduckgo.com/?q=JPMorgan’s+Role+in+Metals+Spoofing+Is+Under+U.S.+Criminal+Probe&t=ffcm&atb=v1-1&ia=web

I suppose the usual reality deniers can finally pull their head out of the sand...

"A probe by U.S. regulators including the Department of Justice and the Commodity Futures Trading Commission has already resulted in charges against six current and former employees of JPMorgan in 2018 and 2019 related to alleged spoofing activity between 2007 and 2016."

[Seth]

I was under the impression that the United States at least already had very rigid safe guards and strong laws in place to not only to prevent but also deal with the price manipulation of not just silver and other precious metals, but also commodities to prevent a repeat of ''Silver Thursday'', thanks to the Hunt brothers, am I mistaken about this?

[daca]

What are the point of the rules if nobody enforce them 🤬

[Seth]

32 minutes ago, daca said:

What are the point of the rules if nobody enforce them 🤬

 

As far as I'm aware it's the precious metal dealers themselves, not the buyers but the sellers that have to do the reporting that would trigger an act of enforcement.  A quick question to Professor Google gave me this page from Money Metals Exchange The Ins and Outs of Government Reporting.

This section seemed to be the most relevant to me:

 

''For a disclosure requirement to be triggered, BOTH of the following conditions have to be met:

1. The transaction is (or related transactions are) larger than $10,000 in size, AND
2. Payment is made using actual cash (i.e. Federal Reserve notes and US coins) or with two or more cash instruments (defined as money orders, cashier's checks, or traveler's checks) which, individually, are $10,000 or less but when totaled together equal more than $10,000. Personal checks, debits, bank wires, and credit card payments are NOT considered cash or cash instruments, and, therefore, purchases using them do not trigger disclosure by a dealer regardless of their amount(s).

The IRS disclosure document involved is called Form 8300, and it's applicable to all cash transactions in the broad U.S. economy meeting the above conditions – not just precious metals transactions. To date, Money Metals Exchange has completed nearly 1,000,000 transactions, and we have been required by law to file Form 8300 fewer than ten times.

Likewise, dealers are required to report the SALE of your precious metals only in extremely rare circumstances: According to IRS regulations (Precious Metals Tax Reporting), only those items and quantities that can be used to fulfill a regulated Futures Contract (RFC) trigger the 1099B reporting requirement. Those items are currently as follows:

• Sales of 50 oz. platinum (purity requirement of .9995) in bar sizes of 10 oz. or larger trigger a 1099B.
• Sales of 100 oz. of palladium (purity requirement of .9995) in bar sizes of 10 oz. or larger trigger a 1099B.
• Sales of 100 oz. of gold (purity requirement of .995) in not less than one 100 oz. bar, one kilo bar (32.15 oz), or ten 10 oz. bars trigger a 1099B. Selling Gold Coins Tax Implications)
• Sales of 5,000 oz. of silver (purity requirement of .999) in not less than five 1,000 oz. bars or sales of 1,000 oz. in multiples of five trigger a 1099B.''

Then there is also the so called ''Silver Rule Number 7'' which was put into place back on January 7 1980.

I also believe, but can't find any evidence for it, that once you own over a certain weight, not value but weight, of any precious metal - the weight differs depending on the precious metal, you are supposed to self report your holdings to the United States government, or COMEX or something along those lines, like I said I believe there is such a law in the United States, but I can find no evidence of it, but in my defense, I'm not a fan of any tax system, I do my best to avoid the nasty ''T'', but I'm especially not a fan of the United States tax system so I minimise my exposure to it - in short I refuse to pay any taxes in a country I'm not earning the money in, federal tax basically.

[SilverPirate007]

Yes a few traders are under investigation. I now suspect the entire economic system will collapse and silver will be at 10,000 an ounce by this time next year lol

[Seth]

14 minutes ago, SilverPirate007 said:

Yes a few traders are under investigation. I now suspect the entire economic system will collapse and silver will be at 10,000 an ounce by this time next year lol

 

It's six traders, that's half a dozen, not a few, silver will be trading for easily 250,000 an ounce before April 1st.

[SilverPirate007]

Just now, Seth said:

 

It's six traders, that's half a dozen, not a few, silver will be trading for easily 250,000 an ounce before April 1st.

My apologies my head was in the sand!

[AgCoyote]

9 hours ago, Seth said:

I was under the impression that the United States at least already had very rigid safe guards and strong laws in place to not only to prevent but also deal with the price manipulation of not just silver and other precious metals, but also commodities to prevent a repeat of ''Silver Thursday'', thanks to the Hunt brothers, am I mistaken about this?

Rules are different when you're a globalist institution.

[5huggy]

10 hours ago, Seth said:

I was under the impression that the United States at least already had very rigid safe guards and strong laws in place to not only to prevent but also deal with the price manipulation of not just silver and other precious metals, but also commodities to prevent a repeat of ''Silver Thursday'', thanks to the Hunt brothers, am I mistaken about this?

Yes- they are in "COLLUSION" as JP et al manipulate the governments TOO!  

if they didnt "PLAY TOGETHER" - this so called party would have ended far sooner!

They are hoping to "FLEECE" the "Sheeple" to within an inch then the reset will have to occur -at which point

THEY are THE ELITE!

IMHO

[SilverPirate007]

2 minutes ago, 5huggy said:

Yes- they are in "COLLUSION" as JP et al manipulate the governments TOO!  

if they didnt "PLAY TOGETHER" - this so called party would have ended far sooner!

They are hoping to "FLEECE" the "Sheeple" to within an inch then the reset will have to occur -at which point

THEY are THE ELITE!

IMHO

As are we then?

[5huggy]

3 minutes ago, SilverPirate007 said:

As are we then?

YOU BET! - I "ALWAYS FOLLOW the MONEY"!!!!! 😉 👍

[SilverPirate007]

3 minutes ago, 5huggy said:

YOU BET! - I "ALWAYS FOLLOW the MONEY"!!!!! 😉 👍

Money never sleeps mate!

[5huggy]

3 minutes ago, SilverPirate007 said:

Money never sleeps mate!

Me neither! 😉

[Pete]

So where is silver heading ?
Gold / silver ratio hovering near 90 means silver needs to rise at least 50% doesn't it ??
Where are all the "expert" videos from the metals gurus telling us to pile in as Ag heads to the Moon; or is it Mars now ?

[daca]

12 minutes ago, Pete said:

Where are all the "expert" videos from the metals gurus telling us to pile in as Ag heads to the Moon; or is it Mars now ?

Actually now is to Uranus 😉

(aka "experts" are full of ....)

[Abyss]

No doubt Metals Manipulation happened and will continue to happen but question is how much does this affect the overall market in Gold/Silver. Because Silver smaller market than Gold it has larger impact on the Silver market. Read interesting article on the BBC related individual spoofing the market

Hounslow trader avoids jail in 'flash crash' case https://www.bbc.co.uk/news/business-51286623?ocid=wsnews.chat-apps.in-app-msg.whatsapp.trial.link1_.auin

JPMorgan other banks manipulate the market through spoofing don't care about the direction of price as long as they profit from it. Question then arises have metal prices gone down consistently due to manipulation?

[STONE]

2 hours ago, Pete said:

So where is silver heading ?
Gold / silver ratio hovering near 90 means silver needs to rise at least 50% doesn't it ??
Where are all the "expert" videos from the metals gurus telling us to pile in as Ag heads to the Moon; or is it Mars now ?

I wouldnt take any one mans advice as a golden rule. LIsten to all sides of future predictions and extrapulate your own conclusions. PM's are "sound and real money" in a paper and digital world. Always has been and always will be. Regardless of where they head valued in worthless paper dollars its still a good thing to have your base wealth in a tangible hard asset with global debt at insane highs. The system has been rigged for so long its hard to determine an appropriate value on silver. However, given the current GSR, current price in dollars, above ground supply, future exploration estimates and the fact that big banks and countrys are buying gold and silver hand over fist its easy to say that PM's are very undervalued. In the very near future we will once again dream and long for $17 silver. Stock up while its cheap. buy it, put it away and forget about it... Then wait for the next stock market crash and get back into the stock market when they are selling their stocks for pennys on the dollar...

[SilverPirate007]

9 minutes ago, STONE said:

I wouldnt take any one mans advice as a golden rule. LIsten to all sides of future predictions and extrapulate your own conclusions. PM's are "sound and real money" in a paper and digital world. Always has been and always will be. Regardless of where they head valued in worthless paper dollars its still a good thing to have your base wealth in a tangible hard asset with global debt at insane highs. The system has been rigged for so long its hard to determine an appropriate value on silver. However, given the current GSR, current price in dollars, above ground supply, future exploration estimates and the fact that big banks and countrys are buying gold and silver hand over fist its easy to say that PM's are very undervalued. In the very near future we will once again dream and long for $17 silver. Stock up while its cheap. buy it, put it away and forget about it... Then wait for the next stock market crash and get back into the stock market when they are selling their stocks for pennys on the dollar...

Sound advice in the main and one of the primary reasons I am getting into silver in a big way.

[STONE]

You and me both. I firmly beleive the current times dictate where I should invest my hard earnings. In the past it was different but when Nixon took us off of the gold standard, base wealth needs to be viewed in a new light. Today, for me, 80% of my disposable income goes into PM's and 20% into self held cash waiting for a major stock market downturn or the cash could be used to live off of in unforseen circumstances. I do have pensions, money market accounts, land, etc,etc. But the best investment advice I ever received was to put my money where I think it should be...

[SilverPirate007]

Yer I have a similar ratio but I also overpay my mortgage.

[STONE]

Thats wise, I re-financed a while ago at a real low interest rate and also make chunk principal payments. Being debt free is refreshing or close to it anyways.

In general, if silver rises dramatically selling without having an exit plan like instantly flipping it into another money making endeavor like rental property or such may be a time to just sit and wait for a while. For me selling higher than I bought in at only to trade back into dollars kind of refutes my initial logic. I havent fully srtategized an exit plan so I will more than likely just enjoy the ride. I am thinking with the long term suppression it will probably over shoot the mark then settle back down a little to equilibrium. I may sell a little if I can guess the top... Based on the research I have done, when silver hit $50 an OZT. in 2011 it still had plenty room to climb but just at that point JPM took over bear sterns short position and beat it back down. When they got it low enough, thats when they found out they could double dip in their greed and purchase physical as well... I firmly beleive that gold and silver have been manipulated ever since we went off the gold standard. It was just more subtle back then... But thats not why I have PM's. High or low I really dont care. Its sound money according to God and our constitution.

[5huggy]

On 09/02/2020 at 05:58, Seth said:

I was under the impression that the United States at least already had very rigid safe guards and strong laws in place to not only to prevent but also deal with the price manipulation of not just silver and other precious metals, but also commodities to prevent a repeat of ''Silver Thursday'', thanks to the Hunt brothers, am I mistaken about this?

YES!

[Melon]

On 09/02/2020 at 07:57, SilverPirate007 said:

Yes a few traders are under investigation. I now suspect the entire economic system will collapse and silver will be at 10,000 an ounce by this time next year lol

On 09/02/2020 at 08:14, Seth said:

It's six traders, that's half a dozen, not a few, silver will be trading for easily 250,000 an ounce before April 1st.

You know what they say about assumptions! These traders could be silver stackers and have been manipulating the market up! Silver to £0.50 by Easter! 

[DANIEL999]

On 09/02/2020 at 21:53, STONE said:

I may sell a little if I can guess the top... Based on the research I have done, when silver hit $50 an OZT. i

How come not triple digits?

[MancunianStacker]

On 09/02/2020 at 06:10, daca said:

What are the point of the rules if nobody enforce them 🤬

Look at driving without insurance in the uk and the naff punishment for doing so. Jail time needed!!