Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Silver Price Trend Forecast - 29th Jan 20
The "Everything Bubble" Just Burst. Here's Why - 29th Jan 20
Trump vs Cortez - Clash of the Titans - 29th Jan 20
Why Palladium Is on a Tear - 29th Jan 20
The Platinum Breakout & Bull Market of 2020 - 29th Jan 20
Coronavirus Infection Spread and Deaths Forecast 2020 - Video - 28th Jan 20
Is an Accommodative Fed Bullish for the Stock Market? - 28th Jan 20
Trillion-Dollar Stock Market Cap Club - 28th Jan 20
Corona Virus Wuhan Global Pandemic 2020 Deaths Forecast and Market Consequences - 28th Jan 20
Palladium Surges above $2,400. Is It Sustainable? - 27th Jan 20
THIS ONE THING Will Tell Us When the Bubble Economy Is Bursting… - 27th Jan 20
Stock Market, Gold Black Swan Event Begins - 27th Jan 20
This Will Signal A Massive Gold Stocks Rally - 27th Jan 20
US Presidential Cycle Stock Market Trend Forecast 2020 - 27th Jan 20
Stock Market Correction Review - 26th Jan 20
The Wuhan Wipeout – Could It Happen? - 26th Jan 20
JOHNSON & JOHNSON (JNJ) Big Pharama AI Mega-trend Investing 2020 - 25th Jan 20
Experts See Opportunity in Ratios of Gold to Silver and Platinum - 25th Jan 20
Gold/Silver Ratio, SPX, Yield Curve and a Story to Tell - 25th Jan 20
Germany Starts War on Gold  - 25th Jan 20
Gold Mining Stocks Valuations - 25th Jan 20
Three Upside and One Downside Risk for Gold - 25th Jan 20
A Lesson About Gold – How Bullish Can It Be? - 24th Jan 20
Stock Market January 2018 Repeats in 2020 – Yikes! - 24th Jan 20
Gold Report from the Two Besieged Cities - 24th Jan 20
Stock Market Elliott Waves Trend Forecast 2020 - Video - 24th Jan 20
AMD Multi-cores vs INTEL Turbo Cores - Best Gaming CPUs 2020 - 3900x, 3950x, 9900K, or 9900KS - 24th Jan 20
Choosing the Best Garage Floor Containment Mats - 23rd Jan 20
Understanding the Benefits of Cannabis Tea - 23rd Jan 20
The Next Catalyst for Gold - 23rd Jan 20
5 Cyber-security considerations for 2020 - 23rd Jan 20
Car insurance: what the latest modifications could mean for your premiums - 23rd Jan 20
Junior Gold Mining Stocks Setting Up For Another Rally - 22nd Jan 20
Debt the Only 'Bubble' That Counts, Buy Gold and Silver! - 22nd Jan 20
AMAZON (AMZN) - Primary AI Tech Stock Investing 2020 and Beyond - Video - 21st Jan 20
What Do Fresh U.S. Economic Reports Imply for Gold? - 21st Jan 20
Corporate Earnings Setup Rally To Stock Market Peak - 21st Jan 20
Gold Price Trend Forecast 2020 - Part1 - 21st Jan 20
How to Write a Good Finance College Essay  - 21st Jan 20
Risks to Global Economy is Balanced: Stock Market upside limited short term - 20th Jan 20
How Digital Technology is Changing the Sports Betting Industry - 20th Jan 20
Is CEOs Reputation Management Essential? All You Must Know - 20th Jan 20
APPLE (AAPL) AI Tech Stocks Investing 2020 - 20th Jan 20
FOMO or FOPA or Au? - 20th Jan 20
Stock Market SP500 Kitchin Cycle Review - 20th Jan 20
Why Intel i7-4790k Devils Canyon CPU is STILL GOOD in 2020! - 20th Jan 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

JPMorgan Silver Crime Charges to NY Fed REPO Loan Ramp

Commodities / Gold & Silver 2020 Jan 06, 2020 - 01:15 PM GMT

By: Submissions

Commodities

We often cover the ongoing JPMorgan silver bullion saga here. It seems we have a new twist in the ongoing story since JPMorgan's takeover of the bankrupt Bear Sterns short silver position in early 2008.

Late last year, in early November 2019, CBS’ 60 Minutes show did a puff Public Relations piece for the CEO of the world’s largest and Global Systematic Important Bank.

Here we see 60 Minutes interviewer Lesley Stahle as she interviews billionaire on paper, Jaime Dimon, the CEO of JP Morgan Chase.


Rebutting this over 10-minute interview’s lack of acute questioning of the mega-banks CEO. A man who many financial experts argue is a white-collar criminal operating in the open public.

Both Pam Martens and Russ Martens of WallStreetOnParade.com wondered why 60 Minutes never asked Jaime Dimon the following questions.

  • “Which one (of these) is the precious metals trading desk that was charged by the U.S. Department of Justice for having run a criminal enterprise for nearly a decade of time this past September 2019?”
  • “Where is the trading desk that was criminally charged by the Justice Department in 2015 for rigging foreign exchange trading?”
  • “Can we find the trading desk that admitted to the European Commission that it was part of a cartel rigging the interest rate benchmark known as LIBOR?"
  • Or, … "where is the trading floor where the London Whale traders blew a $6.2 billion hole in the deposits of JPMorgan Chase’s insured bank by gambling in derivatives in London in 2012.”

Just a few questions worth wondering as the US Department of Justice continues its Racketeer Influenced and Corrupt Organizations prosecution against now 7 former longterm JP Morgan employees. Comprised of the precious metals trading desk head and under-ling precious metals traders.

JP Morgan Silver Podcast | Gold Podcast

JP Morgan Silver Podcast | Gold Podcast

If you are a silver bull who has been saving silver or other precious metals bullion products for the long term chances are high you have heard about JP Morgan’s involvement with the global day-to-day price discovery of physical precious metals and especially silver bullion.

Well today, we are going to review some large verifiable facts regarding JP Morgan’s silver saga from early 2008 up until today in early 2020.

We also are going to look forward to this new decade the 2020s, with some perspective insights and questions over what is to come for the world’s largest bank betting house and those charged criminally who worked there for near a decade or more of time.

Welcome to this week’s SD Bullion Market Update. I am your host James Anderson.

All four major precious metals had strong weeks to start the 2020s.

The major push for precious metals to close this week was US President Trump’s decision to kill the 2nd most powerful commander of the Iranian military by an airstrike. This action obviously spurred concerns for further tensions and possible retaliatory military and terrorist conflicts to come in response. Also note that this past week too Russia, China, and Iran’s navy coordinated in military exercises as a show of unity amongst the three nations.

The silver spot price this week cleared and closed above eighteen fiat Federal Reserve notes per troy ounce. The spot gold price closes this week strong over $1,550 fiat Fed notes per troy ounce. The spot platinum price closed up at $985 per troy ounce. The palladium spot price cleared 2k closing just over $2,010 per troy ounce. Finally, the gold-silver ratio floated higher requiring now about 85 ounces of silver to get 1 ounce of gold.

Let’s go back to how JP Morgan got involved in the silver bullion industry in early 2008 when Bear Sterns alleged naked silver short position (meaning they did not have enough physical silver bullion to cover their short positions at the time). Blew up in their face as silver climbed from second half 2007 to early 2008 from $11 to over $21 ounce right around the time Bear Sterns went under.

Sold for scraps to JP Morgan Chase & Co.

And JP Morgan inherited many former Bear Sterns alleged silver short trading heads to its precious metals desk at the time.

BLYTH MASTERs' 2012 denials on CNBC source: https://www.cnbc.com/id/46808857

-

So let’s do a quick review here.

Today at the beginning of the year 2020, Reuters has recently reported that JPMorgan’s precious metals trading desk staff has shrunk to around half a dozen people according to industry sources.

This is the guy in allegedly now in charge less than a year from when their former precious metals trading head got indicted by the US Department of Justice using anti-mafia racketeering statutes to do so.

Looks like this current JP Morgan precious metals trading desk head got employed there just as his former employer was going bankrupt and the silver spot price was falling through the floor in September 2008. All while silver bullion products were becoming next to impossible to buy in the wholesale and retail US markets, with silver bullion coin premiums often twice the then spot price ongoing through late 2008.

- So starting from a perch as high as $21 per troy ounce, JP Morgan silver short traders allegedly made a lot of fiat currency bonuses shorting silver down to around $9 per troy ounce in the late 2008 silver market.

The silver went on a tear by late 2010 into late April 2011, which perhaps scared JP Morgan traders into knowing they would need silver bullion positions amassed in order to continue to allegedly spoof and possibly further rig the silver derivative market.

Their April COMEX warehouse was rushed into reality and since then a modern-day record silver bullion position has been amassed there. No one other than a small handful of JP Morgan directors and employees likely knows how much physical gold and silver their bank has outright amassed since spring 2011. Much of this silver here could certainly be clients they allegedly front ran over many years ongoing.

JP Morgan is also the custodian of the large silver ETF derivative with millions of unsecured shareholders from which JP Morgan has likely skimmed a large amount of silver from over the last decade or so.

And finally outstanding we have the US Department of Justice’s RICO lawsuit ongoing, and that brings us to our financial tweet of the week in which ZeroHedge commented about a week ago the following:

2019's undisputed Man of the Year: Jamie Dimon, for successfully forcing the Fed to launch QE4 after sparking a repo market crisis when JPMorgan withdrew $200BN in liquidity from repo markets.

— zerohedge (@zerohedge) December 27, 2019

The allegation here is that JP Morgan’s pulling of their REPO loan facility sparked the not QE4 NY Fed REPO loan ramp ongoing.

This all happened around the same time that the US Department of Justice filed RICO charges against the JP Morgan precious metals trading desk. Perhaps it is not by sheer coincidence all this happened at the same time.

Could it be that directors at JP Morgan want to show the US government, that the financial too big to prosecute power that is, remains JP Morgan Chase & Co.?

Well, there are many out there in the precious metals blogosphere who have been proven correct with over a decade of many allegations publicly made against JP Morgan. And perhaps again time will tell later this decade if indeed this latest hunch of Mr. Ted Butler is proven indeed correct.

Thanks for tuning in this week. We look forward to an exciting decade for precious metals investors to come.

By James Anderson
https://sdbullion.com

SD Bullion - is a major 'Top 5' online physical silver and gold bullion dealer in the USA. Having now served over 100k customers worldwide with, "The Lowest Price. Period."

© 2019 Copyright By SD Bullion - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules