JP Morgan Metals Manipulation Probe Continues

This news deserves its own thread.

14
Fri, May 3, 2019 - 10:07am

As you likely know, a major trader at JP Morgan has been convicted of precious metals price manipulation through spoofing and other techniques. This person is now cooperating with prosecutors in an attempt to lessen his prison sentence.

JPM has attempted to sheepdip this person as a "low-level trader" but, in fact, he was a full vice president at the firm and has testified that his managers and superiors knew of and encouraged his actions. That his sentencing continues to be delayed is a sure sign that prosecutors are pleased with the what he had divulged thus far.

In today's latest news, JP Morgan finally acknowledges that "various authorities are conducting investigations". See below:

This story is far from over and it will continue to evolve through the year. Please be sure to read the full link here:

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  14 Comments

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AgstAger
May 3, 2019 - 10:41am

Sales tax.

My favorite dealers JM Bullion and SD Bullion are both now charging sales tax for states who collect it. So I checked APMEX. Same thing. Very disappointing. I'm willing to pay a higher premium to other dealers rather than give a penny to the government. If anyone knows of dealers who don't charge sales tax on online sales, please let me know.

mike97
May 3, 2019 - 10:26am

Finally

I love today's rebound but I am not hopeful that JPM can be made to stop manipulating the metals. There is too much money to be made by doing so. I suspect that they will say they are only working for the PPT and the BIS etc. to suppress the price of the precious metals.

remup181
May 3, 2019 - 10:21am

#2

Silver

AgAuMan
May 3, 2019 - 10:13am

Gold

Gold

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