On 30 June 2011, Federal RICO Suits were filed against JP Morgan Bank and HSBC for gold and silver manipulation, resulting in extremely large short positions which the Banks then precipated drastic selloffs in Jan 2008 and Feb 2010 by manipulating the prices of both the bullion itself, underlying options, ETFs and other mining stocks as well. Chris Weber of Weber Global Opportunities announced this weekend that silver should rise rapidly to at least $100/ounce, as it is very undervalued due to the alleged manipulation by the Bullion Banks named. Gold and Silver were both hit hard pricewise on Friday's trading in the bullion, as well as the ETFs and the equities representing the mining stocks.
Due to the industrial demand for silver and the increased usage of the metal due to the rapid development of developing nations, the amount of PHYSICAL silver dropped 90% from 1998-2005. This activity decimated the amount of physical silver available, yet the banks indicted continued to sell more gold and silver than was actually in their possession. ETFs (Exchange Traded Funds) which are a derivative of the bullion, trade as equities, but are redeemable (in theory and contractually) into the actual physical metal. There is a "parachute clause" that will let the Federal Reserve redeem the ETF shares for fiat currency, but few investors pay attention to that fact, and it is not one that brokers are want to disclose easily, though it is contained in the written prospecti for each fund.
Continue reading on Examiner.com RICO Suits Against Two Banks = Metals to Soar - National Precious Metals | Examiner.com https://www.examiner.com/precious-metals-in-national/rico-suits-against-two-banks-metals-to-soar-review#ixzz1RElqgGMb
Can anyone confirm this, I've been trying to find other links and can't find anything?
This may be old news, ZH had this posting in Nov 2010.
Maybe there are new developments, or these are new suits???
No confirmation anywhere as of yet. Prices are up nicely today, though. Be wary of the doldrum whipsaw if you are trading.
They made their wads of cash and will get at most a slap on the wrist. Unfortunately they wiped out a lot of investors who have lost the liquidity and won't be back to play hard for awhile either because of the lost position or from being gun-shy.
Googled around and found that several RICO lawsuits have been filed since last summer. Filing the lawsuit isn't the same as proceeding in court however especially in the litigous-prone USofA.
While good news I wouldn't buy on expectations of $100 silver any time soon. Need to see court action beyond the filing of documents first.
This will go nowhere. Courts have never ruled against the banks in this century or the last. Silver will however go to these numbers regardless. Manipulation can only slow the PMs down, stop them it can't.
You all might be right, something to watch for in the coming months, lord knows the Cubs are worth watching.
I can't even bother reading this. Please someone tell me how a Rico suit against banks that own Washington is going to amount to anything?
Buy low and sell high. Buy on sale when others are in fear and awaiting their bottom triggers. Enjoy the volatility. I constantly remind myself to spend much less time trying to time this devil and much more time managing my money in the midst of it.
Cotton is on sale. Down 40% from its highs a little while ago. I saw Granny in the department store pushing a basket crowded full of shirts marked 50% off. But the real smart chartists and technicians know that Cotton's chart is ugly and they are going to wait until the Banksters buy and the chart shows some relative strength before they climb back in.