4 RICO not suave
#JPMorgan traders
go on trial today🧵
Wait?!
US DoJ claims PM mkts 'were' criminal
JPMorgan still dominates US precious metals derivative mkt share
This topic is way deeper than mere greed
- bloom.bg/3Pf2W97 -
2 Bloomberg reporters tagged below
IRONIC TIMING:
💣former London gold trader
precious metals mkt makers increasingly use unsecured derivatives to subvert mkt forces, now decades running:
reaction.life/dont-forget-th…
"Once investors swallowed this stupefying pill it was easy to sell them gold that simply didn’t exist."
JPMorgan
paid a paltry $920 million fine
for the US Department of Justice's 8 yr RICO precious metals rigging indictment 2008-2016
US Office of the Comptroller of the fiat Currency
often known by the acronym OCC just acknowledged Q1 22 that +90% of PM derivatives = JPMorgan/Citi
Waterfall price declines like 2 obvious ones below represent handfuls of billions in profits in mere weeks of time, for those concentrated on the short side, likely then churning long in the bounce from the fall they exacerbate
2011 Silver
& related COMEX $SI price chart below
'body that runs the London gold market'
called
London Bullion Market Association (LBMA)
Two co-heads of JPMorgan's RICO precious metals desk were 'esteemed' LBMA board members
Nowak now on trial,
Sid Tipples still working in seemingly lawless London
GOLD & PRECIOUS METALs
price rigs⬇️⬆️aren't just short term
cyclical driven by greedy conspiring traders
Often deeper long-term secular by design, govt decree, even international coordination
coming Bullion Shortage
is COMEX/London's future public trial
Globally greedy smaller fry PM traders
are often so disconnected & stupid
they leave mkt rig evidence in writing
Rare they nor supervisors end up in prison
Unsecured bank shareholders typically only take the hit in fines, bad press, & lawsuit settlements
#Silver is a tiny mkt JPMorgan is still alleged to often throw around for profits
People often forget,
outsized leverage to create phony mkt signals cuts both ways. Wall climbing price rises often follow mkt hammerings (e.g., think -oil 2020 to ahead)
for NOW🧵end
I'll follow this 4 trader JPMorgan RICO trial
as I have from the start of the indictment
Whatever justice actually gets served, there's a whole lot more coming as financial mkts & confidence inevitably devolve via corrupt seeds allowed sown
Today FRIDAY
jurors basically got read
a cursory RICO act on alleged precious metals price rigging 2008-2016 via #JPMorgan's PM desk
--
bloomberg.com/news/articles/…
No Paywall on Today's JP Morgan RICO Trial Start
DYK?
There were 2
Co-Head's of #JPMorgan's
alleged RICO precious metals rig 2008-16
--
Both were 'esteemed' #LBMA Board members
#MichaelNowak now on trial in USA
#SidTipples resigned early'18, not indicted,
still works City of London commodity mkts👍
sdbullion.com/blog/jp-morgan…
Spoof traders & past tense, how it gets framed
nypost.com/2022/07/08/ex-…
The truth is current PM dominance by JPMorgan is more profitable than past paltry fines or ongoing bad press: nasdaq.com/articles/exclu…
VIDEO LOOKBACK
JPMorgan's 21st Century dominance in PM Mkts
After #BearsSterns bank failed in early 2008 GFC,
#JPMorgan inherited its bankrupt PM Desk & also reportedly hired many of their spoof-skilled PM traders
disgraceful^^
#CFTC admittances follow^^
21st Century CYNICS
on alleged mkt riggings
or on failed prosecutions in this
golden age of fraud as a business model
they've been proven sage,
inferring the Rule of Law is pretty much
only for small fry, multinational banks are exempt
RIP Rob Kirby
Price Rigging Precious Metals Markets
was an open London USA conspiracy
From 1960s London Gold Pool price fix rig fail
to closed
1974 US Treasury cable from London (h/t #Wikileaks)
price of gold -1/2'd from $200 to $100 oz not long after
💯% mkt rig facts
Paul Volker
before he died literally
called #Gold: 'The Enemy' in headlines
You'd have to be a child, an arrogant fool, or in some form on the take to claim PM price perceptions aren't of gov't import, especially after blowing out global fiat currency supply levels post Aug-2019
RUSSIA & CHINA's
OFFICIAL GOLD RESERVEs reported have been coordinated mirrors of one another this 21st Century
If we really wanted to keep 'em growing closer last few decades, we failed as they've divested into major Gold players in more multipolar world
Most retail precious metals bulls simply
leave derivative leverage to professional traders
Instead, they simply stack #Bullion for the long haul
--
Precious Metals Spoofing Trials
Show Too Much Deceit In Play For 'Little Guy'
investing.com/analysis/preci…
LOOKBACK to
March 2, 2011, with
silver spot price near $35 oz, ∞QE∞ just starting
archive.nytimes.com/opinionator.bl… #Silver $Silver
“I wanted to drive the price where I wanted it to go” by creating a false indication of demand alleged JPMorgan Precious Metals derivative trader John Edmonds.
50,000+ spoofs over nearly a decade of time
Sweet mkts @CFTC
--
@CFTC Breaking laws be damned apparently...
"Our job was to do whatever it takes to make money."
-John Edmonds, former JPMorgan PM trader
@CFTC Paul Tudor Jones' firm
gets dragged into this former
JPMorgan RICO precious metals spoof trading trial
bloomberg.com/news/articles/…
PTJ has warned how crazy commodity valuations might get later this decade as hot money momentum floods in
@CFTC @ptj_official so for example:
900 futures contracts X 100 oz equivalent gold
thus every +/-$10 oz move by Gold
is nearly +/-$1 million to profit or loss
daily
2012 #Gold Prices below
nice ramps late Jan into late Feb '12:
sdbullion.com/gold-prices-20…
PTJ trading 1986:
When does @mtaibbi dare
try to take on this precious metals price rig saga?
Not merely from Bear Sterns fail to JPMorgan RICO desk & recent OCC gold derivative ramp not-FX disclosure
Maybe give Chris Powell from GATA
a few phone calls Matt:
JPMorgan #RICO spoof trial
is but a glimpse inside a corrupt price discovery system for #Silver #Gold yr to yr, decade after decade
Indicted on trial Michael Nowak
& his trader underlings
But🇺🇸mkt rigging price data is systemic
more crime than mere🤡trader bonus greed involved
More Important than 4 former JPMorgan precious metals price rigging trial is damning 2010-2022 #silver #gold price data
#COMEX has left smoking guns
all over $GC & $SI mkts
via systematic value suppressing trading hour data we go through here:
After early 2008 $Silver helped bankrupt Bear Sterns’ desk
Many former Bear Sterns traders ended up at JPMorgan’s RICO precious metals derivatives desk
$Gold fell -$500 oz or -30% on yr
spoof scares by July 2013 bounce must’ve been effective after $GC longs got waterfall decline raped so often
+100 spoofs a day by admitted #Gold price rig Gregg👍🏽
Meanwhile crime assisted
#China who took mass
western ETF Gold Bullion🇨🇳🫠cheap
Daddy
"worked at #JPMorgan for decades and was a senior executive"
... in🤡🌎🌍🌏Precious Metals price discovery:
straitstimes.com/business/banki…
re: #RICO #JPMorgan #Spoof #Trial #Gold #Silver $Gold $Silver #Platinum #Palladium $GC $GC_f $SI
JPMorgan's current 3 criminal court cases on go:
wallstreetonparade.com/2022/07/there-…
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.