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/…
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
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
“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.