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Ex-Goldman trader blows whistle on silver and gold market manipulation by JP Morgan (Done for Fed)
New York Post ^ | April 11, 2010 | Michael Gray

Posted on 04/11/2010 8:17:32 AM PDT by JustTheTruth

Metal$ are in the pits

Posted: 2:10 AM, April 11, 2010

There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits.

The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association.

Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment. So, he went public.

"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Maguire said. <...>

"HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added.

<...> Also during the CFTC hearing, Jeff Christian, founder of the commodities firm CPM Group, said that the LBMA, the physical delivery market for gold and silver in the UK, has been using leverage, which is another way to depress the price of gold and silver.

Christian said that the LBMA -- the same market Maguire trades in -- has leverage of about 100-1 on the gold bars settled on the exchange. In layman's terms, that means if 100 clients requested their bullion bars be delivered, the exchange could only give one client the precious metal. ... [exerpt only]

(Excerpt) Read more at nypost.com ...


TOPICS: Breaking News; Business/Economy; Crime/Corruption
KEYWORDS: commodities; crime; currency; dollar; fed; fraud; gold; government; hsbc; jpmorgan; lping; manipulation; metals; ronpaul; silver; sovereigndebt; usdollar
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The CPI has long been deceptively useless, and the Fed's covert action to suppress precious metals price increases (by as much as they could) is another way to hide the debasement of the currency (current U.S. economic policy).
1 posted on 04/11/2010 8:17:32 AM PDT by JustTheTruth
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To: JustTheTruth

later


2 posted on 04/11/2010 8:21:50 AM PDT by Chuckster (Domari nolo!)
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To: JustTheTruth

This worrisome story is gathering momentum. I wonder what Monday will bring?


3 posted on 04/11/2010 8:22:03 AM PDT by Melchior
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To: JustTheTruth

Wasn’t it Jefferson who predicted a fed bank would do this?


4 posted on 04/11/2010 8:22:24 AM PDT by Tarpon ( ...Rude crude socialist Obama depends on ignorance to force his will on people)
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To: JustTheTruth

The Fed’s middle name is “manipulation.” That’s their job, really. As for JP Morgan... So what? They were just doing their client’s bidding.


5 posted on 04/11/2010 8:23:37 AM PDT by Brilliant
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To: JustTheTruth

The plunge protection team at work. Ever notice how the market rallies at the end after starting down all day?


6 posted on 04/11/2010 8:28:00 AM PDT by screaminsunshine (i)
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To: coloradan

This is related to our recent discussion.


7 posted on 04/11/2010 8:28:33 AM PDT by Mind-numbed Robot (Not all that needs to be done needs to be done by the government)
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To: JustTheTruth

why would the fed worry about the price of gold. the US has one of the world’s biggest gold reserves. so if the dollar declines in value against gold—the US gold reserves increase in value. isn’t this a wash?


8 posted on 04/11/2010 8:28:46 AM PDT by ckilmer (Phi)
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To: JustTheTruth

Socialism...cheap but there isn’t any.


9 posted on 04/11/2010 8:29:04 AM PDT by screaminsunshine (i)
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To: ckilmer

Has anyone seen it lately???


10 posted on 04/11/2010 8:30:12 AM PDT by screaminsunshine (i)
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To: screaminsunshine

“Ever notice how the market rallies at the end after starting down all day?”

....for the last couple of years now the DOW is all about what happens the last hour...if there’s gonna be action, that’s when it happens.


11 posted on 04/11/2010 8:33:01 AM PDT by STONEWALLS
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To: JustTheTruth

Related email that I received the other day:

The Executives’ Club of Chicago cordially invites you to join us at our luncheon as we honor

Jamie Dimon

Chairman & Chief Executive Officer JPMorgan Chase & Co.
as The 2010 International Executive of the Year

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., a global financial services firm with assets of $2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.

Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board. He was named President and Chief Operating Officer upon the company’s merger with Bank One Corporation on July 1, 2004.

Dimon joined Bank One in Chicago as Chairman and CEO in 2000, and engineered a dramatic turnaround - taking the bank from a half-billion-dollar loss in 2000 to record earnings of $3.5 billion in 2003 - before its merger with JPMorgan Chase.

Dimon began his career at American Express Company, serving as Assistant to the President from 1982 until 1985. A year later, he became a key member of the team that defined the strategy for Commercial Credit Company when the consumer lending company was spun off from Control Data Corporation. He served as Chief Financial Officer and then President.

Commercial Credit made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and taking its name. The firm then acquired The Travelers Corporation in 1993, becoming Travelers Group. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney Inc. subsidiary. He became CEO of Smith Barney in January 1996 and then co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers.

In 1998, Dimon was named President of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp.

A summa cum laude graduate of Tufts University, Dimon earned an MBA degree from the Harvard University Graduate School of Business, where he was a Baker Scholar. He serves on the boards of directors of a number of non-profit institutions, including the Federal Reserve Bank of New York, the Clearing House, the United Negro College Fund and Harvard Business School. Additionally, he serves on the executive committee of the Business Council, Business Roundtable and the Partnership for New York City, and is a member of the Financial Services Forum, Financial Services Roundtable and Council on Foreign Relations.

Host Committee Chairman
David B. Speer, Chairman & Chief Executive Officer, Illinois Tool Works Inc.

Host Committee Members
V. James Marino, President & Chief Executive Officer, Alberto Culver Company
Loretta Kuss, Director, Chicago Passenger Sales, American Airlines
W. Robert Reum, Chairman, President & Chief Executive Officer, Amsted Industries
Patricia A. Woertz, Chairman, Chief Executive Officer & President, Archer Daniels Midland Company
John J. Conroy, Jr., Chairman of the Executive Committee, Baker & Mckenzie International
Robert L. Parkinson, Jr., Chairman, Chief Executive Officer & President, Baxter International Inc.
Paul Bascobert, President, Bloomberg BusinessWeek
John A. Edwardson, Chairman & Chief Executive Officer, CDW Corporation
Scott C. Swanson, President & Chief Executive Officer, Charter One Bank, Illinois
William J. Brodsky, Chairman & Chief Executive Officer, Chicago Board Options Exchange, Inc.
Craig S. Donohue, Chief Executive Officer, CME Group
Brian P. Simmons, Founder & Partner, Code Hennessy & Simmons, LLC
Richard A. Chaifetz, Chairman & Chief Executive Officer, ComPsych Corporation
Ilene S. Gordon, Chairman, President & Chief Executive Officer, Corn Products International
Adam J. Gutstein, President & Chief Executive Officer, Diamond Management
& Technology Consultants
David W. Nelms, Chairman & Chief Executive Officer, Discover Financial Services
Rahul D. Shah, President & Chief Executive Officer, DSR Management, Inc.
Tonise Paul, President & Chief Executive Officer, Energy BBDO
Kaarina Koskenalusta, President & Chief Executive Officer, The Executives’ Club of Chicago
John W. Rowe, Chairman & Chief Executive Officer, Exelon Corporation
Chip Reeves, Chicago Market President, Fifth Third Bank Chicago
Russell P. Fradin, Chairman & Chief Executive Officer, Hewitt Associates Inc.
Anita Sabatino, Managing Director, JPMorgan Chase & Co., IBM
Charles Cannon, Chairman & Chief Executive Officer, JBT Corporation
Colin Dyer, President & Chief Executive Officer, Jones Lang LaSalle
David W. Fox, Jr., Vice Chairman, JPMorgan Chase & Co.
E. Roanald Culp, Partner & Managing Director, Ketchum
William E. Saxelby, President & Chief Executive Officer, Landauer Inc.
James C. Tyree, Chairman & Chief Executive Officer, Mesirow Financial
Frederick H. Waddell, Chairman & Chief Executive Officer, Northern Trust Corporation
Thomas j. Quinlan, III, President & Chief Executive Offcer, RR Donnelley
John W. Estey, President & Chief Executive Officer, S&C Electric Company
Kevin T. Rafferty, President of Wealth Management, SunGard Transaction Network
Larry D. Richman, President & Chief Executive Officer, The Private Bank and PrivateBancorp
Glenn F. Tilton, Chairman, President & Chief Executive Officer, UAL Corporation
Keith E. Williams, President & Chief Executive Officer, Underwriters Laboratories Inc.
Richard W. Gochnauer, President & Chief Executive Officer, United Stationers Inc.
Richard C. Vie, Chairman Emeritus, Unitrin, Inc.
John R. Ettelson, President & Chief Executive Officer, William Blair & Company, LLC

Thursday, April 22, 2010
Reception, 11:45 am Luncheon, 12:30 pm
The Fairmont Chicago, Imperial Ballroom, B2 Level
200 N. Columbus Drive, Chicago, Illinois


12 posted on 04/11/2010 8:33:33 AM PDT by Velveeta
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To: STONEWALLS

Right it is a setup by the government to fake the prices. They buy in to hold up the Dow.


13 posted on 04/11/2010 8:34:43 AM PDT by screaminsunshine (i)
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To: ckilmer
The Fed worries about the price of gold because they don't own any, private investors own it. The Fed owns paper, the same thing people wipe on!
14 posted on 04/11/2010 8:35:47 AM PDT by Beagle8U (Free Republic -- One stop shopping ....... It's the Conservative Super WalMart for news .)
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To: TCH

ping - thought of you


15 posted on 04/11/2010 8:36:38 AM PDT by califamily4W
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To: ckilmer

No, we live in a global market. The $$ is subject to the revaluation of all currencies against gold.

There is going to be inflation


16 posted on 04/11/2010 8:45:58 AM PDT by bert (K.E. N.P. +12 . Ostracize Democrats. There can be no Democrat friends.)
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To: JustTheTruth

*


17 posted on 04/11/2010 8:51:30 AM PDT by Paperdoll ( On the cutting edge)
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To: JustTheTruth; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; Roy Tucker; ...

We are told these are ludicrous conspiracy theories. Now who are the real loons?


18 posted on 04/11/2010 8:54:47 AM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: JustTheTruth

BUMP


19 posted on 04/11/2010 8:55:42 AM PDT by Admin Moderator
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To: JustTheTruth
JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Maguire said.

So when the precious metal traders, their bosses, and JP Morgan exectuives make their nice "fat cat" bonuses politicians so often like to publically decry, it's courtesy of Joe SixPack who just got a pink slip.

AND the politicians knew this all along.

Is it REVOLUTION time yet??

20 posted on 04/11/2010 8:56:38 AM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: califamily4W; TCH

Looks like the MSM has finally picked up this story..or parts of it. NYP doesn’t make it sounds quite as bad as the article you posted from yesterday though. I don’t know enough about the markets to make a serious judgement on it either way. Hoping some expert FReepers can explain it all to us.


21 posted on 04/11/2010 8:57:31 AM PDT by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: bert

Inflation will occur if/when the bond and T-bill markets fail.

Why?

Because then they can no longer disguise all the checks and stuff that come out from the Federal government.
Then, they will have to print ACTUAL GREENIES to cover all those checks.


22 posted on 04/11/2010 8:59:47 AM PDT by djf
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To: JustTheTruth

ping for later


23 posted on 04/11/2010 9:03:17 AM PDT by SueRae
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To: ckilmer
"the US has one of the world’s biggest gold reserves."

Have YOU personally verified this? What, except blind faith, makes you think that this is true? Are there any audits available?

24 posted on 04/11/2010 9:11:09 AM PDT by matthew fuller (Regime Change- NOW!)
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To: STARWISE; SE Mom; onyx; hoosiermama; Hoodat; little jeremiah; Miss Didi; maggief

WARNING PING! ???

Some here have been following this story for a few days and if some of the stories are true, this could make the meltdown in the fall of 08 look like child’s play. Now that the NYP has picked up the story, it might be time to take it seriously. TCH had some very scary posts on this scandal yesterday. Not being well-versed in this stuff, I don’t know what it all means, but it sounds explosive as hell.

Maybe some smart FReeper can tell us if we are all doomed or not...LOL!

Links to some of TCH’s stuff last night in case you missed it:

http://www.freerepublic.com/focus/f-news/2490710/posts


25 posted on 04/11/2010 9:12:19 AM PDT by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: DTogo

Well we know who will be first up against the wall when the revolution comes, the heads of JP Morgan and Goldman Sachs.


26 posted on 04/11/2010 9:14:47 AM PDT by dfwgator
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To: JustTheTruth

Bookmark.


27 posted on 04/11/2010 9:19:16 AM PDT by Sergio (If a tree fell on a mime in the forest, would he make a sound?)
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To: screaminsunshine

“Ever notice how the market rallies at the end after starting down all day?”

Yes. Very suspicious. That’s what’s kept me from getting back into the market, I don’t care how much it’s “up” from the last trough. Unless the manipulators are going to start telling me what their schedule is, I’m staying out.


28 posted on 04/11/2010 9:20:12 AM PDT by PLMerite (Ride to the sound of the Guns - I'll probably need help.)
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To: Velveeta; Liz

Liz, Have you seen this post from Velveeta?
Your thoughts?


29 posted on 04/11/2010 9:21:23 AM PDT by hoosiermama (ONLY DEAD FISH GO WITH THE FLOW.......I am swimming with Sarahcudah! Sarah has read the tealeaves.)
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To: PLMerite

They are playing with a marked deck. The shills on CNBC crack me up.


30 posted on 04/11/2010 9:23:08 AM PDT by screaminsunshine (i)
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To: jiggyboy

.


31 posted on 04/11/2010 9:23:44 AM PDT by Jet Jaguar (*)
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To: ckilmer
so if the dollar declines in value against gold

The US dollar is inevitably going to decline against everything -- because the Federal Government has doubled the number of dollars in circulation in order to pay for it's astronomical excess spending.

32 posted on 04/11/2010 9:23:57 AM PDT by Mad_Tom_Rackham (It is the duty of the patriot to protect his country from its government -- Thomas Payne)
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To: All; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar

Goldbug ping

Related article at zerohedge:

“Jeffrey Christian Has A Second Chance To Disprove The Gold Ponzi Scheme, Fails”

http://www.zerohedge.com/article/jeffrey-christian-and-nick-barisheff-bullion-management-group-seek-disprove-gold-ponzi-schem

However, here’s a rebuttal from the President of iTulip.com:

“Silver price manipulation? If it looks too bad to be true, it probably is”

http://www.itulip.com/forums/showthread.php?p=156095#post156095

Mail me to get on or off the Free Republic Goldbug Ping List.


33 posted on 04/11/2010 9:27:17 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: ckilmer

Why would they worry about the price of gold? Because there is only about half enough gold available to back all the contracts that they have out. If things crash and you have gold futures or contracts, and you go to cash them for gold in hand, there is little chance that you can get half of what you bought. It does not exist. They manipulated the market and oversold the supply. That was posted on FR recently.


34 posted on 04/11/2010 9:31:30 AM PDT by Concho
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To: ckilmer
why would the fed worry about the price of gold. the US has one of the world’s biggest gold reserves. so if the dollar declines in value against gold—the US gold reserves increase in value. isn’t this a wash?

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

"This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard."

-- "Gold and Economic Freedom", by Alan Greenspan (1987)

http://www.freerepublic.com/focus/news/2490376/posts?page=22#20

35 posted on 04/11/2010 9:32:33 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: dfwgator

Their Greenwich homes will likely be the first looted by the rioting Obamulan hordes seeking “social justice.”


36 posted on 04/11/2010 9:34:10 AM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: JustTheTruth; flaglady47
I inherited a miniscule number of JP Morgan shares. The corporation virtually eliminated dividends to shareholders about a year ago (coinciding with the Immaculation of Obama, now that I think about it). Dividends are now figuratively pennies mailed out every three months. It's a farce. And a scheme.

Forget the plans of our parents and other seniors across the country who counted on modest dividends to be part of retirement security.

Leni

37 posted on 04/11/2010 9:36:24 AM PDT by MinuteGal (Bill O'Reilly: 9/8/09: "Communism is not a threat to us anymore"-10/20/09: "Obama is not a Marxist")
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To: matthew fuller
Jeez its no big deal to do a google search: how much gold reserves does the us have

the first result is wikipedia.

You'll see that the USA maintains the largest Gold reserve in the world at 8,133.5 metric tons. the second largest holder of gold is germany at 3,407.6 metric tons
38 posted on 04/11/2010 9:38:07 AM PDT by ckilmer (Phi)
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To: DTogo

And then it will wind up just like in Doctor Zhivago were they cram in five families into each house.


39 posted on 04/11/2010 9:38:49 AM PDT by dfwgator
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To: jiggyboy
"Deficit spending is simply a scheme for the confiscation of wealth."

This is true.

"Gold stands in the way of this insidious process."

This is manifestly false.

Why do you think the government was forced to abandon the gold standard? Answer: because they expanded the supply of money and credit beyond the point where the issued notes could be redeemed. And this happened under a gold standard.

You are pretty close, however. The real evil is fractional reserve banking where the government and its merry band of bankster thieves can issue credit in excess of savings. And in the context of a banking system with a 100% reserve requirement a gold standard can be valuable. But redeemable currency per se solves nothing. History proves this.

40 posted on 04/11/2010 9:43:06 AM PDT by trek
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To: ckilmer

I don’t think anyone has seen the gold since the 70’s when some congressmen supposedly went in there and looked around.

There is someone out there who has been wanting an audit of the vaults at Fort Knox for some time now.

I shall not bring up his name in order to keep this thread on track.


41 posted on 04/11/2010 9:43:32 AM PDT by mommya
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To: DTogo
"Is it REVOLUTION time yet??"

It's closer than you think!

Be Ever Vigilant!

42 posted on 04/11/2010 9:46:45 AM PDT by blackie
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To: JustTheTruth
In 1988 the Hunt brothers were convicted of federal charges for manipulating the price of silver.
It's okay for the government to do it, though.
43 posted on 04/11/2010 9:47:00 AM PDT by Lancey Howard
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To: ckilmer

Yeah right. I guess Fort Knox let Wikipedia in to count the gold. I would believe that most of the gold left Fort Knox with Auric Goldfinger and the NY Fed with Jermey Irons as Hans Gruber’s brother before I believe any numbers from the Treasury Dept or the NY Fed.


44 posted on 04/11/2010 9:49:15 AM PDT by Frantzie (McCain=Obama's friend. McCain called AMERICANS against amnesty - "racists")
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To: jiggyboy

Wow..what happened to Greenspan over the years? Sounds like he had his head on his shoulders back then...now he seems like just another tool of the very statists he railed against in 1987. ???


45 posted on 04/11/2010 9:50:59 AM PDT by penelopesire ("The only CHANGE you will get with the Democrats is the CHANGE left in your pocket")
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To: Mad_Tom_Rackham

The US dollar is inevitably going to decline against everything...

.....
don’t put money on that one.

The likelihood grows daily that the pubbies will storm back into congress come the fall. there will be a night of the long knives on the budget and —less likely—higher taxes. that combined with the growing US economy—and it is growing in 2010—though it may be siphoning off 2011 growth—will lower the deficit.

The euro is in deeper doo doo.

The US dollar will decline against the chinese yuan but against the yen and euro— not so much. the likelihood right now is that the dollar will strengthen against the euro. betting is they will go back to parity.


46 posted on 04/11/2010 9:51:02 AM PDT by ckilmer (Phi)
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To: Velveeta

Would you share what that means?


47 posted on 04/11/2010 9:53:28 AM PDT by winodog (We've got more people voting for a living than we do working for a living.")
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To: penelopesire
My own reply to that post was very similar. I read some number of years ago that his single-minded efforts in helping to absolutely wreck the economy of the United States were in fact a breathtakingly bold and brilliant long-term plan to get us back onto the gold standard, but I dismissed it as satire.
48 posted on 04/11/2010 9:57:20 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: SueRae

I’m up to here with this game. We already know the answer to any audit of the Fed, they’re bankrupt. It’s time for the government to abolish the Fed.


49 posted on 04/11/2010 9:57:29 AM PDT by FloridaGeezer
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To: hoosiermama

Special, isn’t it? Ruin the economy - have a party.


50 posted on 04/11/2010 9:58:46 AM PDT by Velveeta
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