Whistleblower Exposes JP Morgan's Silver Manipulation Scheme

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
swamp's picture

There's millions of little buyers like me, in the USA and in other countries. A ZH poster last week said the Bangkok gold markets were smokin'. Jim Sinclair just wrote yesterday that Dubai gold market was busy.

Problem Is's picture

"Good thing JPM is to big to fail.  So when this finally blows up in their face we can bail them out again."

Jamie Dimon for Secretary of the US Treasury

As Jamie likes to say:

"Silver, peasants!"

perchprism's picture


I have a good bundle of silver and probably enough gold (not certain, but I'm not too worried).  Let the price drop and I'll max out my credit cards if I have to.  I don't care.  Silver and gold will eventually regain their luster in this world, when folks realize that fiat debt-based paper has gone the way of the hand-shake.

DoChenRollingBearing's picture

You got it buddy.  I bought 7 toz of gold Eagles the day I got back here to the USSA from my trip.

"They" take the prices down more?  I'll join you in line there at the coin shop with FRNs to spend on gold (although the local shop I go to said he will let me have his platinum 3 pieces of 1 toz Eagles at a mere $35 over spot, YOW!, that's a deal, and I have more $ value in Pt than in silver).  Guess I know where I'm going Saturday!

Hulk's picture

I bought 7 toz of gold Eagles.

Is toz supposed to be tonz DoChenRollingBearing?

Great over spot price, best I have ever seen...

DoChenRollingBearing's picture

toz = troy oz.  Yeah I wish I had tonz...  Of course 1/3 of any tonz would be on its way OUT of America.

Yeah, if I understand him correctly, paying a mere $35 over spot for Pt Eagles is almost incredible.  That is even less than the premium for gold Eagles (typically $70 for me).

Mr Lennon Hendrix's picture

I will be loading up tomorrow, as I did today.

Nihilarian's picture

Damn straight, Mr Hendrix, damn straight.

DoChenRollingBearing's picture

Mr Lennon H. and Nihilarian are thinking like I do!  I will do my part to strip the S. FL bullion dealers of Au, Pt and Ag on Saturday!

I also have an old small physical position in palladium (Canadian) that I will hang onto, for old times sake.  Hey, Pd stores 900 x its weight in hydrogen gas, the top of the class in that regard.  And if the Asians or the Europeans find a way to use Pd (cheaper) than Pt for DIESEL engines (catalytic converters), then any pikers with palladium are going to do great!

I have repeated, perhaps 'ad nauseum' the below website that has really helped me open my eyes to the REAL value of gold:


bigkahuna's picture

Good article. I am in no way surprised that the PM market is under manipulation. It is also no surprise that our federal government is allowing it to happen. If history will be written truly-the last few years and the next one or two are going to be without parallel unless you go back to the thievery of declining ancient Rome.

Rick64's picture

This should be spread around the internet and every news agency. This is concrete evidence of manipulation and CFTC corruptness. He should of went straight to the media outlets that care and won't bury it bypass all government organizations. Like Ellsberg.

Bob's picture

Perhaps, but he did keep good records and got it to the media in the end. 

Great idea about pushing it out, though--I only had 10-12 media outlets in my contact list, but I gave it my fair share of push. 

swamp's picture

Murphy has been blasting away for years but who carries him but ZH? GATA paid $379,000 for a full page ad in WSJ. Did any reporter from WSJ ever follow up? Nah.

tip e. canoe's picture

i actually think that those email exchanges with the CFTC are priceless.  i love the one where McGuire refers to the fact that they asked him not to tell anybody else.

"We're from the government.  You can trust us.  Now keep your mouth shut like a good American."

mouser98's picture

yes, in other words:  "join me in a criminal conspiracy to cover this up, thereby becoming an accomplice to it"

Bob's picture

I'm predicting some real fallout on this one.  Hope it ain't just the hope left in me.  This looks like a major break--whistleblowers are long overdue and it's their time to emerge in numbers.

This nation has alot more conscience than we've seen. 

Frank Owen's picture

+1, Bob. But the irony of your name and the character in Fight Club is somewhat disturbing.

Bob's picture

Go ahead . . . Cornelius, you can cry.  

Now please get back to work and spread the word about this stuff!

Hulk's picture

Sorry to say nothing will ever come of this.

System is too corrupt Bob.

Whistleblowing just isn't functioning in the current fraudulent environment

Bob's picture

I think it's like anything else--when enough people start singing their own tunes, the puppet masters are gonna have major problems. 

Every potential whistlblower knows the ache of conscience that dogs their days and torments their nights. 

There are literally a million potential whistlblowers.  If only ten percent of them act to salvage their honor and dignity, the game changes.

Whistleblower advice: See a lawyer specializing in this area ASAP, take your notes with you. 

web dizajn's picture

I agree completely. Neither whistleblowers nor the general public have any kind or real power to change anything. web dizajn

lsbumblebee's picture

This also will be ignored by the politicians. Because there are no laws for the power elite it doesn't matter what Mr. Maquire has to say. The only chance for the average investor to realize its true value is to take physical possession of his or her gold and silver and force an actual physical shortage of precious metals for investment and industrial use. Only then will we see what the market is really willing to pay.

Shameful's picture

Doing this will actually be what exposes this corruption to the public.  The only chance this comes to the fore is if they are no longer able to deliver physical.  Until then, be happy the price is manipulated, because it gives us guys who are showing up late tot he game a chance to buy.  If they are this short and they get called on it they will need to cover, and they will have all the backing of the UST and Fed Reserve to make sure hey are liquid enough to cover it.  To big to fail.

TheGoodDoctor's picture

Amen brother. It's all about the supply.

Hulk's picture

Exactly right Isbumblebee

And you had better be able to back the physical possession up with lethal force. Massive lethal force. Join together in order to protect your family, wealth and rights.

Lionhead's picture

Thank you Mr. Maguire for stepping up & exposing this fraud once & for all. You sir, have courage & conviction to do this. You have my deepest respect. Stay safe.

Hulk's picture

It actually doesn't boil down to a safety issue Lionhead, because everyone in the game knows its rigged and nothing will become of it. Just have to go through the SLOW motions,which is great because this places one that much closer to federal retirement....really

Segestan's picture

When honesty is on the outside looking in don't expect justice.Just another voice in the wind.

SWRichmond's picture

Looks to me like TA figures prominently in this scheme, where "support" levels are targeted.  So who is responsible for foisting TA upon the masses?  TA always seemed like an insider scheme to me; if I have the power to push markets, I have the power to steal your position from you, especially if I know where your stops are likely to be.

i.knoknot's picture


these guys are market-makers and know exactly where the stops are...


Harbourcity's picture

hhahaha I love being a Canadian.  Wasn't that interviewer hilarious.

Pegasus Muse's picture

Once the government proves itself corrupt and complicit in Gangster Bankster fraud and market manipulation the game is over.

I suspect the people, upon hearing the truth, will conclude not only the banksters are criminals, but so are the do-nothing regulators and the enabling crony politicians.

History is replete with stories of what happens to governments and so called "power elites" when citizens conclude they have been deceived and defrauded by their own leaders. 

Evil must be removed.

So, Mr Gensler, will history repeat itself?  The tricoteuse are beginning to knit faster ( http://en.wikipedia.org/wiki/Guillotine ).

Mad Max's picture

The "people" are not going to rise up because of this or any other enormous crime against honesty and the concepts of true capitalism.

The people may rise up when their cable tv stops working and they can't get beer at the 7-11 any more.  When they do rise up, think Watts Riots, not anything resembling the American Revolution.  They will probably lynch people, all right - most likely the honest and innocent people who are victims, not creators, of our current ponzi nation.

Figure out your own way of dealing with the decline of this empire.  And hurry.

perchprism's picture

Ultimately what we need is for a country, any country, to decide to back its currency with gold.  Then, and only then, with its daily screams of outrage at the gold bourse manipulation, will anything be done. 

Israel could do it, for example.  Assuming it has enough gold.  Silver could be added, if necessary.   

Shameful's picture

You would think a Muslim nation would do it...you know with their holy book demanding that money be gold and silver...guess we can see how fundamentalist they really are... (Note this is not a slam at Muslims only to point out that they are not blindly follwong their holy book, so maybe not as fundamentalists as some pundits claim)

Also at the risk of an argument, if you want hard money it needs to be gold or silver, or really anything.  Bi-metalism is an invitation for trouble.  The only way to have gold and silver as money is to have them completely separate and distinct and let them trade against each other.  Setting an artificial exchange rate will cause one or the other to be under valued and taken off the market.

perchprism's picture


A Moslem country, or an Asian country like Thailand, for example.


In 1994 I live for a while in Saudi Arabia, working for Riyadh Telephone Cables.  I accumulated some gold while there, all 21 or 24K.  ElMirey Street contains their gold souk.  Later, Stateside, I bought a lot of gold/gems/jewelry from Thaigems.com. They were great at first, but became somewhat lame with the advent of eBAY.  My best jewelry pieces are from Thaigems.  18 and 21k gold set with beautiful diamonds and gemstones such as sapphires, rubies, and D-Block tanzanite.  They let you design your own jewelry in the early days.  I have 10's of thousands of dollars in 24-K gold with D-flawless diamonds.  Only recently have I placed any attention toward coins.  I fear the tradeability of gemstone-encrusted jewelry won't be as fluid as a Golden Eagle. 

Chickens is where it's at, anyway, and arable land.  I'll have both soon enough, although my current garden is rather large.  Five acres across the road is what I have my eyes on now.  Nice plowable farmland.  I don't plan to scrape by on the skin of my teeth to survive--I plan to prosper, with 100+ chickens, and plenty of potatoes, corn, beans, etc.  People will have to deal with me in either silver, gold, or bartable goods.



Shameful's picture

Like I said I'm all for a country to go gold.  I would dance a jig if a Muslim country did it.  Hell I might have to learn a new language if say Saudi Arabia did it, or the rumor (wishful thinking?) about a gold backed currency for the sale of Middle East oil.

That sounds awesome!  Sounds like an amazing stash, and jewelry will always be worth something

I agree that agg will be great.  But personally I think there will be a lot of turmoil out there. I would rather be fluid and mobile.  But then again my net worth is not overly impressive, I could not buy a good plot or the gear to work or, and I don't have those skills anyway.  Though much to my surprise my dad is talking about buying a section of land.  Will be a damn sight better then living in a city even if he isn't going to farm it.  Admirable you are planning on thriving, I'm grateful I got a chance to plan.  I'd just like to be able to ride this storm out.

SWRichmond's picture


If the Saudis can get a better defense deal, or if (when) USD goes kaboom like a glock firing out of battery, they will do it.


delacroix's picture

you may be able to farm land, without buying it, just do it. the banks won't be keeping close tabs on a bare lot.  junk silver is IMO the superior barter medium, get yourself in the mindset to kill the chickens you want to cook, and stock up on surplus feed. the chickenshit is excellent garden fertilizer. expect to give away a sizeable portion of what you grow, maybe barter for labor, and security. make it in your groups best interest, to protect your spread

jeff montanye's picture

the banks aren't keeping close tabs on built-on lots either.

velobabe's picture

haven't you been reading about what the drug cartels? are doing in california with the vast marijuana groves, same colorado, on government national forests or BLM land. i see this on the same level your talking about. sophisicated farming, using lots of water though.

my friends started a chicken and turkey farm for resale they are dead broke.

big food corporations occupy this space, i think. can't compete even if raised free range.

SWRichmond's picture

You'd have a real tough time enforcing a claim to the produce from the land, though, if questions ever arose.  What would you do if you found yourself getting lots of unsolicited "help" at harvest time?

tip e. canoe's picture

(a) all the more reason to keep it discreet.
(b) build a fire, bring out the moonshine & have a feast?

Hulk's picture

Check out horse and plow perchprism, before you buy a tractor

Have someone come out and give you a demo, let you take a test

drive,, in case you haven't tried that before..

We are also doing forest raised pigs now.

Chipotle restaurants will be buying all our forest raised pigs,

the owner is really into properly raised food

THE DORK OF CORK's picture

They might have to change their international reserve accounts first , as at the moment they have zero gold in their vaults

www.imf.org/external/np/sta/ir/isr/eng/curisr.htm - refer to contents - official reserve assets and other foreign currency assets