JP Morgan Cleared Of Conspiracy "To Drive Down Silver Prices"
From GoldCore
JP Morgan Cleared Of Conspiracy "To Drive Down Silver Prices"
Today’s AM fix was USD 1,602.50, EUR 1,238.41 and GBP 1,059.78 per ounce.
Yesterday’s AM fix was USD 1,599.50, EUR 1,236.09 and GBP 1,057.45 per ounce.
Silver is trading at $28.86/oz, €22.38/oz and £19.16/oz. Platinum is trading at $1,605.25/oz, palladium at $757.00/oz and rhodium at $1,250/oz.
Gold climbed $13.70 or 0.86% and closed yesterday at $1,578.10/oz. Silver hit a high of $29.05 finished +0.56%. A national holiday was observed in Ireland yesterday and markets were closed.
The Troika's raid on the deposits of families and businesses in Cyprus is still being digested but it may be another watershed moment leading towards gold again becoming a foundation asset and key core holding of savers and investors internationally.
Cross Currency Table – (Bloomberg)
JP Morgan Chase & Co won their case of a nationwide investors' lawsuit accusing them of conspiring to drive down silver prices.
U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices, by creating long short positions that were not in synch with market events at the time period.
The judge acknowledged that the firm could influence prices, but said that it was not proven that the bank "intended to cause artificial prices to exist" and acted accordingly.
Gold Commodity, 6March2013-19March2013 – (Bloomberg)
The plaintiffs had nearly 43 complaints filed from 2010-2011, which accused banks of profiteering in over $100,000,000 by illegally manipulating silver prices.
The lawsuits against major Wall Street firms were consolidated, naming JPMorgan and 20 unnamed individuals as defendants.
Gold in Euros, 6March2013-19March2013 – (Bloomberg)
The complaint had sought triple damages for what it saw as antitrust violations in jiggering silver prices from 2007-2010, including through alleged "fake" trades during low market volumes.
The CFTC began investigating queries of silver price manipulation in 2008, and after 2 years it tightened its regulations to foil traders who try to manipulate prices.
Silver remains a vital diversification and remains undervalued vis-à-vis gold and most assets.
Gold hovers above $1,600/oz on Cyprus concerns - Reuters
JP Morgan wins dismissal of silver price-fixing lawsuit - Reuters
Gold Tops $1600; Silver Eagle Bullion Coins Top 13 Million – Coin News
Bullish Bets Jump Most Since July as Gold Rebounds - Bloomberg
Daylight robbery in Cyprus will come to haunt EMU – The Telegraph
"All The Conditions For A Total Disaster Are In Place" – Zero Hedge
Risk, complacency, perception and gold - Mineweb
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Who expected any thing different?
This sets a precedent for the CFTC - see it wasnt only us who found nothing!
When shit later collapses and JPM is found to of course be manipulating silver to its advantage the CFTC wont be standing alone in claiming JPM was innocent.
And who pays the judges salary? - Is it the same corrupt US governments that uses JPM as its agent in the silver market?
All I can say about the innocence of the squid?
Bull mother-fucking shit.
Judges are great.....everyone should own one.
Another great reason to read ZH.
I haven't followed much of this, but one point should be clarified. The article says short/long positions. The beef is that they had a massive amount of long term, short positions..., not anything as normal market maker would do. If you are playing it straight, a market maker strives for a net balanced (delta neutral) position, also balanced in time period.
The Bible on this is Tom McMillan's Options as a Strategic Investment.
friggin' 89 year old judge.. Either senile, or couldn't care less about leaving this old rock with a clear conscience.
I don't know about you guys but I'm still stacking.
Absolutely.
I hope gold/silver continue to get driven down. Unless you are actually trading or selling it, manipulation is the best thing that could happen to physical buyers.
If the price floated where it should, I'd have much less than I've been able to accumulate. Quit fucking trading it and selling it, you'll be thankful to buy at these levels that we'll never see again.
Listening to people that 'day trade' the metals is a sure way to lose your ass. Of course they want you to blame Blythe Masters when in all reality, she has let the true believers, physical holders, accumulate more.
QUIT FUCKING TRADING SILVER/GOLD. BUY AND HOLD.
The real irony is that my buy and hold returns on ammo are off the charts this year. Thank you Obama!
I also bought RGR at 18 before the 2008 election and keep adding...it keeps going up!
the way to beat the house of morgan is to simply buy physical.
In other news, this Judge will be moved on to future MFGlobal litigation.
well, if he's 89, it's more likely he's going to die and go to money heaven
Didn't the US Senate just call JPM a bunch of liars?
Absolutely +1
One day we will wake up to a similar situation that guns & ammo are in right now. There just won't be enough physical for sale at the manipulated price. Scarcity will drive PREMIUMS up very high, even if metals continue to be manipulated. Enough people will wake up to the global financial situation. The more PMs you buy, the sooner this scenario draws near.
The pope is a Silver bug, he has a Silver Cross and his new ring is silver gold plated.
At least the Vatican knows one or two things about real long term value.
Being a Jesuit and always close to the poor, he knows what his the poor man´s gold.
what cameras do these guys play to..
sheep that dont know anything, about anything...
"O" hedgers that are aware without an effective legal path to take action...
incompetent congress personal that read headlines...
or just to put the results in the record books to set precedence....
If you understand the law at all the key word in the judge's decission was "intention".
They could not prove "intent" ........ which in most cases is almost impossible to prove.
The judge acknowledged JPM's "ability" to fix pricing, but the plantifs could not prove it was JPM's "intent" to do so.
Couldn't prove intent because everyone with actual knowledge of that intent is surely holed up in their comfy condo peering out the window wondering if Tony or Sal or Frankie might be waiting outside for them if they sing.
As always, plausible deniability wins the day.
Maybe not senile, but certainly unable to understand the evidence.
the lawyer for the plaintiff most likely did not understand the evidence either and was unable to make it clear in court. it's not the judge's fault. it is presumed that a judge knows nothing about anything ecxept the law in order to prevent bias that his knowledge would bring into the matter
Champion Comment Thread Award! +1 Megadecazillion!
Hey Judge, silver should be trading for about $100/oz. Rule in our favor and we'll back up a truck of it to your house. Rule against us and you go in the truck.
I am shocked. SHOCKED!
Where has the rule of law gone in this country?!
Oh wait, I'm in the US.
/nvm
dialing boris
availible to go to jersy?
F boris. Bring in the drones.
Well I feel better. I always thought JPM was an evil scumbag corporation. Obviously I was in the wrong. I apologize Mr. Dimon for all the bad things I've said about you and yours. Perhaps we can do dinner one of these nights?
The judge was obviously pleased with his new mansion, car and wardrobe. The separate mother-in-law apartment was an added bonus.
Also, that his grandchildren were going to be returned unmaimed.
Time for our 8:30 AM takedown in gold....No conspiracy there.
is that a trick question Plad?
frack JP Morgan!
better drone them!
Not a surprising outcome for JPM. What would have been surprising is if there was an actual investigation into their antics.
Weren't they at one point Naked Shorting an amount that was 1500 times the amount of Silver in existence? Move along folks nothing to see here.
Thanks Obomber!
Was this a story in the Onion ?"
No, it was too ludicrous for the Onion.
I wonder if flashing Presidential cufflinks gets you out of traffic tickets and jury duty too...
I wonder if it gets you out of the court of appeals?
So many tempests....so few teapots..
There is no manipulation. Precious metals are a large bubble that has burst. Despite the dead cat rebound on Monday, gold and silver have gone back to their journey to ZERO.
Jesus, isn't a bit early to be sucking on that glass dick ?
What I have said is a fact. Silver can't even stay above $29. Experts like Izabella Kaminska of FT Alphaville and also Nouriel Roubini all share this view that gold and silver are a huge bubble.
what do you really think?
some here think for themselves...
gold and silver have gone back to their journey to ZERO.
Sure you're not thinking about AAPL?
Oh yeah, they're a bubble all right. But not the stock market. No No No sir, that's pure awesomeness right there. DOW 36,000 bazzitchez!!
You know....you are correct.
But, the question is, is silver and gold more of a bubble than USD or any other world manipulated currency? If we had sound currency policy around the world then silver and gold would not be at the prices they have been for the past 5 years.
No ask yourself, which bubble would you rather be positioned in?
I thought so!
You brown-nosing dumbass. Who do you wear the butt-plug for, Jamie Crimon?
The problem is gold and silver are not going up/down. They are inanimate objects that provide no ROI. Yup, just checked. My silver, etc. is still in their drawer refusing to multiply. What does fluxuate is that OTHER commodity - fiat currency, and the desire for unencumbered assets. The (small) pile of cash in that same drawer on the other hands purchases less food and fuel then it did a year ago, and is therefore decreasing. Fuck paper investments and the horse they rode in on. MF Golbal, GM bondholders, every politician in charge since I've been alive have all taught me that expedience wins out over rule of law, morals, and common decency every time - unless you are in the club of course.
See, unincumbered assets (like gold and silver) are dwindling (YoY production decreases/20ish yrs of mine supply, etc), and falling into stronger and stronger hands as time goes on. Fiat currency is increasing by billions per month, soon to be trillions (exponential functions and debt based money FTMFW), so is not an unencumbered asset. Smart people trade encumbered assets for unencumbered ones, expecially one that is increaseing in rarity daily.
Roll the dice and good luck.