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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.
ExiledOne,
That is one of the best, if not the best, well thought out line of reasoning that I have heard for buy-and-hold precious metals.
Thank you.
Have a golden day!
Kaminska was blogging from the coin shop.
Actually, eigenvalue is right. When the dollar goes to ZERO, then gold will be worth ZERO dollars, along with everything else.
Sneaky eigenvalue, thought you could trick us, huh?
Bubble Hash much?
With experts like that who needs a brain...
And who will mine it if it's by zero. You are a I*^*t
I think the 'journey to ZERO' refers to the fact that there will be no bullion to be found anywhere in any bank vault...
ZERO - the amount of gold the Germans can expect in 5 years.
What time does JPM office open? Your in early today.
Some banksters have no shame getting on their knees and performing cuckold cleanup. They rather enjoy it, in fact.
The sun never sets on the JP Morgue empire.
There are offices everywhere, even up his rectum.
Oh, look, a pair of wax lips up there too.
when was the last time gold and silver went to zero, retard?
This sounds very much like Ben Bernanke's "We’ve never had a decline in house prices on a nationwide basis."
Hey, the paper stuff is still good for wipping with so therefore it is not worth zero.
Spalding is that you?
It's Ben Bernanke
Atleast give yourself one up arrow. I feel sorry for you, but not sorry enough to give you one myself!
Respect to Dave
"Watching the price of silver drop from $19 in mid-July 2008 as the Lehman liquidation accelerated and bottoming out below $11 with Lehman’s mid-September bankruptcy set the stage for where we are today. If you ask Dave it looks clear enough that JP Morgan’s “Whale Trade” exposure IS the value of the baked in short exposure to the SLV at say $30, minus the $10 price where they got in on the Lehman event. Using a figure of $10 billion of Net Asset Value for the SLV at say $30 (for round numbers) would mean that JPM’s exposure is 2/3 of that value or $6.66 billion. How big are they saying now that the “Whale Loss” could be? $6 billion+… probably just a coincidence.
Has Dave found a smoking gun connection between CDX IG 9 and the SLV? No. Neither has anyone else to my knowledge. Please email me if you have a better explanation than Dave’s $6.66 billion SLV short exposure realized equating to the $6.66 billion “Whale loss.”"
http://tradewithdave.com/?p=15529
Lots of 666's there. Coincidence? Nah!!
Got to play the hand you are dealt. When silver December 2008 silver futures got pushed down to 8.43, but spot could not go below 8.80, I backed up the truck.
Priceless: "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."
Lesson? Cover your tracks and get away with it.
Thanks, thanks a lot!
Applying this lesson? Dispose the bodies in a manner that prevents them from ever being found. ;)
What was unsaid is that without JP Morgan and the others running the markets and managing price, there would be no markets. There is no remaining mechanism for a free market. It is all controlled.
Guess we will just have to wait for that "Tempest in a Teapot" Silver fuck up.
and in other news .....the Honorable Jon Corzine was cleared of any wrongdoing .....
Had better legal council than Madoff.
Madoff was just a small-time swindler who stole from some of the wrong people. Corzine is a much larger parasite that cleans up the waste of other large fish.
Madoff stole from the tribe, Corzine from the goyim.
this far from over - someone is plotting retribution...
glad i am an honest upstanding human.
sleep tight u scumbags-hehe
The verdict is actually that there should be no expectation of a free market and free market dynamics. Price manipulation for the benefit of the banks is an expected outcome from markets owned and operated by the banks.
The justice system in these United States in 2013 can be manipulated.
Where is the news in this story?
justice can only come post collapse. hangem the fuck high.
how long is it going to take you guys to get the message?
THEFT IS LEGAL NOW IN THE US IF YOU ARE A BIG BANK.
get over yourselves. Jamie's stealing has been legalized.
They just made it legal is Cyprus too.....
Judge Robert Patterson is a 89yo zombie. A zombie deciding on a zombie bank.
http://en.wikipedia.org/wiki/Robert_P._Patterson,_Jr.
He is also closely connected to the NY political establishment and Wall Street.
Most likely all judges and politicians have had their lives and the lives of their family threated. If they do not play the game and enjoy their position of privilege then they and the families will be of no other use to TPTB. Those in power are psychopaths and have no qualms about eliminating the little folks who might stand in their way.
Maybe that is why Tyler is now mainstream.
JP Morgan is richer than the plaintiffs - so JP Morgan is right. Just ask Jamie Dimon.
Imagine that a dirty judge?
Again, It is not a JUSTICE SYSTEM, It is a LEGAL SYSTEM. He who has the best lawyer and the dumbest judge wins. Period. End of story. Justice and happy endings are for for faery tails.
"Justice Department" , if you have enough money this Department is more than willing to depart with as much justice as you like.
I don't believe it's JPM doing the manipulation.........It's Benny at the FED!!!
Dimon doesn't like whats going on, but if he says anything the gubment will destroy their business. Look at GOOG stock a couple of years ago, GOOG owner tweeted something derogatory about this administration and his stock was down 50 points the next day. Then GOOG issues an appology, stock goes back up. Obummbler in chief is a bully/criminal/thief/liar/narcissistic/........ I could go on and on.
to differentiate between JPM and the FED, is like differentiating between the VP of sales and the CFO at xyz corp. Riddle me this: Who are the shareholders in that private banking cartel know as the Federal Reserve, mmmm?
Someone must know something. Where are the whistleblowers? Email me on troyouncesa (at) gmail.com.
http://www.gata.org/files/GATASilverClassActionDismissed-12-21-2012.pdf
The Plaintiffs needed a smoking gun, they didn't have enough (whistle-blower be damned). While we know TBTF's continue to usurp, ignore or have the laws changed, the opinion acknowledging the fact that JPM can actually move the market by themselves, nothing of significance will be done. Sure a fine here or there, but that's it, get used to it.
They own everything, including our own government, letter writing and harsh language and civil penalties do not matter in a system where you, the taxpayer, end up footing the bills anyways.
We are all being played, they don't fear us, they have no reason to.
The most obvious manipulations have been taking place before options expiries. I wonder why they couldn't prove that.
Evidence. The status quo for some time has been NOTHING gets written down unless it absolutely has to. They had no emails, letters, recordings, nothing to connect any outright manipulation outside something they could claim outside the normal course of business. Remember, these guys not only own the system, but they can afford the best legal representation on the planet. Our government sends some political lackey, or maybe a kid a few year removed out of law school going up against the best and seasoned litigators, it's a sad joke...on us.
Why on earth did they file in Manhattan, the kangaroo court? Any other jurisdiction and maybe a better result.
Holy shit, I'm still recovering from the absolute shock....SHOCK I TELL YOU....I experienced when reading this.
P.S. Fuck all you metastasizing parasitic slime-slurping gelatinous degenerate scumbag blood-sucking asshat bankster vermin. Fuck you all very much.
........ and Justice for All. Wake the fuck up people, and smell the treason.
Innocent, why of course they are. Who wants to play in a rigged game. Or maybe thats the whole intent of the message the court sent?
I would have put my whole retirement on this being the very outcome of this inquiry.
phewy
U.S. District Judge Robert Patterson given special tunnel tour of JPM/NYFED vaults. Parting gifts, and handshakes on the Judges upcoming retirement to Belize.
.... don't forget the reach around with "happy ending". Got any wet ones?
This is why he's richer than y'all
God's work bitches
if you make the "laws" complex and opaque, then interpretation and discretion are paramount..why do you think our laws are pages long? justice is not the goal, truth not at all..what is important is the right people are always protected and yet the semblance of justice is maintained..a closed system to the average american..if you seek justice it comes from the barrel of a gun, they want to own all of those as well.
People need to read Jim Sinclair on the Cyprus issue here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/19_Sinclair_-_Cyprus_Disaster_Is_Much_Bigger_Than_Being_Reported.html
Thanks for the link. How will the Russians retaliate? If anyone is looking for another reason to buy gold...read this article!
Oh yeah that reminds me : What is the going rate for judges these days?
I mean I gather JPM spent over $9 MILLION just on political lobbying but what would one "hypothetically" need for a judge?
Well that was quick. The CFTC really outdid themselves this time. Now they can get back to planning their 1,314th hearing on position limits.
What a joke of a captured regulator they are. The whole point of the investigation was clearly to make the non-decision official. It's theft, wrapped in a con, inside a scam.
this is the key element - "failed to show".
as most know, the truth is not important in trials. what is relevant is what you can or cannot prove in court. if you dont have the evidence and rely on discovery, you're fucked regardless how right you might be
Cleared of Conspiracy=Guilty as fuck. There is near zero trust in this system. In order for an all-fraud system to maintain itself the people have to be fucked into believing in it. That time is over.
I'm not surprised at all. 99% of the judges and politicians are bought and paid for.
A revolt against the US government is the ONLY way to change all this. These criminals have to be forcibly removed.
I would guess that implimenting the UN Gun Ban will cause that sort of reaction.
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.
So the fact is that they DID influence prices and that in and of itself is illegal Mr. Judge.
What's the difference between a judge and a catfish?
Ones a bottom dwelling scum sucker, the other is a fish.
So, the moral of the story is, if you can get away with it, it's OK.
But, don't you dare try to do what JPM does or you'll be suspended from trading pending a full investigation, which will be scheduled for initial hearings in the year 2024.
Presidential cufflinks FiSHeS.
Guess they shoulda saved all that money they spent on lawyers and just bought more silver....
This freaking Judge is 90 years old! He is no doubt feeble minded and easily influenced. The plaintifs should have demanded a change of venue to some place, any place outside New York. How many shares of Wall Street banks does this old fool own?
We're talking Ney York here folks. Manhattan.....W're all the currupt bankers are. We knew this would be the outcome.
People need to read Jim Sinclairs blog on Cypress here Also other comments
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/19_Sinclair_-_Cyprus_Disaster_Is_Much_Bigger_Than_Being_Reported.html
I don't mean to hijack the thread, but does anyone have a link to the leaked Blumenthal-Clinton memos?
The ONLY outlet even mentioning them is The Smoking Gun. Where are they?
I thought it was more than a bit curious that this alleged hacker went to all this trouble to disguise himself, and you can't blame him for that, but that all the individuals that were on the distribution list were in the political realm. No main steam media, no alternative media. Where is Anonymous?
No word on the content of the emails yet?
Thankfully, all these communications will soon be archived, accessed, filtered and manipulated for our own protection soon.
C'mon Utah!
What do they call the people who are not just stacking it, but using a forklift to load it? Loaders as opposed to stackers? Well, these folks are "loading" right along side of the rest of us "stacking". It will get really interesting when the worm turns because the "loaders" are probably somehow involved in price supression.
Sux.
It will be interesting to see just what happens when the Cypriot bank do re-open. The Russians are stuck between a rock and a hard place. If the rush in and pull even a significant portion of their deposits out the banks will collapse anyway and they're screwed. Even a gradual withdrawal process will be problematic. If thes Cypriot banks are as heavily loaded on Greek and other soverign debt paper unloading is going to be a non starter unless they go begging to the FED and the ECB to buy it on the sly. Dumping it onto the market will crash it and the interest rate will skyrocket. Well Teddy Roosevelt had his Great White Fleet that he sent to South America when countries there wanted to default. Putin has his Medditeranian Fleet close by off Syria already. He also has a shut off valve at Gazprom.
OF COURSE THEY WALKED, it's Jay-Pee MORGAN, fergawdsake.
You expected different ??? Fool, idiot, and head-in-the-sand asleep you are.
OK, silver - go back to bed like a good little ingot. We'll try and get you up later in the year.
BTFD ?
Doesn't change the reality of what they have going on. It is a whale of a trade!
Too big to fail has been adopted by the government, congress, and the court. May be they should consider to enshrine it to the level of constitution.
Comets have a way of killing off TBTF dinosaurs when they consume too much of the resources if starvation doesn't do most of them in first. Have faith it is coming one way or the other. You can't deny the inevitable only put it off for so long. Resources are not infinite and neither is the production. It is a simple relationship of directions and velocitys. You don't need a PHD to understand that.
I call Bullshit, what happens on Wall st., stays on Wall st.
If you want to keep your job and the easy money....
I just made my shocked face, notice how my facial expression didn't change.
Who thought they would blow the lid off all this and find JPM guilty?
<crickets>
This judge still on the bench at the puttering age of 89 means they have enough dirt in his files to make him eat shit and bark at the moon, if so required. A geriatric Pinocchio dancing on the strings of the banks.
Given JPM have driven the price down and given that the world's economic system is collapsing........we should, arguably, give JPM a pat on the back for granting silver buyers a great opportunity to obtain their PM's at deflated prices. So, Blythe, thank you very much!
Edit
P.s Blythe, just out of interest are you stackin' as well, by any chance?
They own the federal government, hence the courts.
No suprise here.
the hell with JP morgan
They own the court system too? Man, are we doomed or what....
funny little vignette about this particular US District Judge. can't see very well can he?
http://www.nydailynews.com/new-york/musician-suing-age-bias-88-year-old-...
In a New York Court?
and you are surprised?