Another Lawsuit Filed Against JP Morgan For Silver Price Manipulation

Tyler Durden's picture

It has been a while since JP Morgan has been sued for silver manipulation. Well, that changed on September 12, after JPM was served with its most recent lawsuit alleging silver manipulation, which we have no doubt will promptly move from JPM's Inbox straight to the trash can. Since this is a class action, virtually everyone who has ever traded silver and lost on the trade appears to be on the list of plaintiffs (we jest, although the list of impaired parties a through x is rather, well, dillutive of the purpose). It is unfortunate that the John Doe defendants are not named as the general media will merely see this as just another lawsuit which serves simply to remind us that the CFTC still has to investigate any of the allegations against JPM and HSBC for silver manipulation. And while a lot of the content in the filing is regurgitated filler, it does provide some suggested details (with price/volume - probably a first in a legal filing) on JPM's specific manipulation techniques, which makes for some engaging reading. There is substantially more, which at time reads like a diary of a conspiracy nutjob, and unfortunately that is how the conflicted legal system will see it. Because after all it is the CFTC's dute to monitor its member firms, and as long as the regulator is one of the alleged manipulators, nothing will change. That said, we certainly wish the plaintiffs lots of luck to at least get their case heard. That said, and going beyond the purvey of this lawsuit, we ask ourselves: why all the endless sound and fury over this purported ongoing price manipulation. Surely, the plaintiffs are smart enough to realize that every market intervention (such as the alleged JPM silver manipulation) always ends with price discovery in the end, i.e., silver, gold, spam, what have you, reaching its fair value. As such, should the litigants not be thanking JPM for allowing them to buy silver at lower than fair value prices? We wonder...

Full filing below.


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nope-1004's picture

Corruption.  Manipulation.  Theft.  Scandal.  JPM.

All in the same breathe.

fuu's picture

Silver:JPM 1.2269 a little tighter than last week.

gmrpeabody's picture

Silver eagle bitchez..

X.inf.capt's picture

and i bought, what figured, was the last batch of pre-65 dimes im going to need yesterday....


spiral_eyes's picture

Tyler makes a fantastic point. Once this silver tsunami rises to a fair value plateau ($300? $500? $2000?), investors like us should be thanking Blythe for letting us buy it so cheap.

Blythe, bitchez. 

Al Gorerhythm's picture

That's exactly what I thought I was doing when I bought 3 contracts for delivery @ $20 spot only to have a massive margin call @ at $8.50. Ouch. You can imagine that I forgot to thank the sell side manipulators for the cheap prices. I got out of that arena quick smart and went straight to physical. Got my physical at a premium to spot, plus the margin call losses, but have my 5+ contracts worth at a tripple bagger and sleep well., no thanks to Blythe et al.

Np, he doesn't have a point.

malikai's picture

If you had been more patient, you could have taken delivery at $8.50.

Timing is everything.

Al Gorerhythm's picture

And if the fox hadn't stopped to smell his shit, he would have beaten the turtle to the finish line. The point is, the bastards used unbacked sell dockets to beat the price down to skim long's accounts. They have nothing in the game and use the CFTC skirts to cover up their manipulation. I have watched the action from the safety of the physical sidelines only to see them use their other Orwellian tools to control the outcome over fair trades. Patience my ass. More like crystal ball.

WmMcK's picture

I like the part when the rabbit ate the  sour grapes, too.

Bastiat's picture

You laugh last, Al.  Congratulations.

Al Gorerhythm's picture



No, he doesn't have a point.

Why all the sound and fury, Tyler? For the same reason that you present this blog. Corruption, no matter where it resides, deserves outting and justice. I would have thought even you whould have acknowledged that. Just because you get to take advantage of the corruption, doesn't make it any less revolting. That's akin to not having any qualms about the corruption of the housing market robo signing, etc, ad nauseum.. Hey, the price of homes are 10 cents in the dollar. What an opportunity! Thank heavens for those market fluctuations. BUY!


malikai's picture

Listen to a bit of Friedman in the 70s. You'll understand.

Al Gorerhythm's picture

I understand already. I got ripped.

thesapein's picture

I agree with you on this one.

Tyler is sounding like Rick Rule, calling it a sale, and why not like a sale on what you want, however, that's just self-justification for one's own position and hindsight and completely ignoring those who got burned.

I'd add, too, to all those who think it only hurts those trading in futures, don't kid yourselves; the phyical market is not just holders. You're forgetting about mining, mining stocks, and the whole supply side margins, yo!

Kind of cold even for fightclub.

Chaffinch's picture

Yep. - and who wants a firesale just after he's loaded up with all he wants / can afford.

thesapein's picture

And that's why he's evil.

MillionDollarBonus_'s picture

If the gold bugs had just bought US treasuries as a safe-haven asset like NORMAL investors, they would have more consistent profits and an INCOME. Instead they constantly get wipsawed in the volatile precious metals markets and then blame JPM as a cover for their amateur trading. JP Morgan traders got to the top because they are smart, and they simply know how to fleece the novices by leveraging their hard-earned cash.

nope-1004's picture

Yes, I totally blame JPM for me being up 38% since November.

Damn you JPM!  How dare you make me wealthy while you engage in corruption.



MillionDollarBonus_'s picture

There are always exceptions. I take my hat off to you. Maybe one day you'll join the pros at Goldman and JP.

Transformer's picture

You are so right.  I wish I had bought Treasuries instead.  So, If I had bought Treasuries in 2009, how much more would I have made than with that stupid silver stuff?

Troll Magnet's picture

It's not too late, Transformer.  Send me all your physical silver and I'll send you some paper.  Let's get this done!

Al Gorerhythm's picture

Just like all those unsophisticated buyers of sub-prime mortgage bonds, and Greek debt and LBMA gold,right?

fxrxexexdxoxmx's picture

MBD you are best. You just kill me. I can not count how many times I laughed and blew soda out of nose after reading your posts. Thanks. ... note to self.. stop drinking soda when reading MDB's comments....

Pladizow's picture

P.A.G.E will take care of this!


Thomas's picture

The BAH crowd (buy and hold) loses nothing over time. The traders may have a case.

Gold and silver bug for 12 years....

trav7777's picture

put silverbugz pumpers in that same sentence

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Trav, when in the hell are you going to start that personal exercise program I have been advising for you!?

Dr. Richard Head's picture

His doctor has adivsed him not to get involved in an excercise program until his neck heals from his latest attempt to suck his own cock.  It's a shame.

Robot Traders Mom's picture

I really hope someone creates the handle trav's mom

Pladizow's picture

Who would degrade them self in such a manner?

Booyaa, the elusive two-in-one insult!

Subtly against Robo-Mom for his lack of self respect and obviously against the fucktard Trav777.

MsCreant's picture

I still say Robot Tader's Mom is comedy gold, and for its class, cannot be topped. If you are in it for the laughs, it's fucking funny, every damn time.

Al Gorerhythm's picture

Confirmed by your posts. When are you going to have that operastion? That penis attached to your forehead gets bigger each time you open your mouth. There has to be a correlation there somehow.

gbomber's picture

Have you seen sugar today?

GeneMarchbanks's picture

Fair value, eh? So around 400 I take it?

HSBC is at least as responsible if not more so.

Gecko Junior's picture

I'm a subscriber to Ted Butler Research.  Let me save you all the money:

Silver is being manipulated. 

That's literally all he writes about, week after week. I'd like my $39 back so I can go buy a Silver Eagle with it. 

GeneMarchbanks's picture

Butler. Banana peel. Staircase. Soon.

Long-John-Silver's picture

I'd like my $39 back so I can go buy a Silver Eagle with it.


At this moment Apmex is listing Silver eagles for sell @ $45.55 each.

theMAXILOPEZpsycho's picture

premiums are crazy everywhere, nearly. I'm from the uk and don't want to pay VAT. I have some family in OZ so spent some time looking at dealers there - but premiums are INSANE!! I was better off just paying the VAT over here! I have most of mine with

Temporalist's picture

That may be true GJ but he's one of the first people that was saying it and he was one of the first to turn me onto PMs so if he ever made you money...well it was worth it then wasn't it?  Besides if you can get a ASE for $39 buy me a tube and I'll pay you back.

President Palin's picture

Couldn't happen to a nicer group of people.  Poor JPM.  Rot in hell.

Robot Traders Mom's picture

Hello Sarah. I also fucked Glen Rice, only more recently.