Another Lawsuit Filed Against JP Morgan For Silver Price Manipulation
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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Corruption. Manipulation. Theft. Scandal. JPM.
All in the same breathe.
Silver:JPM 1.2269 a little tighter than last week.
Silver eagle bitchez..
and i bought, what figured, was the last batch of pre-65 dimes im going to need yesterday....
THANK YOU, GOD!
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.
1916-D silver dimes!
http://online.wsj.com/article/SB1000142405311190392720457657263268957390...
http://www.reuters.com/article/2011/09/14/silver-pricefixing-lawsuit-idU...
They haven't been dropped. Read past the headline in the Reuters piece.
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.
If you had been more patient, you could have taken delivery at $8.50.
Timing is everything.
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.
I like the part when the rabbit ate the sour grapes, too.
You laugh last, Al. Congratulations.
Edit.
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!
Listen to a bit of Friedman in the 70s. You'll understand.
I understand already. I got ripped.
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.
Yep. - and who wants a firesale just after he's loaded up with all he wants / can afford.
And that's why he's evil.
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.
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.
LOL.
There are always exceptions. I take my hat off to you. Maybe one day you'll join the pros at Goldman and JP.
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?
It's not too late, Transformer. Send me all your physical silver and I'll send you some paper. Let's get this done!
Just like all those unsophisticated buyers of sub-prime mortgage bonds, and Greek debt and LBMA gold,right?
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....
P.A.G.E will take care of this!
The BAH crowd (buy and hold) loses nothing over time. The traders may have a case.
Gold and silver bug for 12 years....
put silverbugz pumpers in that same sentence
Hows' your paper, Trav?
Trav, when in the hell are you going to start that personal exercise program I have been advising for you!?
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.
I really hope someone creates the handle trav's mom
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.
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.
100% Hat's off to RT's Mom.
http://www.youtube.com/watch?v=I2YmfwRyWjg&feature=player_embedded
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.
Have you seen sugar today?
I'm right here, baby.
Fair value, eh? So around 400 I take it?
HSBC is at least as responsible if not more so.
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.
Butler. Banana peel. Staircase. Soon.
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.
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 goldmoney.com
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.
Couldn't happen to a nicer group of people. Poor JPM. Rot in hell.
Hello Sarah. I also fucked Glen Rice, only more recently.
Did you put a bag over head!?
I couldn't care less about Sarah as a politician but man, I'd do her in a hearteat. I bet she is one hell of a ride.
JP Morgan is just an entity.
The individuals behind the entity are the ones that need to named and punished severly (one way or another).
Actually, I would like to pull J. P. Morgan himself from the grave and hang his corpse!
They are, here : http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/16_Id...
Read the whole suit. It's a doozy. Demanded a jury trial. Plaintiff's do not have to settle.
Also, the tolling agreement with HSBC makes me think that HSBC will be called as a plaintiff's witness, they admit collusion => GUILTY.
Nadler here!! I can assure you JP Mourge is as pure as the driven snow! Just like my Gold forecast for the last 5+ years!! Nadler Out!!!
Damn you, Jon Nadler!
maybe as pure as 'yellow' snow!
Jamie told me that snow was lemon flavoured...
LOL - Good to hear you're well John, and thanks for the update. Where would we be without your sterling quality insights as to why the pms are overbought, not in a bull market, overpriced, etc....
Don't beat yourself up Jon! JPM is as pure as the driven "slush"!
Personally, I woud like to send a box of chocolates to Dimon and Blythe.
Might I suggest 'Whizzo' brand confectionaries? I understand they have a fine Quality Assortment...
http://www.youtube.com/watch?v=Dy6uLfermPU
Why is it that MP is /always/ appropriate? They covered pretty much everything, didn't they?
Let's make a deal...and happy anniversary!
The completely laughable action in all markets this week should be proof positive to anyone with half a brain that "markets" are, well, no longer.
This week has been obviously about "the deal" that was cut during the G-7 meeting of last weekend. Buy stocks and prop the equity markets, sell Gold and "show" the world it is not a safe haven. Hell, who needs a safe haven anyway? The world has been saved again for the 153rd time in the last 3 years. Yes, it has been exactly 3 years since Lehman Bros. was kicked to the curb thus detonating a CDS (credit default swap) chain reaction.
So here we are 3 years later like the song goes, "another 3 years older and $10 Trillion+++ deeper in debt. But no worries, EVERYTHING is under control...at least this week! Even Gordon Brown (the idiot who sold over half of Britain's Gold) says that the European banks are "grossly undercapitalized". What's next? Alan Greenspan comes out and says the U.S. banking system is insolvent? Almost every economic number that has come out in the last 2 months has been less than the already "weak expectations", yet here we are in "all is well land". I have news for you, it's not!
We wake up each morning where any news, any event, ANYTHING could be the tipping point where no matter how much "help" is unnofficialy given from the (official) government sector, the landslide becomes unstoppable. The entire western Anglo banking system in bankrupt. "We" can not be allowed to "know" this which is why I fully expect some type of "event" that The Powers that Be can point to. I fully expect to hear that "if it were not for (XYZ event) we could have turned it all around and have been fine"
Each "fix" that we have seen over the last 3 years has made the core problems worse. The point is that the core problems today are MULTIPLES of what they were leading into the "Lehman weekend". Back then the U.S. and European Treasuries and Central Banks had "room to move". They still had the ability to borrow massively and to print. They had the ability to ramp up borrowings which was done, they no longer have that luxury if the central banks are not there as lenders. In other words, the capital does not exist in the marketplace to satisfy more borrowings at ever exponentially higher levels. Now they only have the ability to print...period. THIS is your QE to infinity!
The systemic insolvency, the fraud, and the complicitness of governments to all of this etc. is about to come into full view for anyone and everyone to see. The problems currently in Europe are all about the lack of trust. This lack of trust will spread. It will spread to EVERYTHING paper. I believe that the collapse will be so far and so wide that "trust" will become so rare that only "real coins in hand" will spend.
Wimpy will no longer get his hamburgers and will go hungry until another system that is "trusted" comes about. It is now so obvious that this is game over. No matter how "warped" I try to make my viewpoint, I just cannot make the leap into current mass thought. I just do not understand how ANYONE can listen to Washington, Wall St., CNBC etc. and not see this for what it is. I guess you could call it "my bad".
www.lemetropolecafe.com
"Every day the bucket goes to the well. One day the bottom will drop out."
Eric Clapton - "Who Shot the Sheriff'.
.
Clapton covering Marley
Who will cover JP Morgan?
Unfortunately we all will.
I'll bring my own shovel.
The manipulators of gold prices know you are trying to time the obvious manipulations in gold and are therefore likely to give you a great day to lure you back into the water and crush you. We just saw a clear manipulation of gold prices, and now on opinions expiration day, we have a 2% rise which is slipping away as we approach the close. What do you think is likely next week? I think they are going to circle back and teach the paper traders a lesson. Next week smells like it's going to be a bad one, so they are going to take gold out prior to any developments that otherwise would have raised gold prices.
On the other hand, I missed the move. We'll see.
There is an old saying that in a bull market you sit tight and hold... what will be interesting is when all the top callers and smart traders "time" their profit taking in gold and the rocket blasts off... that will be very funny... Selling is easy... buying back will be the trick i think.
Many have sold already thinking that "everyone" was bullish and they were "contrarians" not realizing that only 1% is invested in PMs. There is so much room for higher PM prices it is surreal to think people don't get it yet.
"We wake up each morning where any news, any event, ANYTHING could be the tipping point where no matter how much "help" is unnofficialy given from the (official) government sector, the landslide becomes unstoppable."
Yes, every morning I have to check and see if we're still here. You too?
David, you wrote "No matter how "warped" I try to make my viewpoint, I just cannot make the leap into current mass thought. I just do not understand how ANYONE can listen to Washington, Wall St., CNBC etc. and not see this for what it is. I guess you could call it "my bad. "
If I had a silver dollar for every time I have had similar musings, I would truly be able to use fiat currency as toilet paper. With that said, I had a long discussion with several people who specialize in human behavior about this subject, and they explained it to me quite simply that aside from the obvious "sports center" and "jersey shore" watching crowd that would not understand even if it was spoken in elementary language straight from their favorite "pop culture hero", the rest of the population is simply so overwhelmed they don't have time to understand it. Now granted, you and I both look at it as "how can people not get it". But what these professionals explained to me is that most people (aside from the sheeple that only watch "sports center") are just so busy trying to put food on the table that they could not care less "why" we have a problem---they just want to clothe and feed their children. When I explain to these professionals "but this is exactly why we have the problem" since the sheeple don't get it, the reply is sure, and our "master" at the Fed are well aware of this fact. In fact, the Fed’s primary academic research department (a.k.a. Harvard Sociology and Harvard Psychology) put in many long hours figuring out ways to "adjust" our populations mindset to keep them in the dark and overwhelmed.
Put another way, the institutional fraud and deception is not just financial----it is institutional corruption in both financial and social sciences. The deception is very deliberate, and while it is obvious to most of us, the masses simply have so many more "immediate" needs that they cannot see the forest through the trees. From my perspective, this argument is akin to being upset about your dinner being burned up in a house fire which started on the stove while cooking the dinner. I am the type of person that would not be concerned with my dinner----I would feel my house was the bigger problem. However, as it pertains to most sheeple, they don't "get" that their house is burning down but instead are only concerned with where they will get a replacement for the meal that got burned.
Sound confusing? That is why it is difficult for us to understand why the sheeple don’t get it, but as these human behavior professionals explained to me, when you spend every waking hour just trying to survive, most people tend to forgo explanations of the root cause and instead just react. This fact of human nature has been well researched by the sociology department of the Federal Reserve (a.k.a. Harvard Marxist/fascist big government thugs) and they well understand how to manipulate the sheeple masses to keep them running on a wheel like a hungry hamster.
That's all I have for an explanation---people are too busy to care what the root cause is. I don't like that explanation and prefer to just say the sheeple of the U.S. are the most ignorant people in the history of mankind, but in fairness, it could well be that once you get into the vicious 'serf" mindset, it becomes self-fulfilling.
"That's all I have for an explanation---" And a damn good one it is.
Identities of JP Morgan Silver Manipulators Exposed
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/16_Id...
"Marcus Elias"
"Robert Gottlieb, Christopher Jordan and Michael Connolly"
"Marcus Elias"
"Robert Gottlieb, Christopher Jordan and Michael Connolly"
So I'll buy an Ag Eagle for each of them. Join me.
I've already agreed to send Blythe and Dimon chocolates. You can sort these guys out.
Nathan Johnson, typical bastard
Neidermeyer, dead man
Navin Johnson?
"Things are going to start happening to me now!"http://www.youtube.com/watch?v=kOTDn2A7hcY
Didn't Bart Chilton recently announce that he would make another public statement on Silver this month?
Yes. But how long has the "investigation" been "ongoing" anyway? Didn't he say that he'd say something months ago and then...nada. I don't think he's corrupt but someone has gotten to him either telling him to wait until there is more evidence or to not get in the way of these other litigations I'm not sure.
Perhaps it will all come to a head now?
I think it will be interesting to hear what he says. Considering in the past he basically admitted to fraud in the Silver market. What's he going to say to top that this time?
Thanks to Max Keiser, I have entered into some nice naked short options on JPM and as Silver rises, JPM will fall.
Let Robert know how you feel:
gottliebr@bloomberg.net
thanks timmy... generally, i don't like to send hate-emails, but somehow i feel a bit better now.
i got two words for robert, "general population".. let the other criminals dispense true justice.
Here's the greatest investment mystery of all time.
Anyone know the market cap of AAPL?
I bet if you look up Vanguard or Fidelity's position in that one stock alone.....
What would have happened if that same amount of money was piled into the COMEX to stand for delivery?
Why hasn't anyone done it yet?
Mind-boggling.
I guess people would rather own a bunch of $400 paper certificates than pallet loads of silver.
Dazed and confused so long it's not true......
It can be Infinity or it can be zero. AAPL after all is just another paper certificate. With Steve now retired the next product will be critical for Apples future. If it's not a huge hit AAPL could very well go down the crapper, really fast.