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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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So if the market is being manipulated and the price surpressed, go long and wait or maybe go long silver miners. If you are buying on margin, you're just another speculator, not an investor, and have to take your chances.
The part of the claim that I read was about guys who were short on put options getting caught in a short squeeze. Anyone playing that game is not an investor and should know enough to keep his head up and his eyes open.
ya... THE PEOPLE THAT BOUGHT IN AT $5O.00 WILL REALLY BE THANKING JPM...!!! not....
No one bought at 50! sure the MAx keiser crowed were buying right up through the 40s...but even those dunderheads should be thankfull for the chance to accumulate much more at a cheaper price - with about 4 more paychecks...
They have 40% of americans by the short ones via food stamps as well.
http://dailybail.com/home/jp-morgans-food-stamp-monopoly-the-more-americans-that-fall.html
While I accept ZH's bearish view of the outcome of this lawsuit, I would like to see ZH be more optimistic regarding said outcome. This could be the game-changer in front of the PAGE market making a significant impact. This could literally crush JPM and HSBC. If this turns out to be a non-factor, then it will mean the criminals win again. I, for one, am sick of the criminals always winning. They need to lose. They need to be held up to the letter of the law. They should be put in front of a firing squad, as the Constitution calls for, for their treasonous acts, period. At the very least, they should all be hung.
Kiss your silver hinnie goodbye....sell while you can. Mexico is gearing up its silver mines and so are other South American countries. Second, with the economic downturn, so does the downturn in need for silver come about....There is so much silver floating about that this current prices Are only manipulated (if they are) because silver is ridiculously high compared to what it should be...those who argue that silver is "used up" in electronics are ridiculous. ALL of that silver is ferociously recycled and brought back into the system.
And why doesn't anyone answer this question no matter how many times its asked? Where is all the silver and gold that has been mined for the last thirty years when no one was interested? That's a heck of a lot of silver and gold that is "missing" from the market...just saying...
you need to do some more research on the cost of mining and recycling silver. your argument is based on some facts that you have yet to investigate (obviously).
History does not favor justice for such matters--let alone anything beyond meager and trivial acknowledgement. While encouraging, tis merely naive bereaving in chains. During the interm, I shall continue accumulating my glorious mounds of lustrous metals whilst awaiting the day of fiat reckoning. I trust my fellows here are behaving likewise.