From GoldSilver.com:
Silver price manipulation and gold manipulation has been alleged through out this bull market. This premise has been one of many reasons why gold and silver advocates have urged the public to accumulate precious metals.
The story begins on September 29, 2008 when the Wall St Journal reported that the CFTC would begin investigating allegations that 2 big banks had been controlling a large part of silver’s short positions-or bets that prices will decline-on the COMEX.
Since then the CFTC has issued press releases every now and then confirming that the investigation is ongoing. Click here for latest release. The CFTC has been reluctant to give a final ruling. This has only added fuel to the fire of speculation of some sort of conspiracy.
The silver manipulation story gets weirder. A London based precious metals trader by the name of Andrew Maguire became a whistle blower who revealed via an interview with GATA in April 2010 that silver manipulation does exist, confirmed JP Morgan Chase and HSBC as the main culprits and went so far as providing the SEC the algorithm used to suppress the price of silver based on the movement of gold. For three straight days his algorithm correctly and precisely tracked the price. The SEC should have had all they needed. That was the “smoking gun”. No charges were nor have been brought forth.
Andrew Maguire is quoted as saying, "JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses (on their short positions) by the Fed and/or the U.S. taxpayer."
Maguire was even involved in a freak hit and run accident the day after his name was revealed at a CFTC hearing. Maguire of course believed it was an attempt on his life. It’s hard to argue especially when the authorities have refused to name the assailant and file charges against the assailant after having apprehended him and helicopter cameras watching the whole scene unfold from above!
But all this doesn’t matter anymore. Or at least it shouldn’t. While investigating the specifics on the bill advancing gold and silver as legal tender in the State of South Carolina’s website, we came across a study that was conducted by South Carolina’s State treasurer. The study was intended to provide state officials with advise on whether or not the State should invest State Pension funds in gold and silver. But what the document revealed was much more than that.
The state document acknowledged collusion between the Federal Reserve, the London Bullion Market Association, JP Morgan Chase and HSBC have engaged in artificial price suppression of gold and silver prices through massive naked short positions.
Take advantage of under priced gold. Open your free gold account today here.
Silver price manipulation and gold manipulation has been alleged through out this bull market. This premise has been one of many reasons why gold and silver advocates have urged the public to accumulate precious metals.
The story begins on September 29, 2008 when the Wall St Journal reported that the CFTC would begin investigating allegations that 2 big banks had been controlling a large part of silver’s short positions-or bets that prices will decline-on the COMEX.
Since then the CFTC has issued press releases every now and then confirming that the investigation is ongoing. Click here for latest release. The CFTC has been reluctant to give a final ruling. This has only added fuel to the fire of speculation of some sort of conspiracy.
The silver manipulation story gets weirder. A London based precious metals trader by the name of Andrew Maguire became a whistle blower who revealed via an interview with GATA in April 2010 that silver manipulation does exist, confirmed JP Morgan Chase and HSBC as the main culprits and went so far as providing the SEC the algorithm used to suppress the price of silver based on the movement of gold. For three straight days his algorithm correctly and precisely tracked the price. The SEC should have had all they needed. That was the “smoking gun”. No charges were nor have been brought forth.
Andrew Maguire is quoted as saying, "JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses (on their short positions) by the Fed and/or the U.S. taxpayer."
Maguire was even involved in a freak hit and run accident the day after his name was revealed at a CFTC hearing. Maguire of course believed it was an attempt on his life. It’s hard to argue especially when the authorities have refused to name the assailant and file charges against the assailant after having apprehended him and helicopter cameras watching the whole scene unfold from above!
But all this doesn’t matter anymore. Or at least it shouldn’t. While investigating the specifics on the bill advancing gold and silver as legal tender in the State of South Carolina’s website, we came across a study that was conducted by South Carolina’s State treasurer. The study was intended to provide state officials with advise on whether or not the State should invest State Pension funds in gold and silver. But what the document revealed was much more than that.
The state document acknowledged collusion between the Federal Reserve, the London Bullion Market Association, JP Morgan Chase and HSBC have engaged in artificial price suppression of gold and silver prices through massive naked short positions.
Take advantage of under priced gold. Open your free gold account today here.
The gold prices being manipulated should be a big issue. They should they it seriously.
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