Gold Anti-Tust Action Committee (GATA) Reported:
Andrew Maguire: CFTC has had metals market rigging documents for a year
“”London metals trader Andrew Maguire today tells King World News that two JPMorganChase employees a year ago provided the U.S. Commodity Futures Trading Commission with documentation of the bank’s manipulation of the gold and silver markets but the CFTC appears to have buried it.
The documentation, Maguire says, is also in the possession of a law firm specializing in the representation of whistleblowers.
Of course if the CFTC is indeed sitting on such documentation of market rigging, it would support suspicions that JPMorganChase has been telling the truth when it has said that it has traded the monetary metals only for “clients” and that these clients are U.S. government agencies specifically authorized to rig markets secretly, like the Treasury Department’s Exchange Stabilization Fund —
— which, according to statute, “may deal in gold, foreign exchange, and other instruments of credit and securities” — that is, agencies authorized to deal secretly in everything.
An excerpt from Maguire’s interview is posted at the King World News blog here:
- Morgan Whistleblowers Confess Bank Manipulates Gold & Silver!
In a stunning development, two JP Morgan whistleblowers have confessed that the bank manipulates the gold and silver markets.
This is truly a shocking admission by the courageous JP Morgan whistleblowers.
In a blockbuster King World News interview, London metals trader Andrew Maguire told KWN that the two JP Morgan employees came directly to him with hard evidence that the bank was actively manipulating the gold and silver markets.
This is a truly catastrophic event for JP Morgan, which up to now has denied manipulating these markets.
Below Maguire takes KWN readers around the world on a trip down the rabbit hole as he discusses how he led the two JP Morgan employees to turn over the evidence to a law firm which specializes in high profile whistleblowers, and also to the CFTC.
According to Maguire, the CFTC has virtually buried this information.
Is this a cover up, or the next LIBOR scandal about to be exposed?
Below is what Maguire had to say in this blockbuster interview.
Maguire: “You recall our King World News interview in March, 2010, which was directly after the public CFTC Commission Meeting … And as you know, at the last minute I was suddenly uninvited to that meeting.
But luckily we had one commissioner … who was willing to provide a forum for my evidence to be submitted…
Thanks to King World News for taking up this story, this news went mainstream.
But most importantly, Eric, it caught the attention of some serious Eastern hemisphere buyers who moved in (to these markets) from the sidelines.
They were buying it (gold and silver) aggressively.
Now, in this case the bullion banks were exposed to be naked short (gold and silver in 2010).”Eric King: “Andrew, I don’t have to tell you that the price of gold and silver exploded after that (March, 2010 King World News interview) interview.”Maguire: “Absolutely.
And I’m going to go into that in a minute, Eric, because it is quite astounding what happened after that. A lot of people are really concerned about the upcoming 5-year anniversary, and the possibility of the statute of limitations bringing this all-important (CFTC) investigation to a close this month.Very recently Commissioner Chilton assured me, and I’m going to quote him exactly, “I can’t appropriately express my frustration and disappointment with how we’ve handled the silver investigation….
MORE Key Bullet Points:
- Egon von Greyerz: Today’s report of confession of JPM’s rigging moved gold Markets
- MineWeb’s Lawrence Williams remarks today about how obvious gold price suppression has become.
It involves, he writes, “the unloading of a lot of gold contracts in a very short time at a time of day when there is normally little or no activity in the markets, and no news story being released that might have precipitated such a dramatic shift. This has happened for both of the past two days, and we can probably expect more of the same. This is manipulation pure and simple. It’s not a logical pattern for any dealer to follow to generate maximum value for their sales, although arguably those holding big short positions would find the moves more than satisfactory.”