Wednesday, May 12, 2010

JP Morgan manipulating silver market

Anyone heard about the alleged manipulation of silver prices by JP Morgan? It's not a big story but the info is out there. Here's a quote from the article that pretty much sums up what I've suspected has been going on.

"The investigations were sparked by allegations made by metals trader Andrew Maguire, who the Post interview last month. “JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the U.S. dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the U.S. taxpayers,” said Maguire."

No evidence of wrongdoing will be found. This just confirms the theories out there of why precious metals prices don't have much rhyme or reason lately. They always seem to go down in the face of news that should send them soaring. Precious metals are thought by many people to be a barometer for the economy. When they go crazy it creates uncertainty and fear. As long as they're stable the experts can make the case that the economy is fine. JP Morgan isn't the only one doing this.

4 comments:

Conservative Scalawag said...

Ever since I got into silver, which was about a year ago. I've been reading about this,and it makes sense.

That there is less silver than gold, yet silver sells far less. The only answer, as you point out, manipulation of the silver market.

This is worst than what the Hunt brothers did back in early 80s.

The Urban Survivalist said...

I don't think that there's more silver than gold. This is only worse than when the hunt brothers did it because the government is helping and advocating for it this time.

chinasyndrome said...

I seen a quick little snippet on the news.Any of us who have watched silver and gold for years,know someone is manipulating the market.Now it's in who's interest to keep prices down.Don't wanna panic the sheep,do we?

China
III

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