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.
"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.
Comments
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.
China
III