Silver Price Manipulation - JPMorgan Traders Charged!
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Silver price manipulation has brought charges from Federal prosecutors against JPMorgan metal traders. Silver traders in the company allegedly made fake orders, effectively spoofing other parties and profiting at their expense.
The activity went on from 2008 to 2016, although the chief of the trading desk Michael Nowak left in 2009. He and two other silver traders face a RICO charge (Racketeer Influenced and Corrupt Organizations Act) used frequently against organised crime groups.
JPMorgan face more class-action lawsuits for illegally monopolising the silver futures market. The bank still owns half of the silver stored in public vaults and has continued buying since 2011.
The assumption is that this huge quantity, the largest in modern times, is a hedge against risks for the global economy. Based on the bank's Silver analysis, it expects the price of silver to rise as the current economic growth cycle approaches its end.
Current accusations from Silver market analysts are that the bank has been suppressing the price to buy low (for as long as possible) and sell high. All this comes while the FED lowered interest rates yesterday and fears of a coming recession continue to grow
The Silver price today was preoccupied with the rate cut but JPMorgan’s silver position could come under further scrutiny after these latest developments and the increased likelihood of more class-action lawsuits. Silver dropped after the rate cut but only to $17.5 and currently trades at $17.850.
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