These bastards have balls!!!

[Awoke]

Even after being exposed, the manipulation continues?!?!

[Neuro]

Yep!

Gold cartel-----> :CS<------ Silver bug happy for exposing the criminals

[mamboni]

Are you really that surprised? These bastards are as arrogant as they are dishonest and corrupt. Thye know that the CFTC is a paper tiger.

[Awoke]

I know, I know.

But you know what, Mamboni? I actually am surprised. I thought after the insiders coming forward and the buzz it generated, the manipulation would be over and silver would hit the moon.

Wishful thinking.

[cedarchopper]

If 'they' can collapse silver from $21 to $8 like they did 2 years ago, I'll agree they are completely unconcerned about any disclosures whatsoever...no matter the criminality or corruption involved, but this little down action right now isn't a fullblown smackdown...yet.

[sunnyandseventy]

I'm not the least but surprised. They are showing that they control it and even exposure can't change that.

[the white rabbit]

It is timed plain and simple. The money changes hands on the 50% fibs lines. Look at gold yesterday a run from 1137 to 1160. 1160- 1137=23;23/2=11.50; 1160-12=1148.Read Armstrong and Sinclair

[TylerDurden]

I know, I know.

But you know what, Mamboni? I actually am surprised. I thought after the insiders coming forward and the buzz it generated, the manipulation would be over and silver would hit the moon.

Wishful thinking.


Yeah, but it seems like the "buzz" didn't really hit the mainstream. Sure, folks like us have heard about it and understand the implications, but the average person probably still doesn't have a clue about this stuff and even if they knew about, they probably wouldn't care.

[gunDriller]

I know, I know.

But you know what, Mamboni? I actually am surprised. I thought after the insiders coming forward and the buzz it generated, the manipulation would be over and silver would hit the moon.

Wishful thinking.


Yeah, but it seems like the "buzz" didn't really hit the mainstream. Sure, folks like us have heard about it and understand the implications, but the average person probably still doesn't have a clue about this stuff and even if they knew about, they probably wouldn't care.


but what about the average metal investor ?

i would think a metal trader would have to be a real goof-off not to be aware of, for example, some of the things Andrew Maguire talked about.

even if they're not a member of the JPMorgan/HSBC club, just watching the price of silver drop 5% in one day with their own money on the line.

that's got to be educational. especially when it happens a few times a week.

i talked to one of the guys at the gym about it, who's really into conventional investments. he said his mutual fund had some silver or gold ETF holdings. i emailed him the articles at Zero Hedge & the King World webcasts about 2 weeks ago, before the interview with GATA Founder Bill Murphy ~
http://www.iamthewitness.com/audio/Bill.Murphy/TFC.SMITH.RAFEEQ.BILL.MURPHY.GATA%2003-04-2010.mp3

anyway, he didn't seem at all concerned about his paper holdings.

i think the general public prefers to believe that guys like Madoff & companies like Enron are the exception. to contemplate that such criminal behavior could actually be the rule rather than the exception involves more cognitive pain than many people are willing to endure. so they adjust their beliefs accordingly, even if it involves not believing their own eyes - or listening to their own ears.

[Neuro]

True that gundriller, the abnegation of truth is an amazing capacity among most. They see and hear what they want to hear...

[gunDriller]

True that gundriller, the abnegation of truth is an amazing capacity among most. They see and hear what they want to hear...


abne-what ?

http://www.merriam-webster.com/dictionary/abnegation

somewhere among all the ads is a definition.

[Neuro]

True that gundriller, the abnegation of truth is an amazing capacity among most. They see and hear what they want to hear...


abne-what ?

http://www.merriam-webster.com/dictionary/abnegation

somewhere among all the ads is a definition.
Woo-hoo I used the right word![slapsmyselfintheass] ;D

[Phil_Schnieder]

abnegate; to give up (rights, claims, etc) :renounce

[mamboni]

ADDITIONAL STATEMENT BY BILL MURPHY, CHAIRMAN OF THE GOLD ANTI-TRUST ACTION COMMITTEE

HEARINGS ON THE METALS MARKETS, MARCH 25, 2010

On March 23, 2010 GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Mr. Maguire, formerly of Goldman Sachs, is a metals trader in London. He has been told first hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets and they bragged how they make money doing so.

In November 2009 he contacted the CFTC enforcement division to report this criminal activity. He described in detail the way in which JPM signals to the market its intention to take down the precious metals<. Traders recognize these signals and make money shorting the metals along side JPM. He explained how there are routine market manipulations at the time of option expiry, Non-farm payroll data releases, and Comex contract rollover as well as other ad hoc events.

On February 3 he gave two days advance warning by email to Mr Eliud Ramirez, a senior investigator of the Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. Then on February 5 as it played out exactly as predicted further emails were sent to Mr. Ramirez in real time while the manipulation was in progress.

It would not be possible to predict such a market move in advance unless the market was manipulated.

In an email on that day Mr. Maguire said "It is 'common knowledge' here in London amongst the metals traders it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC allowing by your own definition an illegal concentrated and manipulative position to continue"

Expiry of the COMEX APRIL call options is today. There was large open interest in strikes from $1100 to $1150 in gold. As always happens month after month HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted in advance by GATA the manipulation started on March 19th when gold was trading at $1126. By last night it traded at $1085.

This is how much the gold cartel fears the enforcement division. They thumb their noses at you because in over a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM’s cocky and arrogant traders in London are able to brag that they manipulate the market.

It is an outrage and we are making available the emails from our whistleblower, Andrew Maguire available to the Press wherein he warns in advance of a manipulative event.

Additionally Mr. Maguire informed us that he has taped recordings of his telephone communications with the CFTC for which we are taking the appropriate legal steps to acquire.

-END-

From: Andrew Maguire
Sent: Tuesday, January 26, 2010 12:51 PM
To: Ramirez, Eliud [CFTC]
Cc: Chilton, Bart [CFTC]
Subject: Silver today

Dear Mr. Ramirez:

I thought you might be interested in looking into the silver trading today. It was a good example of how a single seller, when they hold such a concentrated position in the very small silver market, can instigate a selloff at will.

(Note: This is the "Dr. Evil" trading strategy that got Citi rebuked and fined in the Euro Bond markets, and also got Enron into trouble in the energy markets. - Jesse)

These events trade to a regular pattern and we see orchestrated selling occur 100% of the time at options expiry, contract rollover, non-farm payrolls (no matter if the news is bullish or bearish), and in a lesser way at the daily silver fix. I have attached a small presentation to illustrate some of these events. I have included gold, as the same traders to a lesser extent hold a controlling position there too....

I brought to your attention during our meeting how we traders look for the "signals" they (JPMorgan) send just prior to a big move. I saw the first signals early in Asia in thin volume. As traders we profited from this information but that is not the point as I do not like to operate in a rigged market and what is in reality a crime in progress.

As an example, if you look at the trades just before the pit open today you will see around 1,500 contracts sell all at once where the bids were tiny by comparison in the fives and tens. This has the immediate effect of gaining $2,500 per contract on the short positions against the long holders, who lost that in moments and likely were stopped out. Perhaps look for yourselves into who was behind the trades at that time and note that within that 10-minute period 2,800 contracts hit all the bids to overcome them. This is hardly how a normal trader gets the best price when selling a commodity. Note silver instigated a rapid move lower in both precious metals.

This kind of trading can occur only when a market is being controlled by a single trading entity.

I have a lot of captured data illustrating just about every price takedown since JPMorgan took over the Bear Stearns short silver position.

I am sure you are in a better position to look into the exact details.

It is my wish just to bring more information to your attention to assist you in putting a stop to this criminal activity.

Kind regards,
Andrew Maguire

[Cebu_4_2]

You can't even make this stuff up.

[SeekYeFirst]

Thx for posting it here, Mamboni. So does this mean others will short on the same signal? Will they change their signal? At least Maquire says they have less effect on gold.

[Awoke]

It certainly would be nice to know when they are about to force the market down, the bastards.

[Awoke]

The exposure continues with another awesome Kings World News broadcast.

[1970 Silver Art]

They do not care but when the long term fundamentals of the U.S. $ further deteriorate, then it will not matter what they attempt to do to the prices of gold and silver because they will lose the war when the U.S. $ completely collapses.

[Book]

True that gundriller, the abnegation of truth is an amazing capacity among most. They see and hear what they want to hear...


http://static.seekingalpha.com/uploads/2009/2/27/saupload_jim_cramer.jpg

Financial reporters will break this alarming news story within 30-minutes. Let's tune in now...

:oo-->

[Nomen luni]

The reason 'these bastards' have balls is that they are not isolated, and they have attained such a level of global control that they don't have to bother too much about hiding their actions these days. We are in the end game right now.

[Neuro]

These bastards now own the real gold, the rest of the world believes that their ETF, their gold fund or their future contract represents gold. Because they have sold a hundred times paper gold, they have suppressed the price of real gold, which they have bought for money that didn't cost them a thing. They have managed to keep the illusion going for so long because they own the press!

[Nomen luni]

They have managed to keep the illusion going for so long because they own the press!Absolutely, and not only that but I suspect the CFTC, GATA (or at least the positions of power in those organisations), and a large portion of the politicians in DC. Those who speak out and are in a position to be taken seriously are co-opted by any means possible, bribery, intimidation, blackmail.. or else they are discredited or 'removed'. The scale of the thing is titanic, which may be a pun given the inevitable effect on the economy.

[hoarder]

http://www.youtube.com/watch?v=6ugQO0k-10k&annotation_id=annotation_970446&feature=iv

Again I want to emphasize that THE motive behind metals manipulation (PM price suppression) is to make fiat look good.

[Horn]

Re: These bastards have balls!!!

Yes, but my bottom is firmer than theirs!!! :whistle

[peachesinfla]

Re: These bastards have balls!!!

Yes, but my bottom is firmer than theirs!!! :whistle


Of course it is Horn.