WOOOT !!! - JP Morgan under investigation for SILVER MANIPULATION !!

[steveoc]

Pretty amazing news guys :

http://www.youtube.com/watch?v=0gQytWGF6A8

Any thoughts ?


Link to the King World News article :
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/5/1_Ted_Butler_on_the_Metals_Market.html

If this is REAL, then even if the investigation finds ... nothing .. just imagine what effect an investigation will have on the market price of silver anyway.

If the investigation finds ... manipulation .... then its silver to the moon baby !!

[DMac]

Thanks for the heads up!

[Plastic]

Thanks man! :o

[Defender]

If this is REAL, then even if the investigation finds ... nothing .. just imagine what effect an investigation will have on the market price of silver anyway.

If the investigation finds ... manipulation .... then its silver to the moon baby !!
You'd think. But with the weird, counter-intuitive way everything is acting lately, I wouldn't be surprised if people decided they didn't want anything to do with something so manipulated and just dump it.

[wildcard]

I wish I could go back and get my post from GIM1. It was something like:

Charges will not be brought, if charges are brought they will be dropped, if not dropped they will be acquitted, if they are found guilty then Obongo will pardon them.

All a show.

[Awoke]

I wish I could go back and get my post from GIM1. It was something like:

Charges will not be brought, if charges are brought they will be dropped, if not dropped they will be acquitted, if they are found guilty then Obongo will pardon them.

All a show.


As much as I hate to say it, you are likely correct.
From GATA:



Price suppression may end by itself, but not as fast

Submitted by cpowell on 11:35AM ET Saturday, May 1, 2010. Section: Daily Dispatches

2:49p ET Saturday, May 1, 2010

Dear Friend of GATA and Gold (and Silver):

Alerted by our friend F.R. to yesterday's GATA Dispatch decrying the abuse of financial letter writer Marc Faber by people urging support of GATA (http://www.gata.org/node/8592), Faber has sent GATA a brief statement acknowledging suppression of gold and silver prices:

"My position is very simple," Faber writes. "I am grateful that precious metal prices have been manipulated down, so it gave me and my readers the opportunity to buy gold and silver at artificially depressed prices for the last 10 years. Eventually, if GATA is right, prices will explode on the upside."

(For information about Faber's letter, the Gloom, Boom, & Doom Report, please visit http://www.gloomboomdoom.com.)

GATA's officers also are glad to have gotten into the precious metals many years ago. But some people carry their acknowledgement of precious metals price manipulation a little too far -- carry it to acceptance and even indifference if not approval.

GATA first may have run into such attitudes with financial letter writer Dennis Gartman (http://www.thegartmanletter.com), who, while not quite acknowledging gold and silver price manipulation then (he since has come a lot closer), advised some of GATA's officers during the Vancouver conference a few years ago to consider it just a great opportunity to make money.

Concurring with Gartman, the other day our friend Mike Maloney, a metals dealer and market analyst, remarked of the manipulation of the precious metals market, "Let them manipulate it as long as they can," because the longer the manipulation lasts, the higher metals prices will go when the free market defeats the manipulation:

http://goldsilver.com/newsletters/newsID/7901/

And this month Vedant Mimani and Pratik Sharma of Atyant Capital Partners in Boca Raton, Florida, (http://atyantcapital.com/) produced a long report concluding, on its last page:

"The gold market is a manipulated market. It has been since the beginning of governments. Accept this fact and learn how to trade the market instead of complaining about it."

You can find the Atyant Capital report here:

http://www.scribd.com/doc/30714154/Final-Why-George-Soros-and-John-Pauls...

GATA has a few problems with such attitudes.

First, time is money. The eventual establishment of free markets in the precious metals will be little consolation to those precious metals investors who don't live long enough to see it happen. Many such investors have died since the manipulation became especially heavy-handed around 1995. They were profoundly cheated and there can be no justice for them. Other precious metals investors may not live very long after the manipulation ends. Unless they can find a way to take their winnings with them, they will have been profoundly cheated too.

Second, while market forces may overwhelm the manipulation eventually, the end of the manipulation can be hastened by education and agitation. That is what GATA was chartered to undertake, not to sit around smugly and wait for supposed nature to take its course.

Third, while there is one great economic certainty -- that Western currencies will be substantially devalued, Western central banking having been invented precisely to devalue the currency -- there is also one great economic uncertainty -- how, upon that substantial devaluation, governments will treat the private ownership of the precious metals. Precious metals in possession may have no counterparty risk, but they never will be able to escape political risk. Confiscation or disproportionate new capital gains taxes could take a lot of the fun out of owning them and mining shares, and even precious metals investors who still have long lives ahead of them when the price suppression ends could find themselves cheated of the rewards that were due to them years earlier while the suppression and different rules of ownership were still in force.

And fourth, regardless of everything else, the manipulation of precious metals prices is a cosmic deception and fraud, and the great enabler of all sorts of vast evils -- from what U.S. Rep. Ron Paul has called "the welfare/warfare state" to the expropriation and grinding down of the working class and the developing world by the financial class, a vile national and class imperialism -- in the here and now. People are suffering and even dying every day all over the world because of this fraud, and no eventual profit to gold and silver investors can ever undo that.

The people behind GATA would like to make money as much as anyone else, and we would not like to be forced to choose between making money or doing some good in the world. We are not monks or hermits -- we enjoy good lives -- and some of us have families to support. To us the ideal has seemed to be to try to prosper in the course of doing some good. If we could blow up the manipulation today, this very instant, even if waiting a week or a month or a year might profit us more, we'd be obliged to blow it up right now. If we ever have such an opportunity, we will seize it.

In the meantime we make progress every day. Even cynical urgings like those from Atyant Capital -- just make money off the manipulation and stop complaining about it -- advance our progress, because they spread the word and show that increasingly the manipulation is taken for granted in the most informed circles. The recent news shows that the bad guys are worried, possibly even on the run already. So:

... Say not the struggle naught availeth,
... The labor and the wounds are vain,
... The enemy faints not, nor faileth,
... And as things have been they remain.

Things are changing, and the more we all do, the faster they'll change.

CHRIS POWELL, Secretrary/Treasurer
Gold Anti-Trust Action Committee Inc.

[chad]

the only hope of ever ending the scam is to completely remove physical from the system.

i try to do my part every wednesday afternoon. ;D

[1970 Silver Art]

I want to be wrong on this but I will have to agree with Wildcard on this one. While it is certainly possible that JPMorgan could get charged with a crime, my gut feeling tells me that nothing will happen to JPMorgan. I am sure that the not-guilty verdict was already written up well before JPMorgan was put under investigation. Like I said, I could be wrong on this but we will see what happens.

I say to just let JPMorgan continue to manipulate the silver price because that will give people who "get it" to continue to accumulate more oz's of silver at this supposedly "artificial low" price. JPMorgan and the big banking boys are going to lose the war anyway. Eventually the long term negative fundamentals of the U.S. dollar will ultimately help silver (and gold) win the "war" against the paper manipulators.

The paper manipulators will win a few short term "battles" but gold and silver will win the long term "war" when the U.S. $ completely collapses. When the U.S. $ collapses and gold and silver are at 10X the price of where they are now, then that will be bad for all of us IMO. With the out-of-control gov't spending and the printing of $'s, can you say United States of Zimbabwe?

[Awoke]

The paper manipulators will win a few short term "battles" but gold and silver will win the long term "war" when the U.S. $ completely collapses. When the U.S. $ collapses and gold and silver are at 10X the price of where they are now, then that will be bad for all of us IMO. With the out-of-control gov't spending and the printing of $'s, can you say United States of Zimbabwe?


Certainly all the more reason to stock up on Food, Water, Silver, Gold and of course the next currency that will replace fiat: Ammo/Guns.

Prep, prep, prep people.

[1970 Silver Art]

The paper manipulators will win a few short term "battles" but gold and silver will win the long term "war" when the U.S. $ completely collapses. When the U.S. $ collapses and gold and silver are at 10X the price of where they are now, then that will be bad for all of us IMO. With the out-of-control gov't spending and the printing of $'s, can you say United States of Zimbabwe?


Certainly all the more reason to stock up on Food, Water, Silver, Gold and of course the next currency that will replace fiat: Ammo/Guns.

Prep, prep, prep people.


I agree with you, however, I am not a SHTF prepper and I do not plan to be although I agree with doing so and the reasons why. I am not able prep for SHTF because I do not own any property (I rent) and I live in a city. That is two strikes against me. Two strikes and I am out. The only thing that I could do is to go mobile since I do not have much stuff to take with me but that has risks too. Staying put and hunkering down is not a real option for me. Oh well...............

Whether JPMorgan is found guilty of silver manipulation or not, it will not matter because the dollar is will eventually collapse and the negative long term fundamentals of the $ and the out of control gov't spending deficits will ultimately win the war for silver (and gold).

[Awoke]

Well Josey, when TSHTF, I'm going ot guess that the first thing you would do is GTFO of the city.

If not, you should have lots of ammo at your disposal, and non-perishable food.

If so, you should have lots of ammo, a shotgun and pistol, portable non-perishable food and a BOB packed and poised for a quick exit at all times.

Just sayin....

[1970 Silver Art]

Well Josey, when TSHTF, I'm going ot guess that the first thing you would do is GTFO of the city.

If not, you should have lots of ammo at your disposal, and non-perishable food.

If so, you should have lots of ammo, a shotgun and pistol, portable non-perishable food and a BOB packed and poised for a quick exit at all times.

Just sayin....


I agree 100% with you Awoke. Getting out of the city would be the first thing that I would do. Not that I would like doing so but going mobile seems to be a better option for me in SHTF scenario. I hope that I would never have to go mobile but if SHTF, then I do not think that I would not have much choice but to go mobile.

[DMac]

JPM throwing themselves on the sword?

JPMorgan Chase Memo Sneers At 'Ignorant' Senators, 'Time For The Grownups To Step In' (http://www.huffingtonpost.com/2010/05/04/jpmorgan-chase-memo-goldman_n_562459.html)


A top executive at JPMorgan Chase told clients Monday that senators displayed "an unnerving ignorance of fundamental principles of market economics" during last week's Goldman Sachs hearing, that "Goldman was no more culpable in the housing debacle than Congress" -- and lest he didn't insult Congress enough, with "the financial reform debate...in the final innings, it's time for the grownups to step in."

The note, written by James E. Glassman, a managing director and senior economist at the $2 trillion bank, included shots at U.S. Senator Carl Levin of Michigan (a graph showing Michigan's job woes was titled "People who live in glass houses shouldn't throw stones"), the entire Congress, and pretty much everyone involved in the financial reform debate...

article continues at link

I got this article from a Bix Weir dispatch, and I think he might be right! JPM badmouthing congress and the people of the US in an official release - not some leaked email. This is straight from the board, all the while they are being (or about to be) investigated for all types of shenanigans?? :o

[Neuro]

^^ The arrogance! Good find DMac!

They are basically saying that they are the ones who should design the financial reforms. Total hubris! It is like letting the biggest criminals reform the penal system. Just realized that the analogy is too close to reality... Totally absurdo world!

[gunDriller]

^^ The arrogance! Good find DMac!

they're some of the most arrogant people on the planet.

"Jump you F*ckers" indeed !

http://archive.perfectduluthday.com/jumpyoufackers.jpg

North Dakota's banking system is looking better & better.

[Awoke]

Best. sign. ever.