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◆ JPMorgan’s head of precious metals trading and senior traders have been charged by the U.S. Department of Justice with rigging precious metal prices in a “massive, multiyear scheme”
◆ The DOJ’s indictment said the scheme generated millions of dollars in profits for JPMorgan Chase and caused millions in losses for counter-parties, prosecutors said
◆ JPM precious metals desk chief, Michael Nowak, who was indicted is a JPM managing director and London Bullion Market Association (LBMA) board member
◆ The U.S. DoJ has invoked RICO or Racketeer Influenced and Corrupt Organizations Act racketeering law in charging JP Morgan and racketeering is very rarely used in cases involving large banks
◆ JPM is accused of illegally monopolizing the silver futures market, engaging in “widespread spoofing, market manipulation and fraud” in the gold and silver market and defrauding investors
◆ JP Morgan may have accumulated the biggest stockpile of physical silver in history – See JP Morgan Cornering Silver Market?
Source: Goldchartsrus.com
NEWS and COMMENTARY
How far will rigging probe go? Kennedy interviews GATA Chairman
Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)
17-Sep-19 1499.30 1502.10, 1208.89 1207.24 & 1361.51 1360.45
16-Sep-19 1502.05 1497.20, 1207.35 1203.30 & 1357.25 1359.46
13-Sep-19 1506.30 1503.10, 1209.41 1208.19 & 1356.88 1358.35
12-Sep-19 1502.95 1515.20, 1219.94 1227.46 & 1362.88 1373.53
11-Sep-19 1493.65 1490.65, 1208.21 1209.07 & 1354.74 1355.90
10-Sep-19 1494.60 1498.25, 1211.52 1211.34 & 1353.51 1357.11
09-Sep-19 1509.95 1509.20, 1223.81 1220.34 & 1368.62 1364.92
06-Sep-19 1504.95 1523.70, 1223.52 1237.09 & 1363.94 1378.49
05-Sep-19 1542.60 1529.10, 1257.06 1238.72 & 1397.44 1380.78
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