 Yes you did say let's see his qualifications. But what this have to do with seeing my financial records for the last 4 years. Remember, I'M NOT THE ONE who gets on the soap box and cries "manipulation", I'm not the one who was given any mantra of whistleblower and I'm not the one charging for a trading service to which the disclaimer attached to it reads more like a video game than it does a bona-fide financial service.
I don't care for Maguire's personal records. I care for his curriculum vitae. He has led many people to believe that he is someone privy to information. GATA has taken this information and has annointed him their saviour and King World News gives him far to much air time to discuss his "allegations", most of which are unfounded.
You wrote:
"Based on your Fundamental View that all things are just swimming along nicely in the world of finance and economics, and that Bernanke is a genius who knows what he is doing, and of course, that politically the situation the world over is more stable now that it has ever been, you see no reason to buy Metals and in fact you sold all yours (if any) in Dec 2011 and you have bought none since. You hold ZERO METALS
You give advice on much secure assets like leveraged paper markets. " try to grasp the point of that" "
I don't want to be rude so I'll hold back what I'm really thinking but you do exemplify the entire metal-head community in a nut-shell. You spin information and make unfounded assumptions with no evidence to back them up. I never once said in my blog that all things are swimming along nicely in the owrld of finance and I never said that Bernanke is a genius, nor did I ever say that the world is more stable than it has ever been. EVER. In fact, a little reading of my blog will reveal that I have been highly critical of Bernanke's policies.
You can go to my blog and read my 2011 post wherein I asked people to strongly consider the fact that the bull market in the metals was over. Instead of simply listening to the charlatans who all have something to sell you, everything would be just fine and that every dip should be bought. I clearly stated on my blog that I sold my metals on the bounce after the crash. I advised people to sell gold at the 2011 top on my blog. These posts are all on my blog for everyone to see, so quite frankly I DO GRASP THE POINT OF THAT thank you very much.
Try not to get caught up in the metals. My post regarding Maguire was not meant to be a recommendation to buy or sell anything and for the record, I don't own paper silver or gold. I trade them like the commidities they are and not the "currency" that the charlatans make them out to be. Tell me what you get when you sell your silver or gold? FIAT. You know that much right? So, you are using your paper currency to buy metals so that you can sell for more paper currency at a later date. Don't you see the irony and contradiction of the overall meme in that?
My post on Maguire was about his false claims, not about where I think the price of silver or gold should be. Try to get past all your unfounded claims of manipulation and try not to put words in my mouth. Instead, start to question all of these people who said every correction was just a little bump in the road because, in case you haven't noticed, silver has retraced over 50% of it's price since the highs in 2011. THAT is what happens when a bubble bursts. That is what I've been warning readers about. So, as cocky as this may come across, I do have the right to brag about making the right decisions and for calling these guys out for the charlatans that they are.
Like I said, there is a considerable portion of my blog post that is not in the above article that is on my original blog post and deals with the core of my argument on this point. That is, MAGUIRE'S statements were found by the court to lack substance. Let me quote that section of my post that was left out in the above post.... it is me QUOTING the court's decision dismissing the allegations of price fixing. It reads...
"Moreover, the statements made by the unidentified “market professional,” (Compl. ¶¶ 121-23), by the unnamed “whistleblower,” (id. ¶¶ 125-26), and by the “bragging” JPMorgan traders, (id. ¶ 176), are not sufficiently factual to show that JPMorgan was the proximate cause of the price fluctuations during the Class Period. The unidentified market professional, for example, is alleged to have brought a series of trades to the attention of the CFTC, but the market professional is not alleged to have named JPMorgan as a party to these trades. (See id.¶ 122.) Indeed every one of the market professional’s statements are made in the passive voice alleging that, “there was heavy selling of silver and gold;”“[t]here were large sellers who came into both the gold and silver markets to drive the prices down;” and so on. (Id.)
By comparison, the unnamed whistleblower who contacted the CFTC in November 2009 does specifically name JPMorgan, but only to assert conclusory and speculative allegations that JPMorgan and its co-conspirators “manipulate[d] and suppress[ed] the price of COMEX silver futures and options contracts.” (Id. ¶ 123; see also id. ¶¶ 124-127.) The Complaint alleges no other information about this whistleblower or about the details of the manipulation that the whistleblower is purported to have observed. Indeed, the whistleblower’s statement is itself speculative as to JPMorgan’s role in the causation: “[h]ow would th[e price fluctuations] be possible if the silver market was not in the control of [JPMorgan and its co-conspirators] . . . . ?”(Id. ¶ 127 (alterations made in Complaint).)
For the reasons discussed supra, the statements by the “bragging” JPMorgan traders are also insufficient to support the allegation that JPMorgan caused artificial prices in the COMEX silver futures market. (See Op. & Order Section V.A.3(b).) The Complaint alleges no information about the date or the language of the remarks deemed to be “bragging;” the identity of the traders who made these remarks; which of the many trades that took place over the two and-a-half year Class Period were the subject of the traders’ bragging; and no information about whether the traders were acting at the instigation of JPMorgan to move silver prices on the market. Cf. Harris, 572 F.3d at 72 (stating that “legal conclusions, and threadbare recitals of the elements of a cause of action, supported by mere conclusory statements” are not entitled to presumption of truth).
So as you can see, everything Maguire told the courts and everything he's been touted as saying was deemed to be "speculative".
So, please, do me a favor. Don't put words in my mouth and don't try to spin the real point of this post. THE REALITY IS, that if investors are going to be lead to believe Maguire's allegations are true as they still do, despite the court's findings, then HE NEEDS TO COME CLEAN about his real work history that places him in the category of a true whistleblower.
I could care less about his financial records etc. I care about what gives him the right or knowledge to make the claims he does. I don't need to fess up with anything because I WASN'T the one telling people to hold their metal and I wasn't the one making outrageous price claims or fictional price fixing schemes. His analysis of data has been torn to shreds by other blogs showing he barely has a clue about what he speaks about.
So, I still don't think you grasp the point of my post. Instead you have done what most silver perma-bulls do .. deflect the attention away from the point by attacking anyone who tries to question the messenger. That is both irresponsible and immature and shows you don't have the ability to debate this issue.
 Commented 3994 days ago |
