Gold Manipulation Goes Mainstream
Tuesday, April 13, 2010 - by Staff Report
There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits. The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association. Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment. So, he went public. Maguire -- in an exclusive interview with The Post -- explained JPMorgan's role in the metals pits in both London and here, and how they can generate a profit either way the market moves. "JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Maguire said. In the gold pits, Maguire sees HSBC betting against the precious metal's price without having any skin in the game in the form of a naked short. "HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added. "No one at JPMorgan is familiar with Andrew Maguire," said Brian Marchiony, a company spokesman. HSBC declined to comment. – NY Post
Dominant Social Theme: Stuff happens, even gold shenanigans.
Free-Market Analysis: Long ago at an international confab, the mainstream press was supposedly thanked by a powerful personage for keeping quiet about various maneuvers leading to world government. But today the mainstream media, led by "conservative" media titan Rupert Murdoch, is fighting furiously to retain its audience and cannot hush up power elite machinations for fear of losing credibility.
READ FULL POST HERE
Dominant Social Theme: Stuff happens, even gold shenanigans.
Free-Market Analysis: Long ago at an international confab, the mainstream press was supposedly thanked by a powerful personage for keeping quiet about various maneuvers leading to world government. But today the mainstream media, led by "conservative" media titan Rupert Murdoch, is fighting furiously to retain its audience and cannot hush up power elite machinations for fear of losing credibility.
READ FULL POST HERE
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