JP Morgan Probed
UPDATE: Correction: Following the publication of this story, JPMorgan issued a statement: “There is no criminal or civil Department of Justice investigation of J.P. Morgan for its silver trading practices.”
mgray@nypost.com
Michael Gray reports in the NY Post that “Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market.
“The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.”
GATA has argued for years that gold and silver have been manipulated by the government so as not to reflect the true nature of the economy. Without this manipulation many of the problems we face today would not have happened; large deficits, currency issues, job outsourcing and size of government, maybe even wars.
It is alleged that in shorting silver, JPMorgan sells large blocks of silver option contracts or physical metal — actions that would bring down the price of the metal — closely following news that would otherwise move the metals higher.
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