Silver and gold had a somewhat volatile week in fiat price action.
With both monetary metals rallying in price today to close the week's trading.
The silver spot price is threatening a close around $15.00 fiat US dollars per troy ounce while the gold spot price looks to be finishing the day above the $1,280 per troy ounce price level in fiat Federal Reserve notes.
This week we have an in-depth conversation with a first-time guest to the show, Chris Marcus of Arcadia Economics will be joining us to talk about his decade's long experience in the precious metals markets.
As well, we close our discussion talking about his final interview with the recently deceased former CFTC commissioner Bart Chilton.
You won't want to miss some of the admissions that Bart Chilton made before his passing away from a battle with pancreatic cancer.
Welcome to this week's Metals & Markets Podcast, I am your host James Anderson of SD Bullion.
Today this interview is being recorded on Friday, May 3rd, 2019 and its noon eastern time.
With us this week a new guest, Mr. Chris Marcus of Arcadia Economics.
Chris thank you for coming on the show.
What is your background, Chris?
How did you find the precious metal markets?
What are some of the biggest lessons or mistakes that you have made since coming into this sector?
Your recent Bart Chilton interview (consequently his last one), how did it come about?
What was the take away you got from speaking with him?
Chris' interview with Bart Chilton - Recorded March 21st, 2019
Are you confident the US Department of Justice is going after the superiors and when if ever might there be some prosecutions and prison time for those proven guilty of financial market crimes?
Additional likely participating parties at the bank such as John Edmonds' fellow precious metal traders, their managers, and even higher division directors.
Perhaps we will find out more by the end of 2019.
Criminal sentencing of former JP Morgan precious metal trader John Edmonds has been postponed another six months to December 2019. Perhaps federal investigators are gaining further evidence and guilty parties in their ongoing probe for manipulation of silver, gold, platinum, and palladium precious metals markets.
Edmonds, 37, pleaded guilty in October 2018 in Connecticut federal court. He admitted to working with other “unnamed co-conspirators” to manipulate spot prices for gold, silver, platinum and palladium futures contracts (and as a result affecting all precious metal derivates, precious metal mining shares, and bullion related) between the years 2009 and 2015 while employed at J.P. Morgan.
The New York City man admitted learning illegal trading tactics from senior traders — and to having used those spoof and spot price moving tactics with the knowledge and consent of many of their supervisors at the bank.
His sentencing has been postponed twice to date, suggesting that he is continuing to cooperate with US Department of Justice prosecutors in their investigation ongoing. No one else has formerly or currently employed at JP Morgan has been charged, yet.
JP Morgan for the first time in February 2019 explicitly mentioned the legal actions ongoing in their financial disclosure, saying “various authorities, including the Department of Justice’s Criminal Division, are conducting investigations relating to trading practices in the precious metals markets and related conduct. The Firm is responding to and cooperating with these investigations.”
Late in 2018, we here interviewed silver industry expert Ted Butler on JP Morgan's silver manipulation case and other allegations that had gone on throughout the many years. Specifically since 2009, when JP Morgan took over Bear Stern's silver COMEX futures contract position.
That interview is embedded too here for your convenience if interested.
Thanks for checking out our show, until next week.
A bullion buyer years before the 2008 Global Financial Crisis, James Anderson is a grounded precious metals researcher, content creator, and physical investment grade bullion professional. He has authored several Gold & Silver Guides and has been featured on the History Channel, Zero Hedge, Gold-Eagle, Silver Seek, Value Walk and many more. You can pick up Jame's most recent, comprehensive 200+ Page book here at SD Bullion.
Given that repressed commodity values are now near 100-year low level valuations versus large US stocks, James remains convinced investors and savers should buy and maintain a prudent physical bullion position now, before more unfunded promises debase away in the coming decades.