Not only a strong end to the week for the monetary precious metals prices, but also a week that began with one of the biggest bombshell news items and criminal lawsuits filed against the often alleged silver and other precious metals market rigging bank, JP Morgan Chase.
Chris Powell of the Gold Anti-Trust Action Committee (GATA.org) drops by to discuss this US Department of Justice RICO criminal lawsuit against the Global Head of JP Morgan Precious Metals Trading Desk and other silver, gold, platinum, and palladium trading executives at the too-big to restructure bank.
We dig not only in the details of the train wreck that is JP Morgan in 2019 but also how disgraced the LBMA and CME Group's COMEX NYMEX are by association and public record documentation.
This bombshell lawsuit is just a fraction of the story to likely unfold. Come on inside.
The US Department of Justice announced yesterday that another long-time former JPMorgan Chase precious metals trader admitted guilt to financial criminal charges involving critical price discovery precious metals derivative contracts (same ones that often dictate the physical bullion prices on this website).
Mr. Christian Trunz, "learned to spoof from more senior traders, and spoofed with the knowledge and consent of his supervisors," said the Justice Department. Trunz was said to be co-operating with the US Justice Department's ongoing investigation.
Anyone with common sense can presume that Trunz’s nine-year front running and financial lawbreaking career, was likely a symptom of wider systematic financial criminality ongoing at JP Morgan.
We should expect more former and potentially current JPMorgan and other commercial banks' precious metal associated traders to end up in prison ultimately.
Roll in your supposed silver cornering Hunt Brothers graves.
Eat your former silver buying hearts Warren Buffett, Charlie Munger, & Berkshire Hathaway.
This silver trade has taken over 50 years to formulate fully. JP Morgan's COMEX warehouse now holds perhaps the most significant non-government physical silver bullion position in recorded financial history.
The largest silver bullion owner is currently under investigation by the US Department of Justice for financial market crimes in the silver and other precious metals derivative markets. Later this year we should learn more facts.
This week we are welcoming a first-time guest to the show, a man with multiple decades of investing experience and documentation of the precious metals markets, Mr. Ed Steer.
Ed has been an outspoken critic of the precious metals price discovery complex and commercial bank concentration. His comments on the ongoing Department of Justice prosecution of ex-JP Morgan precious metals traders is worthy of your ears.
What did Ed think of former CFTC commissioner Bart Chilton's recent admissions about JP Morgan's involvement in the silver and precious metal complex?
What has surprised Ed over the years, and what does he believe is in store for the monetary metals in the coming decade?
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 about JP Morgan and silver markets, before passing away from a battle with pancreatic cancer.
Be sure to check this week's show notes too, embedded you will also find Chris' groundbreaking final discussion with Bart Chilton covering the silver price manipulation saga both behind us, ongoing, and ahead.
This week we had our Metals & Markets discussion with a former Loco London trader, Daniel March. Topics ranged from his start in March 2008 at JP Morgan to his experience in the Loco London trade in London. And the explosive growth in Exchange for Physical (errr Paper) phenomenon on the COMEX and LBMA.