by James Anderson, Market Oracle:
We often cover the ongoing JPMorgan silver bullion saga here. It seems we have a new twist in the ongoing story since JPMorgan’s takeover of the bankrupt Bear Sterns short silver position in early 2008.
Late last year, in early November 2019, CBS’ 60 Minutes show did a puff Public Relations piece for the CEO of the world’s largest and Global Systematic Important Bank.
Here we see 60 Minutes interviewer Lesley Stahle as she interviews billionaire on paper, Jaime Dimon, the CEO of JP Morgan Chase.
Rebutting this over 10-minute interview’s lack of acute questioning of the mega-banks CEO. A man who many financial experts argue is a white-collar criminal operating in the open public.
Both Pam Martens and Russ Martens of WallStreetOnParade.com wondered why 60 Minutes never asked Jaime Dimon the following questions.
- “Which one (of these) is the precious metals trading desk that was charged by the U.S. Department of Justice for having run a criminal enterprise for nearly a decade of time this past September 2019?”
- “Where is the trading desk that was criminally charged by the Justice Department in 2015 for rigging foreign exchange trading?”
- “Can we find the trading desk that admitted to the European Commission that it was part of a cartel rigging the interest rate benchmark known as LIBOR?”
- Or, … “where is the trading floor where the London Whale traders blew a $6.2 billion hole in the deposits of JPMorgan Chase’s insured bank by gambling in derivatives in London in 2012.”
Just a few questions worth wondering as the US Department of Justice continues its Racketeer Influenced and Corrupt Organizations prosecution against now 7 former longterm JP Morgan employees. Comprised of the precious metals trading desk head and under-ling precious metals traders.
JP Morgan Silver Podcast | Gold Podcast
If you are a silver bull who has been saving silver or other precious metals bullion products for the long term chances are high you have heard about JP Morgan’s involvement with the global day-to-day price discovery of physical precious metals and especially silver bullion.
Well today, we are going to review some large verifiable facts regarding JP Morgan’s silver saga from early 2008 up until today in early 2020.
We also are going to look forward to this new decade the 2020s, with some perspective insights and questions over what is to come for the world’s largest bank betting house and those charged criminally who worked there for near a decade or more of time.
Welcome to this week’s SD Bullion Market Update. I am your host James Anderson.
All four major precious metals had strong weeks to start the 2020s.
The major push for precious metals to close this week was US President Trump’s decision to kill the 2nd most powerful commander of the Iranian military by an airstrike. This action obviously spurred concerns for further tensions and possible retaliatory military and terrorist conflicts to come in response. Also note that this past week too Russia, China, and Iran’s navy coordinated in military exercises as a show of unity amongst the three nations.
The silver spot price this week cleared and closed above eighteen fiat Federal Reserve notes per troy ounce. The spot gold price closes this week strong over $1,550 fiat Fed notes per troy ounce. The spot platinum price closed up at $985 per troy ounce. The palladium spot price cleared 2k closing just over $2,010 per troy ounce. Finally, the gold-silver ratio floated higher requiring now about 85 ounces of silver to get 1 ounce of gold.
Let’s go back to how JP Morgan got involved in the silver bullion industry in early 2008 when Bear Sterns alleged naked silver short position (meaning they did not have enough physical silver bullion to cover their short positions at the time). Blew up in their face as silver climbed from second half 2007 to early 2008 from $11 to over $21 ounce right around the time Bear Sterns went under.
Sold for scraps to JP Morgan Chase & Co.
And JP Morgan inherited many former Bear Sterns alleged silver short trading heads to its precious metals desk at the time.
BLYTH MASTERs’ 2012 denials on CNBC source: https://www.cnbc.com/id/46808857
So let’s do a quick review here.
Today at the beginning of the year 2020, Reuters has recently reported that JPMorgan’s precious metals trading desk staff has shrunk to around half a dozen people according to industry sources.
This is the guy in allegedly now in charge less than a year from when their former precious metals trading head got indicted by the US Department of Justice using anti-mafia racketeering statutes to do so.