by Clint Siegner, Money Metals:
Department of Justice prosecutors charged a sixth JPMorgan executive for cheating in the precious metals markets.
Jeffrey Ruffo stands accused of racketeering and spoofing metals prices from 2008 – 2016, along with other crimes including conspiracy to commit wire fraud.
The indictment outlines nearly a decade spent coordinating with other traders in JPMorgan’s precious metals department to rig prices. The activity includes thousands of fraudulent trades placed for two purposes.
GOLD DOWN $4.70 TO $1468.00//SILVER DOWN 6 CENTS TO $17.00//SMALL DROP IN COMEX AND SILVER OI BUT WE STILL HAVE QUEUE JUMPING IN BOTH METALS//DAVE KRANZLER GIVES THE DEFINITIVE COMMENTARY RE THE PLEDGED GOLD SITUATION AT THE COMEX: A MUST READ….//HONG KONG IN A MESS AS THEIR LIQUIDITY IS DRYING UP (AND POSSIBLY THEIR GOLD?)//VENICE FLOODED FOR THE 2ND DAY OUT OF THE LAST 3 DAYS: TOTALLY UNPRECEDENTED//ESTIMATES FOR 4TH QUARTER USA GDP FALTERS BADLY GOING INTO THE NEGATIVE//USA INDUSTRIAL PRODUCTION COLLAPSES//MORE SWAMP STORIES FOR YOU TONIGHT
Gold and silver stabilised this week, consolidating the falls of the previous week. Gold rose $7 from last Friday’s close to trade at $1466 in early morning European trade, while silver was up four cents over the same time period at $16.90. Silver seemed to have a firmer underlying tone compared with gold, and this can be explained by gold appearing to be more overbought than silver. This is reflected in our next chart, which is of gold’s open interest on Comex.
