There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits.
The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association.
Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment. So, he went public.
AP
Brokers and traders transact gold futures on the Comex floor of The New York Mercantile Exchange, Thursday, April 6, 2006. Gold prices topped $600 an ounce in Comex trading Thursday. (AP Photo/John Marshall Mantel)
Maguire -- in an exclusive interview with The Post -- explained JPMorgan's role in the metals pits in both London and here, and how they can generate a profit either way the market moves.
"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Maguire said.
In the gold pits, Maguire sees HSBC betting against the precious metal's price without having any skin in the game in the form of a naked short.
"HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added
MORE HERE..
Buy physical silver. The situation is screaming at you with a bullhorn. Are you going to ignore it and trust a bank?
ReplyDeleteSince JPMs short silver position was mostly inherited from the Bear Sterns debacle and is assumed to be backed by the U.S. government/ Federal Reserve, I can not rejoice, as I fear this will merely result in the printing of yet more money to bail them out. In which case the American tax payer will be liable to pay back, with interest. Considering they are part owner of the Fed., it's not nearly as detrimental to JPM as it might seem. If this scenario plays out it will serve to hasten the march of inflation.
ReplyDeleteThe american taxpayer will be liable to pay back ?
ReplyDeleteYour joking right ?
Have you ever heard the ole adage " you cannot squeeze blood out of a rock" ?
Now you have.
This ia two weeks old news and nobody cared back then, and nobody cares now. The mass looting of a society does not start until the public is conditioned and "educated" not to see the crime, staring right in their faces. Those who are smart, pack your bags and get out. Those who are stupid and ignorant-they deserve it.
ReplyDeleteits 2 weeks old on the net now Obama and co. are reading about their dealings on main stream news..more people know which gives a different prospective toward the government and its scams
ReplyDeleteI wish a buck was still silver and we were back when the country was strong.
ReplyDeleteBack before Elvis and the Vietnam war came along.
before the beatles and yesterday when a man could still work and still would.
Ah tell me sweet darlin' are the good times really over for good ?
Are we rollin' downhill like a snowball headed for hell - with no chance of hearin' the likes of the Liberty bell ?
Wish a coke was still cola and a joint was just a bad place to be.
Back before Clinton lied to us all on T.V.
before microwave ovens; when a girl could still cook and still would.
Ah tell me sweet darlin' are the good times really over for good?
Can you believe that we have to bailout all these banks and govt institutions. In 1770's, there whould have been a revolution. Today, the sheep just go to their cubilcles and obey their master. Sad to see it all go to shit.
ReplyDelete5:41 your right nobody cares we are all f----
ReplyDelete5:41 who are you kidding? The mass looting started years ago, and continues each and every day. The more things change the more they stay the same
ReplyDelete