JP Morgan Cleared Of Conspiracy “To Drive Down Silver Prices”

Today’s AM fix was USD 1,602.50, EUR 1,238.41 and GBP 1,059.78 per ounce.
Yesterday’s AM fix was USD 1,599.50, EUR 1,236.09 and GBP 1,057.45 per ounce.

Silver is trading at $28.86/oz, €22.38/oz and £19.16/oz. Platinum is trading at $1,605.25/oz, palladium at $757.00/oz and rhodium at $1,250/oz.

Gold climbed $13.70 or 0.86% and closed yesterday at $1,578.10/oz. Silver hit a high of $29.05 finished +0.56%. A national holiday was observed in Ireland yesterday and markets were closed.

The Troika’s raid on the deposits of families and businesses in Cyprus is still being digested but it may be another watershed moment leading towards gold again becoming a foundation asset and key core holding of savers and investors internationally.


Cross Currency Table – (Bloomberg)

JP Morgan Chase & Co won their case of a nationwide investors’ lawsuit accusing them of conspiring to drive down silver prices.

U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices, by creating long short positions that were not in synch with market events at the time period.

The judge acknowledged that the firm could influence prices, but said that it was not proven that the bank "intended to cause artificial prices to exist" and acted accordingly.


Gold Commodity, 6March2013-19March2013 – (Bloomberg)

The plaintiffs had nearly 43 complaints filed from 2010-2011, which accused banks of profiteering in over $100,000,000 by illegally manipulating silver prices.

The lawsuits against major Wall Street firms were consolidated, naming JPMorgan and 20 unnamed individuals as defendants.


Gold in Euros, 6March2013-19March2013 – (Bloomberg)

The complaint had sought triple damages for what it saw as antitrust violations in jiggering silver prices from 2007-2010, including through alleged "fake" trades during low market volumes. 

The CFTC began investigating queries of silver price manipulation in 2008, and after 2 years it tightened its regulations to foil traders who try to manipulate prices.

Silver remains a vital diversification and remains undervalued vis-à-vis gold and most assets.

NEWS   
Gold hovers above $1,600/oz on Cyprus concerns – Reuters

JP Morgan wins dismissal of silver price-fixing lawsuit – Reuters

Gold Tops $1600; Silver Eagle Bullion Coins Top 13 Million – Coin News

Bullish Bets Jump Most Since July as Gold Rebounds – Bloomberg

COMMENTARY
Daylight robbery in Cyprus will come to haunt EMU – The Telegraph

Sinclair – Cyprus Disaster Is Much Bigger Than Being Reported – King World News

"All The Conditions For A Total Disaster Are In Place" – Zero Hedge

Risk, complacency, perception and gold – Mineweb


Mark O'Byrne

Also on news-goldcore-com

Videos

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Physical Gold and Silver – Essential for what’s coming – Lobo Tiggre

Blog posts

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

The Fed is all set to battle inflation – Really??

“I think he was…the greatest economic public servant of the era.’ It’s common knowledge that Paul Volcker is a professional hero of Fed Chair Jerome Powell. As inflation in the US climbs, the head of the reserve is working hard to channel some of his hero, but not so much to cause alarm. Unsurprisingly gold […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

David Hunter Stock Market Prediction – DOW 45,000 In 2022

Physical Gold and Silver – Essential for what’s coming – Lobo Tiggre

Blog posts

Is Gold Starting to Behave Itself?

Gold is doing what it is supposed to do!  Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]

READ MORE

This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022

If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]

READ MORE

The Fed is all set to battle inflation – Really??

“I think he was…the greatest economic public servant of the era.’ It’s common knowledge that Paul Volcker is a professional hero of Fed Chair Jerome Powell. As inflation in the US climbs, the head of the reserve is working hard to channel some of his hero, but not so much to cause alarm. Unsurprisingly gold […]

READ MORE

Featured

Rick Rule- Should You Invest In Gold 2022

READ MORE

Jim Rogers- The Worst Bear Market is Coming

READ MORE