In
a stunning development, two JP Morgan whistleblowers have confessed
that the bank manipulates the gold and silver markets. This is truly a
shocking admission by the courageous JP Morgan whistleblowers. In a
blockbuster King World News interview, London metals trader Andrew
Maguire told KWN that the two JP Morgan employees came directly to him
with hard evidence that the bank was actively manipulating the gold and
silver markets.
This
is a truly catastrophic event for JP Morgan, which up to now has denied
manipulating these markets. Below Maguire takes KWN readers around the
world on a trip down the rabbit hole as he discusses how he led the two
JP Morgan employees to turn over the evidence to a law firm which
specializes in high profile whistleblowers, and also to the CFTC.
According to Maguire, the CFTC has virtually buried this information.
Is this a cover up, or the next LIBOR scandal about to be exposed?
Below is what Maguire had to say in this blockbuster interview.
Maguire: “You
recall our King World News interview in March, 2010, which was directly
after the public CFTC Commission Meeting ... And as you know, at the
last minute I was suddenly uninvited to that meeting. But luckily we
had one commissioner ... who was willing to provide a forum for my
evidence to be submitted
...
Thanks to King World News for taking up this story, this news went
mainstream. But most importantly, Eric, it caught the attention of some
serious Eastern hemisphere buyers who moved in (to these markets) from
the sidelines. They were buying it (gold and silver) aggressively.
Now, in this case the bullion banks were exposed to be naked short (gold
and silver in 2010).”
Eric King: “Andrew, I
don’t have to tell you that the price of gold and silver exploded after
that (March, 2010 King World News interview) interview.”
Maguire: “Absolutely.
And I’m going to go into that in a minute, Eric, because it is quite
astounding what happened after that. A lot of people are really
concerned about the upcoming 5-year anniversary, and the possibility of
the statute of limitations bringing this all-important (CFTC)
investigation to a close this month.
Bart Chilton continues:
“And, as you know, I’m prohibited from actually saying much. That
said, I will not let September go by without speaking out if the agency
doesn’t do so.”
Now,
since the original CFTC Meeting, I’ve provided a very large amount of
detailed evidence to the agency. And what isn’t known, however, up
until now, is during that time I was also contacted by two JP Morgan
employees who told me they had a large amount of documented evidence of
market trading abuses in gold and silver by their bank (JP Morgan).
Now,
it was my understanding that this covered the same time period of metals
abuses that I had prepared in my submissions. And for their own
protection I directed them to a law firm specializing in whistle blowers
so they could formally provide this evidence under the Dodd-Frank
Whistleblower Provision directly to the CFTC.
This
would provide them the necessary protections which they would need if
they were going to make such a submission. Now, this was actually done
in early June, 2012. Not June, 2013, but June of 2012, which is
staggering. Now, I didn’t want to hinder any investigation, so I kept
this information ‘under wraps,’ until now.
To
date, as far as I’m aware, these JP Morgan whistleblowers have not
received any meaningful response to their evidence (from the CFTC), nor
have we seen any formal charges laid against this bank. But needless to
say, there is a lot of evidence on the table. And you cannot have a
multi-year investigation relating to abuses in the metals markets
without there being an obvious and evermore embarrassing problem for
this agency (the CFTC).
Eric,
we now know the LIBOR scandal flew under the radar for 15 to 20 years,
and it was only when the famous Bollinger email was leaked and published
that a formal investigation and charges were laid against these banks.
This (LIBOR) investigation has resulted in some charges and it’s
actually still going on today.
The
point I am trying to make, Eric, is it amazes me what a little publicity
will do to get some action. Now, we as traders all knew the bullion
banks’ manipulations were going on, but they were never reported by the
mainstream media. So obviously many people were skeptical, and once the
evidence became mainstream, and especially after our King World News
interview, all hell broke loose.
Directly
after the meeting I was approached by some very large, well-connected
Asian buyers who wanted to find out more about the level of leverage
employed in the metals markets ... And once establishing there was a
massive disconnect between the paper markets and the enormous unbacked,
synthetic supply (of shorts) distorting these markets, I know they moved
in to buy in size.
It
was no coincidence gold didn’t look back from that day and it moved up
over $800, from under $1,100, to (over) $1,900. And silver moved up (an
astonishing) $33, from under $17, to almost $50 in the same (time)
period. And that was despite strong bullion bank short selling
opposition at the time.