Yes, thank God for the low Aussie dollar, or we would still be in the shithouse with the gold price like our American stacker friends. Will be interesting to see on Monday if the Comex paper monkeys can push the gold price much lower or if they are running out of ammunition. Either way, I think it is only a matter of time before their magic $1360 number is breached.
It is unhelpful public comments like that which help banks get away with it and probably use as no harm defence ....
Banks do not need any help from me and neither from you. Their are doing just great with their bribes to officials to look the other way.
Former JP Morgan trader pleads guilty to manipulating US metals markets for years https://www.cnbc.com/2018/11/06/ex-...ds-guilty-to-manipulating-metals-markets.html
I couldn't care less what it sounds like to you, as you are obviously not the sharpest tool in the shed. If you gonna be a smart ass first you have to be smart otherwise you are just an ass.
Former JP Morgan trader pleads guilty to manipulating US metals markets for years https://www.cnbc.com/2018/11/06/ex-...ds-guilty-to-manipulating-metals-markets.html
Disgusting, he tried so hard to raise the price it wasn’t funny. Some of his future trade was farcical, putting in options for $60 oz and selling sell orders as the prices rise.
It does not say that anywhere in the article ... the article says “For years, John Edmonds engaged in a sophisticated scheme to manipulate the market for precious metals futures contracts for his own gain by placing orders that were never intended to be executed,” The article: KEY POINTS John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count of conspiracy to commit wire fraud, price manipulation and spoofing. Edmonds, a 13-year J.P. Morgan veteran, said that he learned how to manipulate prices from more senior traders and that his supervisors at the firm knew of his actions. "An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years -- and he has implicated his supervisors at the bank. John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count each of conspiracy to commit wire fraud, price manipulation and spoofing, according to a Tuesday releasefrom the U.S. Department of Justice. Edmonds spent 13 years at New York-based J.P. Morgan until leaving last year, according to his LinkedIn account. As part of his plea, Edmonds said that from 2009 through 2015 he conspired with other J.P. Morgan traders to manipulate the prices of gold, silver, platinum and palladium futures contracts on exchanges run by the CME Group. He and others routinely placed orders that were quickly cancelled before the trades were executed, a price-distorting practice known as spoofing. “For years, John Edmonds engaged in a sophisticated scheme to manipulate the market for precious metals futures contracts for his own gain by placing orders that were never intended to be executed,” Assistant Attorney General Brian Benczkowski said in the release. Of note for J.P. Morgan, the world’s biggest investment bank by revenue: Edmonds, a relatively junior employee with the title of vice president, said that he learned this practice from more senior traders and that his supervisors at the firm knew of his actions. Further, Edmond’s case stemmed from an “ongoing investigation” run by the FBI’s New York field office, the Justice Department said. Edmonds pleaded guilty under a charging document known as an “information.” Prosecutors routinely use them to charge defendants who have agreed to cooperate with an ongoing investigation of other people or entities. His sentencing is scheduled for Dec. 19. Edmonds faces up to 30 years in prison but is likely to receive less time than that. The guilty plea was entered under seal Oct. 9 and unsealed on Tuesday. New York-based J.P. Morgan declined to comment on the case through a spokesman. It was reported earlier by the Financial Times. J.P. Morgan learned about this case only recently, according to a person with knowledge of the matter. A recent regulatory filing from the bank didn’t make any mention of the issue."
why do you think he tried to lower prices? Easiest way to manipulate prices is up and than dump, and start again. Only amateurs manipulate prices down to buy low. It’s not an end game, he has to do it every day, ie buy and sell every day.
