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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 
Commentary Of The Month
March 6, 2017
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JPM SILVER RULING OVERTURNED

By MarketSlant

The New York 2nd U.S. Circuit Court of Appeals ruled yesterday that District Court Judge Engelmayer was in error when he dismissed the silver price rigging lawsuits against JP Morgan. The appellate court felt that Engelmayer’s dismissal reasons amounted to “impermissible fact finding” and placed too high of a bar in concluding that plaintiffs had not adequately pled their case.

This reversal of the June, 2016 dismissal means the case will go back to the district court for further litigation. This also means the plaintiffs will ask for and receive more discovery. This can win the case for them.

Editor’s note: I asked silver analyst Theodore Butler how this might impact his “bill of particulars” against JPMorgan:

“The case has little, if anything to do directly with the ongoing manipulation in silver that I write about constantly. It involves alleged wrongdoing in spread transactions and as such, not much to do with the price of silver. However, even though I see little direct connection between this case and the silver manipulation, if you view this news on a broader perspective this is a pretty astounding development.

“For one thing, while spread trading is a very small component of the COMEX silver market and quite distinct from virtually all other silver market participation, is it any surprise that JPMorgan would be alleged to be the kingfish in this separate subset of the market? These allegations conform with my repeated statements that JPMorgan controls and manipulates every aspect of the COMEX silver market.

“The best hope for some good coming out of this case is that through the discovery process it shines light on JPMorgan’s long term manipulation of the silver price for the purpose of accumulating the largest physical hoard of metal in history. None of this has ever been raised in this case and I’m sure JPMorgan would be reluctant to have these facts disclosed. It’s just one more reason that the manipulation may end soon and the price of silver be set free.”