AN UNPRECEDENTED CIRCUMSTANCE
For seven years I’ve claimed that JPMorgan Chase has engaged in an illegal price manipulation of the silver market. To my knowledge, allegations of serious criminal wrongdoing have never been made about any financial institution without those allegations being challenged. No one would dare label any large financial institution of being crooked and expect not to hear from their lawyers. Yet JPMorgan has remained silent in the face of my calling them crooked.
Why would JPMorgan allow allegations of serious wrongdoing to go unchallenged? It can’t be that the allegations aren’t serious enough, as price manipulation is the most serious market crime. It can’t be because my allegations aren’t specific enough, as I’ve detailed what the bank has done in silver twice a week for seven years; down to the number of short COMEX silver contracts JPMorgan has held weekly. It can’t be because I’m relying on false data to back up my allegations because I rely exclusively on government and exchange statistics. It can’t be that my market analysis is wrong, because it has now come to be more copied than any other analytical approach. Furthermore, it can’t be that JPMorgan is unaware of my allegations because I have sent the bank 700 articles in which I have used their name.
In 2008, I called the chairman’s office at JPMorgan and was given two email addresses in which to direct any allegations to its CEO, Jamie Dimon and the board of directors. I have done so ever since. Not one of the hundreds of articles I sent to those addresses was ever returned as undeliverable. I also wrote by regular mail to each board director, detailing specific allegations of price manipulation by the bank and sent each director my articles by email. My emails to the directors were eventually blocked. The bank’s general counsel at the time, Stephen Cutler, also blocked my emails. I always thought the top lawyer at JPMorgan and the board directors might object to the bank being called crooked and demand that I cease. Not so.
CFTC data prove that JPMorgan has been the prime manipulator in silver since March 2008. Without that data, I would have never named JPMorgan as the big silver crook and it is only because CFTC data continued to prove JPMorgan has operated outside commodity law. JPMorgan has sold short on every silver rally to cap those price rallies. These short positions sometimes totaled over 200 million ounces and more than 30% of the entire market. Then the bank buys back every short position it added at a profit, never once taking a loss. Now this crooked bank has amassed more than 400 million ounces of physical silver at the depressed prices it created by continuing to short futures on the COMEX. So let’s get back to why JPMorgan has been silent in the face of allegations that would constitute libel if they weren’t true. There is only one possible explanation, they are guilty.
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