GET RICH QUICK
The conviction of one JPMorgan trader begs the question as to whether the DOJ is looking deeper than spoofing alone. If they are it will be hard for them not to notice that JPMorgan has hit .1000 for ten years running in trading COMEX silver and gold, never taking a loss, something that’s impossible. It should be simple to see that JPMorgan has been the biggest paper short, thereby suppressing the price of silver while at the same time they were the largest silver accumulator in history. That’s to the tune of 750 million ounces of silver.
The Justice Department just might be the only entity able to stand up to JPMorgan. I’ve taken to reading Justice Department announcements daily. It is amazing how many bad players are out there and how many the DOJ goes after. On Thursday, Nov 29, the DOJ announced a third distribution of recovered assets from civil forfeitures to victims of the Bernie Madoff Ponzi scheme. Buried in the announcement was reference to prior recovery efforts, which including a $1.7 billion settlement with JPMorgan in 2014, as well as criminal charges against the bank. The settlement was the largest by the DOJ against any bank and the criminal charges against JPMorgan were deferred (which I think means are dropped if JPM behaves itself or doesn’t do exactly the same thing within a certain period of time).
This confirms my belief that only the DOJ has the power to stand up to JPMorgan. The only question is if the DOJ fully comprehends the totality of JPMorgan’s role in silver and gold manipulation. Hopefully that’s the case because the day that the silver manipulation is exposed is the day the manipulation begins to unwind and the price soars. This then becomes a legitimate way to get rich quick.
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