Jerome R. Corsi
WorldNetDaily
5/16/2010
NEW YORK – A London-based commodities trader claims a major New York bank is conducting serious manipulation of the silver and gold futures markets.
The practice has continued even after federal regulators have been warned of the impropriety, Andrew Maguire, a metals trader at the London Bullion Market Association, told WND.
Last November, Maguire brought allegations before the U.S. Commodity Futures Trading Commission, or CFTC, in Washington that gold and silver traders at JPMorgan Chase have conspired to manipulate global precious metals markets. He charged the manipulation amounts to hundreds of millions of dollars, if not billions, in institutional trading profit for the bank and personal profit for the traders.
“It’s like robbing a bank,” Maguire told WND.
Maguire charged that JPMorgan Chase gold and silver traders have coordinated massive purchases of “short contracts” betting that the price of gold or silver will go down. The purchases, he said, are part of a strategy aimed at forcing the price of gold and silver to drop dramatically at the expense of holders of “long positions” owning gold or silver.
“This is a very small community that engages in metals trading – only a handful of traders at major institutions like JPMorgan Chase,” Maguire said.
“The traders involved in market manipulation trigger their signals in advance so that local traders like me can jump on board to create a major market movement,” he said.
Professor Corsi’s article, with graphics, continues at WND.
A link in Corsi’s article is worth special note. From the Gold Anti-Trust Action Committee (GATA): A London trader walks the CFTC through a silver manipulation in advance
