The Phaserl


GATA’s Chris Powell on suspicious activity at BoE and JP Morgan

[Ed. Note: The Bank of England gold discussion begins at 2:25]

from RT’s Prime Interest:

We discuss the missing gold at the central bank of England with GATA. Then Justine charts gold manipulation by high frequency traders. Perianne breaks down what the inventor of the freezer has in common with Jeff Bezos. Finally Bob discusses the use of eminent domain to refinance mortgages with Ramon Galindo.

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1 comment to GATA’s Chris Powell on suspicious activity at BoE and JP Morgan

  • rich

    Cornering the Gold Market
    Theodore Butler

    August 9, 2013 – 11:09am

    For the past few weeks I have been harping on JPMorgan’s massive long position in COMEX gold futures, stating that nothing comes closer in importance for the price. There has never been a case where a market corner wasn’t the prime price determinant. Preventing or eliminating market corners is the number one priority under commodity law. A market corner is the antitheses of how a free market is supposed to operate. A series of market corners and manipulation in the early part of the last century (the Jesse Livermore era) was what led to the formation of commodity regulation in the US in the 1930’s. It’s bad enough when entities such as the Hunt Brothers or the rogue copper trader from Sumitomo cornered markets; but it’s a whole different level of badness when the most important US bank corners a market, as JPMorgan has done in COMEX gold futures.

    Today I would like to step back a bit and highlight how we got to the outrageous position of JPMorgan cornering the gold market. Regular readers know that I have pinpointed JPMorgan as being the prime manipulator in gold and silver for going on five years, following the revelation from the federal commodities regulator, the CFTC, that JPMorgan inherited the massive concentrated gold and silver short positions of Bear Stearns in March 2008. That, plus verifiable data from the CFTC, in its published Commitments of Traders (COT) and Bank Participation Reports, clearly confirm my allegations of a market corner by JPMorgan in COMEX gold futures.

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