Today, I will speak of a completely unprecedented situation that has evolved over the past seven years. I define “unprecedented” as something that was never done or known before. The unprecedented circumstance is my seven year documented history of labeling the giant financial institution, JPMorgan Chase, as being engaged in an illegal price manipulation of the silver market. To my knowledge, never has it occurred that open allegations of serious criminal wrongdoing have ever been made about any financial institution with those allegations going unchallenged. No one would dare label any large financial institution of being crooked and expect that institution to turn the other cheek.
Yet JPMorgan has remained silent in the face of what most would consider to be statements damaging to its reputation. It’s one thing to label a government agency or congress as being a bunch of crooks; in fact, it’s common practice by many. But calling a publicly owned bank crooked is very different. The government turns its back on critics but call a big bank crooked and expect to get your heart ripped out. Therein lies the mystery.
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 possible, damaging just about everyone, including the market itself. 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 am 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 structure analysis is wrong, because it has now come to be more copied than any other approach. Then what the heck is preventing JPMorgan from denying that it is the crook I allege it to be?
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