by Ted Butler, Silver Seek:
A major development last week was the large amount of gold issued by JPMorgan over the first two days of the COMEX April contract. Total gold deliveries by JPMorgan of 14,326 contracts, including 10,682 contracts (1.07 million ounces) by JPM from its proprietary house account were the largest by JPM in history. This is big news because it demonstrates clear and blatant price manipulation by JPMorgan. With more than 19,000 contracts of gold standing for delivery, what would have been the price of gold, had JPM not delivered more than 10,000 contracts from its house account? Even the dimmest of wits (say at the Justice Dept or the CFTC) should be able to conclude that without JPMorgan delivering this many gold contracts, gold prices would have had to increase enough to attract others to take JPM’s place.
‘The only crime that I’ve committed is to fearlessly defend our nation from those who seek to destroy it.’
