"According to admissions and court documents, between approximately March 2008 and August 2016, numerous traders and sales personnel on JPMorgan’s precious metals desk located in New York, London, and Singapore engaged in a scheme to defraud in connection with the purchase and sale of gold, silver, platinum, and palladium futures contracts (collectively, precious metals futures contracts) that traded on the New York Mercantile Exchange Inc. and Commodity Exchange Inc., which are commodities exchanges operated by the CME Group Inc. In tens of thousands of instances, traders on the precious metals desk placed orders to buy and sell precious metals futures contracts with the intent to cancel those orders before execution, including in an attempt to profit by deceiving other market participants through injecting false and misleading information concerning the existence of genuine supply and demand for precious metals futures contracts. In addition, on certain occasions, traders on the precious metals desk engaged in trading activity that was intended to deliberately trigger or defend barrier options held by JPMorgan and thereby avoid losses."
If you read the publication, you will read that they also did the same with U.S. Treasury futures contracts, notes, and bonds.
If you have a SINGLE functioning brain cell, you should be liquidating all of your positions if you have read the publication and understood exactly what both the DoJ and JPMorgan did. A $920 million dollar fine is not only a joke, but an unholy irony considering the fact that JPMorgan committed fraud against the legal tender that the DoJ is ordering them to repay their debts in. The Department of Justice is complicit. These people are absolutely sick, and this judgment by the DoJ should be considered sedition.
You are an idiot beyond any help if you aren't liquidating NOW.
Liquidating what? My link and sergey have nothing to do with these jpmorgan and stuff. Sergey is a nice guy. He always wants to see my linkies in the green :).
Tyler White
The state is corrupt and the USA is beyond saving anyway. They'll just keep adding stimulus to the market until the whole bubble explodes spectacularly, bringing the entire Western world into economic disarray and depression
Elijah Lopez
ok go on...
so they spoofed a couple orders and created artificial support and resistances. is that it?
Josiah Bailey
You're mentally retarded.
Andrew Brooks
based retard
Henry Perry
fpbp
Lincoln Wood
then help me realize the gravity of this
Eli Jenkins
It sounds like they did the same exact thing we do. They take a position and then either FUD it or shill it.
Bentley Morales
clearly a calculated move by jpm to take advantage of black communities.
Nolan Anderson
That's it. Market will be manipulated forever, creation of SEC and CFTC and other cocksuckers changed absolutely nothing. From time to time some cheeky jews get a slap on the wrist but it's just business expense.
Jaxon Peterson
No shit
Angel Lopez
This is shameful the thing isn't dismantled and executives thrown out in jail. Clown world.
Oliver Diaz
isn't this common? libor scandal settlement was only ~10bn
Jacob Long
We're beyond fucked. Is there any salvation to be found anywhere?
Charles Lewis
This publication is basically the DoJ rubber stamping the U.S.A. with "The Rule of Law is Dead".
Jonathan Cox
This is bullish for bitcoin.
Luke Watson
JP Morgans fraudulent trades have been net short for silver futures which lowered spot price on paper thereby allowing them to buy massive amounts of physical silver at a discount. If anything this should be giving you strong buy signals for physical precious metals, particularly silver. No more manipulative short positions is bullish
Levi Miller
ok I think im getting it
Ryder Harris
I don't get it what's going on? They rigged USD markets?
Michael Allen
Why wouldn't there be manipulation elsewhere?
Ryder Wood
yeah. basically treason.
and the punishment they get still leaves them with a profit. So why not just do it again?
Joseph Clark
There aren't many financial powerhouses big enough to manipulate on such a scale. The hunt brothers came close in the 1980s silver bullrun but their role in that is overblown. Their stockpiling of 22 million oz of physical silver only affected spot price by a dollar or 2 at most
Blake Mitchell
Correct.
Jordan Wood
they artificially generated market activity in one direction with publicly viewable calls that were cancelled before execution only to make profitable calls on the other side of the market once their manipulation had taken affect. Most transactions were artificial short selling of silver futures which dropped the spot price thereby allowing them to buy physical silver for less
so what whales do every day on btc basically? we just call them spoofy
Liam White
lmao scam
Christopher Hill
That is interesting, but reading the document I don't see why JPM wouldn't do it again, it's all voluntary self policing still. There might be some more bs safeguards in place but reading that doc made it all just seem perfunctory. Even if they got "fined" again it'd probably still be for less than they made in the fraud
the shrugs off the fine like water off a raincoat but the individual bank investors that made the trades get much more severe criminal charges. JP morgan is going to under a watchful eye, independent monitor or not, good luck finding a banker in their precious metals department willing to step out of line for the next several years at least
Michael Ward
This is literally no different than crypto
Jace Powell
or maybe crypto is just the same as all other markets?
Brandon Moore
You know everything is fucked that I've gotten so used to this in crypto that it doesn't seem like a big deal anymore.
Chase Diaz
You're an idiot.
Aaron Jackson
Perhaps you are for resorting to ad hominem.
Julian Stewart
OK, idiot.
Christopher Ortiz
well maybe all that regulation is useless and only serve to enrich a select (((group))) by distorting natural market mechanisms?
Jackson Wilson
None of that sounds particularly wrong though.
> "oh no i bought my new 'Magi-mop 3000 for $200 because someone else in the crowd seemed like he really wanted it! Ohhh noooooooooOoOOOO!"
