GGPChat

10 years or 15… ? Hopefully!

https://www.mining.com/web/jpmorgans-go ... %EF%BF%BC/

Hi All. This criminal case against JPMs PMs traders is small in terms of cost to the industry. The big one will be a case against them and other banks for rigging the price down to make the $ look good. ATB Speedy

Speedy,

The article covers Peter Hambro's thoughts on the manipulation of the gold price using paper gold.

To summarise:

1 ) Hambro describes the manipulation of the gold price using derivatives as a ‘tinder-box.

2 ) According to Hambro the Bank for International Settlements (BIS) in Switzerland is directing this manipulation.

3) Since 2018 the Financial Stability Desks at the world’s central banks have followed the Bank for International Settlements’ (BIS) instruction to hide the perception of inflation by rigging the gold market.

4) Since the central banks ‘need cover’ and ‘cannot be seen’ to be rigging the gold price, Hambro says that "The only way to achieve the cover is by smashing the price of physical gold by the alchemical production of ‘paper gold’.”

5) With the help of the futures markets and the connivance of the Alchemists, the bullion traders have managed to create an unshakeable perception that ounces of gold credited to an account with a bank or bullion dealer were the same as the real thing. “And much easier, old chap! You don’t have to store or insure it”.

https://www.zerohedge.com/markets/peter ... paper-gold

What I cannot quite fathom, is why all the gold miners and gold royalty holders - some very large, very rich companies including Newmont, Barwick, Franco Nevada, Wheaton Precious Metals.. etc - don’t just club together and take legal action/ class action against the BIS and JPM for defrauding them of multi $bn… PIs and institutions holding physical gold assets, through this period may also have claim.

I just found this article from our friends Sprott published 16 Aug

Don't know if this has been posted previously

https://www.sprottmoney.com/blog/The-Co ... ls_CH_0816

GLA

Hi Adrian. I have been banging on about the criminals at the heart of the gold market for years. Gold is the USA $s nemesis and anyone who tries to upset the apple cart ends up in Lake Mead (JFK, Gaddafi and a host of others to long to mention). The regulators are complicit and will do what ever JPM tell them to do. The producers and miners will be reluctant to take them on due to the threat of financial support vanishing. The only way forward is for the producers, miners and refiners to start their own physical market. If that happens we will see a true price discovery and pooled resources could squeeze the corrupt banks out of the way. ATB Speedy

Thanks for the reply Speedie

It's good to see a little justice being done at last but whatever anyone manages to do to stop the corrupt banks, it probably won't happen in my lifetime.

However, I'm really hoping that I (and all of us here) make enough dosh so that we don't have to even think about the JPMs of this world. When I eventually sell up here if ever, I will just buy some shares with a decent Divi and a lot less manipulation.

Best regards and very glad to hear Mrs S is recovering well.



I

Finally ….

Prison it is…. 1 year.

For the Merrill Lynch PM trader…

https://mobile.twitter.com/wmiddelkoop/ ... 9398074368

https://twitter.com/zerohedge/status/16 ... 4015513601

This means the JPM guys will get longer in the clink. I recall Michael Nowak “the boss” was VERY senior and successful…