JPMorgan Chase Manipulation of Precious Metals Markets Exposed!

On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.

In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.

On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.

It would not be possible to predict such a market move unless the market was manipulated.

In an e-mail on February 5 Maguire wrote: "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits. I feel sorry for all those not in this loop. A serious amount of money was made and lost today and in my opinion as a result of the CFTC's allowing by your own definition an illegal concentrated and manipulative position to continue."

Expiry of the COMEX April call options is tomorrow, March 26. There was large open interest in strikes from $1,100 to $1,150 in gold. As always happens month after month, HSBC and JPM sell short in large quantities to overwhelm all bids and make unsuspecting option holders lose their money. As predicted by GATA, the manipulation started on March 19, when gold was trading at $1,126. Last night it traded at $1,085.

This is how much the gold cartel fears the CFTC's enforcement division. They thumb their noses at you because in more than a decade of complaints and 18 months of a silver market manipulation investigation nothing has been done to stop them. And this is why JPM's cocky and arrogant traders in London are able to brag that they manipulate the market.

This is an outrage and we are making available to the press the e-mails from Maguire wherein he warns of a manipulative event.

Additionally Maguire informed us that he has tape recordings of his telephone communications with the CFTC, which we are taking the appropriate legal steps to acquire.

MUST READ - A London trader walks the CFTC through a silver manipulation in advance

Assassination of Andrew Maguire attempted.

A London-based precious-metals trader who had accused JPMorgan Chase of manipulating the gold and silver markets was involved in a bizarre weekend car accident that triggered a police chase before the suspect was nabbed.

Andrew Maguire, a metals trader at the London Bullion Market Association, and his wife were traveling in their car when a second car coming out of a side street struck their vehicle. That car then hit two more vehicles before fleeing.

London cops using helicopters and patrol cars chased the hit-and-run driver before nabbing that person, whose name has not been released by authorities.

Maguire and his wife were released from the hospital yesterday. London police would not comment on the accident investigation.

The hit and run occurred after Maguire's name came to light Thursday during a US Commodities Futures Trading Commission hearing on limiting gold and silver positions held by large market participants in order to prevent manipulation.

During the hearing, Maguire was identified as having sent e-mails to Bart Chilton, a CFTC commissioner, and Eliud Ramirez, head of the commission's enforcement division, alleging that JPMorgan had used its massive metals positions to manipulate the commodities markets.

In one e-mail, Maguire wrote, "It is common knowledge here in London among the metals traders that it is JPM's intent to flush out and cover as many shorts as possible prior to any discussion in March about position limits," referring to last week's CFTC hearings.

JPMorgan inherited the positions when it acquired Bear Stearns two years ago.

When the allegations first surfaced last week, JPMorgan declined to comment.

Continue reading - JPMorgan 'chase' story in UK

Bill Murphy of GATA Reveals Whistle-Blower in Gold Price Suppression


Bill Murphy of GATA Speaks to CFTC

Large Hadron Collider Fired Up 7 TeV Record-shattering Collision Energies

Geneva, 30 March 2010. Beams collided at 7 TeV in the LHC at 13:06 CEST, marking the start of the LHC research programme. Particle physicists around the world are looking forward to a potentially rich harvest of new physics as the LHC begins its first long run at an energy three and a half times higher than previously achieved at a particle accelerator.

“It’s a great day to be a particle physicist,” said CERN1 Director General Rolf Heuer. “A lot of people have waited a long time for this moment, but their patience and dedication is starting to pay dividends.”

“With these record-shattering collision energies, the LHC experiments are propelled into a vast region to explore, and the hunt begins for dark matter, new forces, new dimensions and the Higgs boson,” said ATLAS collaboration spokesperson, Fabiola Gianotti. “The fact that the experiments have published papers already on the basis of last year’s data bodes very well for this first physics run.”

“We’ve all been impressed with the way the LHC has performed so far,” said Guido Tonelli, spokesperson of the CMS experiment, “and it’s particularly gratifying to see how well our particle detectors are working while our physics teams worldwide are already analysing data. We’ll address soon some of the major puzzles of modern physics like the origin of mass, the grand unification of forces and the presence of abundant dark matter in the universe. I expect very exciting times in front of us.”

"This is the moment we have been waiting and preparing for", said ALICE spokesperson Jürgen Schukraft. "We're very much looking forward to the results from proton collisions, and later this year from lead-ion collisions, to give us new insights into the nature of the strong interaction and the evolution of matter in the early Universe."

Continue reading - LHC research programme gets underway

Renaissance 2.0

Renaissance 2.0: Lesson 1 - Revisiting American History - Financial Empire


Renaissance 2.0: Lesson 2 - Revisiting Economics 101 - Debt


Renaissance 2.0: Lesson 3 - Revisiting Civics 101 - Ownership


Renaissance 2.0: Lesson 4 (part 1 of 4) - The Culture of Empire


Renaissance 2.0: Lesson 4 (part 2 of 4) - The Culture of Empire


Renaissance 2.0: Lesson 4 (part 3 of 4) - The Culture of Empire


Renaissance 2.0: Lesson 4 (part 4 of 4) - The Culture of Empire

Sam Harris: Science can answer moral questions

Questions of good and evil, right and wrong are commonly thought unanswerable by science. But Sam Harris argues that science can -- and should -- be an authority on moral issues, shaping human values and setting out what constitutes a good life.

Sam Harris: Science can answer moral questions


About Sam Harris:
Adored by secularists, feared by the pious, Sam Harris' best-selling books argue that religion is ruinous and, worse, stupid -- and that questioning religious faith might just save civilization.

BREAKING! Fed Must Disclose Bank Bailout Records!

March 19 (Bloomberg) -- The Federal Reserve Board must disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever, a federal appeals court said.

The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. The ruling upholds a decision of a lower-court judge, who in August ordered that the information be released.

The Fed had argued that disclosure of the documents threatens to stigmatize borrowers and cause them “severe and irreparable competitive injury,” discouraging banks in distress from seeking help. A three-judge panel of the appeals court rejected that argument in a unanimous decision.

The U.S. Freedom of Information Act, or FOIA, “sets forth no basis for the exemption the Board asks us to read into it,” U.S. Circuit Chief Judge Dennis Jacobs wrote in the opinion. “If the Board believes such an exemption would better serve the national interest, it should ask Congress to amend the statute.”

The opinion may not be the final word in the bid for the documents, which was launched by Bloomberg LP, the parent of Bloomberg News, with a November 2008 lawsuit. The Fed may seek a rehearing or appeal to the full appeals court and eventually petition the U.S. Supreme Court.

Continue reading - Federal Reserve Must Disclose Bank Bailout Records

The Zeitgeist Movement: Envisioning A Sustainable Future

"It takes a different value system if you wish to change the world," Jacque Fresco said to a sold out crowd of over 800 in New York City's Upper West Side. Though he may not need to convince these people, many his ardent followers, it will indeed take a restructuring of the mind for those unfamiliar with Fresco's work to realistically accept the ideas he proposes of a new global society that has given up money and property in favor of a shared, sustainable, technology-driven community. The caustic skepticism can already be heard, critics crying out with pointed fingers, decreeing communism, socialism, insanity! But as Fresco himself will tell you, communism is still just another system with banks and social stratification. The kind of world he imagines for the future is much different. To ease the transition, The Zeitgeist Movement provides a wealth of dizzying information detailing why a new global system is not only preferred, but necessary, and just how we can get there.

Continue reading - Huffingtonpost - The Zeitgeist Movement: Envisioning A Sustainable Future

Also visit:
The Zeitgeist Movement and The Venus Project

Ron Paul: Fed’s Price Fixing Not Compatible With a Free Economy

Ron Paul attacks the Federal Reserve’s price fixing activities in his opening statement at the House Financial Services Committee hearing on bank supervision and monetary policy.

Ron Paul: Fed’s Price Fixing Not Compatible With a Free Economy

The Bizarre Art of Central Banking

Ron Paul teaches Ben Bernanke a lesson on Austrian free-market economics, but the Chairman is not listening. Instead, he tries to defend his actions by asserting that “central banking is an art” that requires guesswork.

The Bizarre Art of Central Banking

Ron Paul: Prevent Bubbles, Stop Inflation? End the Fed!

Ron Paul appeared on Fox Business to talk about the Federal Reserve, the flawed monetary system and the inflation it creates.

Ron Paul: Prevent Bubbles, Stop Inflation? End the Fed!

GATA: More Fed minutes document gold market manipulation

The Federal Reserve's Federal Open Market Committee (FOMC) meets eight times per year to discuss and set interest rate policy. The minutes of these meetings are not released for five years. This ensures that few people will ever read them. Furthermore, the minutes are heavily redacted and edited.

In his 2008 book "Deception and Abuse at the Fed", Robert Auerbach documents how Fed officials perjured themselves when they lied to Congress about the existence of verbatim transcripts of FOMC meetings. The Sunshine Act of 1976 required all "agencies" to promptly make available to the public any transcripts, recordings, or minutes of discussions in official meetings. For 17 years Fed officials misled Congress in denying that verbatim transcripts or tape recordings existed. They claimed that recordings were taped over and transcripts were destroyed, leaving only the redacted and edited minutes in their archives. However, because of direct questioning by U.S. Rep. Henry Gonzalez before the House Banking Committee in 1993, it became clear the Fed had been lying. Shortly thereafter Fed Chairman Alan Greenspan ordered tapes and transcripts to be destroyed.

It is clear from such actions that the information contained in those transcripts must be very damaging or incriminating to the Federal Reserve.

After reading Auerbach's book I was inspired to dredge through published FOMC minutes. My thinking was that if an organization is so inept at covering up that detailed transcripts were retained, then perhaps it is also inept at completely redacting sensitive and incriminating information. What I found is quite astounding and serves as documented evidence by the Federal Reserve itself that it manipulates the gold market.

Continue reading - More Fed minutes document gold market manipulation

What can be concluded from these insights into the deliberations of the FOMC?

-- On several occasions the Fed discussed targeting gold prices with its policies.

-- The Fed admits that propaganda is effective against gold investors, insofar as just mentioning the possibility of selling gold can drive down the gold price.

-- The Fed at least contemplated interfering in the gold market, and on a massive scale. The Fed admits that the U.S. government has sold gold with the intention of reducing gold's price.

-- The record shows that the Fed opined that the statutes of the Exchange Stabilization Fund have legitimized "the gold swaps." Despite claims that this statement has been inaccurately transcribed or garbled, recent information suggests otherwise. In response to GATA's request to the Fed last year under the Freedom of Information Act for access to Fed documents about gold swaps, Fed Governor Kevin M. Warsh confirmed that the Fed does indeed have gold swap agreements with foreign banks:

http://www.gata.org/node/7819

-- The Fed does not want it to be known that the external debt of the United States could be substantially reduced by revaluing official gold at the market price, lest someone wants to do that. This is an admission that the official U.S. price of gold of $42.22 per ounce is a matter of smoke and mirrors. The ability of the Fed and Treasury to create money is linked to the only liquid collateral they have, gold. The gold price that is required to make the value of U.S. gold equal to the dollars issued is multiples of the current price, and is heavily dependent on how much unencumbered gold the Treasury still holds.

-- The Fed expressed the utility of having the virtues of a gold standard without using gold itself. Greenspan later confirmed that the Fed was behaving as if it was on a gold standard, as if there were "real reserves" underneath the system. This supports GATA's claims that the gold price has been suppressed by an increase in the supply of "paper gold" -- gold that investors believe they have bought and own but is really no more than a certificate saying they own the gold. This is the case with the London Bullion Market Association's unallocated gold accounts, unbacked exchange-trade funds, pool accounts, and gold derivatives.

The demand for real physical gold bullion is surging in the face of an impending daisy-chain of sovereign debt defaults. This threatens to expose the confidence trick -- that much more gold has been sold than exists. I have explained this in a previous essay, "The Tiny Market that is the World's Biggest":

http://www.gata.org/node/8248

The Federal Reserve can "behave" as if there are real reserves under the U.S. dollar, but there are none. A study of the heavily redacted and edited minutes of the Federal Open Market Committee reveal a penchant for targeting and manipulating gold prices, and deceiving Congress and the public.

The words of Alan Greenspan from "Gold and Economic Freedom" could not be more relevant:

"This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard."

Like clowns at a rodeo, there are too many academics creating a distraction discussing whether we will have deflation or inflation. We are now in an era of unprecedented deficit spending -- which means that confiscation of wealth will also be unprecedented. One of the most prolific money creators of all time has told us what to do to prevent it: Buy gold. But buy real physical gold, not a gold receivable.

Have You Been Awakened Yet?

Awaken to the world around us, the problems we face, why they exist, and how to truly solve them once and for all. Please rip, share, push and promote this video. Make this viral, and educate the world!

Awakening Part 1


Awakening Part 2


Awakening Part 3


Awakening Part 4

Campaign For Liberty at CPAC 2010

This video was made to capture the spirit of the liberty movement at the 2010 Conservative Political Action Conference, otherwise known as CPAC, and highlights the straw poll victory of Congressman Ron Paul. Some tried to discredit the poll by saying, "it was only students voted for Dr. Paul." There's a reason for it.

"There's a disconnect... the next generation feel like the burden is being dumped on their shoulders and I think that's what the vote represented."
-Ron Paul

Campaign For Liberty at CPAC 2010