A Missing Gold & Silver Market Rigger, JP Morgan, A Combined Civil Suit, And Just Maybe…Progress

Where do things stand with the CFTC/DOJ “investigations” and “cases” of gold & silver market manipulation? Here’s an update on where things stand…


On the radar.

Let’s keep it like that.

Because this plane ain’t landed.

And people want to see it on the ground.

But planes seem to be dropping like flies lately.

Back in November, 2018, a JP Morgan trader pleaded guilty.

He pleaded guilty to charges of commodities fraud and of spoofing.

Here’s part of the DOJ statement:

A former precious metals trader at a United States bank (Bank) pleaded guilty in a proceeding unsealed yesterday to commodities fraud and a spoofing conspiracy in connection with his participation in fraudulent and deceptive trading activity in the precious metals futures contracts markets.


He’s guilty.

That’s just swell.

On with the sentencing.

Only, there’s a problem with that.

From CNBC in February (bold added for emphasis):

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

Oh my.

That’s a pickle.

Out of sight, out of mind?

Couldn’t find the attorney either?

And the sentencing is set for June, 2019?

With ongoing, active investigations from CFTC/DOJ?

So let’s see if I’m getting a grasp of what is going on with this case.

The guy who worked for JP Morgan for 13 years is nowhere to be found.

You know, because all the tools in the NSA’s toolbox don’t work.

It’s just too hard to track somebody down nowadays.

So sentencing is coming, supposedly.

We’ll report on it as it unfolds.

And the civil lawsuits?

They’re coming too.

It seems.

Could be progress?

The suits are being combined.

Into a “consolidated class action” lawsuit.

From Lowey Dannenberg (bold and bold added for emphasis):

On February 5, 2019, Judge John G. Koeltl appointed Lowey Dannenberg as interim class counsel in the consolidated class action In re JPMorgan Precious Metals Spoofing, 18-cv-10356 (S.D.N.Y.).  The case alleges that JPMorgan manipulated the prices of platinum and palladium futures and options traded on the New York Mercantile Exchange (“NYMEX”) and gold and silver futures and options contracts traded on Commodity Exchange, Inc. (“COMEX”) from least as early as January 1, 2009 through at least December 31, 2015.


That’s big.

Notice the “at least”?

That means at the very minimum.

As in, at least seven years of manipulation.

Here’s a question: How many people, even far beyond those who play in the paper market casinos, have been screwed over by the market rigging?

Here’s another question: Can the banks afford to either duke it out in court, and if they’re unable or unwilling, can they afford to settle?

Because we are talking about many dollars, over the course of many years, and this is just in regards to the futures market.

How many investors in physical have been screwed-over since the street price is determined by the futures markets?

Not that it matters, because if you weren’t playing with fire in the paper market casinos, then you’re out of luck.

Regardless, things are slowly moving forward, and it seems like we will get more details coming soon.

Sentencing for John Edmonds, as it stands now, has been scheduled for June of this year.

Sometime this summer, we get to find out if the CFTC/DOJ is still dragging its feet.

Or if the gold & silver market riggers are one step closer to the hammer.

Ted Butler has been confident that the DOJ will step up to the plate.

Of course, it remains to be seen if something will be done.

Or if the banks will just get a slap on the wrist again.

Either way, we’re at an inflection point right now.

What has gone on, for far too long, will end.

The question is how will the rigging end?

It can end with justice for us investors.

Or, like that cliche from that movie.

The cartel might just go down.

“In a blaze of gory”, oh yes.

‘Cause there’s no glory.

Goin’ down like that.

It’s called shame.

So I do hope.

It’s justice.


Stack Accordingly…

– Half Dollar


About the Author

U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.

Paul’s free book Gold & Silver 2.0: Tales from the Crypto can be found in the usual places like Amazon, Apple iBooks & Google Play, or online at PaulEberhart.com. Paul’s Twitter is @Paul_Eberhart.