Gold Price Manipulation by JP Morgan!

Discussion in 'Bullion Investing' started by fretboard, Oct 3, 2020.

  1. fretboard

    fretboard Defender of Old Coinage!

    Not much of a surprise to anyone who has followed the holdings that JP Morgan has acquired in the last 15-25 years. :D Looks like they settled a $920 million fine, not very smart as that eats up their potential profits but since I don't know much about it, they are most likely still extremely wealthy and still smoking big cigars! :cigar: Any comments, or is anyone surprised that price manipulation happens??

    capthank likes this.
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  3. potty dollar 1878

    potty dollar 1878 Well-Known Member

    not surprised at all

    JCKTJK Supporter! Supporter

    the problem with these banks is the fines are worth the risk/ profit, how much did they profit, 2, 3,4,5 billion dollars?? someone needs to go to prison and not some low level trader, they take orders from the top, same crap back in 08 when the banks were fined for the housing market crash, they made billions and paid millions in fines, you either have to fine 5 to 10 times the profit or send some of these top bankers to prison for this kind of stuff to stop!!
  5. longnine009

    longnine009 Most Exalted Excellency Supporter

    I didn't think they could manipulate 2+2 without hurting themselves.
    Last edited: Oct 3, 2020
  6. lordmarcovan

    lordmarcovan Eclectic & passionate numismatist Moderator

    Hm. Strange. I thought he was dead.

    So the old rascal's up to no good with gold, is he?

    Well, it is the month for ghosts and such. :vamp::nailbiting:

  7. goossen

    goossen Senior Member

    Sometimes I feel tempted to abuse of the “Best answer” button.
    -jeffB and lordmarcovan like this.
  8. lordmarcovan

    lordmarcovan Eclectic & passionate numismatist Moderator

    Don't do that, or @TIF will get you! She just loves that "Best Answer" feature! LOL :joyful:
  9. Mr.Q

    Mr.Q Well-Known Member

    $900 million is a fart in a rain barrel for the rich and greedy...
    Jeffjay and fretboard like this.
  10. ZoidMeister

    ZoidMeister Hamlet Squire of Tomfoolery . . . . . Supporter

  11. Collecting Nut

    Collecting Nut Borderline Hoarder

    Not at all surprised as they are not the first to try it. And they won't be the last either.
  12. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    I put KITCO and other such goldmongers in the same financial situation as JPM. If a person wishes to deal with JPM and other such holders ( and I am quite sure that Kitco still does , no matter what they might say) Read the rules of the exchange that JPM has to follow , and then try to find similar for Kitco and your favorite bullion people. ???? They are both in it for the money ( as are most of us ). As to if they break the rules, I would say one has to determine which one does the best for profit and do what they do. Neither side would pass a lie detector test in a court, but JPM has the more rigid regulations and safety demands) IMO. Jim
    fretboard and capthank like this.
  13. fretboard

    fretboard Defender of Old Coinage!

    Unfortunately true! :cigar:
  14. Clawcoins

    Clawcoins Well-Known Member

    JP Morgan wasn't the only one caught recently. Scotia Bank, Deustche Bank, UBS, HSBC over the years ... Metals, Treasuries, SoyBeans .. who knows, probably your SDB too !! lol
  15. Gilbert

    Gilbert Part time collector Supporter

    Still waiting for someone up the food chain to get prison time. My bet is it won’t happen.
    longnine009 and JCKTJK like this.
  16. Mr.Q

    Mr.Q Well-Known Member

    If you are rich enough or have a friend in the White House Presidential Pardons are your very best opportunity...
    Jeffjay likes this.
  17. fretboard

    fretboard Defender of Old Coinage!

    Very truthful response as well! :D
  18. GoldFinger1969

    GoldFinger1969 Well-Known Member

    They are not "manipulating" anything. :D

    First of all, they largely are acting as an AGENT for other investors (i.e., hedge funds). They're not taking a position for their own trading account.

    Second, if they DID take a position in their trading account, the regulators would strangle them. I am talking the Federal Reserve and FDIC. So forget the conspiracy nonsense.

    Third, price discovery occasionally means you will run afoul of some arcane regulatory morass. It doesn't mean you are manipulating the price. JPM couldn't manipulate the price even if they wanted to -- they don't control enough of the metal. Only central banks can do that.

    It's funny that the folks who are always screaming "manipulation" are usually on the opposite side of the price move at that time.:D
    RonSanderson likes this.
  19. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Why would it ? No crime has been committed.
  20. GoldFinger1969

    GoldFinger1969 Well-Known Member

    Are you aware how many regulators JPM and even KitCo have to account to ? They have the Fed....FDIC....state and federal regulators at the OCC....commodity and stock/bond generals....class-action lawyers.

    Are you aware how much $$$ JPM spends on regulatory, compliance, etc. ? They have HUNDREDS of lawyers and compliance people costing TENS OF MILLIONS OF DOLLARS each year....if they wanted to cheat or manipulate, why spend the $$$ to defeat that ?

    Do you know what CCARs is ? Do you think anybody is fooling around with a few hundred million in commodities when the big $$$ is tens of billions for the dividends and stock buybacks ?

    Do you guys know who Jamie Dimon (JPM) or David Solomon (GS), my old college classmate, are ? Do you think they are risking billion-dollar net worths to engage in illegal activity ? Do you think underlings are doing it to make/keep them rich ?

    Sometimes the shortest distance between 2 points is a straight line. :D
    slackaction1 likes this.
  21. Santinidollar

    Santinidollar Supporter! Supporter

    Gee, I thought it was silver that JPM was manipulating. To keep the price down.:wacky::smuggrin::wacky::wacky::wacky::wacky::wacky::wacky:
    fretboard and GoldFinger1969 like this.
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