Whistleblower Drops Metals Market Manipulation Bombshell

Just in case you were wondering why the metals markets were so acting so insane.

GATA brings us the low down:

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.

Bill Murphy, Chairman of the Gold Anti-Trust Action Committee delivers his testimony about a whistle-blower in the gold price suppression scheme to the Commodity Futures Trading Commission on 3/25/10.

We got JPMorgan out there blowing up the metals markets to flush out all the long positions before limits are put in place.  We got Goldman out there looting a hundred million a day in high frequency trading fraud.  We got the Fed out there bailing out all the corporate losses and dumping them on to the tax payer.  We got the Treasury buying up its own debt.  We got 5 trillion in off-balance sheet holdings from Fannie and Freddie. We got tens of trillions in unfunded Socialist Security and Medicare Ponzi liabilities.  etc.. etc.. etc…

The looting at this point is so epic that its a miracle of Jesus we aren’t in a state of total chaos yet.


I would say Jesus H Christ must be real based on the fact that the US isn’t a smoking hulk of ruin right now.  I’m personally praying for the 2nd coming before the dollar blowout occurs.  If Christ fails to materialize soon, we will be living in hell on earth.

Of course, there is no word on any action being taken by the regulators.

Zero Hedge commenter BDig writes:

Actually, I’m pretty sure Ramirez genuinely cared about the event.  This is the type of thing that will do wonders for someone’s career in regulation.  However, the conversation with Ramirez’s superior would go something like this:

Ramirez:  Boss!  We’ve got some crazy manipulation stuff going on right now…

Boss:  Let me make a quick call…

Dr. Claw:  <You should not be concerned with such matters.>

Boss to Ramirez:  There is no manipulation going on.  You need not be concerned with such matters.  Move along.