Monday, April 12, 2010


I am putting this story up because I want you to understand how the system works. This story has been building for weeks now after a multi-year process by GATA to expose the manipulation of the precious metals market to maintain control of the world's fiat currency system. Obviously the dollar is the focal point of fiat and of course will be protected at all costs. Observe how this story goes NOWHERE over the next few weeks. That is true power. In time perhaps through breakdowns dictated by nature this ponzi breaks but my experience says NOWHERE (at least for now).


There is no silver lining to the activities of JPMorgan Chase and HSBC in the precious-metals market here and in London, says a 40-year veteran of the metal pits.

The banks, which do the Federal Reserve's bidding in the metals markets, have long been the government's lead actors in keeping down the prices of gold and silver, according to a former Goldman Sachs trader working at the London Bullion Market Association.

Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment. So, he went public.

Brokers and traders transact gold futures on the Comex floor of The New York Mercantile Exchange, Thursday, April 6, 2006. Gold prices topped $600 an ounce in Comex trading Thursday. (AP Photo/John Marshall Mantel)
Maguire -- in an exclusive interview with The Post -- explained JPMorgan's role in the metals pits in both London and here, and how they can generate a profit either way the market moves.

"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the US dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Maguire said.

In the gold pits, Maguire sees HSBC betting against the precious metal's price without having any skin in the game in the form of a naked short.

"HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added.

"No one at JPMorgan is familiar with Andrew Maguire," said Brian Marchiony, a company spokesman. HSBC declined to comment

thnx temo

update I

(Reuters) - Gold finished flat on Monday, retreating from a four-month high despite a euro rally against the dollar, as weaker physical demand for the precious metal limited gains.

Bullion's failure to rise further in spite of Wall Street's gains and a sharply lower dollar indicated that the negative correlation between the metal and the U.S. currency has lessened.

Miguel Perez-Santalla, vice president of sales at Heraeus Precious Metals Management, said gold prices, which have been supported by investment demand, looked "toppish."

"We could be due for a short term correction right now, as actual physical consumption is way off. Even though people are talking about the economy doing so much better, we are not seeing it here."

Spot gold was at $1,158.50 an ounce at 1:54 p.m. EDT (1754 GMT), against $1,159.00 late in New York on Friday.

The metal hit a four-month peak at $1,168.70 an ounce during the session, but eased as the euro retreated from highs amid fears its rise may have been overdone.

U.S. gold futures for June delivery on the COMEX division of the NYMEX settled at $1,162.20 an ounce, up 30 cents.

The euro had climbed to a one-month high against the dollar during the session, as euro zone finance ministers agreed on a 30 billion euro ($40.5 billion) rescue package for Greece.

Bullion was pressured by lingering uncertainties about sovereign credit, especially in smaller euro zone economies, and doubts that Greece's fiscal situation will improve.

"In the futures market at least there is some doubt over how far this rally can extend," said Standard Bank analyst Walter de Wet. "Looking at what is happening in the options market, people at least for now seem unwilling to buy upside."


  1. King World News has a good interview with Andrew Maguire and Adrian Douglas. Douglas was questioned privately by the CFTC but after they heard what he had to say they didnt include him in the hearings.

  2. I fear for Andrew Maguire. On a practical note, all of the miners gapped up this morning. - Nancy

  3. Any one in ABK, excellent gains since Thursday.

  4. Don't worry abut Andrew will be "natural causes"

  5. "Bullion was pressured by lingering uncertainties about sovereign credit, especially in smaller euro zone economies, and doubts that Greece's fiscal situation will improve."

    They forgot the part about JPM naked shorting to drive the price of gold down.


  6. It's Reuters.....of course they "forgot".

  7. ABk..ABK..ABK.. 500% gain since last week and no one here is talking about it. Who cares about Gold,talk about ABK.

  8. kliguy38 did you trade ABK?

  9. nope but had a friend that did......I had "engagements today". but be my guest..have to see what the market gives tomorrow but I probably am not moving much. Traded slw ego at the gap up and was done for the day

  10. KLI, look at futures. Was 11,000 the magic number for shorts?

  11. ABK, FRE, FNM have been the lottery stocks for the past 2 years. If you swing trade (daily) during the lows you get rewarded, if you attempt to chase it after it runs you get screwed along with the tax payers bailing them out.

    Gold and commodity stocks are a little more predictable on the cycles than screwed GS swapping partners.