Private client fund manager. Author, 'The War on Cash' (2015); 'Investing Through the Looking Glass' (2016). "Fiat justitia ruat caelum." Keep the faith !
London
Joined June 2023
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I recently watched a documentary called 'V for Vendetta' about a tyrannical government ultimately overthrown by its own people and I think it should be shown in all of our schools.
Tim Price 🏴 retweeted
Grok, has JP Morgan ever been fined for manipulating silver prices ?
Yes. In September 2020, JPMorgan Chase & Co. (and related entities) agreed to pay a record total of about $920.2 million to resolve U.S. government charges involving manipulative trading, including in silver futures.
The Commodity Futures Trading Commission (CFTC) ordered the payment for spoofing and market manipulation that spanned roughly 2008–2016. It involved hundreds of thousands of orders in precious metals futures (explicitly including gold, silver, platinum, and palladium) and U.S. Treasury futures. Traders placed large orders they intended to cancel before execution to create false signals of supply or demand, which moved prices to benefit the bank’s or clients’ genuine orders.
Parallel resolutions came from the Department of Justice (via a deferred prosecution agreement in which the bank admitted wrongdoing and paid roughly the same total amount, with credits for overlapping payments) and the SEC (focused more on Treasury cash markets).
There was also a separate ~$60 million class-action settlement in 2021 with investors who alleged spoofing in precious metals futures and options during the same period. The CFTC described the illegal trading as significantly benefiting JPMorgan while harming other market participants. The roughly $920 million total included the largest civil monetary penalty, restitution, and disgorgement amounts the agency had imposed in a spoofing case at the time (roughly $436 million penalty, $312 million restitution, and $172 million disgorgement). Individual traders on the precious metals desk (including the former head of the global precious metals business) were later convicted on charges that included fraud, attempted price manipulation, and spoofing involving gold, silver, and other metals. Some received prison sentences.
We are a rainy country surrounded by sea and with massive coal, oil and gas reserves. Only a Labour government could bring us a combined drought and energy crisis.
👇
This Punch and Judy show is redolent of the fake dichotomy of lab leak versus zoonosis, which diverts from the true, third option that the “pandemic” was a hoax.
What we have here is people being invited to pick whether they hate Putin or Zelensky, when the third, true option is that they should hate the bankster establishment that seeds and funds these forever wars. xitter.cf/georgegalloway/status/…
Tim Price 🏴 retweeted
'Bank Job' by @trussliz is a sensation, rightly savaging the Bank of England, the Treasury and the OBR. Liz takes no prisoners but also offers a compelling vision for a better, brighter Britain free of the dead hand of Fabian technocracy. 11/10.
amazon.co.uk/BANK-JOB-ENGLAN…
Tim Price 🏴 retweeted
The latest State of the Markets podcast features gold and monetary history specialist Alasdair Macleod @sotmpc @PRodr1guez @MacleodFinance
youtube.com/watch?v=gv62tQnQ…
Grok, has JP Morgan ever been fined for manipulating silver prices ?
Yes. In September 2020, JPMorgan Chase & Co. (and related entities) agreed to pay a record total of about $920.2 million to resolve U.S. government charges involving manipulative trading, including in silver futures.
The Commodity Futures Trading Commission (CFTC) ordered the payment for spoofing and market manipulation that spanned roughly 2008–2016. It involved hundreds of thousands of orders in precious metals futures (explicitly including gold, silver, platinum, and palladium) and U.S. Treasury futures. Traders placed large orders they intended to cancel before execution to create false signals of supply or demand, which moved prices to benefit the bank’s or clients’ genuine orders.
Parallel resolutions came from the Department of Justice (via a deferred prosecution agreement in which the bank admitted wrongdoing and paid roughly the same total amount, with credits for overlapping payments) and the SEC (focused more on Treasury cash markets).
There was also a separate ~$60 million class-action settlement in 2021 with investors who alleged spoofing in precious metals futures and options during the same period. The CFTC described the illegal trading as significantly benefiting JPMorgan while harming other market participants. The roughly $920 million total included the largest civil monetary penalty, restitution, and disgorgement amounts the agency had imposed in a spoofing case at the time (roughly $436 million penalty, $312 million restitution, and $172 million disgorgement). Individual traders on the precious metals desk (including the former head of the global precious metals business) were later convicted on charges that included fraud, attempted price manipulation, and spoofing involving gold, silver, and other metals. Some received prison sentences.
"Any man's death diminishes me, because I am involved in mankind; and therefore never send to know for whom the bell tolls; it tolls for thee."
- John Donne.
In which Simon Heffer plays the role of an Establishment stooge and rather proves Liz Truss' entire point.
telegraph.co.uk/books/non-fi…
Tim Price 🏴 retweeted
Funny how many of the loudest voices for conscription in Britain always belong to those who’ve never fought a war and never will, being comfortably too old to serve.
The latest State of the Markets podcast features gold and monetary history specialist Alasdair Macleod @sotmpc @PRodr1guez @MacleodFinance
youtube.com/watch?v=gv62tQnQ…