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Date Posted: 10:31:16 4/19/23 Wed
Author: Jasper
Subject: From Ted Butler

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A major development last week was the large amount of gold issued by JPMorgan over the first two days of the COMEX April contract. Total gold deliveries by JPMorgan of 14,326 contracts, including 10,682 contracts (1.07 million ounces) by JPM in its proprietary house account were the largest by JPM in history. This is big news because it demonstrates clear and blatant price manipulation by JPMorgan. With more than 19,000 contracts of gold standing for delivery, what would have been the price of gold, had JPM not delivered more than 10,000 contracts from its house account? Even the dimmest of wits (say at the Justice Department or the CFTC) should be able to conclude that without JPMorgan delivering this many gold contracts, gold prices would have had to increase enough to attract others to take JPM’s place.

Price manipulation cannot occur without a concentrated position. That’s what we witnessed, in full view, by JPMorgan over the first two days of the COMEX April gold deliveries. Back in 2020, JPMorgan entered into a deferred criminal prosecution agreement (DPA) with the Justice Department for manipulating precious metals on the COMEX (and other infractions) and agreed to pay a headline-grabbing $920 million (a pittance for JPM). The fine and the DPA only scratched the surface of JPMorgan’s long-term manipulation of silver and gold, because the case focused solely on spoofing and the short-term manipulation of prices. It ignored the much more serious price suppression of silver (and gold) and JPMs accumulation of massive quantities of physical silver (more than a billion ounces, plus more than 30 million ounces of physical gold) over a decade. They did this while functioning as the biggest short seller (in order to keep the price down). Spoofing was peanuts compared to what JPMorgan was actually guilty of.

https://www.howestreet.com/2023/04/ted-butler-jpm-again-2/

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