JPMorgan Chase “Guilty!” of Precious Metal Price Manipulation

JPMorgan Chase has grown to be one of the largest global financial services firm in the world with over $2.6 trillion USD of assets under management.  Their offered services range from investment banking, small business/commercial banking to asset management, however, what most people do not realize is that JPMorgan is also the largest bullion bank in the world.  In fact, in 2020 it was reported that the investment bank raked in a whopping $1 billion USD in revenue from precious metals trading/selling.  To put that in context – no other bank has ever made more than $600 million over the same time period.  Now, of course, this would be far more impressive if within the same couple month period at the end of 2020, JPMorgan wasn’t ordered to pay almost all of that profit back ($920 million USD to be exact) after being convicted of spoofing the precious metal market to make profit and control prices for nearly a decade.

For those who are unfamiliar, spoofing is the act of creating a trade and entering it into the market but then quickly turning around and cancelling the order.  This causes opposing market traders to react to a trade that really never happened – giving JPMorgan traders an edge.

Now with the most recent conviction of JPMorgan’s precious metal desk global market head, Michael Nowak (said to be the most powerful man in the gold market due to his influence… we can now see why), and their lead gold trader, Gregg Smith, it is becoming far more clear as to the scope and timing of the crimes committed.  Back in 2010, there was a bill passed called the Dodd-Frank Act.  Along with a more strict regulation base for financial institutions hoping to avoid another 2007-08 financial catastrophe, the Dodd-Frank act for the first time legally defined spoofing and made it an illegal act.


Another great research topic surrounding the Dodd-Frank Act is how it switched the government emergency financial response plan from bail-outs to bail-ins, meaning that as a depositor with a bank that bank can legally absorb what is in your bank account in times of financial calamity to help stabilize themselves.  Depositors effectively become part shareholders of a dead bank rather than having the ability to withdraw their life-savings.

Getting back to the trial of JPMorgan for spoofing and fraud, it was determined that these crimes had been largely committed between 2008 and 2016 – with multiple complaints being filed between 2010 and 2013 by other trading corporations with no action being taken by authorities until recently.  Which does beg the question as to, “why now?” – for months we have been speculating about the revaluation of gold and silver and how they will play a role in the future monetary system as cracks continue to form in the current one.  So doing a little spring-cleaning before reaching new price points may be a necessary evil for those who have gotten away with illegality for so long.  And this is in no way saying the illegality is done, but it has finally shone a light onto the corruption within the precious metals market.  Assistant Attorney General Kenneth A. Polite, Jr. went on to say, “With this verdict, the Department has secured convictions of ten former traders at Wall Street financial institutions, including JPMorgan, Bank of America/Merrill Lynch, Deutsche Bank, The Bank of Nova Scotia, and Morgan Stanley.”  And while it is almost a guarantee spoofing is still taking place in many of these institutions – the details of this case show why silver and gold are poised to see incredible gains in our current economic climate.  Let us paint a picture for you:

The financial market begins to see turmoil between 2000 and 2008 seeing two major market crashes over that span.  In the meantime, silver and gold have began to rocket to the upside as they equate for the easy money flowing into the market during the chaos (same as we saw between 2020 and early 2022).  Then in the middle of silver and gold’s meteoric rise – JPMorgan begins to spoof the price, with lawyer Avi Perry from the prosecution team stating, “they had the power to move the market, the power to manipulate the worldwide price of gold” and so they did.  Gold and silver hit their peak just a few years into the spoofing racket and from there lost value right until the lawsuit alleged the rigging took place up until 2016.  Once it is understood that silver and gold act as sound money and that fiat currency is merely a promise to pay real money in the future – the rigging of silver and gold to the downside makes far more sense as an expensive silver and gold price would destroy the illusion that U.S. or Canadian Dollar are worth anything more than the paper they are printed on.  Even further to that point, it is no coincidence that central banks became net buyers of gold at the exact same moment the prices began to be spoofed lower after 2010-11.  They profited on its rise until 2011, then beat the price down to allow them to stock up right up until this day.  And for that reason, you can bet as the world moves closer to a 2008 style crash on steroids, silver and gold will begin to play a far larger role as they are needed to stem the tide; any bank NOT holding precious metals will likely be absorbed as they are forced to default on their debts.

In such times, we continue to urge those in our community to BECOME YOUR OWN BANK.  Once you have been empowered to take control of your own future through investing in a real store of value – you never look at our old illusionary financial system the same way again.  To show our appreciation for all those who support us, as well as to present an opportunity to those still on the fence – we have been running a deal that ends today that allows you to receive 1 free silver Britannia ounce with the purchase of 24 others.  The link to find our 1oz silver Britannia coins out of the UK is below:

1oz Silver Britannia