This week’s guest has spent a large portion of his adult life, working on knowledge revolving around commodity price discovery, most specifically in the silver market.
Often within his research are acute questions such as who dictates or mostly influences price discovery?
What are the How’s and the why’s for the prices we pay for critical commodities?
Early last week, on November 6th 2018. The US Department of Justice confirmed much of what this week’s guest has been publicly alleging year after year.
If you have spent any time trying to understand JP Morgan’s involvement in the silver market, high chance is you too have come across his spearheading work.
This week, Ted Butler visits with us, to discuss the FBI’s recent receiving of a guilty plea from a 13 year ex-precious metal derivative trader from JP Morgan.
Facing a potential sentence of 30 years in prison, the individual (John Edwards) pled guilty to commodities fraud and spoofing conspiracy.
The Department of Justice published the following words on their website:
“This trading strategy was admittedly intended to inject materially false and misleading liquidity and price information into the precious metals futures contracts markets by placing the Spoof Orders in order to deceive other market participants about the existence of supply and demand.
The Spoof Orders were designed to artificially move the price of precious metals futures contracts in a direction that was favorable to the guilty party and his co-conspirators at the Bank, to the detriment of other market participants.
In pleading guilty, Edmonds admitted that he learned this deceptive trading strategy from more senior traders at the Bank, and he personally deployed this strategy hundreds of times with the knowledge and consent of his immediate supervisors.
This case is the result of an ongoing investigation by the FBI’s New York Field Office.”
In a few seconds we will begin discussing this and other ranging topics related to silver, gold, crude oil, and the financial markets.
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