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Silver market rigging lawsuit against Morgan dismissed but may be revived
3:20p ET Saturday, December 29, 2012
Dear Friend of GATA and Gold (and Silver):
A federal judge has dismissed the class-action silver market-rigging lawsuit against J.P. Morgan Chase & Co. that was brought a year ago in September, ruling that the complaint lacked the specifics and claims of bad intent necessary to be allowed to proceed to trial.
The dismissal was ordered a week ago by Judge Robert P. Patterson Jr. in U.S. District Court for the Southern District of New York. The judge gave the plaintiffs 30 days to show cause why they should be allowed to file a substitute complaint.
Judge Patterson's decision is posted in PDF format at GATA's Internet site here:
http://www.gata.org/files/GATASilverClassActionDismissed-12-21-2012.pdf
The judge begins on Page 19 to enumerate the deficiencies he found in the complaint.
Interestingly, the judge also writes on Page 19, "JPMorgan declines to challenge that it possessed the ability to influence market prices." Of course silver market rigging whistleblower Ted Butler long has maintained that Morgan's disproportionate position in the silver futures market is by itself highly manipulative.
A representative of one of the law firms for the plaintiffs in the case, Labaton Sucharow in New York, wrote to clients this week: "We are exploring next steps with the hope that there is some way to revive the case."
The lawsuit's complaint from September 2011 is posted at GATA's Internet site here:
http://www.gata.org/node/10448
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
GoldMoney adds Singapore vaulting option
In addition to its precious metals storage facilities in Hong Kong, Switzerland, Toronto, and the United Kingdom, now with GoldMoney you can store gold and silver in Singapore in a high-security vault operated by Brink's Singapore Pte Limited. To celebrate the launch of this storage option, GoldMoney is offering a discount on buy and exchange fees at this vault for any orders above US$10,000 (or the equivalent) until January 11, 2013. Tthe gold buy rate is 0.98%, while the silver rate is 1.99%. Metal exchanges into Brink's Singapore will also be discounted for this period and will be charged at 0.78% for gold and 1.75% for silver. Simply place your order online and the above rates apply automatically until January 11, 2013, 15.00 UK time. To find out more about the new vault, please visit:
http://www.goldmoney.com/singapore?gmrefcode=gata
GoldMoney customers can take delivery of any number of gold, silver, platinum, and palladium bars from any GoldMoney vault, as well as personally collect their bars stored in the Hong Kong, Switzerland, and U.K. vaults.
It's easy to open an account, add funds, and liquidate your investment. For more information, visit:
http://www.goldmoney.com/?gmrefcode=gata
Join GATA here:
Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/vancouver-resource-investment-confer...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
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How to profit in the new year with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
http://www.futuremoneytrends.com/index.php?option=com_content&id=376&tmp...
