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Ted Butler: Stranger than fiction
12:08p ET Thursday, June 27, 2019
Dear Friend of GATA and Gold:
In his new essay, "Stranger than Fiction," silver market rigging whistleblower Ted Butler wonders why the U.S. Justice Department and Commodity Futures Trading Commission penalize some investment houses for rigging the monetary metals markets while leaving JPMorganChase free to rig them.
Here's a possibility: JPMorganChase is acting as broker for the U.S. government, which, under the Gold Reserve Act of 1934, as amended since then, is fully authorized to rig any market in the world.
... Dispatch continues below ...
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Indeed, JPMorganChase's chief executive, Jamie Dimon, and the former chief of its commodity desk, Blythe Masters, replying a few years ago to complaints of rigging in the monetary metals markets, said the bank had no position of its own in those markets and traded them only for clients.
Here's Masters saying so on CNBC in 2012, beginning at the 2:35 mark:
https://www.youtube.com/watch?v=gc9Me4qFZYo
Of course nobody but GATA has ever asked JPMorganChase if the clients for whom the bank trades the monetary metals markets include governments and central banks. The bank refused even to acknowledge GATA's inquiry.
Now if CNBC or some other major financial news organization asked the question, was brushed off, and reported the brushoff, that might be the beginning of change. But the first rule of mainstream financial journalism these days is: Never put a critical question about market intervention to a government or central bank. It might spoil their party.
Butler's commentary is headlined "Stranger than Fiction" and it's posted at GoldSeek's companion site, SilverSeek, here --
http://silverseek.com/commentary/stranger-fiction-17678
-- and at 24hGold here:
http://www.24hgold.com/english/news-gold-silver-stranger-than-fiction.as...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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