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Ronan Manly: Indicted JPM metals desk chief is LBMA board member

Section: Daily Dispatches

9:05a ET Tuesday, September 17, 2019

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly reports today that JPMorganChase, more of whose metals traders were indicted yesterday in the United States on charges of manipulating the metals markets, is a member of the London Bullion Market Association and that one of those traders, Michael Nowak, chief of the bank's precious metals desk, is a member of the LBMA's Board of Directors.

... Dispatch continues below ...


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Manly adds that the LBMA's code of conduct explicitly prohibits market manipulation. Manly doesn't say if the LBMA code provides any particular penalties for violation, but it's a fair guess that they include being winked and nodded at.

Manly's report is headlined "LBMA Board Member & JP Morgan Managing Director Charged with Rigging Precious Metals" and it's posted at Bullion Star here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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