Gold manipulation exposed by whistleblower

Gold Investment - 9 April 2010

Andrew Maguire, an independent British precious metals trader, has recently exposed systemic fraud and manipulation in the gold (and silver) commodity market amounting to billions of dollars despite risk of injury to himself and his family.

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Gold sold on paper with no physical gold available to cover the sales… 

J.P. Morgan Chase traders in London have allegedly sold gold (and silver) on paper to the tune of USD5.5bn without any physical gold available (non-existent gold supplies) to back the relevant sales. 

Given the above, J.P. Morgan Chase, a global financial services firm, is once again accused of conspiring to control the price of gold. However, this time around it’s not only about conspiring to control the price of gold or securities fraud on a limited scale, but about systemic fraud on a global scale involving banks, countries and even government leaders. This boils down to massive fraud and manipulation, not only because other precious metals traders and investors lost billions of dollars in trade, but it’s the very reason why the gold price has not broken through much higher price resistance levels despite all the factors in favour of a stronger gold price: A weakening U.S. dollar, high demand for gold (central banks, fund managers, private investors, etc.), Chinese and U.S. relations, looming economic crisis in China and elsewhere, high risk of hyper inflation, massive debts, etc.

In fact, it is alledged that J.P. Morgan Chase is manipulating the market to such an extent that “…for every 100 ounces of silver and gold held in paper or electronically, there is only 1 ounce in the vault” (Barbara H. Peterson). If this is true, it makes Bernie Madoff’s “ponzi” scheme looks like the theft of half a biscuit during a tea party.

In other words, given the above, if you’ve been wondering why gold has not yet broken through much higher price resistance levels, then this might be the very reason.

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