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JPMorgan Admits Spoofing by 15 Traders, Two Desks in Record $920 million Deal

September 29, 2020

Over eight years, 15 traders at the biggest U.S. bank caused losses of more than $300 million to other participants in precious metals and Treasury markets, according to court filings on Tuesday. JPMorgan admitted responsibility for the traders’ actions. The Justice Department filed two counts of wire fraud against the bank’s parent company but agreed to defer prosecution related to the charges, under a three-year deal that requires the bank to report its remediation and…

Silver Seeker Report #32: This Week in Mining; A Much Needed Healthy Correction

This was a volatile week to say the least but in a bull market this should be expected, especially after the metals essentially went straight up from March through early September. The mining equities sold off far more heavily and are trading with implied gold prices around $1,550-$1,625/oz. (depending on the company). If you learn to embrace these violent pullbacks, your returns could higher. For example, had you taken some profits in August or so, you would have been able to buy back the…

Former Deutsche Bank traders convicted of trying to manipulate gold and silver prices

September 27, 2020

Prosecutors behind a sweeping US crackdown on market “spoofing” scored a big win on Friday when former Deutsche Bank traders Cedric Chanu and James Vorley were convicted of fraud for manipulating gold and silver prices. A federal jury in Chicago, after three days of deliberations, concluded Mr Chanu and Mr Vorley made bogus trade orders between 2008 and 2013 to illegally influence precious metals prices. The week-long trial was the latest US prosecution of a “spoofing” case since the…

JPMorgan Is Set to Pay $1 Billion in Record Precious Metals Spoofing Penalty (Bloomberg)

September 23, 2020

JPMorgan Chase & Co. is poised to pay close to $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, according to three people with knowledge of the matter. The potential record for a settlement involving alleged spoofing could be announced as soon as this week, said the people who asked not to be named because the details haven’t yet been finalized. The accord would end probes by the Justice…

Silver projections for the next 10 years

September 23, 2020

Anyone thinking of trading silver will need strong nerves and a cool head. That said, the rewards of silver trading go beyond the financial. This is a mysterious and mystical metal whose hold over the human imagination rivals that of gold. Think of the “silver bullet” said to kill werewolves or the 30 pieces of silver with which Judas is said to have betrayed Jesus. Back to the gold-silver ratio. This expresses the number of troy ounces of silver that can be bought with one ounce of gold. …

Gold, Silver Join in Commodities Selloff With Dollar Rallying

September 22, 2020

Bullion declined as much as 3.5% to $1,882.51 an ounce and silver plunged as much as 11%. The Bloomberg Dollar Spot Index headed for its biggest gain since June, making raw materials priced in the greenback more expensive for holders of other currencies. Stocks tumbled amid concerns that economies will be hit by tighter coronavirus restrictions. https://www.bloombergquint.com/markets/gold-tumbles-below-1-900-silver-plunges-with-dollar-rallying

Silver December Futures in massive sell-off, lower by nearly 12%

September 21, 2020

  LIVE SILVER PRICE CHART: https://silverseek.com/chart/24-hour-silver   Another massive sell-off, price raid -- this will trade near 20,000 contracts in 15 minutes likely.. 100M ounces: pic.twitter.com/otb1SNK9es — Peter ⚒ Spina (@goldseek) September 21, 2020   UPDATE -- THE SILVER PRICE HITS a $23.78 Price Low:   Washout looks to be concluded here with Silver drop just under < $24 in a volume super spike! Over 100 MILLION digital…

Key Gold Ratios to Other Markets: Gold/Silver Ratio

September 19, 2020

Gold/Silver Ratio Gold/Silver is in a potential bounce pattern with RSI and MACD positive divergences. A bounce (if applicable) – which would likely come in unison with a counter-trend bounce in USD could accompany more broad  market pressure and possibly a brief whiff of deflation. As we’ve noted in NFTRH for much of 2020, silver has trounced gold and that is a bigger picture inflationary signal in the “metallic credit spread” (H/T Bob Hoye). READ…

Where there’s a silver tip, there’s a silver tap (FT)

September 18, 2020

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here. https://www.ft.com/content/cc16f0ad-6b02-461e-b674-01a942ba4518 And, according to Jeffrey Christian of CPM, a metals advisory group: “It…

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