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Lives Simply - Aims High. 58 year old private investor. I began watching the markets in the 6th grade - our home room assignment was to pick a stock and follow it until whenever (I can 't remember which stock or when I actually stopped following it - I do recall that, during that period, it may... More
    Apr 2, 2010 12:48 PM | about stocks: JPM, AGQ, SLV, GG, SLW

    As this is my first post on this site, please accept my humbled apologies if you find it as dribble.


    Last night I was doing a little research on the web regarding what I have been told about the naked short put options on silver that Bear Stearns owned, which were passed on to JPMorgan Chase & Co.(NYSE:JPM) with the aqusition of Bear’s remaining assets and costumer coverage.


    I was completely struck but not surprised when I stumbled upon this KING WORLD NEWS interview with Andrew Maguire (“independent metals trader turned whistle blower”) & Adrian Douglas (Board of Director from GATA).


    Tuesday, March 30, 2010

    Andrew Maguire & Adrian Douglas: Discuss What Could Be the Largest Fraud in History - Andrew is an independent metals trader turned whistleblower at the center of a storm for exposing what could be the largest fraud in history involving countries, banks and government leaders. Adrian Douglas Board of Director from GATA, the man who Andrew reached out to joins in this interview where they discuss a fraud so extraordinary and so unimaginable that it is the kind of thing that only happens in hollywood thrillers. They also discuss the CFTC sponsored meeting on metals which was an unmitigated disaster because it additionally exposed the fraud on a grander scale.” 


    Before you listen to the lengthy interview, you may like to read Andrew Maguire’s documented e-mail exchange with the CFTC.


    This may be useful to nourish readers’ appetite for authentic dissemination of financial news over the weekend.


    One last point to mention, the King World News site was attached yesterday (Thur. April 1) as mentioned on GATA’s website here (if the URL has not been changed).   

    Disclosure: None ---- Long silver and gold bullion (added silver this morning - April 2, 2010)
    Stocks: JPM, AGQ, SLV, GG, SLW
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  • krakondack
    , contributor
    Comments (733) | Send Message
    All commodities, and many thinly-traded stocks, are subject to manipulation. It is fair to say manipulation is part of the market. Gold is not special from that perspective. In the interview, this is essentially admitted, but the participants keep pouring VERY heavy invective against the manipulators of precious metals in particular. I think no action was taken simply because the hearing found nothing out of the ordinary. Fractional reserve is technically fraud, yes, that point was established. But every bank keeps fractional reserves of cash. And again, since most of the market for commodities is a paper market, nobody seems to mind. I am still interested in how things might play out under extreme market conditions where the fractional reserve is caught short, but I don't find this rhetoric-laden stuff to be very helpful.
    21 Sep 2010, 02:33 PM Reply Like
  • xpatriot
    , contributor
    Comments (55) | Send Message
    Fraud & manipulation will never cease. Just look at Goldman Sachs and the wink and nudge punishment they received for ruining millions of lives. Just watch for who has the loaded dice & bet along with them.
    22 Sep 2010, 06:00 AM Reply Like
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