25 votes

JPMorgan wins dismissal of silver price-fixing lawsuit

Mar 18, 2013 - (Reuters) - JPMorgan Chase & Co (JPM.N) has won the dismissal of a nationwide investors' lawsuit accusing the largest U.S. bank of conspiring to drive down silver prices.

U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices at their expense, including by amassing huge short positions that were not justified by market events at the time.

In a decision made public on Monday, Patterson said that while the investors showed that JPMorgan had the ability to influence prices, a fact the bank did not dispute, they failed to show that the bank "intended to cause artificial prices to exist" and acted accordingly.

A lawyer for the investors did not immediately respond to a request for comment.

Continue reading at Reuters

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Oh Joy!

Oh Joy!

Jaye P. Morgan...

...was a cougar before cougars were cool. Loved her on The Gong Show!

What? Oh! Not Jaye P. but J.P.?

Nevermind. :-)

Exercise Liberty!

America Rising.
The Constitution Stands.

"That the pen is mightier than the sword would be proven false; if I should take my sword and cut off the hand that holds the pen" - American Nomad

Cyril's picture

LOL ! I didn't know about her.

LOL ! I didn't know about her.

Thanks. :)

"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

"JPMJPM☐rg☐n w☐ns d☐sm☐ss☐l ☐f s☐lv☐r pr☐c☐-f☐x☐ng l☐ws☐☐t"

"I'd like to buy a vowel, Pat."

Wheel of Fortune has spun. The verdict in in. Can you guess this phrase? Whether you're doing a crossword puzzle or reading something in Welsh, buying a vowel would be a handy option for many of us. Imagine if you could print "legal tender" out-of-then-air.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

To big to jail

Here's a two part viable solution (if one doesn't get done the other isn't dependent on quasi-corporate "govt").


Just More Proof That Hyping Silver Is Not Helpful

People should not be hyping-up Silver, and fantasizing that it is going to go to $100/oz for precisely this reason.

Silver will go down to $12/oz long before it ever gets back up to simply where it was 2 years ago (if it is ever allowed to get back to that point).

It no longer matters that it's metal, when the exchange price is controlled by legalized Corruption.

Cyril's picture

Hyping-up silver? Getting "rich"? I don't think it's about that.

Hyping-up silver? Getting "rich" (out of speculation)? I don't think it's about that. AT ALL.

I don't care if silver is worth only $50/oz in ten years. I will care if $50 has been set / fixed to be all of one's average yearly income by then, arbitrarily, by central planners. Fiat monies all go to zero in several possible ways eventually, but that doesn't change the outcome, always : they ALL go to zero. Markets always prevail against them. And if they have to be "black" - black markets, for a while - so be it.

Instead : it's ALL about having people UNLEARN that their fate is to be plundered forever.

It's about having people rediscover real money.


Indeed, if we're to talk about money, it has to be real money, not about nonsense or downright CRIME.

Money is nothing more than that. Just money. A portable, tangible, scarce, divisible, recognizable medium to exchange bits of our honestly earned wealth for products, services, and/or share, assemble in voluntary efforts, projects... freely. Without BEING RIPPED OFF BY AN INVISIBLE HAND (well, not so invisible, actually. granted)


And that's just point one.

Because point two is silver has hundreds of applications TO MAKE THINGS. Useful things.

Besides ripping people off, I don't see any other application for fiat currencies. They don't even burn well in the fireplace.


"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius

numbskull troll.

numbskull troll.


Have to disagree with you here. While it is possible silver could break trend and fall to the 22-24 range on a market maker smack down, there are facts present that state no matter what the paper pushers attempt, the physical is harder and harder to come by.

My suppliers are continually short on the 90% silver bags.

My suppliers have to wait a week to a week and a half to ship my orders for Monster Boxes of Silver Eagles because of short supply.

This is occurring in the face of lower prices.

My last two months of sales of metals have been at record pace.

J.P. Morgan et al. have their own worries and are trying to make a buck where they can. But the reason you own metals is insurance against their failures, insurance against the Fed's failures and to maintain purchasing power from falling currency values (no matter what currency).

If the supply is short now, wait till the beginning of the next leg up! Wait till we get to what Richard Russell calls the "3rd euphoria stage," where prices go to "undreamed of heights."

Have faith in our government to do what they do best Liberty. You know they will.

Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!


I understand your point, and it makes sense in terms of "normal" supply & demand thinking.

But my observation is that the manipulation is so Institutionalized, that even real shortages won't matter. The price dynamics are overwhelmed by well orchestrated paper contract manipulations, so that even if there is a real shortage, and nobody can supply or deliver Silver for 1 month, the price itself will still be in a narrow trading range. It will still be controlled by COMEX, and J.P. Morgan.

Therefore as an Investment, its not really going to go anywhere.

Learn from history? ALL

Learn from history? ALL MANIPULATIONS END AND END BADLY FOR THE MANIPULATORS. How many times do you have to be told that? Don't believe it? research history in the markets.

You're Totally Delusional

Just when has History ever showed The Rothschilds financial games (Central Banks) and their corruption in any real jeopardy...ever...?

And who is going to stop them? You? LOL...

Wake me up when the Rockefellers, or The Morgans ever get hauled off to Jail for anything. History shows very clearly that the Elites have never been punished or held accountable for anything, and that there is no structure for that to even ever happen (because they've inflitrated everything).

2008 should have taught everyone a big lesson: These people will not be harmed, even if Trillion Dollar Bailouts (explicit robbery) is the requirement. They are above the Law. They are above The Market (since they control it). Moreover, what this Lawsuit clearly demonstrates is that the Silver Manipulation will continue, obviously unabated, forever as long as they wish.

This well organized manipulation controls the exchange price regardless of any underlying physical shortages, and that manipulation is not stopping!

And History shows: Nothing has ever ended badly for The Rothschilds

still disagree

View silver as insurance, not an investment. Insurance against the over $5 trillion in sub-investment grade derivatives the nations top banks hold that come due in the next 5 years with no possible counterparty to them.

Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!

They can only keep it down

They can only keep it down for so long, eventually there won't be enough physical to go around and it will be forced up. Its already pushing the limit.

And geez, I hope it does go to $12.

End The Fed!
BTC: 1A3JAJwLVG2pz8GLfdgWhcePMtc3ozgWtz


And it's not theft when Cyprus banks steal money from depositors' accounts either.
No justice, only judicial collusion, for corrupt, too-big-to-fail, too-powerful-to-jail bankers.

were you execting something

to the contrary? C'mon......

I wonder how much...

I wonder how much this cost them and who they had to threaten or kill.


Lawsuit was bogus

Trading is speculation that anticipates future prices. If you do not want to be hurt, do not play. Speculation cannot drive the price of a commodity urgently needed by the public for long. But it can reduce overpriced commodity. Shorting on a good commodity will only ruin the speculator.

Cyril's picture

Well, yes, they can get away with anything. So what?

Well, yes, they can get away with anything. So what?

I don't put the most blame on bankers with thieves behaviors. Criminals, yes. So what? It happened many times, there will always be thieves, be they in white collars and piles of MBA degrees on their resumes.

Indeed, again:

SO, WHAT? I'm telling you: they would be IDIOTS, they'd be FREAKING RETARDS ... NOT TO TRY, mind you.


THE TRAITORS who managed to get elected by the People.


Playing the game or closing their eyes : NO DIFFERENCE. Same PACK of P.O.S.


The bankers BUY THOSE. Because THEY CAN.

THE TRAITORS let the fake monopoly money created FOR THE BANKERS just to BE BOUGHT BY THEM.

Consciously, or out of GROSS IGNORANCE? NO DIFFERENCE! It's enough reason FOR IMPEACHMENT, FOR DISABLING these frauds against the People.

And what's the most disgusting when you have taken oath to represent the People?


In my book: THAT'S THE LATTER THAT I VOMIT the most.


"Cyril" pronounced "see real". I code stuff.


"To study and not think is a waste. To think and not study is dangerous." -- Confucius


Can only win for so long.

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)

remember when people used to burn down the houses of tyrants

in America... with pitchforks and a hemp-noose?

no wonder hemp is illegal now..

A true flower can not blossom without sunlight and a true man can not live without love.

Michael Nystrom's picture