Courtesy of Dismal Dave Down Under.
Could JPMorgan Chase Be Hit with a Fourth Felony Count for Rigging Precious Metals Markets?
June 11, 2019
By Pam Martens and Russ Martens
On September 25, 2013, after spending five years and 7,000 hours using taxpayers’ money investigating the potential rigging of the silver market, the Commodity Futures Trading Commission (CFTC) concluded that “there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets.” The investigation was provoked by multiple complaints asserting the market was rigged.
The CFTC is a Federal regulator that oversees the U.S. commodities markets. The U.S. Department of Justice (DOJ) is also a Federal agency and the only one that can bring a criminal case against firms and individuals who commit conspiracy and fraud in commodity and securities markets. (The Securities and Exchange Commission can bring only civil, not criminal, cases.)
On October 9 of last year, the DOJ used its criminal powers and charged John Edmonds, a former long-time employee of JPMorgan Chase, with one count of commodities fraud and one count of conspiracy to commit wire fraud, commodities fraud, commodities price manipulation and spoofing.
Soon, the paper price will be irrelevant.
Indian Gold Demand Surged In April And May
June 11, 2019
After a dip in demand in 2018, it appears Indians are buying gold again.
Anecdotal data seemed to indicate strong demand for the yellow metal in India during the Akshaya Tritiya holiday. Retailers reported sales were up by as much as 25%. As it turns out, demand was indeed strong. Gold imports into India were up 36% year-over-year in May, according to sources cited by Bloomberg.
India imported 105.8 tons of gold in May. That compares with just 77.6 tons a year earlier. Combined shipments of gold into the country during April and May came in at 226.6 tons. That was up about 74% from the same period in 2018.