Jim’s Mailbox

Posted at 9:49 AM (CST) by & filed under Jim's Mailbox.


Oh the ties that bind.



No mistake, he worked (past tense) on both sides of the pond. I am actually shocked, we did a tin foil hat conference call this morning and not a single one of us has gotten a phone call nor even an e-mail of apology telling us we have been correct all these years. One has to wonder what the Dents, Armstrongs and Caseys of the world have to say about this? Maybe they will employ the tried and true mainstream media tactic of ignoring their error and just moving on? Guess my standing offer to debate any of them re manipulation of precious metals is a moot point now…


LBMA Board Member & JP Morgan Managing Director Charged with Rigging Precious Metals
September 17, 2019

Michael Nowak, JP Morgan Chase managing director and head of the bank’s global precious metals desk, who is also a Board member of the London Bullion Market Association (LBMA), has just been indicted and charged by the US Department of Justice (DoJ) with manipulating the prices of precious metals-futures contracts over an 8 year period.

Racketeering Conspiracy and other Federal Crimes

In the indictment unsealed 16 September 2019, the DoJ charged LBMA Board member and JP Morgan managing director Nowak, along with JP Morgan precious metals trader Gregg Smith and former JP Morgan precious metals trader Christopher Jordan for:

“alleged participation in a racketeering conspiracy and other federal crimes in connection with the manipulation of the markets for precious metals futures contracts, which spanned over eight years and involved thousands of unlawful trading sequences.”

Commenting on the case, Department of Justice Assistant Attorney General Brian A. Benczkowski stated that:

“The defendants and others allegedly engaged in a massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”

“These charges should leave no doubt that the Department is committed to prosecuting those who undermine the investing public’s trust in the integrity of our commodities markets.”