King World News reported Friday in a blockbuster interview
with precious metals trader Andrew Maguire that 2 whistleblowers from JP Morgan
approached him with evidence that their bank actively manipulated the price of
gold in contrast to the protests and ridicule denying such allegations in the state and corporate owned media.
Maguire told Eric King that he, and subsequently the
whistleblowers, supplied solid evidence to the Commodities Futures Trading
Commission that JP Morgan actively suppressed the price of gold and silver when it
was in their interests to do so - which is generally a 24 x 7 proposition.
Maguire supplied his evidence in 2010 while the 2 whistleblowers
came forward in June 2012 under the protection of the Dodd-Frank Whistleblower
Protection program to furnish the CFTC with evidence of criminal manipulation
of the precious metals market.
Although the news is sensational, it simply confirms what
we, and long before us the Gold Anti Trust Association, have reported for years.
GATA has presented to the public and CFTC powerful prima facie evidence of
market manipulation to which the criminal CFTC has turned a blind eye because it
is owned by the banking cartel doing the bidding of the Fed and Treasury.
When trading freely, the price of gold is a sensitive indicator of the failure of
the private banking cartel, often referred to as the Federal Reserve, whose
policies are deemed inflationary or ruinous to the value of the currency. But
Alan Blinder, former vice chairman of the Fed stated publicly that “it is the
last duty of a central banker to tell the public the truth.” His policy
statement has just been exposed for all to see the corruption of the government
and the private banking cartel – not just under Ben Bernanke’s leadership, but
also under all of his predecessors, especially Alan Greenspan.
The typical means of manipulating the gold market is through
the use of naked shorts which are illegal for private citizens and
institutions, but which the CFTC has legalized for bullion banks to which the
Fed and Treasury grant the right to lease or sell the government’s owned gold,
much of which was confiscated from private citizens by Franklin Roosevelt in
1933.
It is not just government owned gold which the banks lease. They have done so with sovereign gold, such as Germany's, which resulted last year in a demand for gold repatriation. The Fed, after telling Germans to take a hike on at least 7 occasions, finally relented by telling German officials that they could have some 300 tons of their gold within 7 years. The gold is simply not there and the Germans will NEVER see their gold.
It is not just government owned gold which the banks lease. They have done so with sovereign gold, such as Germany's, which resulted last year in a demand for gold repatriation. The Fed, after telling Germans to take a hike on at least 7 occasions, finally relented by telling German officials that they could have some 300 tons of their gold within 7 years. The gold is simply not there and the Germans will NEVER see their gold.
In 2010, Maguire reported that Asian interests entered the
gold market in a massive way after learning that the market was severely
undervalued due to central and bullion bank manipulations. The recent revelations by Maguire on King World News are expected
to fuel another frenzied bout of buying, evidence of which was seen in the afterhours
market for gold on Friday which zoomed 20 dollars per ounce in heavy trading.
Although the news is astonishing enough, Maguire told King
that the CFTC has refused to investigate any of the allegations even with
overwhelming substantiation provided by the JP Morgan employees.
Maguire further revealed that 2 key banks, one of which was Goldman
Sachs, were on the brink of collapse when the UK
sold sovereign gold to bail out the bank.
The undesired side effect of this policy of suppressing gold
is that it has whetted demand for physical gold which has been drained from the
bullion banks as Zero Hedge has so ably reported, especially in the case of JP
Morgan which has exited parts of the precious metals market.
The below market prices of gold and silver will result in the inevitable failure of COMEX and LBMA, which we predict will occur within 6 months. The only caveat to our prediction is that the private banking cartel provides insider information to the bullion banks as Maguire further revealed, which may enable them to ride the second derivative, so to speak, by which they may be able to very narrowly escape a complete collapse. But we have our doubts. They have certainly gone long in recent weeks.
The below market prices of gold and silver will result in the inevitable failure of COMEX and LBMA, which we predict will occur within 6 months. The only caveat to our prediction is that the private banking cartel provides insider information to the bullion banks as Maguire further revealed, which may enable them to ride the second derivative, so to speak, by which they may be able to very narrowly escape a complete collapse. But we have our doubts. They have certainly gone long in recent weeks.
We have long maintained that gold is in permanent and severe
backwardation, the consequence of the Fed vigorously defending the dollar
against its ruinous policies to benefit banksters and other criminal elements.
The paper price of gold has been in an unprecedented state of backwardation
while the physical price has been in this state for at least 2 years.
Jim Willie predicts that the price of gold will at some
point go dark when the COMEX officially collapses, meaning that there will be
no fixed universal price of gold because the 2 major cartels will have been
broken and exposed for the corrupt organizations which they are.
The end game is that physical gold holders will be massively screwed because the bullion banks to whom they have entrusted their physical gold will cash them out. Although this is illegal for allocated accounts, unallocated accounts such as those found in GLD and other ETFs are fully within their contract rights to cash out account holders, meaning that the dupes who thought they owned gold will get a big surprise such as when ABN Amro stole the gold of their customers by closing the gold window. It's cousin is the bank bail-in - a topic for another post.
Willie has reported about extensive lawsuits in Switzerland where massive gold thefts by the bank owned government have caused outrage among their "customers." These so-called customers will NEVER see their gold again.
The end game is the dollar, and ultimately it is a doomed currency. In the meantime, the Fed, Treasury, and CFTC are in wholesale collusion to pretend otherwise.
Reference
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2013/9/14_Andrew_Maguire.htmlCopyright 2013 Tony Bonn. All rights reserved.
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