It’s definitely a giant conspiracy, but it’s no longer a theory; after the indictment, it’s more of a criminal enterprise, disguised as a bank.

This is NOT a fringe blogger or a spoof whistleblower, supposedly making it up anymore. This is the Department of Justice:

“(This was) A massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants”

“(It included) Widespread spoofing, market manipulation and fraud while working on the precious metals desk” at JP Morgan “through the placement of orders they intended to cancel before execution (Deceptive Orders) in an effort to create liquidity and drive prices toward orders they wanted to execute on the opposite side of the market. 

In thousands of sequences, the defendants and their co-conspirators allegedly placed Deceptive Orders for gold, silver, platinum and palladium futures contracts traded on the New York Mercantile Exchange Inc. (NYMEX) and Commodity Exchange Inc. (COMEX), which are commodities exchanges operated by CME Group Inc.”

This is a major victory for us, since the pressure will now be on the banks. Once it’s out in the open, investors know they DON’T have to be frightened anymore.

Take a look at this amazing chart:

Courtesy: U.S. Global Investors

The significance of this Asian buying from Chindia (China and India) and its impact on global supply, in a time that central banks are purchasing more tonnage than in the past 50 years is a MAJOR trend.

The indictment has not only impacted the NYC-based JPMorgan, but also the LBMA in London, England, which has been notorious for fixing gold prices for decades.

What I “love” about these banking gangsters is that they’re also shameless. What they’re doing is building a narrative that there was one bad apple and now that he’s gone, the corporation and the world are better off.

What a load of crap:


In the big picture, we just got the U.S. government to confirm that PRECIOUS METALS are severely undervalued, in historical context.

Like I said, we might be correcting in the short-term, but there is no way gold doesn’t go past $2,000/ounce in the next few years.

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    Imagine there is a tug-of-war contest and if team A wins, we enter a recession, while if team B wins, we avoid it for a while.

    Team A is comprised of businesses and corporations – and they’re SCARED.

    Their capital expenditures are down and they’re delaying major decisions, due mostly to this shift in global supply chains.

    Team B is the American consumer and he is confident as he’s been in 20 years; his debt load is lower than at any point in this century and he is healthy.

    Since he makes up nearly 70% of the GDP in the U.S., the economy is growing, so team B is really pulling hard on that rope, but Team A doesn’t want to lose either.

    This is the reason NO ONE can predict the timing of the next recession, but if we see that team B is weakening, we can assume it’s coming sooner rather than later.


    We’re within range of predicting a recession, so I’m watching the consumer closely. When he can’t live up to his own hype, I will be taking profits on the S&P 500.

    We will update in real-time on all of this.

    Best Regards,

    Tom Beck
    Research Partner,

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