In recent years, as precious metals analysts have attempted to reconcile the routinely counterintuitive price action in the gold and silver markets with the underlying fundamentals, rumors have swirled that J.P. Morgan’s trading desk has been manipulating the price. And this week, a former J.P. Morgan trader plead guilty to exactly that.
The website of the U.S. Department of Justice stated the following:
“A former precious metals trader (John Edmonds) at a United States bank (Bank) pleaded guilty in a proceeding unsealed yesterday to commodities fraud and a spoofing conspiracy in connection with his participation in fraudulent and deceptive trading activity in the precious metals futures contracts markets.
http://republicbroadcasting.org/news/fo ... ipulation/
J P Morgan totally unaware of what was going on