This is truly an amazing story ...
On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing so.
In November 2009 Maguire contacted the CFTC enforcement division to report this criminal activity. He described in detail the way JPMorgan Chase signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Maguire explained how there are routine market manipulations at the time of option expiry, non-farm payroll data releases, and COMEX contract rollover, as well as ad-hoc events.
On February 3 Maguire gave two days' warning by e-mail to Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, that the precious metals would be attacked upon the release of the non-farm payroll data on February 5. On February 5, as market events played out exactly as predicted, further e-mails were sent to Ramirez while the manipulation was in progress.
It would not be possible to predict such a market move unless the market was manipulated.
... continue reading at http://www.gata.org/node/8466
More links below.
Andrew Maguire finally exposes systemic fraud by CFTC & JPMorgan
Bill Murphy of GATA Reveals Whistle-Blower in Gold Price Suppression
Andrew Maguire & Adrian Douglas interview (March 30th)
GATA interview - Bill Murphy, Chris Powell and Adrian Douglas (March 31st)
Manipulating Gold and Silver: A Criminal Naked Short Position that Could Wreck the Economy