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Bullion Bank Criminal Corruption The news of convictions and settlements is now coming so fast that it can be hard to keep up. So today, let's try to list them all for you. What you first need to know is that Bullion Bank price manipulation in the precious metals has been going on for decades. And don't think for a second that a few fines and convictions will suddenly bring all of this to an end. There's too much easy money involved for a Banker to simply walk away. Anyway, back to the matter at hand... About a year ago, the U.S. Department of Justice brought criminal conspiracy and racketeering charges against several JP Morgan precious metals traders, including the head of the precious metals desk, a man named Michael Nowak. Besides working for JPM, Nowak also served on the Board of Directors of the LBMA. Imagine that! We wrote about it at the time, so if you want to go back and bring yourself up-to-speed, here's the link: In the past few weeks, there has been a flurry of activity on the active cases. First, it was reported that JPM was going to settle with the DoJ and CFTC for a record penalty. This was confirmed earlier today, and the total fine is $920,000,000. Bloomberg has done more great work on this subject recently. Here's a post that details in plain English how the corrupt practice of spoofing made a select few people very wealthy: More convictions will soon follow as Nowak and his crew continue to face prosecution. But it's not just JP Morgan. It's nearly all of the Bullion Banks that engage in this activity in their attempts to profit and manipulate price at the expense of everyone else. Here's some news on Canada's ScotiaBank:
And just last weekend, news hit of actual convictions for two traders at Deutsche Bank: So, you should now be asking yourself three things:
Let's start with #1.... As you likely know, there are already multiple class action civil lawsuits out there. More should be forthcoming. But what is really needed is a recognition by mining executives that their "friendly Bankers" are not so friendly after all. In fact, they've been getting robbed for years! We should challenge ALL mining companies—from Kirkland Lake to Kinross to Barrick to Newmont—to immediately proceed with lawsuits designed to compensate their shareholders, who have been so clearly damaged by the criminal activity of The Banks. As for #2... You know who these people are, so I'll dispense with naming names. However, anyone who continues to claim that "gold and silver are not manipulated" or that these are "just the actions of a few rogue traders" MUST BE IGNORED. These people DO NOT have your best interests at heart, for only a soulless, greedy sycophant would continue to spout The Bank propaganda at this point. My advice? Immediately cancel any subscription service and stop visiting any website that fails to admit and accept the obvious and proven manipulation. Finally, #3. Understand that these are Bankers we are dealing with, after all. As such, they will pursue PROFIT through all means necessary. The recently convicted traders will be replaced, and efforts will be made to better conceal their footprints going forward. Additionally, we're talking about The Financial/Political Complex here, and the corruption is rampant. Do not think for a second that real change and full accountability is possible. Do I need to remind you that, to date, there have still been ZERO Banker convictions for the debacle of The Great Financial Crisis? Only losses far more significant than $1,000,000,000 and convictions of top Bank executives will bring about the type of change in which The Banks finally decide that none of this is worth the trouble and they move on. Until then, expect the rotten core of corruption to be on full display. To that end, let's close with a full copy-and-paste of a column I posted to my TF Metals Report site on September 17, 2019. Here's the link if you just want to read it there: Abject Corruption
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So, in summary...
We'll stay on these stories going forward and will be sure to post updates to these pages as they emerge. Again though, DO NOT THINK FOR A MINUTE that the decades-long manipulation has ended or that The Banks will go silently into the night. They will fight us all the way to the end of their fraudulent fractional reserve and digital derivative pricing scheme. In all of this, that's about the only thing of which you can be certain. About Sprott Money Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”. Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.
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