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Spoofing trial indicated that JPMorgan traded gold for central banks, Maguire says
10:28p ET Friday, August 12, 2022
Dear Friend of GATA and Gold:
Evidence in the trial of the former JPMorgan traders convicted of gold market manipulation this week indicated that the bank long has been trading the monetary metal for central banks and the Bank for International Settlements, London metals trader Andrew Maguire says in this week's "Live from the Vault" program from Kinesis Money.
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Maguire cites Bloomberg News reporting about the "spoofing" trial, highlighted in a GATA Dispatch on July 31 -- https://gata.org/node/22108 -- which said: "Another set of important clients" of JPMorgan "were central banks, which trade gold for their reserves and are among the biggest players in the bullion market. At least 10 central banks held their metal in vaults run by JPMorgan in 2010, according to documents disclosed in court."
Maguire construes this to mean that the "spoofing" of which the Morgan traders were convicted probably was coordinated with knowledge of central bank trading plans.
Noting GATA consultant Robert Lambourne's reporting on the rapid decline in the gold swap positions held by the BIS --https://gata.org/node/22127 -- Maguire adds that the bank, the gold broker for major central banks, is bringing itself into compliance with the recent "Basel III" rules restricting "unallocated" or "paper" gold positions, positions not fully backed by gold itself or equally strong collateral. These positions, creating a vast, imaginary supply of gold, backstopped by central banks, long have been the primary mechanisms of gold price suppression
Maguire sees central banks transitioning steadily from short to long gold and estimates that the BIS itself will have extricated itself from gold liabilities and be profiting from higher gold prices by the end of the year.
Maguire's comments on "Live from the Vault" come in a 43-minute interview with Shane Morand of Kinesis Money that can be seen at YouTube here:
https://www.youtube.com/watch?v=Th0LcEfgpwY
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
* * *
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 12-15, 2022
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
https://neworleansconference.com/
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
