JP Morgan Chase – Manipulating Silver Prices

So we all know Chase Bank is run by unethical individuals that only care about increasing the bottom-line, regardless of how it affects their customers. However, now it appears that they are actually participating in a grand criminal conspiracy to manipulate the price of silver and artificially control the market for the precious metal. That takes them out of the league of shady companies that don’t care about their customers, and puts them in the class of a criminal enterprise like what Bernie Madoff ran for years.

Silver prices have been skyrocketing lately. The price has gone up over 80% in the last 6 months alone. It’s normal for precious metal prices to go up as the economy weakens – and this is a textbook example of that, but these increases far outstrip what normal economic activity would account for. In fact, the last time we saw abnormal increases in silver like this were when the Hunt Brothers cornered the market – something that was illegal and lead to millions of dollars in fines and lawsuits. So what do we owe this latest market manipulation to? JP Morgan Chase, of course!

JP Morgan Chase bought Bear Stearns in March of 2008, and as a result they inherited an enormous “short” position on silver that they had to somehow not lose Billions of dollars on. To keep things simple, a “short” is basically a bet that the price of something will go down by a certain date. For instance, if I thought the stock for Chase Bank would go down over the next month, I could buy a 30-day option to short the stock, and if the price went down I could make a nice profit. However, if the price goes up I would lose A LOT of money.


As we all know, the economy sucked in March of 2008, just like it sucks now. When the economy sucks, precious metal prices generally go up as people lose faith in the value of the dollar. So what do you do if you find yourself the proud owner of an enormous bet that the price of silver will go down, when all economic indicators point to the price of silver going way up? Well you use your enormous pools of wealth and political connections to manipulate the prices long enough to make a profit of course! Apparently, JP Morgan Chase controlled at one point, up to 85% of the silver market and as a result supply and demand was artificially controlled to deflate the price of silver, thereby making their bets payoff. According to this lawsuit against Chase Bank recently filed, Chase made Billions of dollars in illegal profits as a result of this scam between March of 2008 and June of 2010.

Once word got out about what they were doing, the price of silver began to skyrocket, as you can see in the chart below. Andrew Maguire, a 40-year industry veteran came forward and told how the scam was being operated. Shortly after he came forward, he and his wife were sent to the hospital by a suspicious hit-and-run driver that got off with a slap on the wrist due to some secretive back room negotiations. That sort of thing doesn’t just happen in the movies apparently.

Once the illegal scam became known in March of 2010, Chase (and HSBC who had since joined in on the fun) began to sell off approx. 1/3 of their short positions, which then allowed the price of silver to naturally go up. However, they still hold Billions of dollars in short positions on silver, and with the price going up the way it has, would stand to lose Billions. Of course, since they’re classified as “Too Big To Fail” by the Government, any losses they incur will in all likelihood be covered by taxpayers.

All of this has lead to an active campaign by some to try and bankrupt JP Morgan Chase by buying and taking physical possession of silver and keeping it under your mattress like the old days. The theory is that an increase in demand will allow the price to continue to rise so that Chase is stuck holding these short positions which will cost them Billions of dollars and could bankrupt them. Of course, we know the US Government will not allow Chase to go bankrupt, but we can always dream can’t we?

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16 thoughts on “JP Morgan Chase – Manipulating Silver Prices

  1. fonestar

    JP Morgan can be brought down.

    Remember, the Titanic couldn’t be sunk, the sunset will never fall on the British Empire, etc, etc…

  2. Viny

    It doesn’t matter whether JPM is dissolved or not. Even if they are, those people will form another company. Who cares!

    Look at this manipulation as a blessing .. get silver and gold cheap, get mining shares cheap and forget about this up and down silver prices for now. Relax. Enjoy life a bit. You’ll be in a couple of years you did!

    Sooner or later, this manipulation will be proven and boy, silver will go ballistic that day!

  3. Jdiamon

    This is a hoax. We will not fail. Nothing is proven, and all of you will face defamation charges, if found guilty. JD

  4. Jerry c.

    My 85 year old mother had an account with chase bank.Someone got a hold of her card and pin # they pulled out $4500.00 in a month and a half!!
    when we confronted the bank! thier responce was
    SORRY WE CAN NOT HELP YOU!!!!
    THIS HAPPEND IN OCT. OF 2010 WE ARE STILL TRYING TO RETRIVE IT….

  5. ginawhitecloud

    Chase bank attacked the poor little crippled girl. They attacked a poor crippled mute girl and stole her money. They blocked her account and are going to at great pain and discomfort to her make her come into the bank for her 1600 dollars. This is going to cost them a law suit over it because it will hurt her to have to ride in a car and go to there bank but they do not care as they are out to make her do this and cause her great pain. Chase what a joke of a bank they are and how they are treating this woman.

  6. skysitting

    Well this is not good for Chase to make the crippled woman come to there bank. You would think they would care about the woman’s discomfort they will cause her to do so. But then they are to big to care about people they service and that is bad for the little person being ripped off by them.

  7. M. Rodas

    Somehow someone got a hold of my debit card number and pin information and made some fraudulent transactions about 12 miles away from me. I got a credit back from Chase, which made me happy. Then they take the credit back! When I call they say: “We found that you live 12 miles within this location, so you must have done it.” I was pissed off!!

    I hear that this is happening to a lot of people nowadays and Chase is simply turning its back on its customers. They don’t care about the few…and whether it is hundreds or thousands of dollars being lost by their customers, they don’t give a damn.

    I am thinking of writing Press Releases about this…EVERYONE should write Reviews on websites everywhere! THIS NEEDS TO COME OUT and start getting some publicity.

    I don’t know if WebWire or PRWeb would accept press releases about this, but it’s worth it to try it. There are many reviews websites on the net…EVERYONE WHO IS GOING THROUGH THIS NEEDS TO WRITE CONTENT ON IT!! LET CHASE KNOW YOU WILL NOT JUST TAKE THEIR NEGLECT!

  8. Logan338

    I feel that selected executions of the Dept. heads and upper management would change the ethos of big business the morning after. They hide behind others, but the choices and direction of the company is their responsibly. ‘Corporate Mob Bosses on trail’, a new reality series where you get to watch, as they pay for their crimes against
    consumers. Execution is called for, Trials demanded by the people, verdicts swift and final.
    Welcome to the new world.

  9. Joseph

    everyone needs to sell everything they own and buy physical silver, in the end you will not regret it, one silver ounce will pay your mortgage. I can promise you this.

  10. admin Post author

    Although I agree that buying some physical silver is a wise decision (for several reasons), I would advise anyone against investing any amount that they can’t afford into anything. Fortunately, silver is pretty cheap so most people should be able to afford a little bit just in case…

  11. Mike F

    Chase called agan this time from the Philppines, last month they called from India, and so on the the last year or so. I told the lady last month that if, with over $2 Trillion in assets, over $41 Billion in Operating Income in 2010 and after receiving $25 Billion in TARP money from US taxpayers, if Chase can’t afford a US call center when calling its US customers they I have no interest in speaking with them. Unforfortunatly I had to also notify the lady the called today II guess Chase Bank just doesnt get it. I will no longer do business with Anti-American companies.

    They have 5,100 branches in U.S. and only 1 branch in the Philippines in Makati City and only 1 branch in India in Mumbai. If they prefer to do business there instead of America they should open more branches there so they can call customers there.

    Jamie Dimon has announced on CNBC tha Chase will no lnger be sing its own money to fund real estate loans int he US (essentially means Chase is no longer lender their own money) they will however contnue to service real estate loans with taxpayers money and other investors money. But they are divesting themselves fromt he US economy with their money. “Thanks for the TARP bailout your own your own good luck! We’ll keep makng money on the forclosures and credit card fees etc”

    At least they are hiring people overseas to forclose on Americans after illegally forclosing on the families hundreds of active duty military war veterans while fighing in Afghanistan and Iraq.
    http://www.jobcentral.com/jobs/JPMorgan_Chase/PHL/Operations_Specialist_Foreclosure/022518284/job

    Chase wont even hire Americans to forclose on Americans apparently…traitors!

  12. admin Post author

    More people need to take notice of things like this. We let a lot of companies get away with taking from the US economy, and not giving back in the form of jobs. Then we wonder why our economy has been sliding into oblivion for the last 10 years.

  13. armydicked

    I wanted to do something honourable with my life, such as join the Gotti mob but I had to go with Chase—the money was too good to pass up…

    SCREW WORKING FOR THE MOB; WORK FOR A BANK INSTEAD!!! SAME DIFFERENCE!!!

    MOBSTER: You get caught stealing, extorting or colluding—you go to prison for life.
    Banker: You get caught stealing, extoring or colluding-you LIVE THE GOOD LIFE!!!

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