You know what it’s like. You have a old tin of paint and it is a devil of a job getting that lid off to see how much paint there is inside.
Well the Gold Anti-Trust Action Committee (GATA) have been experiencing this very same feeling with the gold price. They have been trying to prise off the lid on the gold price suppression and expose it for some years. It now seems their attempts are starting to see the light of day. They can see the glint of gold in that old paint tin and it is tantalizingly close.
In mid March GATA Director Adrian Douglas was contacted by a metals trader in London, Andrew Maguire. Who indicated he had 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.
Subsequently, at a hearing held by the US Commodity Futures Trading Commission (CFTC) Douglas gave testimony on and reported how JPMorganChase (JPM) signals to the market its intention to take down the precious metals. Traders recognize these signals and make money shorting the metals alongside JPM. Based on whistle-blower Andrew Maguire report, these 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.
Prior to that, in early February, Maguire gave warning to Eluid 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.
One could be forgiven for thinking that there is a lot of desperation around when such 'coincidental things happen', such as Maguire's car being rammed by a hit and run just after his initial statements and strange ‘technical’ breakdowns during videos of Bill Murphy and Adrian Douglas's testimony to the CFTC. Interestingly enough after the hearing, Douglas and Murphy were contacted by several media outlets for interviews but all, repeat all of the interviews were cancelled.
Never the less although the hearings were supposed to be low key, the word is now out and the main stream media is now following the birds on a line rule. When one bird flies the others will too. The New York post, the Huffington Post and even the Herald Sun newspaper from way down under in Melbourne, Australia have taken up the story.
We can likely expect more revelations as the lid is eventually prised off this can of worms and the true gold price begins to assert itself.