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The CFTC is investigating J.P. Morgan's (NYSE: JPM) manipulation of the silver (NYSE: SLV) market after years of cries from traders, blogs, and others.
The CFTC will look into the claims of people such as Ted Butler (ButlerResearch.com) and former metals trader Andrew McGuire that J.P. Morgan was colluding with other traders to start sell-offs in the precious metal, then buy up the metal in order to profit when prices recover.
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Silver expert David Morgan say, “We have never gone down the road this far. We've had roadblock after roadblock, and now the roadblocks are gone, and we are speeding toward the truth, and I am really excited about it.”
This story has been written about as early as December by Benzinga, as the bank supposedly is trying to corner the market.
Some have accused the bank of acting as an agent for the Federal Reserve in the market, as a tick higher in silver means a tick lower in the dollar.
As of the December 2, 2010, J.P. Morgan was supposedly short 3.3 billion ounces of silver.
In March, J.P. Morgan supposedly raised its short position in silver by 30%. J.P. Morgan reportedly increased its COMEX silver short position by 6,000 contracts to 25,000 contracts (125 million ounces).
Shares of J.P. Morgan are down 23 cents in pre-market trading to $45.30, a loss of 0.5%.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.