When will the SEC
prosecute for market rigging?
Michael SchmidtFor thousands of years, gold has been a central monetary component of most civilizations. It is durable and has been able to retain its value even to this day. That, in and of itself, is extremely remarkable considering how many paper currencies that have went the way of the dodo. That is why the when Bill Murphy of GATA (Gold Anti-Trust Association) gave his testimony on April 9th before the CFTC (Commodity Futures Trading Commission), it may have been one of the most important testimonies in history for uncovering the massive fraud in today’s gold market. There are two central issues in today’s gold market: the massive short selling that artificially pushes the price down during certain option expiration periods and the paper ETF’s that are running a virtual ponzi scheme in the gold market.
Bill Murphy has been screaming out in the wilderness for years about the gold market suppression scheme that goes on with the large bullion banks in the US and Europe. In April of this year, Bill Murphy was contacted by Andrew Maguire, a trader working for JPMorgan’s London gold office. Andrew Maguire did confirm many people’s suspicions that there has been a massive amount of naked short selling, and mainly by the large, oversized investment banks such as JPMorgan, Deutche Bank, etc. He even contacted the SEC two days before the takedown, and literally minutes prior on the day of. This sort of accuracy and precision can only be the result of a massive coordinated effort, something the SEC and CFTC know full well. But this may not even be the most egregious offense taking place in the gold market.
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