A year ago, I took the occasion of new appointments at the CFTC as an opportunity to try once again to persuade the agency to step up to the plate and address a silver manipulation that had been in place for more than 30 years. James McDonald was the newly installed Director of the Enforcement Division. I made the letter I wrote public –


I made special note in my letter to McDonald of the role JPMorgan played in the silver manipulation since acquiring Bear Stearns, including that JPMorgan had never taken a loss, only profits every time it added new short positions in COMEX silver futures over the past ten years. Such a perfect trading record would be impossible in any market that wasn’t manipulated. In addition to JPMorgan never losing, only winning whenever it added COMEX short positions, the bank had accumulated a massive amount of physical silver at prices it was responsible for depressing (by the way, JPM has added 100 million physical ounces over the past year and now holds 700 million oz).