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An Overt Manipulation
by Craig Hemke Sprott Money
With the recent felony convictions of several J.P. Morgan traders, including their one-time head of precious metals trading, Michael Nowak, some have concluded that COMEX price manipulation has ended. No way. Not a chance. There’s too much easy money to be made.
As I’ve observed COMEX precious metal trading over the past thirteen years, I’ve seen price management and manipulation nearly every day. Sometimes the manipulation is more covert, like the price swings that surround the twice-daily London Fixes. Sometimes the manipulation is more overt, like the battle to avoid a weekly close above $2000 that we saw two weeks ago, culminating with a Friday close of $1,999.90.