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SUBSCRIBE to Our Channel: https://www.youtube.com/c/sdbullion?s... This week, two former JPMorgan precious metals traders were found guilty of precious metals market rigging crimes spanning nearly a decade.

After a three-week trial, the former co-head of JP Morgan's #PreciousMetals business and his top gold trader were convicted by a federal jury.

US Department of Justice prosecutors presented precious metals market rigging evidence that included detailed trading records, chat logs, and testimony by their old co-workers, typically younger subordinates ratting out their elder trading mentors for likely leniency deals in punishment for market rigging crimes.

The former head of the JP Morgan desk was found guilty of spoofing, ten counts of wire fraud, commodities fraud, and attempted price manipulation. Top former JP Morgan precious metals derivative trader Smith was found guilty of spoofing, eight counts of wire fraud, commodities fraud, and attempted price manipulation.

During the trial, jurors and the public learned of the obscene amounts of profit and compensation JP Morgan and its often rogue set of criminal precious metals traders made by massive market rigging.

Nowak and Smith made well over $30 million between the two; now, they face the potential threat of decades of incarceration in Federal prison. While sentencing dates remain unclear, the bank JP Morgan continues to dominate the US precious metals derivative markets while having made billions in profits since 2008, only having been fined $920 million for market crimes committed at its desk from 2008 through 2016. Those mostly paying the bank's fines are unsecured shareholders of the bank's share price since. Many who took part privatized their gains Scott-free.


While the US Department of Justice now takes victory laps having to date convicted a total of ten former precious metals derivative traders from commercial bank market rigging desks like JP Morgan, Bank of America, Deutsche Bank, The Bank of Nova Scotia, and Morgan Stanley.

You probably know painfully too well that it took nearly 11 to 14 yrs for US agents outside of fiat currency-creating commercial banks to do anything about brazen lawlessness within precious metals derivative markets (specifically within the CME Group's COMEX and NYMEX precious metals futures markets).

'TRUST & INTEGRITY' evaporated a long time ago, and gone with it is any semblance of respect or believability in the supposed regulators who turned blind eyes for over a decade and longer.

Of course, it would not be the precious metals markets if this developing story was not weirder than cursory coverage illustrates, so later in this #SDBullion Market Update, we'll go deeper.

More long-time precious metals derivative traders are being criminally indicted.

And most importantly, we'll look beyond the scapegoating of a few greedy degenerate precious metals trading criminals and look more at the ongoing daily gold #SilverPrice data to better understand how systematic western gold and silver value suppression has worked over decades.

With a silver lining, systematic market rigging has allowed current-day bullion buyers to acquire physical precious metals at relatively steep discounts than otherwise would have been if we had somehow had legit price discovery markets over the past few decades.

Stick around for those updated charts and mind-bending gold and silver price figures.

Once you better understand this ongoing systematic saga, you won't be shocked when silver and gold eventually go into respective price manias in the not very distant future.

London Gold Pool Failure 2020s?
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That is all for this week's SD Bullion Market Update.

As always, to you out there.

To great care of yourselves and those you love.

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