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October 7, 2019 | Precious Metals Desk at JP Morgan Criminally Charged

Martin Armstrong

Martin Arthur Armstrong is the former chairman of Princeton Economics International Ltd. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.

The precious metals Desk at JP Morgan Chase on September 16, 2019, was criminally charged by the U.S. Department of Justice with being a criminal enterprise for approximately eight years in its manipulation of the prices of gold, silver, and other precious metals. The head of that desk and two other precious metals traders were charged with racketeering under the RICO statute which was originally passed to target organized crime.

The Justice Department said that the traders and their co-conspirators “conducted the affairs of the desk through a pattern of racketeering activity, specifically, wire fraud affecting a financial institution and bank fraud.”

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October 7th, 2019

Posted In: Armstrong Economics

One Comment

  • jmg says:

    I read about this the day after it happened. Other than a stiff fine handed down, do you have any expectations that the government will pursue these charges and take any further actions that will cause JPM to cease their manipulation. On the day following this announcement, gold sky rocked a mighty $2 from the previous day. Don’t think any gold investors are holding their breath for the Justice Department to actually go prosecute the giant kahuna. Your feelings on this are greatly appreciated.

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