Saturday, October 02, 2021

CRIMINAL CAPITALI$M
Florida miner's lawsuit accuses JPMorgan of manipulating silver prices

Fri, October 1, 2021

FILE PHOTO: JPMorgan Chase & Co corporate headquarters in New York

LONDON (Reuters) - A Florida-based silver miner has filed a damages claim against JPMorgan , accusing the bank of manipulating the silver market to push prices so low the company's mine had to close.

The complaint, filed on Tuesday in the U.S. District Court for the Southern District of Florida, said Hidalgo Mining Corp raised $10.35 million from investors to finance a silver mine in Mexico that began production around 2012 and stopped in 2014.

Silver prices averaged around $31 an ounce in 2012 and $19 an ounce in 2014.

JPMorgan declined to comment.

Hidalgo's claim, seen by Reuters, uses as evidence information from an investigation by U.S. regulators which found that JPMorgan staff between 2008 and 2016 sent fake buy and sell orders into metals and Treasuries markets to move prices in their favour.

Traders say this technique, known as spoofing, is a short term trading tactic rather than a means of long-term price suppression.

JPMorgan last year agreed to pay more than $920 million to settle the investigation.

The bank also paid $15.7 million last week to settle a class action lawsuit brought by investors who said the manipulation had caused them losses.

(Reporting by Peter Hobson)


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https://en.wikipedia.org/wiki/Nelson_Bunker_Hunt
In the last nine months of 1979, the brothers profited by an estimated US$2-4 billion in silver speculation, with estimated silver holdings of 100 million troy ounces (3,100 t). [9] Primarily because of the Hunt brothers' accumulation of the precious metal , prices of silver futures contracts and silver bullion rose from $11 an ounce in September 1979 to $50 an ounce in …





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