I have been saying for over 2 years that the big banksters were manipulating the silver price and that eventually they were going to get caught. Now they have been caught by the CFTC and there is a general outcry against fraud so they will no longer be able to look the other way.
See the charts below to realize what silver is doing in the last couple of months since this has happened compared to the last five years of silver being manipulated back down after every normal rise in price.
See the hockey stick at the right side. Virtually no manipulation. Silver will go through the roof without manipulation, and people will run the banks to buy silver, in a big panic. There isn't much time left to get silver.
Click these links to see the charts:
If you have had thoughts of getting out of paper and into something real don't wait.
Silver should be selling for over $85 per ounce right now at it's normal price ratio of 16/1 with Gold almost $1400 per ounce.
Earn Silver Here: http://www.silverpatriot.com/
Buy Silver Here: http://www.teapartysilver.com/
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SOURCE: Kaplan Fox & Kilsheimer LLP
Nov 04, 2010 12:47 ET
Kaplan Fox Sues JP Morgan and HSBC on Behalf of Investors for Silver Futures and Options Contract Losses Caused by Market Manipulation
NEW YORK, NY--(Marketwire - November 4, 2010) - On November 2, 2010, Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com), a leading plaintiffs' firm, filed a class action complaint in the United States District Court for the Southern District of New York, on behalf of an individual investor, against JP Morgan Chase and HSBC in connection with their alleged conspiracy and manipulation of the market for silver futures and options contracts traded on COMEX. To view a copy of the complaint, please click here.
The complaint alleges that around June 2008, when JP Morgan acquired Bear Stearns, including Bear Stearns' short positions in silver futures, JP Morgan and HSBC commenced a conspiracy to manipulate, and did manipulate, the market for silver futures and options contracts on COMEX. Specifically, the complaint alleges that around this time, JP Morgan and HSBC, pursuant to their conspiracy, acquired massive short positions on silver futures contracts in an effort to artificially depress the price of the silver futures market. The defendants realized substantial illegal profits in connection with their scheme, while investors who had no knowledge of the scheme, lost substantial amounts of money because of the defendants' conduct.
The complaint further alleges that the defendants' illegal scheme continued until around March 2010, when a metals trader based in London, publicly exposed the scheme. This trader has reported the scheme to the Commodity Futures Trading Commission ("CFTC"), and both the CFTC and the Antitrust Division of the United States Department of Justice are investigating the alleged conspiratorial and manipulative activities of the defendants.
If you have any information concerning any of the defendants' conduct, or wish to learn more about the litigation, please contact Kaplan Fox attorneys Robert N. Kaplan or Jason A. Zweig at (800) 290-1952.
Robert N. Kaplan
Jason A. Zweig
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