JPMorgan Trader Spoofed Gold Trades?
Here is just one way a common trader could manipulate gold prices,probably more than one way however Most central banks sit on tons of the stuff and one day they will play with it on a new deal scenario like FDR did in 1933.
I wonder if they can do the same with their paper fictional funny money too? Like the repo markets you think?
serf
Gregg Smith clicked his computer mouse so rapidly to place and cancel bogus gold and silver orders for Bear Stearns Cos. and later JPMorgan Chase & Co. that his colleagues would joke that he needed to put ice on his fingers to cool them down afterward, or that he must be double-jointed.
The goal of spoofing was to trick the rival computers into buying or selling to benefit JPMorgan’s position, by using a large volume of bogus orders to create the false market impression, he said.
“Those trades were deceptive,” Trunz said of the thousands of spoof orders the desk placed over the years. “They were used to bring out a reaction from those algorithms to get what we needed done.”
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Guilty as charged and now with that behind us get ready for a surge in metal commodities or is that currency for the Central banks who sit on tons of GOLD especially The Swiss with The BIS Central Bank of Central Banks with it's new digital currencies policies. Ignorance is bliss! https://www.bis.org/speeches/sp210127.htm
JPMorgan Gold Trading Boss & Former LBMA Board Member Found Guilty By US Jury | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zeroThis is the group to watch with the coming NWO RESET with Green new deal with a cashless worlds society.
https://www.bis.org/speeches/sp210127.htm The The Group of Thirty?
The group consists of thirty members and includes the heads of major private banks and central banks, as well as members from academia and international institutions. Current members of the group include current and former heads of the central banks of Argentina, Brazil, the United Kingdom, Canada, China, France, Germany, India, Israel, Italy, Japan, Mexico, Poland, Singapore, Spain, Switzerland, And the United States as well as two chairmen of the Federal Reserve Bank of New York, two presidents of the European Central Bank, a chairman of the Basel Committee on Banking Supervision, two chairmen of the Bank for International Settlements, two chief economists of the International Monetary Fund, a chief economist of the World Bank, and the former President of Mexico. It holds two full meetings each year and also organises seminars, symposia, and study groups. It is based in Washington, D.The group consists of thirty members and includes the heads of major private banks and central banks, as well as members from academia and international institutions. Current members of the group include current and former heads of the central banks of Argentina, Brazil, the United Kingdom, Canada, China, France, Germany, India, Israel, Italy, Japan, Mexico, Poland, Singapore, Spain, Switzerland, And the United States as well as two chairmen of the Federal Reserve Bank of New York, two presidents of the European Central Bank, a chairman of the Basel Committee on Banking Supervision, two chairmen of the Bank for International Settlements, two chief economists of the International Monetary Fund, a chief economist of the World Bank, and the former President of Mexico. It holds two full meetings each year and also organises seminars, symposia, and study groups. It is based in Washington, D.
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