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Clint Siegner: Will 2019 bring free and fair gold and silver markets?
By Clint Siegner
Money Metals Exchange, Eagle, Idaho
Monday, December 3, 2018
JPMorgan Chase and a number of other bullion banks are in a whole lot of trouble. Evidence detailing years of rigging markets and swindling clients is piling up.
Deutsche Bank pleaded guilty two years ago and forked over hundreds of thousands of documents. John Edmonds, a former JPMorgan trader, entered his own guilty plea last month and turned state’s evidence.
The carefully cultivated system of captured regulators may not help the banks this time.
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FBI investigators and Department of Justice attorneys are involved now. This investigation is out of the hands of CFTC bureaucrats who hope to avoid rocking the boat and/or land high paying jobs on Wall Street someday.
The DOJ might be ready to actually prosecute crimes this time around. Bankers may have to explain to criminal juries what they have been doing. When they have finished, class-action attorneys and civil juries will get in on the action.
Perhaps for the first time since metals futures began trading, the possibility exists that crooked bankers will be held to account. There is still a long way to go, and there is certainly plenty of reason to doubt the Department of Justice will live up to its name. But there is hope.
It is never too early for market participants to be thinking about what free and fair metals exchanges might look like. ...
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