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Hidalgo Mining files suit accusing JPMorgan of manipulating silver prices
By Peter Hobson
Friday, October 1, 2021
LONDON -- 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.
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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 that found that JPMorgan staff between 2008 and 2016 sent fake buy and sell orders into metals and Treasuries markets to move prices in their favor. ...
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