Bill Murphy: How far will rigging probe go?

Bill Murphy: How far will rigging probe go? by Chris Powell for GATA

Dear Friend of GATA and Gold:

Interviewed last night by Phil Kennedy of Kennedy Financial, GATA Chairman Bill Murphy marveled at the publicity suddenly being given to gold and silver market rigging, on account of the latest indictments of traders for JPMorganChase. But Murphy added that the “spoofing” attributed to the JPM traders is the smaller part of the manipulation of the markets, the bigger part being surreptitious intervention by governments and central banks.

Kennedy and Murphy discussed how far the Justice Department’s investigation will go — to JPM’s former commodity desk chief, Blythe Masters? To the bank’s chief executive, Jamie Dimon? To the Federal Reserve, Treasury Department, and Bank for International Settlements? There is plenty of evidence that all of them were involved with metals market manipulation.

Kennedy and Murphy also discussed the possibility of more fraud lawsuits against JPMorganChase.

The interview is 26 minutes long and can be viewed here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[email protected]

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Chris Powell

The Gold Anti-Trust Action Committee was organized in the fall of 1998 to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments. The committee arose from essays by Bill Murphy, a financial commentator on the Internet (, and by Chris Powell, a newspaper editor in Connecticut. Murphy's essays reported evidence of collusion among financial institutions to suppress the price of gold. Powell, whose newspaper had been involved in antitrust litigation, replied with an essay proposing that gold mining and investor interests should act on Murphy's essays by bringing antitrust lawsuits against financial institutions involved in the collusion against gold. The response to these essays was so favorable that the committee was formed and formally incorporated in Delaware in January 1999. Murphy became chairman and Powell secretary and treasurer.