"Caption contest on the video below. My attempts: 1. “Tattoos are not financial advice.” 2. Nassim Taleb talks about ‘skin in the game’ but what about game on the skin?"
- Ari on attention-starved entrepreneur John McAfee videotaping his new tattoo of the Skycoin logo.
IN CASE YOU MISSED IT
💰JPMorgan traders are manipulating US metals markets. And water is wet.
What should be a well-known fact (and has, in actuality, been documented several times over the past decade) reared its head once again in mainstream media. Recently, an ex-J.P. Morgan Chase trader admitted he and his supervisors manipulated the U.S. markets of precious metals from 2009 onwards.
To begin unraveling why this type of market manipulation is so easy (and relatively common) to do, let's look to COMEX and "bucket shops." Part of CME Group, COMEX is the primary futures and options market for trading metals such as gold, silver, copper, and aluminum.
COMEX's trading structure allows speculators to control the price of metals without input from the world’s real producers and consumers of these metals, and since COMEX is the leading metals price setter, these producers, consumers, and investors are forced to accept the prices set by speculators.
Overtime, COMEX has naturally developed into a “bucket shop” or a "private betting parlor" for speculators. This is facilitated by the CME Group, which generates more trading fee income on speculative high-frequency trading than legitimate hedgers (aka real world producers who don't day trade).
What's the link to JPMorgan?
JPMorgan, dubbed the “King Rat” in the speculative bucket shop, has consistent market corners in COMEX gold, silver and copper futures. Using its dominant market shares, JPM (and CME) are able to (and more importantly do) manufacture price spikes and falls to manipulate predictable technical funds into buying or selling.
JPMorgan has been and continues to be a primary source of metals market manipulation, and those who deny it are either naive or disingenous.
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