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antitrust.complaints@usdoj.gov
Citizen Complaint Center
Antitrust Division
950 Pennsylvania Ave., NW
Room 3322
Washington, DC 20530
Re: Reporting
Antitrust Concerns
http://www.justice.gov/atr/contact/newcase.htm#submit
Step 1: Fully
Describe Your Concern
1. What are
the names of companies, individuals, or organizations that are involved?
The CFTC, the
Commodity Futures Trading Commission, is withholding the names,
with the excuse given that they cannot reveal the names, because of statute.
But, a statute, which may violate other laws, is no excuse for
obstruction of justice, dereliction of duty, misprison
of fraud, or conspiracy to defraud the United States.
The COMEX, owned by the CME Group, also has the data on who is
primarily involved, as the antitrust violaters trade on their exchange. http://finance.yahoo.com/q?s=cme
JPMorgan Chase
& Co. has been named by
thousands of writers in the private sector, all over the internet, based on
the reports of the BIS, the Bank of International Settlements and the OCC,
the Office of the Comptroller of the Currency at the US Treasury, that
they manipulate the precious metals markets by fraudulently selling metal
that does not exist. This Bank report indicates that JPMorgan Chase & Co. is
heavily involved, far more than any other, in derivatives, exceeding $72
trillion.
JPMorgan Chase & Co.
270
Park Avenue
New York, NY 10017
http://www.occ.treas.gov/ftp/release/2009-161a.pdf
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2. How do
you believe they have violated the federal antitrust laws? (For details on
federal antitrust laws, see Antitrust Laws and You.) http://www.justice.gov/atr/laws.htm
RE: Sherman
Antitrust Act
This Act expresses our national
commitment to a free market economy in which competition free from
private and governmental restraints leads to the best results for consumers.
This Act outlaws all contracts, combinations, and conspiracies that
unreasonably restrain interstate and foreign trade. This includes agreements
among competitors to fix prices, rig bids, and allocate customers,
which are punishable as criminal felonies.
JPMorgan Chase
& Co. holds a large,
concentrated, short position in silver futures contracts at the COMEX that
allows them to unreasonably fix prices for silver lower than they should be,
which resulted in widespread shortages of retail bullion, and 1000 oz. silver
bars, over several months in 2008, at which time, I became a bullion dealer
to help relieve the shortages caused by this price manipulation. I had
to wait up to 5 weeks for delivery of 1000 oz. bars from one of the world's
largest wholesale suppliers at the time.
It has been estimated that JPMorgan
Chase & Co. has held up to, and over, 90% of the
commercial short interest in silver futures contracts, essentially dumping
silver on the market, silver that does not exist, in an attempt to contain,
thwart, suppress, and manipulate the price of silver lower than it should be,
and otherwise would be.
RE: The Sherman
Act also makes it a crime to monopolize any part of interstate commerce. An
unlawful monopoly exists when only one firm controls the market for a product
or service, and it has obtained that market power, not because its product
or service is superior to others, but by suppressing competition with
anticompetitive conduct.
World silver
prices are monopolized by this price manipulation that takes place at the
COMEX, and also in the London market, which is even more heavily leveraged
due to excessive selling of silver on paper that does not exist in the
real world. Their primary product, "silver on paper" is
clearly inferior to real silver, in that the key difference is that real
silver does not depend upon the financial solvency of JPMorgan Chase & Co. for
its value; and paper silver will lose all value if JPMorgan Chase & Co. goes
bankrupt. Competition for real silver as an asset is suppressed by
their choice to sell paper silver at a discount to the costs of delivering
real physical silver, which must include shipping, manufacturing, and
mining costs. Other popular forms of silver for investment, such
as 100 oz. bars, and 10 oz. bars, and 1 oz. rounds also include manufacturing
costs, which are also not included in their "paper silver"
investment products, such as the ETF, SLV, futures contracts at COMEX,
options on futures contracts at COMEX, and the standard LBMA "unsecured
bullion accounts".
RE: The Clayton Act
This
Act is a civil statute (carrying no criminal penalties) that prohibits mergers
or acquisitions that are likely to lessen competition. Under this Act,
the government challenges those mergers that careful economic analysis shows
are likely to increase prices to consumers. All persons considering a
merger or acquisition above a certain size must notify both the Antitrust
Division and the Federal Trade Commission. The Act also prohibits other
business practices that may harm competition under certain
circumstances.
The Clayton Act
was likely violated when JPMorgan
Chase & Co. acquired Bear Stearns, and inherited their
short position in silver, giving JPMorgan
Chase & Co. even more control over silver market prices,
due to their even larger and more concentrated short position.
"Higher prices for consumers" is a result if the consumers are
silver investors, and if they lose the value of their silver, and thus, have
to pay relatively higher prices for everything else in the economy as a
result.
RE:
The Department of
Justice also often uses other laws to fight illegal activities, including
laws that prohibit false statements to federal agencies, perjury,
obstruction of justice, conspiracies to defraud the United States and mail
and wire fraud.
The BIS, the Bank
of International Settlements indicates that the notional value of "other
precious metals" (silver) in the "over the counter" category
increased to $203 billion by June of 2009.
http://www.bis.org/statistics/otcder/dt21c22a.pdf
Yet, the entire world's annual production of silver, at about 600 million
oz., at $17/oz., is barely $10 billion, which is a mere 1/20th of the amount
owed in these bullion accounts, which are dominated by JP Morgan. But
the $203 billion of mostly silver, is 12 billion ounces of silver, which is
24 times world annual production, and perhaps 100 to 160 times the actual
supply of physical silver held in London for delivery against such accounts,
which may be as little as 75 million ounces or less.
JPMorgan Chase
& Co. is also the
custodian of the ETF, SLV, which is supposed to have up to 300 million ounces
held by JP Morgan, which is also likely not there.
JPMorgan Chase
& Co. is thus likely
engaged in a Ponzi scheme of selling silver to clients, without actually
purchasing the real physical silver in the marketplace, which is a totally
fraudulent and illegal activity.
JPMorgan Chase
& Co. is likely engaged
in sending false brokerage statements to account holders of unsecured bullion
accounts, and thus, is likely engaged in both mail fraud and wire
fraud.
JPMorgan Chase
& Co. is likely engaged
in defrauding the United States Government by manipulating silver
prices low, by selling excessive amounts of "paper silver", which
creates the false illusion of abundance of silver, which creates the illusion
of a false sense of availability of silver, which is likely needed by the
Department of Defense for the national security of the United States, as
silver is vital and necessary element for the defense industry.
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3. Can you
give examples of the conduct that you believe violates the antitrust laws? If
so, please provide as much detail as possible.
Yes. Andrew
Maguire, a silver trader, who knows the silver traders who work for JPMorgan Chase & Co.,
testified to GATA, and to the CFTC in the recent hearing on March 25th,
2010.
See
A London trader walks the CFTC through a silver manipulation in advance
By: Bill Murphy, Gold Anti-Trust Action Committee
http://news.silverseek.com/SilverSeek/1269625544.php
Andrew provides
detailed, blow by blow acts of price manipulation, giving specifics, in real
time, through emails to the CFTC about the manipulation in progress.
His report is highly detailed.
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4. What is
the product or service affected by this conduct? Where is the product
manufactured or sold, or where is the service provided?
Good
question. The product is silver. Real silver is sold through
approximately 4000 coin shops nationwide in the USA. A low, manipulated
price, hurts and suppresses the business
volumes of those businesses. Even more directly, a low silver price
hurts the worldwide industry of silver mining. Most silver, about
75% is produced as a by-product of copper, lead, and zinc mining. And
many primary silver mines produce gold, copper, lead, and zinc as
by-products. Thus, a low silver price that suppresses silver mining
also restricts the supplies of gold, copper, lead, and zinc, which leads to
higher prices for all of those other commodities than would otherwise be the
case. The world could have more abundant, and thus cheaper,
gold, copper, lead, and zinc, which are desperately needed for the
continued industrialization of the entire world, if it were not for the
silver price suppression manipulation scheme in progress.
Silver is
primarily produced in North and South America, so this is a direct assault on
a large section of the world's economy, which is, of course, a much smaller
industry as a result.
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5. Who are
the major competitors that sell the product or provide the service?
The largest
refiner of silver in the world is likely Penoles of Mexico, who
may refine about 70 million ounces of silver per year, over 10% of the
world's supply. The second largest source is likely the Cannington
silver mine owned by BHP Billiton, which produces about 30-40 million ounces
of silver per year. The largest silver refiner in the USA is
Johnson-Matthey, who also might have been engaged in illegal allocation of
100 oz. silver bars back in 2008, as their primary retailer had a wait
list of over 2 months for delivery in 2008 as a result of their complicit
actions in the price fixing scheme. They refused to allocate silver to
the highest bidder at the time. At that time, I helped pioneer the
development of a silver auction website, with the owner of silverseek.com,
who created seekbullion.com, which sold over 10,000 oz. of silver per day to
the highest bidder for a few days during a time of a national and
worldwide silver shortage that resulted from the illegal price fixing.
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6. What is
your role in the situation in question?
Another very good
question. I invested in silver, starting in 1998. I have been
advocating silver as an investment since then, as can be seen at silverstockreport.com,
which also has an email newsletter that reaches out to 80,000 readers.
The price manipulation has negatively impacted the success of my own
investment choice, and the investments of hundreds of thousands of other
people around the world. I have been working to expose this
manipulation since 2002, as I wrote, and spent over $500,000 to publicize,
articles such as:
The Moral Failures of the Paper Longs Jan 22, 2003
CFTC Response to Silver Problem Jan 14, 2003
People Talking About $32,567/oz Jan 10, 2003
Letter To Authorities of Silver
Markets Jan 6, 2003
Why no talk of $32,567/oz ? Jan 2, 2003
Refuting Myths about Gold Oct 28, 2002
Controlling Gold with Paper June 10, 2002
Impending Gold Futures Default May 29, 2002
7. Who is
harmed by the alleged violations? How are they harmed?
As I have said,
silver investors who need to sell their silver for their retirement are
primarily the ones harmed. But also, silver mining is suppressed,
which hurts companies working to develop technology to explore for
silver. It hurts engineers and builder who develop mines. It
hurts and restricts the production of silver byproducts, which raises
the prices for gold, copper, zinc, and lead, which restricts industrial
development worldwide.
But primarily, it
will catastrophically hurt holders of American dollars in the future, as
they are currently being lulled into a false sense of security about the
false and fraudulent value of US Dollars, or more accurately, Federal Reserve
Notes, which stand to lose value rapidly as the fraud of selling silver that
does not exist gets exposed.
Thus, the silver
fraud is a small part of the Ponzi Scheme on which rests the much larger
Ponzi scheme of the US Dollar itself, a $14-16 Trillion fraud, and also, the
much larger US Bond market, which may exceed $30-40 trillion. Further,
the $70 Trillion "interest rate derivative" fraud is also supported
by silver price manipulation. Inflation-indexed bonds are also sold as
a competing investment to silver, and so, by hurting the silver price, or by
making the silver price seem dangerously volatile by way of direct price
manipulation, JPMorgan
Chase & Co. supports its entire mountain of paper
investment products, which it clearly dominates in world trade.
The silver price
suppression scheme, and the resulting failure of paper money, and the
resulting collapse of commerce and world trade risks sending the entire world
into a severe depression that risks famine on a world scale unlike what has
ever been seen before in world history, and could therefore cause the
direct deaths of anywhere up to a third of all humans on earth, or even more.
Please pause now, and reflect on that for a moment. You may wish to
consider and ask yourself if you want that on your conscience, or if you want
to be blamed for that, by God himself, in the eternal reckoning that must
come due for all men, if you decide to do nothing to stop the fraud on
progress, that could potentially cause so much devastation.
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For more information, please see the following articles, or excerpts:
The Silver Boom
Is Coming!
by Richard Daughty
April 6, 2010
http://www.lewrockwell.com/daughty/mogambo38.1.html
Key Excerpt:
Jeff Nielson, writing in the James Cook Market Update newsletter, who says
that because silver kills the bacteria that causes body odor, �the use of silver in sportswear has exploded into one of the largest
single applications of silver. This one usage already consumes more than
1,200 TONS of silver per year.�
1200
tonnes x 32,151 oz./tonne = 38,581,200 oz.
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Silver Short
Squeeze Could Be Imminent
April 3, 2010
http://inflation.us/silvershortsqueeze.html
Key Excerpt:
NIA believes the precious metals markets are currently being artificially
suppressed by paper gold and silver that doesn't physically exist. At last
week's CFTC hearings, Jeffrey Christian of the CPM Group admitted that banks
have leveraged their physical bullion by 100 to 1. This means for every 100
ounces of paper gold/silver that trade, there could be as little as 1 ounce
of physical gold/silver in the vaults backing it. However, Mr. Christian sees
no problem with this because he says "it has been persistently that way
for decades" and there are "any number of mechanisms allowing for
cash settlements".
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Kingdom Economics
Blog: Biggest Fraud in History Exposed
FED and JP Morgan Chase appear to be manipulating Gold/Silver Market
4-5-2010
http://blog.kingdomeconomics.info/2010/04/05/biggest-fraud-in-history-exposed.aspx
Key Excerpt:
What does this mean for the future price of gold and silver? Now that this
fraud on the market has been exposed for what it is -- traders will
eventually call the bluff of the manipulators and expose their naked short
position. This could mean that the manipulators will need to find physical
gold and/or silver to cover their position. And with these metals now being
in short supply (relative to demand) we could see the PRICE of silver and
gold increase dramatically in the next few months. Silver is currently at
$17.97/ounce and gold is $1128.80.
I would not
be surprised to see silver exceed $25 by the end of 2010 and gold exceed
$1500. And this may be just the start of the increases in price for these
metals. What we have today is psychological money and it moves globally with
the emotions of traders. Prices are artificial (imaginary) and the market is
very volatile and emotional today. Except some �fireworks� in the silver/gold markets in the near future. See
this web site for more details on this issue:
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Will fraud lift
gold prices to $10,000/ounce?
April 03, 2010
http://www.commodityonline.com/news/Will-fraud-lift-gold-prices-to-$10000ounce-27107-3-1.html
Key Excerpt:
In fact, there is no gold left in this world if all the Gold ETFs ask for
physical delivery. And, if that happens only god knows what will be the gold
prices in the coming months � $10000 per ounce? Maybe, even more. Because, price
of a commodity which is not available at all can go up to any level due to
the sheer fact that it is not there in the market.
Now read about
the Commodity Futures Trading Commission (CFTC) hearing last week about a
London whistle-blower who had explained to the CFTC how JP Morgan Chase has
been manipulating/capping precious metal prices. In a shocking parallel to
the inaction by the US Securities and Exchange Commission (SEC) after
receiving warnings from Harry Markopolos about the Madoff ponzi, the CFTC has
apparently been sitting on the information on gold cartels.
Did you visit the
websites of GATA and CFTC this week? If you do, you can see a lot of articles
and responses from investors who have been keenly watching the developments
in bullion market.
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Gold, Silver, the
CFTC & Conspiracy Theories
April 2, 2010
http://news.goldseek.com/GoldSeek/1270188480.php
Key Excerpt:
Well, if you read the Wall Street Journal, you�ll never know what happened at the hearing and
whether the CFTC paid any attention to them, but, if you look elsewhere, you�ll read about all kinds of
interesting developments during and after the meeting.
Here�s a partial list:
GATA�s evidence of silver and gold
manipulation at CFTC hearing � Mineweb
CFTC Gets Facts of Bullion
Manipulation � Numismaster
JP Morgan Chase Caught Manipulating Gold
& Silver Market � Firedog Lake
Whistleblower Speaks Out On JP
Morgan Market Manipulation � Jesse�s Cafe
Former Goldman Analyst Confirms
LMBA Gold Market Is �Paper Gold� Ponzi � Zero Hedge
Whistleblower in Silver
Manipulation Struck by Hit and Run Car In London � Jesse�s Cafe
King World Interview with Andrew
Maguire the Silver Market �Whistleblower� � Jesse�s Cafe
King Interview With GATA On The
Biggest Gold Manipulation Story Disclosed � Zero Hedge
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Perhaps we all
ought to submit this story to americangreed@cnbc.com ?
http://www.cnbc.com/id/22680920/
Then again, they
are about as likely to expose this story as the Russian media was about to
expose communism in government. What's ironic is that pravda is more
likely to cover this story than the mainstream US media.
http://english.pravda.ru/
cc:
metalshearing@cftc.gov
americangreed@cnbc.com
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I strongly advise you to get real
gold and silver, at anywhere near today's prices, while you still can.
Price Board:
http://jhmint.com/cgi-bin/ssrbidask
Our Coin Shops are open 10AM to 5PM Pacific, Monday to Friday
100 oz. silver minimum, USA shipping, wire transfer only!
Janelle (530) 913 0553 silver_support1@hotmail.com
JH MINT & Coin Shop, Grass Valley, CA
(530) 273-8175
http://www.jhmint.com/
Rocklin Coin Shop,
CA, 15 min north of Sacramento
http://rocklincoinshop.com/
Or visit www.momsilvershop.com
(Mom will ship in
lots of more or less
than 100 ounces of silver, and overseas, and take credit cards or pay
pal.)
Sincerely,
Jason Hommel
www.find-your-local-coin-shop.com
www.silverstockreport.com
www.miningpedia.com
www.bibleprophesy.org
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