JPMorgan Chase and HSBC, which do the Federal Reserve's bidding in the precious-metals markets, reportedly have long been the government's lead actors in keeping down the prices of gold and silver.
"JPMorgan acts as an agent for the Federal Reserve; they act to halt the rise of gold and silver against the U.S. dollar. JPMorgan is insulated from potential losses [on their short positions] by the Fed and/or the US taxpayer," Andrew Maguire, a 40-year veteran of the metal pits, told the New York Post.
"HSBC conducts an ongoing manipulative concentrated naked short position in gold. Silver is much easier to manipulate due to its much smaller [market] size," Maguire added.
Maguire was scheduled to testify last week before the Commodities Futures Trade Commission, which is looking into the activities of large banks in the metals market, but was knocked off the list at the last moment.
"No one at JPMorgan is familiar with Andrew Maguire," said Brian Marchiony, a company spokesman. HSBC declined to comment.
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