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Scotiabank will nail JPMorganChase for metals market rigging, London trader Maguire says


Submitted by cpowell on Fri, 2020-08-28 04:28. Section: Daily Dispatches

12:28a ET Friday, August 28, 2020

Dear Friend of GATA and Gold:

The fine of $124 million that Scotiabank has agreed to pay the U.S. government for manipulating the gold and silver markets with "spoofing" is tiny compared to the offense, London metals trader Andrew Maguire says in his interview this week with Shane Morand of Kinesis Money, but that's because the fine is not the end of the case against the bullion bank.

Scotiabank, Maguire says, remains vulnerable to criminal charges of wire fraud and so is cooperating with the U.S. Justice Department in prosecution of the biggest gold and silver market-rigger of all, JPMorganChase.

Further, Maguire adds, the prosecution is linked to a pending "reset" of gold and silver prices.

In connection with that "reset," Maguire says, the Bank for International Settlements has built an unprecedentedly large unallocated foreign-exchange gold position as it distributes desperately needed metal to banks around the world.

Behind the extraordinary recent volatility of the gold and silver markets, Maguire says, the banks are striving to shake out speculators while getting long themselves.

Maguire's interview is 31 minutes long and can be viewed at YouTube here: