In 2008, it was announced by the Commodity Futures Trading Commission, which is going through ‘the complaints of misconduct in the silver market,’ subsequent to a stream of allegations of manipulation from some investors.
Bart Chilton – a CFTC commissioner said: “There has been “fraudulent efforts” to “deviously control” prices on silver.”
The agency’s five commissioners have nothing to state about the outcome of investigation at the moment, but they have planned to dig deeper. This fact appeared after a CFTC spokesman said: “The investigation hasn’t reached its conclusion.”
Some investors also claim that a group of giant investment banks like JPMorgan has conjured so that the price on silver decline.
The CFTC has gone through more than 100,000 documents as well interviewed many witnesses to dig out the conclusion. Some people, who are familiar with the situation, said that several records point to JPMorgan.
Sooner after the conclusion of the CFTC investigation, JPMorgan would be able to take a relief as most eyes are pointed on it. The Wall Street had already gone through such allegations from silver investors. However, JPMorgan has always denied its allegations.
Blythe Masters, head of commodities at JPMorgan said: “A tremendous amount of speculation, particularly in the blogosphere, about this topic, but the bank had no large bets on silver prices.”
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