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« Is Silver Set to Rally? | Main | Silver Prices Heading Lower As the Bears Tighten Their Grip »
Thursday
Mar272014

JPMorgan defeats appeal in U.S. silver price-fixing lawsuit

NEW YORK (Reuters) - Silver investors failed to show that JPMorgan Chase & Co conspired to drive down the metal's price, and an antitrust lawsuit accusing the largest U.S. bank of price-fixing should be dismissed, a federal appeals court ruled.

The 2nd U.S. Circuit Court of Appeals said the investors, who traded COMEX silver futures and options contracts, failed to show that JPMorgan violated federal antitrust and commodities laws by having distorted silver prices at their expense between 2007 and 2010.

Among the allegations were that the bank would amass huge short positions that market conditions did not justify, and make "fake" late-day trades when market volume was thin.

Thursday's order upheld a March 2013 ruling by U.S. District Judge Robert Patterson, who also sits in Manhattan.

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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?

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