If news about silver coming from the United States has any truth to it, Philippine pawnshops will need to ensure their employees can accurately assess the silver content in jewelry. Silver doesn’t have the reputation that gold does as a precious metal and is not seen nearly as often in Philippine pawnshops. But that may be about to change with news that the price of silver could easily double. And worse, because silver hasn’t been seen as a precious here, many appraisers may not have the skills to properly asses silver content.
There has long been the contention of those in the silver investment community that the price of sliver has been intentionally kept low by central governments to lessen its completion for paper money. This apparent manipulation may be close to an end as civil and criminal investigations have been launched by agencies of the United States government against JP Morgan Chase for manipulating silver prices. The speculation, and that is all it is, is that the price of silver may double in the coming months.
The breaking news comes today from the New York Post via the Zero Hedge website. The Zero Hedge post is short and I will reprint it all.
Civil And Criminal Probes Launched Against JP Morgan For Silver Market Manipulation
Submitted by Tyler Durden on 05/09/2010 07:25 -0500
Yes, it is really happening. After years and years and years of market manipulation, JPMorgan is about to realize there is only so far you can push your luck against the criminal envelope. In other news, when silver doubles shortly, Andrew Maguire is about to become a patron saint to generations of long-suffering gold and silver “bugs” the world throughout.
Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, The Post has learned.
The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.
The Commodities Futures Trade Commission is looking into civil charges, and the Department of Justice’s
Antitrust Division is handling the criminal probe, according to sources, who did not wish to be identified due to the sensitive nature of the information.
The probes are far-ranging, with federal officials looking into JPMorgan’s precious metals trades on the London Bullion Market Association’s (LBMA) exchange, which is a physical delivery market, and the New York Mercantile Exchange (Nymex) for future paper derivative trades.
JPMorgan increased its silver derivative holdings by $6.76 billion, or about 220 million ounces, during the last three months of 2009, according to the Office of Comptroller of the Currency.
Regulators are pulling trading tickets on JPMorgan’s precious metals moves on all the exchanges as part of the probe, sources tell The Post.
JPMorgan has not been charged with any wrongdoing.
The DOJ and CFTC each declined to comment, as did JPMorgan.
It is not the intention of MIM to be a blog about political news unless it impacts the pawnshop industry in the Philippines, which is my business. This news, I believe could have a large impact on the pawnshop industry.
The goal of MIM is to train the next generation of assessors in the Philippines with the skills that were handed down to me by my beloved father Domingo R. Salvador Sr., the Gemology pioneer in the Philippines. If you own a pawnshop and think your assessors need the training to gain the skills necessary to assess silver, gold and diamonds properly don’t hesitate to contact me. If you are an individual who aspires to be a professional appraiser of gold, silver or diamonds don’t hesitate to contact me.
MIM’s courses are designed to make a difference. Yes there are others who teach the courses that I do. But I teach what my father taught me. I have been in the pawnshop business ally my adult life and my training courses are designed to make the student successful.
By the way, has anyone besides me heard the whisper that gold could reach five-thousand US dollars for a troy ounce?