It’s now been four months since the US Department of Justice secured a criminal guilty plea from the former trader from JPMorgan for spoofing and manipulating precious metals prices on the COMEX and three months since that plea was unsealed. In its announcement on Nov 6, the Justice Department made it clear that it was engaged in an ongoing investigation into COMEX precious metals trading by no less than three of its important divisions; the Criminal Division, the Federal Bureau of Investigation (FBI), and the US Attorneys Division. Here’s a link for the organization chart for the DOJ –
While it’s no small matter for suspected criminal activity to be pursued by three separate divisions within the Justice Department, yesterday’s release of the (still delayed) Commitments of Traders (COT) report for positions as of Jan 15, indicates yet another important division of the DOJ should be involved in the current investigation – the Antitrust Division. Incontrovertible evidence in yesterday’s COT report indicates serious violations of monopoly and restraint of trade issues in COMEX silver futures.