Silver Down, JPMorgan Chase Found Not Guilty of Price Fixing

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Silver

A US federal court said Thursday silver investors failed to show that JPMorgan Chase & Co., violated federal antitrust and commodities laws by having distorted silver prices, and so the case against the country’s largest bank was dismissed.

The class-action from investors who traded COMEX silver futures and options contracts between 2007 and 2010, claimed the bank would amass huge short positions that market conditions did not justify, and make “fake” late-day trades when market volume was thin, Reuters reported.

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Following two days of increases, the price of Indian silver dropped by 3.8 percent to end at INR 43,504 ($721.28) per kilogram on Monday, April 21. At CNY 4,025 ($646.10) per kilogram, Chinese silver fell 1.1 percent on Monday. The price of Japanese silver remained essentially flat at JPY 641.00 ($6.25) per 10 grams. The price of US silver flattened at $19.65 after two days of improvement.

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The price of Indian gold bullion fell 1.0 percent to INR 27,878 ($462.21) per 10 grams. At CNY 257.50 ($41.33) per gram, Chinese gold bullion fell 0.6 percent yesterday. US gold bullion saw little change in its price yesterday at $1,302 per ounce. After dropping for two days, the price of Japanese gold bullion flattened at JPY 4,253 ($41.46).

The price of Chinese platinum bar flattened at CNY 301.00 ($48.32) following two-days of declines. At $1,408 per ounce, the price of US platinum bar was essentially unchanged. The price of Japanese platinum bar flattened at JPY 4,635 ($45.19) per gram after two days of downward movement.

The price of Japanese palladium bar showed little movement on Monday at JPY 2,640 ($25.74) per gram. US palladium bar stayed flat at around $794.00 per ounce. The price of Chinese palladium bar held steady at CNY 181.00 ($29.05) per gram.

 

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