Keith Neumeyer, CEO of First Majestic Silver, is preparing to strike back directly at the big bullion banks.
In a public statement in 2015, he openly criticized regulators for not doing their jobs. With obvious silver price suppression, the physical markets didn’t come close to reflecting a natural price discovery. (Deutsche Bank recently admitted to taking part in rigging the price of silver).
Mr. Neumeyer went as far as calling for other silver producers to hold back silver for a single month in order to reveal all the fraud in the COMEX.
Just 2 days ago, January 2, 2017, in a new interview with the SGTReport (see the video below), Mr. Neumeyer commented on that recent news that Deutsche Bank admitted to silver price manipulation and that other banks were involved, such as JP Morgan and UBS.
Here is an excerpt from that interview:
|I have an intimate knowledge of what goes on on the trading floors… how front-running occurs, how wash trading occurs, how spoofing occurs… I’ve been looking for an opportunity to step in… I’ve been very vocal… I’ve talked to many executives that are running other silver companies… When the Deutsche news came out, I sent an email to the law firm that’s responsible for this lawsuit and I had a conference call with two lawyers… we spoke about this case…
I can tell you that a couple of the CEOs of some very prominent silver companies in the States have no interest in pursuing this… Other CEOs have said that they are interested in pursuing this with First Majestic. We’re monitoring this. We’re going to follow it. We’re likely going to, at some point, add our name to the class action lawsuit.
Neumeyer goes on to talk about the widespread damage these banks and regulators have done to the entire industry, including the countless amount of jobs lost in the space and investor capital destroyed by these banks.
|It’s quite shocking to me… It’s very harmful to the shareholders…
…It is manipulation, and it’s used frequently. There’s ways that the regulators can monitor it. They can see it happening. The exchanges know when false bids and offers get put into the system… Yet the exchanges don’t step in because the exchanges are owned by the banks… and the banks are doing that kind of trading… It’s the self-policing system, which doesn’t work because no one wants to police themselves because they’re all making too much money.
How does Bank of America or JP Morgan not have a losing day year after year of trading… it’s actually impossible… traders lose money… it happens all the time… yet they have not had a single losing day for at least a couple of years, as far as I know.
WealthResearchGroup.com released a new video about JP Morgan (below) pointing to the fact that they have a flawless track record since 2008 of shorting silver on the COMEX (paper market), yet have been aggressively accumulating physical silver, with a position of 550 million ounces.
Clearly, JP Morgan is both shorting silver for profit and hoarding it for what’s to come.
Silver looks set to have a very solid 2017, and it could shoot higher shortly after Inauguration Day.