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IPFS News Link • Precious Metals

JPMorgan's "Manipulative" Metals Desk Consistently Made Hundreds Of Millions In Profit

• Activist Post

Former head of precious metals at JPMorgan, Michael Nowak, is currently on trial with colleagues Gregg Smith and Jeffrey Ruffo in Chicago regarding whether or not they conspired to manipulate gold and silver markets.

While that may not be news to many Zero Hedge readers, some of the inner workings of JPMorgan's metals desk, as detailed in a new Bloomberg report, may be.

It was revealed in court that the bank's annual profits from its metals desk, which aren't usually broken out in the bank's earnings reports, made astonishingly consistent "annual profits between $109 million and $234 million a year between 2008 and 2018."