/biz/ - Business & Finance

>>52298883
Its the futures trading. The banks sell futures contracts to each other back and forth. The market sees this as an oversupply of silver and so the price of a less scarce commodity goes down. Those contracts however "contain" silver that does not even exist yet. Then there's the more blatant criminal fuckery, where the banks will create huge fake sell orders that they promise to deliver in say 1 week. Then just before they are to deliver the commodity, they delay the settlement date. They delay this settlement date over and over and over. This is called spoofing. They flood the market with the silver they promised to deliver, which lowers the price as the market sees it as an oversupply, then then just can-kick to infinity.

They also straight up short the silver exchanges, which is basically like borrowing silver that they don't have (and probably doesn't exist) and then sell it on the market back and forth to each other. The market sees a large supply of silver being traded and price goes down.

JPM got fined $920 million this year for getting caught manipulating the COMEX futures (again). It amounts to about 0.002% of their 2021 revenue.