JP Morgan Chase & Co won their case of a nationwide investors' lawsuit accusing them of conspiring to drive down silver prices.
U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices, by creating long short positions that were not in synch with market events at the time period.
The judge acknowledged that the firm could influence prices, but said that it was not proven that the bank "intended to cause artificial prices to exist" and acted accordingly.
After more than a 35% haircut in the price of silver since January, silver investors are refusing to give up the fight. Damn the torpedoes and damn their own dogma - they're still enlisting and willing to go down with the ship.
This is another example of why we have tended to qualify the extremes in sentiment and COT reports in gold and silver: i.e. - they're still buying. "Denial" This stoicism in the face of reality is nothing new, and a dynamic we have highlighted and exploited from a purely contrarian perspective since last November and this past January.