Credit: Shutterstock photoThursday October 24, 2013 5:06 PM
(Kitco News) - The organization that brought forward the claims of manipulation in thesilver marketare standing behind their source.
Bill Murphy, chairman of the Gold-Anti Trust Action committee, sat down with Kitco News' Daniela Cambone to respond to allegations made on Thursday about the background of whistleblower Andrew Maguire.
Murphy said that he didn't go into Maguire's background after he came to GATA with evidence that thesilver marketwas being manipulated. However he added that Maguire is a "delightful man" and a "class act."
In 2009, Maguire alleged to the CFTC and GATA that the silver markets are manipulated and knew two JPMorgan Chase sources to prove it.
"As far as I know, what he told me is true. If he is faking it, he is awfully good at it," said Murphy.
GATA is largely responsible for putting Maguire in the spotlight of the precious metals market. In 2010, Murphy testified before the Commodity Futures Trading Commission and referred to Maguire's background as a London metals trader and former Goldman Sachs employee. Maguire was also the keynote speaker at the committee's Gold Rush Conference held in London in 2011.
However, during a presentation Thursday at the silver summit, CPM's Jeff Christian alleged Maguire has no background as a metals trader.
Christian made the allegations about the whistleblower's background after he was recently approached by Maguire's ex-wife. Maguire and his first wife were married for more than 30 years and have two children together. According to Christian and the information provided by Maguire's ex-wife, Maguire's background is in vehicle car leasing.
Read the latest news in gold and precious metals markets at Kitco News.
By Neils Christensen and Daniela Cambone of Kitco News; newsfeedback@kitco.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
