John Edmonds, a former vice president at JPMorgan Chase bank, may be headed to prison for cheating clients and investors. But metals investors can hope it won’t be before he is done helping federal investigators catch even bigger fish.

Edmonds pleaded guilty to spoofing precious metals markets “hundreds of times with the knowledge and consent of his immediate supervisors” last October.

The court delayed sentencing for those crimes again last week, and that is a very good sign.

On the surface, it is starting to look like the case will be a slam dunk.The move to delay implies that Edmonds is still assisting the Department of Justice’s investigation of other bankers, both within JPMorgan and elsewhere. It is the second time sentencing has been postponed.

• There is the guilty plea from Edmonds and his continued cooperation.
• Deutsche Bank pleaded guilty to cheating markets in 2016 and turned over a trove of evidence, including hundreds of thousands of documents and recorded phone calls.
• The CFTC caught Deutsche Bank, UBS, and HSBC “spoofing” prices in the precious metals markets and levied fines in January of this year.

Widespread and illegal price manipulation by the bullion banks is no longer a theory. It is a fact. Market watchers, such as Ted Butler and GATA, have been aggregating extensive evidence of price rigging for years.

Despite all that, metals investors should avoid counting any chickens before they hatch.

Many will recall the CFTC spent years looking for manipulation in the silver market. The investigation ended in 2015 without a single banker being held to account. The huge pile of evidence now available reveals just how much CFTC officials had to overlook.

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