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JP Morgan Fined $1 Billion For Spoofing Gold And Silver Futures: What is Spoofing? JP Morgan Chase has been fined almost $1 Billion for manipulating the gold, silver, and treasury markets between 2008 and 2016. One of the ways to achieve this manipulation is by spoofing during trading. What is spoofing in trading and does it really affect the gold and silver market? I explain what spoofing is and what the effect on the price of gold and the price of silver today. I show examples of much bigger metals markets manipulation. It has been alleged that JP Morgan has a huge silver short position. I also mention the other fines JP Morgan had paid for manipulation in the energy market and the foreign exchange (FX) currency markets. Finally, I touch on the new JP Morgan news about their own employees taking money from the PPP program that is supposed to go to business owners.