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Former employees of JPMorgan accused of bullion-market manipulation

The jury will begin deliberations on the case late on Friday

JPMorgan, JPMorgan Chase & Co, JPMorgan Chase
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Photo: Reuters

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The trial of JPMorgan Chase & Co’s former head of precious metals has offered unprecedented insights into the trading desk that dominates the global gold market. 

Michael Nowak, who ran precious metals trading at JPMorgan for over a decade, is being tried in Chicago along with colleagues Gregg Smith and Jeffrey Ruffo for conspiring to manipulate gold and silver markets. 

The focus now is on the jury, which began deliberations late Friday, but the proceedings have already shone a new light on the inner workings of the business, from its profitability and market share to its largest clients.

The court was shown internal

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First Published: Aug 10 2022 | 10:04 PM IST

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