GATA's Bill Murphy alleges silver manipulation by JP Morgan

Bill Murphy, the controversial head of the Gold Anti-Trust Action Committee (GATA) alleges that JP Morgan has engaged in ongoing manipulation of the silver market, and that the company's suspension of such operations was responsible for a surge in silver prices last year.

According to Silver Doctors Murphy alleges that JP Morgan was compelled to cease manipulation of the silver market in January of 2011, which led to silver prices climbing precipitously from $28 to $50 over the ensuing six month period.

Murphy himself cites an inside source, and further alleges that a silver manipulation scandal is set to engulf JP Morgan following the release of the CFTC's findings on the matter within the next several months.

Murphy is a controversial figure within commodities circles. The former professional football player underwent an apprenticeship in the commodities markets at Merril Lynch, prior to stints at Shearson Hayden Stone and Drexel Burnham. Murphy would eventually establish his own brokerage firm.

He began researching and writing on the manipulation of gold markets in the mid-1990's, and was previously dismissed as a conspiracy theorist by other commentators. His views have since acquired some legitimacy, however, following their vindication by recent revelations of widespread gold manipulation.