you got a grounding problem,
it is ok that there is only one wire going to the jack.
fender usually grounds the metal pates on jaguars, mustangs, and jag-stangs so there for the ground wire is like the metal plate and the hot is where it usually goes, make sense?
anywho, if you can't find anything wrong with it, take it to a tech, the easiest way to check without taking it apart is touching each plate individually to see when it gets louder or softer and then try touching two of them at the same time to see if it cancels out at all.
if you don't feel comfortable doing it yourself then take it to a tech/ luthier.
its not worth sending to fender cuz you will have to wait about a month and pay shipping, with a tech it will be a quik fix for likr 5 bucks