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    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Gold Manipulation Probed By U.K. Regulator

Tyler Durden's picture


As everyone knows, and as we showed yesterday in our infographic du jour, Wall Street manipulates everything, EVERYTHING.... except gold. Which is why were absolutely floored by what just flashed on Bloomberg:


More from Bloomberg: "The FCA review is preliminary and hasn’t risen to the level of a formal investigation, said the person, who asked not to be identified because the matter isn’t public. The person declined to say which gold benchmarks were under scrutiny. One of the key benchmarks is the London gold fixing, which determines the spot price for physical gold and is set twice daily by a panel of five banks."

No. That's not true. That's impossible.

Nobody has ever, ever manipulated gold in the history of St. Wall Street. After all, why else would the CFTC and Alexander Godunov repeat, year after year, that unlike every other product, gold has never been manipulated.

Then again, we aren't holding our breath until this probe finds that the biggest manipulators in the gold market are central banks themselves nothing.

As for everything else....

Foreign Exchanges

Regulators are looking into whether currency traders have conspired through instant messages to manipulate foreign exchange rates. The currency rates are used to calculate the value of stock and bond indexes.


Energy Trading

Banks have been accused of manipulating energy markets in California and other states.



Since early 2008 banks have been caught up in investigations and litigation over alleged manipulations of Libor.



Banks have been accused of improper foreclosure practices, selling bonds backed by shoddy mortgages, and misleading investors about the quality of the loans.

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Tue, 11/19/2013 - 15:17 | 4170703 asierguti
asierguti's picture

Wasn't Bart Chilton investigating silver as well?

Tue, 11/19/2013 - 15:19 | 4170717 ParkAveFlasher
ParkAveFlasher's picture

Yes, but his hair came under "a dire threat" so he was excused from the investigation.

Tue, 11/19/2013 - 15:26 | 4170760 synergize
synergize's picture

One day we will find that there is much less gold than Wall Street said ... UNPOSSIBLE!

We're already seeing it as production costs of 25% of second quarter gold miners hit alltime highs:


Tue, 11/19/2013 - 15:28 | 4170778 Pinto Currency
Pinto Currency's picture


The accusations of gold manipultation are silly.

How could half a dozen bullion banks setting the gold price by trading 290 million oz. of paper gold between themselves per day on the LBMA possibly manipulate a market.

Tue, 11/19/2013 - 15:30 | 4170792 john39
john39's picture

and they said that the matrix was science fiction...

Tue, 11/19/2013 - 15:34 | 4170810 Four chan
Four chan's picture

that regulator must be a young man, or a nieve girl.

Tue, 11/19/2013 - 15:35 | 4170817 Pinto Currency
Pinto Currency's picture

Keep in mind that this is a market carefully designed by the LBMA and it functions exactly as designed.

There is nothing to investigate.

Tue, 11/19/2013 - 15:40 | 4170836 Pladizow
Pladizow's picture








Tue, 11/19/2013 - 15:40 | 4170845 SilverIsKing
SilverIsKing's picture

LBMA = London Bullion Manipulation Association.


Actually, they should investigate whether there are any Bitcoins in Fort Knox.

Tue, 11/19/2013 - 15:41 | 4170850 knukles
knukles's picture

Why do you think it's called a "Fixing"?

Tue, 11/19/2013 - 15:53 | 4170883 BaBaBouy
BaBaBouy's picture


When Will We Get A Serious Investigation ?????????

Maybe When 99% Of ALL The GOLD Is In The Hands Of ASIANS AND The .01% MEGA RICH...

Tue, 11/19/2013 - 16:01 | 4170965 AL_SWEARENGEN

It already is.  Why do you think there never is an investigation?

Tue, 11/19/2013 - 16:25 | 4171056 imaginalis
imaginalis's picture

They are just trying to scare bitcoin down

Tue, 11/19/2013 - 15:43 | 4170861 TeamDepends
TeamDepends's picture

Report:  They are virtually all there.

Tue, 11/19/2013 - 16:41 | 4170833 Xibalba
Xibalba's picture

I'm sure they are offended at the 'high price'

Tue, 11/19/2013 - 23:46 | 4172427 Dead Canary
Dead Canary's picture

"that regulator must be a young man, or a nieve girl."

Neither. They need to open and investigation so they can find nothing. Then whenever someone brings it up they can say:  "We did an investigation and found nothing"

Tue, 11/19/2013 - 15:36 | 4170811 Pinto Currency
Pinto Currency's picture


Tue, 11/19/2013 - 15:37 | 4170829 akak
akak's picture

Cue rote denials by Jeffrey "100:1" Christian of ANY possible manipulations of the gold market in 4, 3, 2, ....

Tue, 11/19/2013 - 16:42 | 4171134 Alpo for Granny
Alpo for Granny's picture

Where is ol' Johnny Nadler? He get a job at the Fed after his exit from Kitco?

Tue, 11/19/2013 - 17:09 | 4171271 akak
akak's picture

Oh, I bet he's hiding out under a bridge somewhere, warning all who pass overhead about the dangers of tripping over all the mountains of scrap gold supposedly just littering the landscape, while mumbling under his breath about his "radical goldbug extremists".

Tue, 11/19/2013 - 15:28 | 4170772 fonestar
fonestar's picture

How could anyone following these markets the past couple years get excited about reports of an investigation?

Look, it is perfectly clear that this will continue until the system completely collapses.

Wed, 11/20/2013 - 06:18 | 4172743 fockewulf190
fockewulf190's picture


[Bernanke has just cut off Tyler's right hand, which held a 400oz good delivery gold bar while boating]
Darth Bernank: There is no escape! Don't make me manipulate you. Tyler, you do not yet realize your importance. You've only begun to discover your power! Join me, and I will complete your helicopter training! With our combined strength, we can end this destructive conflict, and bring order to the bullion banks.
Tyler Phyzzwalker: [angrily] I'll never join you!
Darth Bernank: If only you knew the power of Control-P. Greenspan never told you what happened to the gold at Fort Knox.
Tyler Phyzzwalker: He told me enough! He told me it´s all there!
Darth Bernank: No, I leased it all to the Chinese!
Tyler Phyzzwalker: [shocked] No. No! That's not true! That's impossible!
Darth Bernank: Search your feelings; you know it to be true!
Tyler Phyzzwalker: NOOOOOOO! NOOOOOOOO!!!
Darth Bernank: Tyler, you can destroy the dollar. I have foreseen this. It is your destiny! Join me, and together, we can rule the Fed as father and son! Come with me. It is the only way.
[Tyler jumps overboard with his one remaining monster box of silver Eagles and has his last boating accident]
Tue, 11/19/2013 - 15:19 | 4170724 slotmouth
slotmouth's picture

I think he's investigating John McClane.

Tue, 11/19/2013 - 15:21 | 4170731 CitizenPete
CitizenPete's picture

He never had a chance.

Tue, 11/19/2013 - 16:22 | 4171046 Canadian Dirtlump
Canadian Dirtlump's picture

He was, until he swapped quoting obscure 80s rock and roll songs to quote etta james from at last, and dropped the mic, not before bragging about some future position limits regulations.


In other news, he picked up a new mic in a vegas lounge where he is the front man of a 4 piece ensemble playing quirky covers 5 nights a week.

Tue, 11/19/2013 - 15:19 | 4170715 Cacete de Ouro
Cacete de Ouro's picture

Terry Smeeton of the Bank of England rigged the gold price in the 1980s under the watch of Oliver Page. Page then...wait for it....went to work at the FSA, which is the old name for the FCA.

So the FCA will find....nothing

Tue, 11/19/2013 - 16:03 | 4170873 Running On Bing...
Running On Bingo Fuel's picture

Exactly, there is one solution for that shithole group of sodomites. Kinetic bombardment, thermal and nuclear!

Fucking brit scum! Nuclear rods from GOD.


Tue, 11/19/2013 - 15:19 | 4170720 Cdad
Tue, 11/19/2013 - 15:32 | 4170800 outamyeffinway
outamyeffinway's picture

I want one!!!

Tue, 11/19/2013 - 15:38 | 4170835 Cdad
Cdad's picture

I've been using mine all day today.  


Tue, 11/19/2013 - 18:03 | 4171531 Dave Thomas
Dave Thomas's picture

Now if you could get a track of boots stamping and folks shouting instructions in german laid over that, that would make a pretty boss alarm.

Wed, 11/20/2013 - 14:19 | 4174103 TheRedScourge
TheRedScourge's picture

Something like this with some klaxons in the beginning I suppose?




Tue, 11/19/2013 - 15:20 | 4170721 666
666's picture

The bankers are just doing the work of God.

Tue, 11/19/2013 - 15:42 | 4170857 akak
akak's picture

Yes, but which god?

My bet is on Shiva.

Tue, 11/19/2013 - 18:34 | 4171625 StychoKiller
StychoKiller's picture

More like Kali Yuga

Tue, 11/19/2013 - 15:55 | 4170920 Paper CRUSHer
Paper CRUSHer's picture

The Central Bank Of Venezuala is reportedly negotiating with GS to pawn off a portion of it's repatriated gold.The exchange will involve some swap agreements.(apology no link using iPad folks)

(Cue Gringo Accent)

"Hay hombre, you geev aus dee steenkin dollar ,we geev you dee gold "

Tue, 11/19/2013 - 15:22 | 4170727 _ConanTheLibert...
_ConanTheLibertarian_'s picture

London gold price "fixing" by 5 banks. Okay.

Tue, 11/19/2013 - 15:27 | 4170767 TeamDepends
TeamDepends's picture

JPM, JPM, JPM, Goldman, Barclays.

Tue, 11/19/2013 - 15:29 | 4170785 Alpo for Granny
Alpo for Granny's picture

You forgot JPM.

Tue, 11/19/2013 - 15:30 | 4170789 Quinvarius
Quinvarius's picture

...That happen to have access to all of the BOEs gold.  It is ok.  Because you know England has massive gold mines they are replacing all that gold with.

Tue, 11/19/2013 - 15:21 | 4170729 Racer
Racer's picture

Set by a panel of...... 5 banks

That is all the proof you need

Tue, 11/19/2013 - 15:21 | 4170730 youngman
youngman's picture

They are just needing some extra Christmas cash...payoffs in 3-2-1 ...thank you very much..nothing was found here..nothing at all

Tue, 11/19/2013 - 15:31 | 4170740 Quinvarius
Quinvarius's picture

They are jealous of the bitcoin now and will do everything possible to make gold do the same.  Plus, they have to figure out why the paper gold system is breaking the bank with all the negative GOFO, the gutting of the global gold mining industry, and gold being shipped out overseas.  I would look for the phone call to their Indian butler where they tell him to let the gold flow again.  Human nature is predictable.  These international gold holding nations and central bankers are both jealous and greedy.  Besides, the amount of gold they are flushing down the toilet trying to enfore an idiotic price is astronomical.  They might as well stop that nonsense and be on the right side instead of the stupid side for once.

Tue, 11/19/2013 - 15:23 | 4170745 Peter Pan
Peter Pan's picture

We need to remember that the biggest form of manipulation is the volatility the big boys induce in the gold and silver market which enables them to make profits no matter which way gold is headed. By keeping gold within a trading range they are better able to do God's work.

Tue, 11/19/2013 - 16:07 | 4170879 akak
akak's picture

The induced and artificially exaggerated volatility in the prices of the precious metals also goes a long way towards discrediting gold and silver as a relatively stable means of savings in the eyes of the public as well.  This is especially true lately, when every pro-establishment media pundit and financial advisor tries to sell the meme that "volatility = risk", when the two have fundamentally NOTHING to do with each other in any case.

It's really a bankster win-win.

Tue, 11/19/2013 - 15:25 | 4170751 FieldingMellish
FieldingMellish's picture


Tue, 11/19/2013 - 15:27 | 4170753 Dismal Scientist
Dismal Scientist's picture

FCA bites. Because the politicians want it to, for now. Its still fashionable for bankers to lose, the taxes they are paying in the US are just the beginning. Zerohedge should be happy. As Dillinger once said, 'I rob banks, because thats where the money is'. Or something like that.

Tue, 11/19/2013 - 16:15 | 4171026 shovelhead
shovelhead's picture

That was Willie Sutton.

Dilliger said: "So how did you like the movi......."

Tue, 11/19/2013 - 15:25 | 4170757 JoBob
JoBob's picture

Gold? Manipulated?

The NERVE of those Brits!

Tue, 11/19/2013 - 15:25 | 4170758 Dezperado
Dezperado's picture

And jobs. You can manipulate jobs too.

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